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Investors favour shorter tenures during periods when interest rates are expected to rise, avoiding locking up funds over long durations during which returns would increase.
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Investors have piled into the shortest-dated Treasury instrument-the 91-day T-bill-on the expectation that rates will begin to move higher as inflationary pressures re-emerge.
The sale of Treasury bills as leaned towards the shortest dated instrument, where the 91-day paper has received the highest bids from investors in at least the last two auctions.