"You have to be thinking about what instruments you own, what maturities," said Ashish Shah, chief investment officer for public investing at Goldman Sachs Asset Management , which oversees more than $2 trillion. "Just because you own an instrument like a T-bill doesn't mean that you sit there and let it mature -- you may want to trade out of it."
Last month, U.S. Treasury Secretary Janet Yellen said the government could only pay its bills through early June without increasing the limit, but some analysts have predicted that it will be the third or fourth quarter before the government exhausts its cash and borrowing capacity. The Congressional Budget Office warned it could occur between July and September.
Wider spreads between Treasury bill yields and matched-maturity overnight index swap rates - a gauge for future policy rates - in mid-August reflect views that bills maturing then carry a higher risk of a missed payment, said Jonathan Cohn, head of rates trading strategy at Credit Suisse"A kink has become evident through mid-August where the latest 6-month bill issues mature," he said.
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