What is considered the most recent issue within the definition of “recently- issued?
” A. “Recently-issued” Treasury securities are defined in the rules and are determined by the frequency of the issue. For those securities that are issued on a quarterly or more frequent basis (i.e., bills and notes), the three most recent issues are considered “recently-issued.” For example, in early April, the March, February, and January 2-year notes would be “recently-issued,” with the March 2-year note being the most recent issue. For those securities that are issued less frequently than quarterly (i.e., currently just bonds), the two most recent issues would be recently-issued. For all Treasury securities, a when-issued security — a security announced to be issued or auctioned but as yet unissued — would be included in the definition of “recently- issued” and would be considered the most recent issue. A when-issued security is always the most recent issue. For example, on February 5, 1997, Treasury announced the auction and issuance of 30-year Treasury bonds. The auction date w
