// definition
Indirect bidders
Customers bidding through an intermediary
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Short definition
In US Treasury auction results, customers submitting competitive bids through a primary dealer or another direct submitter. This includes foreign monetary authorities bidding through the New York Fed, as well as domestic and foreign investors. The category identifies a bidding channel, not the share purchased abroad.
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Knowledge map
Intuition
Using an intermediary identifies how a bid was submitted. The customer’s residence requires a separate classification.
Related analyses
- Government debt: the first buyerBids, awards and the limits of identifying creditors.
Primary sources
- TreasuryDirect, bidder categoriesIndirect bidders can be domestic or foreign investors.