• If the investor bids at the auction, there is a possibility that the rate bid by the investor is not accepted by the Central Bank (e.g. if the rate quoted by the investor is higher than market rates) which means that you can miss out getting allocated your investment at a treasury auction.
  • Also, you will have to wait for a Treasury bill auction every Wednesday and Treasury bonds whenever the govt decides to raise them (usually bi-monthly) compared to the secondary market where you can buy any day during the week.