Market briefPY-2026-0284
Issuers compete on reserve disclosure now
Composition converged. Reporting frequency and auditor identity did not.
94%▲ +2ppreserves in T-bills and repo
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Reserve composition across major issuers is now broadly similar and broadly conservative. What still differs sharply is how often it is reported and by whom it is attested.
Treasurers are pricing that difference, which is a healthier market signal than the composition debates of previous years.