We are seeing some suspicious TWB-USTSY tick data and need help making sense of it. For context, we are consuming this data through Refinitiv BQ - `dbd-sdlc-prod.TWB_USTSY_NORMALISED.TWB_USTSY_NORMALISED` is the table.
I have attached a table image below that contains all the rows of the TWB-USTSY data between 2026-01-12 to 2026-02-25 for the ISIN='US912810UQ93'.
- On most days, we see two rows for ISIN='US912810UQ93' with the RICs=['US20YT=TWEB', '912810UQ9=TWEB']. Are the two RICs '912810UQ9=TWEB' and 'US20YT=TWEB' just different RIC names tracking the same underlying tick data?
- On 2026-01-15, we see three rows for the same ISIN='US912810UQ93'. The three RICs are=['US20YT=TWEB', '912810UQ9=TWEB', 'US20YTWI=TWEB'].
- As you can see there is a new RIC - 'US20YTWI=TWEB' which starts appearing in the data. It appears in the data on the dates= [2026-01-15, 2026-01-16, 2026-01-20, 2026-01-21]. We believe that this is a new government bond issue that is auctioned off thats why it appears with the WI=TWEB suffix. Can you confirm that this is the case?
- Looking at the official SEC website, it appears that this treasury was auctioned on 01/21/2026 and issued on 02/02/2026. So why and how does appear to be ticking in the TWB-USTSY data on the days (2026-01-15 to 2026-01-21) before the auction takes place and drops the next day after the auction?
- Furthermore, why does it have way more tick data prior to the auction and on the auction day it doesnt have much tick data?
20260116 - US20YTWI=TWEB, ISIN ['US912810UQ93'] has 26776 rows
20260120 - US20YTWI=TWEB, ISIN ['US912810UQ93'] has 25782 rows
20260121 - US20YTWI=TWEB, ISIN ['US912810UQ93'] has 3713 rows
- We need to better understand behaviors of newly issed ticks ON the auction date so any information you can provide us about this would be great. What happens to Newly Issued treasury RICs after issue?
Any information on this would be much appreciated, thank you.
