Report published September 24, 2026
Repo Market Commentary: Dealer Hedging and Specials Demand (September 24, 2026)
Curvature Securities · September 24, 2026
Curvature Securities details daily repo market levels and specials trading following a Treasury market sell-off. Dealers hedging off-the-run customer selling with on-the-run shorts are driving increased demand for repo specials, particularly across 2-year and 5-year paper.
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Finvaulta summarizes Curvature Securities's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Treasury market sell-offs prompt customers to sell off-the-run paper, forcing dealers to short on-the-runs as hedges and driving increased demand for specials in repo.
- 2.Following the two-day sell-off, securities demand is expected to climb over coming days, with 2-year and 5-year short positions likely emerging from when-issued (WI) trading by Wednesday.
- 3.On-the-run 5-year Treasury notes traded into deep special territory, reaching an intraday repo low of 3.07% against a GC low of 3.80%.
Table of Contents
- Market Sell-Offs
- 2 Year: Overnight Rates
- 3 Year: Overnight Rates
- 5 Year: Overnight Rates
- 10 Year: Overnight Rates
- Overnight Rates: GC, SOFR, Fed Funds
- MBS/GC Spread
- GC: Open, High, Low, Close
- GC/Fed Funds Spread
- RRP Volume
- 20 Year: Overnight Rates
Report data
Specials
| Metric | Estimate | Context |
|---|---|---|
| General Collateral Open Rate | 3.91% | Opening rate for General Collateral repo |
| General Collateral Close Rate | 3.82% | Closing rate for General Collateral repo |
| General Collateral 10:00 AM Average | 3.91% | 10:00 AM average rate for General Collateral repo |
| Fed Funds/EFFR 10:00 AM Average | 3.88% | 10:00 AM average rate for Effective Federal Funds |
| SOFR (T-1) 10:00 AM Average | 3.87% | Prior day SOFR rate reported on 10:00 AM average line |
Reports in this series
Repo Market Commentary is shown in chronological order through this edition, published on September 24, 2026.
Part of the Repo Market Commentary series — view all 5 editions
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