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Three- and six-month bills sold at levels unseen since 2008.
Corporate debt and investment managers need to prepare now, as upcoming T-bill issuance will put upward pressure on short-term rates.
Euro Overnight Index Average surged late last month on light volume.
More than $75B has flowed in over last four weeks despite looming debt-ceiling deadline.
UK regulators announcement last week seen speeding the process of replacing the benchmark.
Foreign banks shift funding to areas such as repo agreements.
Other short-term markets that trade off Treasuries are also seen as rich.