Uncompleted Treasuries trades slid from close to the highest since 2008 as a shortage of benchmark notes eased in the market for borrowing and lending government debt.

Cumulative settlement delivery failures for all Treasuries, excluding inflation-protected securities, tallied about $82 billion for the week ending March 23, down from $452 billion the prior week and $456 billion in the week finishing March 9, which was the most since 2008, Federal Reserve Bank of New York data show. In 2008, fails reached a record $2.7 trillion.

Trades involving the benchmark 10-year note were going uncompleted this month as the cost to obtain them in the repurchase-agreement market rose before the Treasury’s auction of the maturity on March 9. Fails have eased as the new debt settled on March 15 and filtered into the market.

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