Non-general collateral (Non-GC) refers to specific securities that are subject to particularly high demand in the repo market compared to similar securities (general collateral, GC). Due to the high demand for these securities potential buyers in the repo market tend to offer a lower rate for cash in exchange, so that non-GC repo rates are usually below GC repo rates. 4.
Also in the United States and the United Kingdom, the spread between overnight unsecured rates and collateral-driven repo transactions (non-GC) and short-term bill rates has widened since the start of the hiking cycle.