Friday, June 26, 2009

Treasury Auction Schedule for Week of 6/29/2009

Treasury Department will auction the following Treasury securities in the week of June 29, 2009.

Monday June 29, 2009

  • 13-week bill: $32 billion (up $1 billion from previous auction)
  • 26-week bill: $30 billion
Tuesday Jun 30, 2009
  • 52-week bill: $27 billion (up $1 billion from previous auction; up $5 billion from January 2009 auction)
4-week bill is also tentatively scheduled to be auctioned on Tuesday.

Total for the week: $89 billion without 4-week bill (yet to be officially scheduled)

  • Bills: $89 billion

Total for the month of June 2009 before these auctions: $535 billion

  • Bills: $366 billion
  • Notes and bonds: $169 billion

Thursday, June 25, 2009

Treasury Auction Result For Week of 6/22/2009

Treasury Department auctioned the following Treasury securities in the week of June 22, 2009. For details for each auction, click on the date.

Monday June 22, 2009

  • 13-week bill: $31 billion
  • 26-week bill: $30 billion

Tuesday June 23, 2009

  • 4-week bill: $29 billion
  • 2-year note: $40 billion

Wednesday June 24, 2009

  • 5-year note: $37 billion

Thursday June 25, 2009

  • 7-year note: $27 billion

Total for the week: $194 billion

  • Bills: $90 billion
  • Notes: $104 billion

Total so far for the month of June: $535 billion

  • Bills: $366 billion (includes $26 billion 1-year bill)
  • Notes and bonds: $169 billion

Total additional purchase by SOMA* for the week:

  • 4-week bill: $2.42 billion
  • 2-year note: $1.16 billion
  • 5-year note: $1.07 billion
  • 7-year note: $0.78 billion

Total additional purchase so far by SOMA for the month of June:

  • Bills: $18.43 billion (4-week bill)
  • Notes and bonds: $ 3.70 billion

*SOMA = System Open Market Account at Federal Reserve New York

Treasury Auction Result for 6/25/2009

The U.S. Treasury Department auctioned the following Treasury securities today.

7-year note: $27 billion

  • Primary Dealer: $8.27 billion
  • Indirect Bidder: $18.12 billion
  • Indirect Bidder %: 67%
  • Bid to Cover Ratio: 2.82

Bid to Cover Ratio is the highest ever. (7-year note was never sold before this year.)

Indirect Bidder percentage is also the highest.

In addition,

  • SOMA: $0.784 billion

New York Fed Open Market Operation 6/25/2009

As part of permanent Open Market Operations (OMO), the New York Fed purchased the Treasury securities today:

  • Operation type: Outright Coupon Purchase
  • Total Par Amount Accepted: $3,249 million
  • Total Par Amount Submitted: $9,526 million
  • Maturity/Call Date Range: 08/15/2026 - 05/15/2039

Wednesday, June 24, 2009

Treasury Auction Result for 6/24/2009

The U.S. Treasury Department auctioned the following Treasury securities today.

5-year note: $37 billion

  • Primary Dealer: $12.65 billion
  • Indirect Bidder: $23.17 billion
  • Indirect Bidder %: 63%
  • Bid to Cover Ratio: 2.58

Bid to Cover Ratio is the highest so far this year.


In addition,

  • SOMA: $1.07 billion
    (SOMA stands for System Open Market Account at Federal Reserve New York.)

Tuesday, June 23, 2009

Treasury Auction Result for 6/23/2009

The U.S. Treasury Department auctioned the following Treasury securities today.

4-week bill: $29 billion

  • Primary Dealer: $14.92 billion
  • Indirect Bidder: $9.52 billion
  • Indirect Bidder %: 33%
  • Bid to Cover Ratio: 3.35
2-year note: $40 billion
  • Primary Dealer: $10.97 billion
  • Indirect Bidder: $27.18 billion
  • Indirect Bidder %: 68%
  • Bid to Call Ratio: 3.19 (First time this year above 3)

New York Fed Open Market Operation 6/23/2009

As part of permanent Open Market Operations (OMO), the New York Fed purchased the agency bonds today:

  • Operation type: Outright Agency Coupon Purchase
  • Total Par Amount Accepted: $2,072 million
  • Total Par Amount Submitted: $4,838 million

Monday, June 22, 2009

New York Fed Open Market Operation 6/22/2009

As part of permanent Open Market Operations (OMO), the New York Fed purchased the Treasury securities today:

  • Operation type: Outright Coupon Purchase
  • Total Par Amount Accepted: $7,497 million
  • Total Par Amount Submitted: $20,736 million
  • Maturity/Call Date Range: 12/31/2013 - 04/30/2016

Treasury Auction Result for 6/22/2009

The U.S. Treasury Department auctioned the following Treasury bills today.

13-week bill: $31 billion

  • Primary Dealer: $16.97 billion
  • Indirect Bidder: $8.87 billion
  • Indirect Bidder %: 29%
  • Bid to Cover Ratio: 2.79
26-week bill: $30 billion

  • Primary Dealer: $11.70 billion
  • Indirect Bidder: $13.15 billion
  • Indirect Bidder %: 44%
  • Bid to Cover Ratio: 2.72

Bid to Cover Ratio for both auctions dipped below 3.0, which was the first for 13-week bill since February, and for 26-week bill since late April.

Sunday, June 21, 2009

Treasury Auctions for Week of 6/22/2009

Treasury Department will auction the following Treasury securities in the week of June 22, 2009.

Monday June 22, 2009

  • 13-week bill: $31 billion
  • 26-week bill: $30 billion

Tuesday June 23, 2009

  • 2-year note: $40 billion

Wednesday June 24, 2009

  • 5-year note: $37 billion (up $2 billion from $35 billion last month)

Thursday June 25, 2009

  • 7-year note: $27 billion (up $1 billion from $26 billion last month)

Total for the week: $166 billion

  • Bills: $61 billion
  • Notes: $104 billion

Total so far (before this week's auctions) for the month of June: $341 billion

  • Bills: $276 billion (includes $26 billion 1-year bill)
  • Notes and bonds: $65 billion

Terminology
SOMA System Open Market Account at the Federal Reserve New York Bank
Primary Dealer A bank or securities broker-dealer that may trade directly with the Federal Reserve System. Primary Dealers are required to bid at Treasury auctions. Current list of Primary Dealers is available at New york Fed.
Indirect Bidder Supposed to be the foreign investors, both foreign central banks and foreign private investors
Bid to Cover ratio The number of bids received divided by the number of bids accepted. The higher the ratio, the higher the demand.
Reopening The U.S. Treasury issues additional amounts of a previously issued security. The reopened security has the same maturity date and coupon interest rate as the original security, but with a different issue date and usually a different purchase price.
Cash Management Bill (CMB) A short-term security sold by the U.S. Department of the Treasury. The maturity on a CMB can range from a few days to six months. The money raised through these issues is used by the Treasury to meet any temporary shortfalls. CMBs tend to pay higher yields than bills with fixed maturities, but their shorter maturities lead to lower overall interest expense.
Supplementary Financing Program (SFP) A program initiated by the U.S. Treasury Department at the request of the Federal Reserve in September 17, 2008. The cash raised from the auction will be used in the various Federal Reserve initiatives to support the financial markets and manage its balance sheet.

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