Friday, July 10, 2009

New York Fed Open Market Operation 7/10/2009

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 Amt Accepted: $3,873 million
  • Total Par Amt Submitted: $7,043 million
  • Maturity Range: 07/12/2010 - 07/01/2011

Thursday, July 9, 2009

New York Fed Open Market Operation 7/9/2009

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

  • Operation type: Outright Coupon Purchase
  • Total Par Amt Accepted :$2,999 million
  • Total Par Amt Submitted: $17,094 million
  • Maturity/Call Date Range: 07/15/2010 - 04/30/2011

Treasury Auction Result for 7/9/2009

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

30-year bond: $11 billion

  • Primary Dealer: $5.20 billion
  • Indirect Bidder: $5.52 billion
  • Indirect Bidder %: 50%
  • Bid to Cover Ratio: 2.36

This was a second reopening*. The original issue date was May 15, 2009. (The next original issue will be in August.)

  • Interest rate: 4.250%
  • High Yield: 4.303%
  • Allotted at High: 67.88%
  • Price: 99.104142 (0.259% discount to original May price: 99.361980)

In addition, SOMA purchased $186 million



Total for the week: $170 billion

  • Bills: $97 billion
  • Notes: $73 billion

Additional SOMA purchase: $5.014 billion

  • Bills: $3.78 billion
  • Notes: $1.234 billion

* Scroll down to the bottom to see the definition.

Wednesday, July 8, 2009

Treasury/Fed/FDIC Joint Announcement of PPIP

Today, the U.S. Treasury Department, the Federal Reserve and FDIC jointly announced the Legacy Securities Public-Private Investment Program ("PPIP").

Joint Statement by Secretary of the Treasury Timothy F. Geithner, Chairman of the Board of Governors of the Federal Reserve System Ben S. Bernanke, and Chairman of the Federal Deposit Insurance Corporation Sheila Bair

The Treasury Department has pre-qualified 9 firms to be the fund managers:

  1. AllianceBernstein, LP and its sub-advisors Greenfield Partners, LLC and Rialto Capital Management, LLC;
  2. Angelo, Gordon & Co., L.P. and GE Capital Real Estate;
  3. BlackRock, Inc.;
  4. Invesco Ltd.;
  5. Marathon Asset Management, L.P.;
  6. Oaktree Capital Management, L.P.;
  7. RLJ Western Asset Management, LP.;
  8. The TCW Group, Inc.; and
  9. Wellington Management Company, LLP.

These firms in turn have formed partnerships with 10 leading small-, veteran-,
minority-, and women-owned financial services businesses:

  1. Advent Capital Management, LLC;
  2. Altura Capital Group LLC;
  3. Arctic Slope Regional Corporation;
  4. Atlanta Life Financial Group, through its subsidiary Jackson Securities LLC;
  5. Blaylock Robert Van, L.L.C.;
  6. CastleOak Securities, LP;
  7. Muriel Siebert & Co., Inc.;
  8. Park Madison Partners LLC;
  9. The Williams Capital Group, L.P.; and
  10. Utendahl Capital Management.

Treasury Auction Result For 7/8/2009

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

10-year note: $19 billion

  • Primary Dealer: $8.13 billion
  • Indirect Bidder: $8.31 billion
  • Indirect Bidder %: 43%
  • Bid to Cover Ratio: 3.28

This was a second reopening*. The original issue date was May 15, 2009. (The next original issue will be in August.)

  • Interest rate: 3.125%
  • High Yield: 3.365%
  • Allotted at High: 86.72%
  • Price: 97.998772 (1.456% discount to original May price: 99.447210)

In addition, SOMA purchased $321 million



Total for the week: $159 billion

  • Bills: $97 billion
  • Notes: $62 billion

Additional SOMA purchase: $4.83 billion

  • Bills: $3.78 billion
  • Notes: $1.048 billion

* Scroll down to the bottom to see the definition.

Tuesday, July 7, 2009

Treasury Auction Result for 7/7/2009

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

4-week bill: $34 billion

  • Primary Dealer: $16.73 billion
  • Indirect Bidder: $14.04 billion
  • Indirect Bidder %: 41%
  • Bid to Cover Ratio: 3.40

SOMA bought additional $3.78 billion 4-week bill.

3-year note: $35 billion

  • Primary Dealer: $13.44 billion
  • Indirect Bidder: $18.88 billion
  • Indirect Bidder %: 54%
  • Bid to Cover Ratio: 2.62

In addition, SOMA purchased $592 million of 3-year note.

Total for the week: $140 billion

  • Bills: $97 billion
  • Notes: $43 billion

Additional SOMA purchase: $4.51 billion

  • Bills: $3.78 billion
  • Notes: $727 million

Monday, July 6, 2009

Treasury Auction Results for 7/06/2009

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

13-week bill: $32 billion

  • Primary Dealer: $17.35 billion
  • Indirect Bidder: $10.25 billion
  • Indirect Bidder %: 32%
  • Bid to Cover Ratio: 2.90
26-week bill: $31 billion
  • Primary Dealer: $10.50 billion
  • Indirect Bidder: $16.84 billion
  • Indirect Bidder %: 54%
  • Bid to Cover Ratio: 3.28
10-year TIPS: $8 billion
  • Primary Dealer: $3.53 billion
  • Indirect Bidder: $3.84 billion
  • Indirect Bidder %: 48%
  • Bid to Cover Ratio: 2.51

In addition, SOMA purchased $135 million of 10-year TIPS.

Total for the week: $71 billion

  • Bills: $63 billion
  • Notes (TIPS): $8 billion

Additional SOMA purchase: $135 million

  • Notes (TIPS): $135 million

Sunday, July 5, 2009

Treasury Auction Result for Week of 6/29/2009

Treasury Department auctioned the following Treasury securities in the week of June 29, 2009. For details, click on the date.

Monday June 29, 2009

  • 13-week bill: $32 billion
  • 26-week bill: $30 billion
Tuesday Jun 30, 2009
  • 52-week bill: $27 billion
  • 4-week bill: $35 billion

SOMA bought additional $5.94 billion 4-week bill.

Total for the week: $124 billion

  • Bills: $124 billion

Total for the month of June 2009: $659 billion

  • Bills: $490 billion
  • Notes and bonds: $169 billion

Total additional purchase by SOMA for the month of June: $28.07 billion

  • Bills: $24.37 billion (4-week bill)
  • Notes and bonds: $ 3.70 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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