Thursday, September 3, 2009

Treasury Auction Result for 9/3/2009

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

308-day Cash Management Bill (CMB*): $29 billion

  • Primary Dealer: $12.11 billion
  • Indirect Bidder: $15.66 billion
  • Indirect Bidder Percentage: 54%
  • Bid to Cover Ratio: 3.82
  • Investment Rate: 0.391%
  • High Rate: 0.385% (allotted at high: 75.37%)
This is a regular CMB auction to assist the temporary shortfall of funds for the normal government operations, and not SFP*.

Total for the week so far: $114 billion
  • Bills: $114 billion
Total for the month of September so far: $55 billion
  • Bills: $55 billion
Additional purchase by SOMA for the month of September so far: $3.78 billion
  • Bills: $3.78 billion

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New York Fed Open Market Operation for 9/3/2009

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

  • Operation type: Outright Agency Coupon Purchase
  • Total Par Amt Accepted: $3,779 million
  • Total Par Amt Submitted: $7,558 million
  • Maturity Date Range: 09/15/11 - 08/14/13

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Tuesday, September 1, 2009

Treasury Auction Result for 9/1/2009

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

4-week bill: $26 billion

  • Primary Dealer: $16.77 billion
  • Indirect Bidder: $8.62 billion
  • Indirect Bidder Percentage: 33% (last week 13%)
  • Bid to Cover Ratio: 4.07 (last week 3.62)
  • Investment Rate: 0.086% (last week 0.122%)
  • High Rate: 0.085% (allotted at high: 28.60%)
In addition, SOMA* purchased $3.78 billion 4-week bill.

Total for the week so far: $85 billion
  • Bills: $85 billion
Total for the month of September so far: $26 billion
  • Bills: $26 billion
Additional purchase by SOMA for the month of September so far: $3.78 billion
  • Bills: $3.78 billion

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Auction Tally for September 2009

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New York Fed Open Market Operation for 9/1/2009

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

  • Operation type: Outright Coupon Purchase
  • Total Par Amt Accepted: $5,600 million
  • Total Par Amt Submitted: $17,038 million
  • Maturity/Call Date Range: 05/15/2012 - 11/15/2013
The purchase included:
  • 912828LH1: 3-year note, $5,144 million, auctioned on 8/11/2009. With today's purchase the Fed owns $10,859 million of this note.

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Monday, August 31, 2009

Treasury Auction Result for 8/31/2009

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

13-week bill: $30 billion

  • Primary Dealer: $13.39 billion
  • Indirect Bidder: $13.09 billion
  • Indirect Bidder Percentage: 44% (last week 41%)
  • Bid to Cover Ratio: 3.94 (last week: 3.89)
  • Investment Rate: 0.152% (last week: 0.162%)
  • High Rate: 0.160% (allotted at high: 53.23%)
26-week bill: $29 billion

  • Primary Dealer: $9.60 billion
  • Indirect Bidder: $15.79 billion
  • Indirect Bidder Percentage: 54% (high; last week 28%)
  • Bid to Cover Ratio: 3.84 (last week 3.49)
  • Investment Rate: 0.244% (last week 0.259%)
  • High Rate: 0.240 (allotted at high: 93.98%)

Total for the week so far: $59 billion

  • Bills: $59 billion

Total for the month of August: $782 billion

  • Bills: $598 billion ($100 billion of which is for the Federal Reserve under SFP*.)
  • Notes and bonds: $184 billion
Additional purchase by SOMA* for the month of August: $33.28 billion
  • Bills: $18.43 billion
  • Notes: $14.85 billion
*Scroll down to the bottom to see the explanation.

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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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