Thursday, September 24, 2009

Treasury Auction Result for 9/24/2009

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

7-year note (CUSIP: 912828LP3): $29 billion (last month $28 billion)

  • Primary Dealer: $9.27 billion
  • Indirect Bidder: $17.87 billion
  • Indirect Bidder Percentage: 61.6% (last month 61.1%)
  • Bid to Cover Ratio: 2.79 (last month 2.74)
  • Interest Rate: 3.000% (last month 3.000%)
  • High Yield: 3.005% (allotted at high: 30.22%) (last month high yield 3.092%)
In addition, SOMA* purchased $514 million 7-year note.

Total for the week so far: $213 billion

  • Bills: $101 billion
  • Notes: $112 billion

Total for the month of September so far: $491 billion

  • Bills: $309 billion
  • Notes and bonds: $182 billion

Additional purchase by SOMA* for the month of September so far: $20.94 billion

  • Bills: $18.43 billion
  • Notes and bonds: $2.51 billion

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Wednesday, September 23, 2009

Treasury Auction Result for 9/23/2009

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

5-year note (CUSIP: 912828LQ1): $40 billion (last month $39 billion)

  • Primary Dealer: $17.65 billion
  • Indirect Bidder: $17.85 billion
  • Indirect Bidder Percentage: 44.6% (last month 56.2%)
  • Bid to Cover Ratio: 2.40 (last month 2.51)
  • Interest Rate: 2.375% (last month 2.375%)
  • High Yield: 2.470% (allotted at high: 39.82%)
In addition, SOMA* purchased $709 million 5-year note.

Total for the week so far: $184 billion

  • Bills: $101 billion
  • Notes: $83 billion

Total for the month of September so far: $462 billion

  • Bills: $309 billion
  • Notes and bonds: $153 billion

Additional purchase by SOMA* for the month of September so far: $20.426 billion

  • Bills: $18.43 billion
  • Notes and bonds: $1.996 billion

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Tuesday, September 22, 2009

Treasury Auction Result for 9/22/2009

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

4-week bill: $16 billion

  • Primary Dealer: $10.87 billion
  • Indirect Bidder: $3.63 billion
  • Indirect Bidder Percentage: 22.7% (last week 51.5%)
  • Bid to Cover Ratio: 5.18 (last week 5.69)
  • Investment Rate: 0.041% (last week 0.030%)
  • High Rate: 0.040% (allotted at high: 58.35%)
In addition, SOMA* purchased $5.94 billion 4-week bill.
52-week bill: $27 billion

  • Primary Dealer: $12.51 billion
  • Indirect Bidder: $13.55 billion
  • Indirect Bidder Percentage: 50.2% (last month 46.3%)
  • Bid to Cover Ratio: 3.13 (last month 3.44)
  • Investment Rate: 0.412% (last month 0.468%)
  • High Rate: 0.405% (allotted at high: 71.84%)

2-year note (CUSIP: 912828LW8): $43 billion (last month $42 billion)

  • Primary Dealer: $18.26 billion
  • Indirect Bidder: $19.18 billion
  • Indirect Bidder Percentage: 44.6% (last month 48.7%)
  • Bid to Cover Ratio: 3.23 (last month 2.68)
  • Interest Rate: 1% (last month 1%)
  • High Yield: 1.034% (allotted at high: 27.16%)
In addition, SOMA* purchased $762 million 2-year note.

Total for the week so far: $144 billion

  • Bills: $101 billion
  • Notes: $43 billion

Total for the month of September so far: $422 billion

  • Bills: $309 billion
  • Notes and bonds: $113 billion

Additional purchase by SOMA* for the month of September so far: $19.717 billion

  • Bills: $18.43 billion
  • Notes and bonds: $1.287 billion

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Monday, September 21, 2009

Treasury Auction Result for 9/21/2009

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

13-week bill: $29 billion

  • Primary Dealer: $18.69 billion
  • Indirect Bidder: $5.71 billion
  • Indirect Bidder Percentage: 19.7% (last week 35.4%)
  • Bid to Cover Ratio: 4.12 (last week 4.29)
  • Investment Rate: 0.101% (last week 0.137%)
  • High Yield: 0.100% (allotted at high: 5.24%)
26-week bill: $29 billion
  • Primary Dealer: $12.16 billion
  • Indirect Bidder: $13.50 billion
  • Indirect Bidder Percentage: 46.6% (last week 56.1%)
  • Bid to Cover Ratio: 3.76 (last week 4.29)
  • Investment Rate: 0.193% (last week 0.213%)
  • High Yield: 0.190% (allotted at high: 53.44%)

Total for the week so far: $58 billion

  • Bills: $58 billion

Total for the month of September so far: $336 billion

  • Bills: $266 billion
  • Notes and bonds: $70 billion

Additional purchase by SOMA* for the month of September so far: $13.015 billion

  • Bills: $12.49 billion
  • Notes and bonds: $0.525 billion

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New York Fed Open Market Operation for 9/21/2009

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: $4,050 million
  • Total Par Amt Submitted: $15,299 million
  • Maturity/Call Date Range: 12/31/2013 - 04/30/2016

The purchase included:

  • 912828LC2 (5-year note, issued on 7/31/09): $2,492 million, bringing the Fed's holding of this note to $3,469 million
  • 912828DV9 (6-year 7-month note, issued on 10/15/08; this was a second reopening of 10-year note issued on 5/16/2005, over 3 years after the original issue): $550 million

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Sunday, September 20, 2009

Treasury Auction Schedule for the Week of 9/21/2009

The U.S. Treasury Department will auction the following Treasury securities this week.

Monday September 21, 2009

  • 13-week bill: $29 billion
  • 26-week bill: $29 billion
Tuesday September 22, 2009
  • 4-week bill: TBA
  • 52-week bill: $27 billion
  • 2-year note: $42 billion
Wednesday September 23, 2009
  • 5-year note: $40 billion (August $39 billion)
Thursday September 24, 2009
  • 7-year note: $29 billion (August $28 billion)
Total for the week without 4-week bill: $196 billion
  • Bills: $85 billion
  • Notes: $111 billion
------------------------------
Political/financial calender:
  • September 22/23: Federal Reserve FOMC meeting
  • September 24/25: G20 summit in Pittsburgh

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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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