Wednesday, October 21, 2009

New York Fed Open Market Operation for 10/21/2009

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: $1,050 million
  • Total Par Amt Submitted: $6,958 million
  • Maturity/Call Date Range: 08/15/2027 - 08/15/2039

The purchase included:

  • 912810QC5 (30-year bond, originally issued on 8/15/09, with two successive reopenings): $555 million
  • 912810FJ2 (30-year bond, issued on 8/16/99): $205 million

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Tuesday, October 20, 2009

Treasury Auction Result for 10/20/2009

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

4-week bill: $24 billion

  • Primary Dealer: $15.70 billion
  • Indirect Bidder: $6.61 billion
  • Indirect Bidder Percentage: 27.5% (last week 30%)
  • Bid to Cover Ratio: 4.50 (last week 4.31)
  • Investment Rate: 0.046% (last week 0.051%)
  • High Rate: 0.045% (allotted at high: 28.32%)
In addition, SOMA* purchased $5.94 billion 4-week bill.

52-week bill: $27 billion

  • Primary Dealer: $11.43 billion
  • Indirect Bidder: $14.11 billion
  • Indirect Bidder Percentage: 52.3% (last month 50.2%)
  • Bid to Cover Ratio: 4.11 (last month 3.13)
  • Investment Rate: 0.381% (last month 0.412%)
  • High Rate: 0.375% (allotted at high: 99.35%)

Total for the week so far: $111 billion

  • Bills: $111 billion
Total for the month of October 2009 so far: $367 billion

  • Bills: $289 billion
  • Notes and bonds: $78 billion

Additional purchase by SOMA* for the month of October 2009 so far: $8.97 billion

  • Bills: $8.36 billion
  • Notes and bonds: $610 million

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Monday, October 19, 2009

Treasury Auction Result for 10/19/2009

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

13-week bill: $30 billion

  • Primary Dealer: $14.15 billion
  • Indirect Bidder: $13.76 billion
  • Indirect Bidder Percentage: 45.9% (last week 49.4%)
  • Bid to Cover Ratio: 4.03 (last week 3.96)
  • Investment Rate: 0.081% (last week 0.071%)
  • High Rate: 0.080% (allotted at high: 55.87%)

26-week bill: $30 billion

  • Primary Dealer: $15.78 billion
  • Indirect Bidder: $12.40 billion
  • Indirect Bidder Percentage: 41.3% (last week 55.7%)
  • Bid to Cover Ratio: 3.57 (last week 3.80)
  • Investment Rate: 0.173% (last week 0.152%)
  • High Rate: 0.170% (allotted at high: 95.49%)

Total for the week so far: $60 billion

  • Bills: $60 billion
Total for the month of October 2009 so far: $316 billion

  • Bills: $238 billion
  • Notes and bonds: $78 billion

Additional purchase by SOMA* for the month of October 2009 so far: $3.03 billion

  • Bills: $2.42 billion
  • Notes and bonds: $610 million

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Sunday, October 18, 2009

New York Fed Open Market Operation Schedule for Treasuries

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Treasury Auction Schedule for the Week of 10/19/2009

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

Monday October 19, 2009

  • 13-week bill: $30 billion
  • 26-week bill: $30 billion
Tuesday October 20, 2009

  • 4-week bill: TBA
  • 52-week bill: $27 billion
Total for the week (without 4-week bill): $87 billion

  • Bills: $87 billion
Total for October 2009 so far: $256 billion

  • Bills: $178 billion
  • Notes and bonds: $78 billion

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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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