Thursday, October 29, 2009

Treasury Auction Result for 10/29/2009

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

7-year note (912828LU2): $31 billion (last month $29 billion)

  • Primary Dealer: $11.48 billion
  • Indirect Bidder: $18.37 billion
  • Indirect Bidder Percentage: 59.3% (last month 61.6%)
  • Bid to Cover Ratio: 2.65 (last month 2.79)
  • Interest Rate: 3.125% (last month 3%)
  • High Yield: 3.141% (allotted at high: 46.79%)(last month high yield: 3.005%)
In addition, SOMA* purchased $764 million 7-year note.

Total for the week so far: $235 billion

  • Bills: $112 billion
  • Notes: $123 billion

Total for October 2009: $602 billion

  • Bills: $401 billion
  • Notes and bonds: $201 billion

Additional purchase by SOMA* for the month of October 2009: $15.604 billion

  • Bills: $12.14 billion
  • Notes and bonds: $3.464 billion

New York Fed Open Market Operation for 10/29/2009

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: $1,936 million
  • Total Par Amt Submitted: $10,978 million
  • Maturity/Call Date Range: 12/31/2013 - 04/30/2016

The purchase included:

  • 912828KN9 (5-year note, issued on 04/30/09): $546 million
  • 912828KY5 (5-year note, issued on 06/30/09): $381 million
  • 912828LC2 (5-year note, issued on 07/31/09): $362 million
  • 912828LQ1 (5-year note, issued on 09/30/09): $330 million

Wednesday, October 28, 2009

Treasury Auction Result for 10/28/2009

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

300-day CMB*: $25 billion

  • Primary Dealer: $15.45 billion
  • Indirect Bidder: $8.08 billion
  • Indirect Bidder Percentage: 32.3%
  • Bid to Cover Ratio: 3.85
  • Investment Rate: 0.320%
  • High Rate: 0.315% (allotted at high: 99.89%)

5-year note (912828LS7): $41 billion (last month $40 billion)

  • Primary Dealer: $17.28 billion
  • Indirect Bidder: $22.38 billion
  • Indirect Bidder Percentage: 54.6% (last month 44.6%)
  • Bid to Cover Ratio: 2.63 (last month 2.40)
  • Interest Rate: 2.375% (last month 2.375%)
  • High Yield: 2.388% (allotted at high: 2.81%)(last month high yield: 2.470%)
In addition, SOMA* purchased $1.01 billion 5-year note.

Total for the week so far: $204 billion

  • Bills: $112 billion
  • Notes: $92 billion

Total for October 2009 so far: $571 billion

  • Bills: $401 billion
  • Notes and bonds: $170 billion

Additional purchase by SOMA* for the month of October 2009 so far: $14.84 billion

  • Bills: $12.14 billion
  • Notes and bonds: $2.70 billion

Tuesday, October 27, 2009

Treasury Auction Result for 10/27/2009

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

4-week bill: $28 billion (last week $24 billion)

  • Primary Dealer: $14.87 billion
  • Indirect Bidder: $10.42 billion
  • Indirect Bidder Percentage: 37.2% (last week 27.5%)
  • Bid to Cover Ratio: 4.62 (last week 4.50)
  • Investment Rate: 0.046% (last week 0.046%)
  • High Rate: 0.045% (allotted at high: 45.65%)
In addition, SOMA* purchased $3.78 billion 4-week bill.

2-year note: $44 billion (last month $43 billion)

  • Primary Dealer: $12.78 billion
  • Indirect Bidder: $19.32 billion
  • Indirect Bidder Percentage: 43.9% (last month 44.6%)
  • Bid to Cover Ratio: 3.63 (last month 3.23)
  • Interest Rate: 1% (last month 1%)
  • High Yield: 1.020% (allotted at high: 3.21%)(last month high yield: 1.034%)
In addition, SOMA* purchased $1.08 billion 2-year note.

Total for the week so far: $138 billion

  • Bills: $87 billion
  • Notes: $51 billion

Total for October 2009 so far: $505 billion

  • Bills: $376 billion
  • Notes and bonds: $129 billion

Additional purchase by SOMA* for the month of October 2009 so far: $13.83 billion

  • Bills: $12.14 billion
  • Notes and bonds: $1.69 billion

Monday, October 26, 2009

Treasury Auction Result for 10/26/2009

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

13-week bill: $29 billion

  • Primary Dealer: $17.64 billion
  • Indirect Bidder: $6.95 billion
  • Indirect Bidder Percentage: 24% (last week 45.9%)
  • Bid to Cover Ratio: 3.80 (last week 4.03)
  • Investment Rate: 0.076% (last week 0.081%)
  • High Rate: 0.075% (allotted at high: 26.19%)

26-week bill: $30 billion

  • Primary Dealer: $12.22 billion
  • Indirect Bidder: $14.51 billion
  • Indirect Bidder Percentage: 48.4% (last week 41.3%)
  • Bid to Cover Ratio: 3.47 (last week 3.57)
  • Investment Rate: 0.188% (last week 0.173%)
  • High Rate: 0.185% (allotted at high: 6.24%)

4-year 6-months TIPS (reopening, original issue April 2009; 912828KM1): $7 billion

  • Primary Dealer: $3.50 billion
  • Indirect Bidder: $3.23 billion
  • Indirect Bidder Percentage: 46.1% (original issue 24.9%)
  • Bid to Cover Ratio: 3.10 (original issue 2.66)
  • Interest Rate: 1.250%
  • High Yield: 0.769% (allotted at high: 38.26%)(original issue high yield: 1.278%)

Total for the week so far: $66 billion

  • Bills: $59 billion
  • Notes: $7 billion

Total for October 2009 so far: $433 billion

  • Bills: $348 billion
  • Notes and bonds: $85 billion

Sunday, October 25, 2009

Treasury Auction Schedule for the Week of 10/26/2009

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

Monday October 26, 2009

  • 13-week bill: $29 billion
  • 26-week bill: $30 billion
  • 4-year 6-months TIPS (reopening, original issue April 2009; 912828KM1): $7 billion
Tuesday October 27, 2009
  • 4-week bill: TBA
  • 2-year note (912828LT5): $44 billion (last month $43 billion)
Wednesday October 28, 2009
  • 5-year note (912828LS7): $41 billion (last month $40 billion)
Thursday October 29, 2009
  • 7-year note (912828LU2): $31 billion (last month $29 billion)
Total for the week: $182 billion (without 4-week bill)
  • Bills: $59 billion (without 4-week bill)
  • Notes: $123 billion
Total for October 2009 so far: $367 billion
  • Bills: $289 billion
  • Notes and bonds: $78 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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