Treasury Issues from July to December 2009

Treasury notes and bond issues each month were constant around $200 billion, even when the short-term funding needs (Treasury bills) fluctuated.

Treasury Auction Result for 12/30/2009

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

36-day CMB: $5 billion (under SFP*, for use by the Federal Reserve)

• Primary Dealer: $3.96 billion
• Indirect Bidder: $1.03 billion
• Indirect Bidder Percentage: 20.6%
• Bid to Cover Ratio: 6.66
• Investment Rate: 0%
• High Rate: 0% (allotted at high: 29.83%)

7-year note (912828MD9): $32 billion (last month $32 billion)

• Primary Dealer: $15.56 billion
• Indirect Bidder: $14.27 billion
• Indirect Bidder Percentage: 44.6% (last month 62.4%)
• Bid to Cover Ratio: 2.72 (last month 2.76)
• Interest Rate: 3.250% (last month 2.750%)
• High Yield: 3.345% (allotted at high: 55.69%) (last month high yield 2.835%)

In addition, SOMA* purchased $948 million 7-year note.

Total for the week so far: $203 billion

• Bills: $85 billion
• Notes: $118 billion

Total for December 2009: $630 billion

• Bills: $438 billion
• Notes and bonds: $192 billion

Additional purchase by SOMA* for December 2009 so far: $28.606 billion

• Bills: $24.72 billion
• Notes and bonds: $3.886 billion

*For details, scroll down to the bottom of the page.

Treasury Auction Result for 12/29/2009

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

4-week bill: $23 billion (last week $28 billion)

• Primary Dealer: $8.31 billion
• Indirect Bidder: $12.75 billion
• Indirect Bidder Percentage: 55.4% (last week 60.5%)
• Bid to Cover Ratio: 3.95 (last week 4.08)
• Investment Rate: 0.010% (last week 0.005%)
• High Rate: 0.010% (allotted at high: 12.36%)

In addition, SOMA* purchased $6.29 billion 4-week bill.

5-year note (912828ME7): $42 billion (last month $42 billion)

• Primary Dealer: $18.00 billion
• Indirect Bidder: $18.44 billion
• Indirect Bidder Percentage: 43.9% (last month 60.7%)
• Bid to Cover Ratio: 2.59 (last month 2.81)
• Interest Rate: 2.625% (last month 2.125%)
• High Yield: 2.665% (allotted at high: 31.16%) (last month high yield 2.175%)

In addition, SOMA* purchased $1.24 billion 5-year note.

Total for the week so far: $166 billion

• Bills: $80 billion
• Notes: $86 billion

Total for December 2009 so far: $593 billion

• Bills: $433 billion
• Notes and bonds: $160 billion

Additional purchase by SOMA* for December 2009 so far: $27.658 billion

• Bills: $24.72 billion
• Notes and bonds: $2.938 billion

*For details, scroll down to the bottom of the page.

Treasury Auction Result for 12/28/2009

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

13-week bill: $28 billion (last week $30 billion)

• Primary Dealer: $17.95 billion
• Indirect Bidder: $2.66 billion
• Indirect Bidder Percentage: 9.5% (last week 20.1%)
• Bid to Cover Ratio: 3.39 (last week 3.28)
• Investment Rate: 0.112% (last week 0.071%)
• High Rate: 0.110% (allotted at high: 79.75%)

26-week bill: $29 billion (last week $31 billion)

• Primary Dealer: $10.95 billion
• Indirect Bidder: $15.50 billion
• Indirect Bidder Percentage: 53.4% (last week 68.3%)
• Bid to Cover Ratio: 3.57 (last week 3.56)
• Investment Rate: 0.203% (last week 0.173%)
• High Rate: 0.200% (allotted at high: 40.81%)

2-year note (912828ML1): $44 billion

• Primary Dealer: $19.95 billion
• Indirect Bidder: $15.18 billion
• Indirect Bidder Percentage: 34.5% (last month 44%)
• Bid to Cover Ratio: 2.91 (last month 3.16)
• Interest Rate: 1% (last month 0.750%)
• High Yield: 1.089% (allotted at high: 59.68%) (last month high yield 0.802%)

In addition, SOMA* purchased $1.30 billion 2-year note.

Total for the week so far: $101 billion

• Bills: $57 billion
• Notes: $44 billion

Total for December 2009 so far: $528 billion

• Bills: $410 billion
• Notes and bonds: $118 billion

Additional purchase by SOMA* for December 2009 so far: $20.128 billion

• Bills: $18.43 billion
• Notes and bonds: $1.698 billion

*For details, scroll down to the bottom of the page.

13-Week Bill Auction Trend Since October 2009

The chart below plots Indirect Bidder (i.e. foreign buyers of Treasuries) Percentage on the left Y axis and Bid to Cover Ratio on the right Y axis for 13-week bill auctions since October 2009.

Note that both Indirect Bidder Percentage and Bid to Cover Ratio seem to have broken the respective support (around 25% for Indirect Bidder Percentage and 3.8 for Bid to Cover Ratio).

Treasury Auction Schedule for the Week of 12/28/2009

The U.S. Treasury Department will auction the following Treasury securities this week.
Monday December 28, 2009

• 13-week bill: $28 billion (last week $30 billion)
• 26-week bill: $29 billion (last week $31 billion)
• 2-year note (912828ML1): $44 billion (last month $44 billion)

Tuesday December 29, 2009

• 4-week bill: TBA
• 5-year note (912828ME7): $42 billion (last month $42 billion)

Wednesday December 30, 2009

• 7-year note (912828MD9): $32 billion (last month $32 billion)

Total for the week: $175 billion (without 4-week bill)

• Bills: $57 billion (without 4-week bill)
• Notes: $118 billion

Total for December 2009 so far (as of 12/22): $427 billion

• Bills: $353 billion
• Notes and bonds: $74 billion