30-Year Treasury Bond Auction Result 11/10/2010

Amount auctioned: $16 billion, original issue.
Primary Dealer: $8.11 billion (50.7%)
Direct Bidder: $1.72 billion (10.8%)
Indirect Bidder: $6.13 billion (38.35%)
Bid to Cover Ratio: 2.31 (last month: 2.49; last original issue in August: 2.77)
Interest Rate: 4.250% (last original issue in August: 3.875%)
High Yield: 4.320% (allotted at high: 82.04%) (last month high yield: 3.852%)

Treasury Auction for the Week of September 27, 2010

The US Treasury Department auctions the following Treasury securities this week.

Monday September 27, 2010

• 13-week bill: $29 billion (same as last week)
• 26-week bill: $29 billion (same as last week)
• 2-year note: $36 billion ($1 billion less than last month)

Tuesday September 28, 2010

• 4-week bill: TBA (last week $25 billion)
• 5-year note: $35 billion ($1 billion less than last month)

Wednesday September 29, 2010

• 56-day CMB* for SFP*: TBA (last week $25 billion)
• 7-year note: $29 billion (same as last month)

Total for the week: $158 billion

• Bills: $58 billion (without 4-week bill and 56-day CMB)
• Notes: $100 billion

In addition, the Federal Reserve Bank of New York is schedule to conduct Permanent Open Market Operations on Tuesday September 28 and Thursday September 30.

Treasury Auction for the Week of September 20, 2010

The US Treasury Department auctions the following Treasury securities this week.

Monday September 20, 2010

• 13-week bill: $29 billion
• 26-week bill: $29 billion

Tuesday September 21, 2010

• 4-week bill: $25 billion
• 52-week bill: $25 billion

Wednesday September 22, 2010

• 56-day CMB* for SFP*: $25 billion

Total for the week: $133 billion

• Bills: $133 billion

Federal Reserve Permanent Open Market Operation Schedule September 15 - October 6

The Federal Reserve plans to buy $27 billion Treasury securities, up $9 billion from the last operation period (August 17 - September 13).

OT: US Treasury 10-Year Note Price vs S&P500 Index

There are analysts and traders who watch the positive correlation between S&P500 index and 10-year Treasury note yield. They point out to the most recent divergence where the 10-year note yield continues to go down without S&P500 following suit, and draw a conclusion that the stock market is just about to follow the 10-year note yield and that means a major market crash yet again. (Here's the chart by Karl Denninger today as one such example.)


However, when one compares S&P500 index and 10-year Treasury note price (which generally have the negative correlation with each other), the divergence doesn't seem that striking.


People tend to see what they want to see, much like a Rorschach test.

Treasury Auction for the Week of August 23, 2010

The US Treasury Department will auction the following Treasury securities this week.

Monday August 23, 2010

• 13-week bill: $30 billion (same as last week)
• 26-week bill: $30 billion (same as last week)

Tuesday August 24, 2010

• 4-week bill: TBA (last week $34 billion)
• 52-week bill: $25 billion (same as last month)
• 2-year note: $37 billion ($1 billion less than last month)

Wednesday August 25, 2010

• 56-day CMB* for SFP*: TBA (last week $25 billion)
• 5-year note: $36 billion ($1 billion less than last month)

Thursday August 26, 2010

• 7-year note: $29 billion (same as last month)

Total for the week: $187 billion

• Bills: $85 billion (without 4-week bill and 56-day CMB)
• Notes: $102 billion

Federal Reserve Permanent Open Market Operation Schedule

The Federal Reserve plans to buy $18 billion Treasury securities with these operations.

Treasury Auction for the Week of August 9, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities this week.

Monday August 9, 2010

• 13-week bill: $30 billion (same as last week)
• 26-week bill: $30 billion (same as last week)

Tuesday August 10, 2010

• 4-week bill: TBA (last week $31 billion)
• 3-year note: $34 billion ($1 billion less than last month)

Wednesday August 11, 2010

• 56-day CMB* for SFP*: $25 billion (same as last week)
  
  Primary Dealer: $15.08 billion (60.3%; last week 63.8%)
  Direct Bidder: $4.73 billion (18.9%; last week 17.8%)
  Indirect Bidder: $5.20 billion (20.8%; last week 18.3%)
  Bid to Cover Ratio: 4.95 (last week 4.64)
  Investment Rate: 0.137% (last week 0.162%)
  High Rate: 0.135% (allotted at high: 80.85%)
  
• 10-year note: $24 billion (same as the last original issue in May 2010)
  
  Primary Dealer: $10.38 billion (43.3%; last original issue 33%)
  Direct Bidder: $2.53 billion (10.5%; last original issue 24.8%)
  Indirect Bidder: $10.92 billion (45.5%; last original issue 41.6%)
  Bid to Cover Ratio: 3.04 (last original issue 2.96)
  Interest Rate: 2.625% (last original issue 3.500%)
  High Yield: 2.730% (allotted at high: 10.57%)
  
  In addition, SOMA purchased $1.44 billion 10-year note.

Thursday August 12, 2010

• 30-year bond: $16 billion (same as the last original issue in May 2010)

Total for the week: $134 billion

• Bills: $60 billion (without 4-week bill and 56-day CMB)
• Notes and bonds: $74 billion

Total for August 2010 so far: $116 billion

• Bills: $116 billion

Treasury Auction for the Week of July 26, 2010

The US Treasury Department will auction the following Treasury securities for the week of July 26, 2010.

The trend continues, of decreased amount raised via the auctions of notes (Treasury securities with maturities longer than one year).

Monday July 26, 2010

• 13-week bill: $30 billion (same as last week)
• 26-week bill: $30 billion (same as last week)

Tuesday July 27, 2010

• 4-week bill: TBA (last week $32 billion)
• 52-weel bill: $25 billion (same as last month)
• 2-year note: $38 billion ($2 billion less than last month)

Wednesday July 28, 2010

• 56-day CMB* under SFP*: TBA (last week $25 billion)
• 5-year note: $37 billion ($1 billion less than last month)

Thursday July 29, 2010

• 7-year note: $29 billion ($1 billion less than last month)

Total for the week: $189 billion (without 4-week bill and 56-day CMB)

• Bills: $85 billion (without 4-week bill and 56-day CMB)
• Notes: $104 billion

Total for July 2010 so far: $436 billion

• Bills: $355 billion
• Notes and bonds: $81 billion

Additional purchase by SOMA for July 2010 so far: $12.898 billion

• Bills: $12.49 billion
• Notes and bonds: $408 million

Treasury Auction for the Week of July 19, 2010 (Updated with Results)

The US Treasury Department auctioned the following Treasury securities this week.

Monday July 19, 2010

• 13-week bill: $30 billion (same as last week)
  
  Primary Dealer: $14.86 billion (49.5%; last week 48.2%)
  Direct Bidder: $3.07 billion (10.2%; last week 8.9%)
  Indirect Bidder: $10.63 billion (35.4%; last week 38.1%)
  Bid to Cover Ratio: 4.29 (last week 4.64)
  Investment Rate: 0.157% (last week 0.152%)
  High Rate: 0.155% (allotted at high: 41.51%)
  
  
• 26-week bill: $30 billion (same as last week)
  
  Primary Dealer: $11.38 billion (37.9%; last week 54.9%)
  Direct Bidder: $3.85 billion (12.8%; last week 13.6%)
  Indirect Bidder: $13.31 billion (44.4%; last week 27%)
  Bid to Cover Ratio: 4.19 (last week 3.90)
  Investment Rate: 0.198% (last week 0.203%)
  High Rate: 0.195% (allotted at high: 2.78%)

Tuesday July 20, 2010

• 4-week bill: $32 billion (same as last week)
  
  Primary Dealer: $17.05 billion (53.3%; last week 52.4%)
  Direct Bidder: $3.68 billion (11.5%; last week 16.9%)
  Indirect Bidder: $10.99 billion (34.3%; last week 29.4%)
  Bid to Cover Ratio: 4.42 (last week 4.16)
  Investment Rate: 0.157% (last week 0.152%)
  High Rate: 0.155% (allotted at high: 0.87%)
  
  In addition, SOMA* purchased $2.42 billion 4-week bill.

Wednesday July 21, 2010

• 56-day CMB* for SFP*: $25 billion (same as last week)
  
  Primary Dealer: $15.22 billion (60.9%; last week 71.5%)
  Direct Bidder: $3.97 billion (15.9%; last week 11.9%)
  Indirect Bidder: $5.81 billion (23.2%; last week 16.5%)
  Bid to Cover Ratio: 4.63 (last week 4.61)
  Investment Rate: 0.162% (last week 0.162%)
  High Rate: 0.160% (allotted at high: 17.02%)

Total for the week: $117 billion

• Bills: $117 billion

Total for July 2010 so far: $436 billion

• Bills: $355 billion
• Notes and bonds: $81 billion

Additional Purchase by SOMA for July 2010 so far: $12.898 billion

• Bills: $12.49 billion
• Notes and bonds: $408 million

Direct Bidder Percentage in Treasury Auction from January 2009 to July 2010

(Click on the chart for clearer image.)

Direct Bidder Percentage used in the chart was calculated from the auction results published by the US Treasury Department. For bills, the 1st week of the month data were used. For notes, the July auctions will be held next week. The first-ever auction of 7-year note was February 2009.

Observation:

Many analysts and observers have noted the increased Direct Bidder participation in Treasury notes and bonds. However, the same is also true for shorter bills, as you can see in the chart.

There are a few volatile data series (2-year note, 7-year note), but the general average trend of Direct Bidder participation in Treasury auctions started to move up in February 2010. Notice that after April most Treasury securities featured here have over 10% Direct Bidder participation.

Events that may have influenced the trend:

In late January, the SEC announced new rules for money market funds. Money market funds would be required to hold certain percentage of safe and liquid securities such as Treasuries.

In early March, the SEC announced the implementation dates (end of May, end of June) for the new money market fund rules.

The Federal Reserve ended the quantitative easing on March 31.

Treasury Auction for the Week of July 12, 2010 (Corrected) (UPDATED WITH RESULTS)

The US Treasury Department will auction the following Treasury securities this week.

Monday July 12, 2010

• 13-week bill: $30 billion (same as last week)
  
  Primary Dealer: $14.45 billion (48.2%; last week 39.4%)
  Direct Bidder: $2.68 billion (8.9%; last week 8.1%)
  Indirect Bidder: $11.42 billion (38.1%; last week 47.9%)
  Bid to Cover Ratio: 4.64 (last week 4.23)
  Investment Rate: 0.152% (last week 0.167%)
  High Rate: 0.150% (allotted at high: 80.78%)
  
  
• 26-week bill: $30 billion (same as last week)
  
  Primary Dealer: $16.46 billion (54.9%; last week 43.9%)
  Direct Bidder: $4.07 billion (13.6%; last week 14.7%)
  Indirect Bidder: $8.09 billion (27%; last week 37.2%)
  Bid to Cover Ratio: 3.90 (last week 4.15)
  Investment Rate: 0.203% (last week 0.208%)
  High Rate: 0.200% (allotted at high: 36.10%)
  
  
• 3-year note: $35 billion ($1 billion less than last month)
  
  Primary Dealer: $15.76 billion (45%; last month 36.9%)
  Direct Bidder: $4.98 billion (14.2%; last month 16.3%)
  Indirect Bidder: $14.20 billion (40.6%; last month 46.6%)
  Bid to Cover Ratio: 3.20 (last month 3.23)
  Interest Rate: 1% (last month 1.125%)
  High Yield: 1.055% (allotted at high: 72.43%)
  
  In addition, SOMA* purchased $10 million 3-year note.
  

Tuesday July 13, 2010

• 4-week bill: $32 billion ($4 billion less than last week)
  
  Primary Dealer: $16.77 billion (52.4%; last week 65.8%)
  Direct Bidder: $5.41 billion (16.9%; last week 14.1%)
  Indirect Bidder: $9.40 billion (29.4%; last week 19.4%)
  Bid to Cover Ratio: 4.16 (last week 3.57)
  Investment Rate: 0.152% (last week 0.167%)
  High Rate: 0.150% (allotted at high: 63.33%)
  
  In addition, SOMA* purchased $6.29 billion 4-week bill.
  
  
• 9-year 10-month note (2nd reopening): $21 billion (same as 1st reopening in June)
  
  Primary Dealer: $10.18 billion (48.5%; 1st reopening 46.2%)
  Direct Bidder: $2.05 billion (9.8%; 1st reopening 13.5%)
  Indirect Bidder: $8.73 billion (41.6%; 1st reopening 40.0%)
  Bid to Cover Ratio: 3.09 (1st reopening 3.24; original issue 2.96)
  Interest Rate: 3.500%
  High Yield: 3.119% (allotted at high: 77.69%) (1st reopening high yield: 3.242%; original issue high yield: 3.548%)
  
  In addition, SOMA* purchased $6 million 9-year 10-month note. (last month's purchase: $121 million)

Wednesday July 14, 2010

• 56-day CMB: $25 billion (same as last week)
  
  Primary Dealer: $17.88 billion (71.5%; last week 54.6%)
  Direct Bidder: $2.98 billion (11.9%; last week 17.2%)
  Indirect Bidder: $4.13 billion (16.5%; last week 28.3%)
  Bid to Cover Ratio: 4.61 (last week 4.40)
  Investment Rate: 0.162% (last week 0.167%)
  High Rate: 0.160% (allotted at high: 36.00%)
  
  
• 29-year 10-month bond (2nd reopening): $13 billion (same as 1st reopening in June)
  
  Primary Dealer: $6.03 billion (46.4%; 1st reopening 43.6%)
  Direct Bidder: $2.09 billion (16.1%; 1st reopening 20.2%)
  Indirect Bidder: $4.86 billion (37.4%; 1st reopening 35.9%)
  Bid to Cover Ratio: 2.89 (1st reopening 2.87; original issue 2.60)
  Interest Rate: 4.375%
  High Yield: 4.080% (allotted at high: 39.23%) (1st reopening 4.182%; original issue 4.449%)
  
  In addition, SOMA* purchased $4 million 29-year 10-month bond. (1st reopening purchase: $75 million)

Total for the week: $186 billion

• Bills: $117 billion
• Notes and bonds: $69 billion

Total for July 2010 so far: $319 billion

• Bills: $238 billion
• Notes: $81 billion

Additional purchase by SOMA for July 2010 so far: $10.478 billion

• Bills: $10.07 billion
• Notes: $408 million

Treasury Auction for the Week of July 6, 2010 (Updated with Results)

The US Treasury Department auctioned the following Treasury securities this week.

Tuesday July 6, 2010

• 13-week bill: $30 billion ($2 billion more than last week)
  
  Primary Dealer: $11.82 billion (39.4%; last week 46.3%)
  Direct Bidder: $2.44 billion (8.1%; last week 15%)
  Indirect Bidder: $14.38 billion (47.9%; last week 30.9%)
  Bid to Cover Ratio: 4.23 (last week 3.95)
  Investment Rate: 0.167% (last week 0.162%) *same as 4-week bill, 56-day CMB*
  High Rate: 0.165% (allotted at high: 51.92%)
  
  
• 26-week bill: $30 billion ($2 billion more than last week)
  
  Primary Dealer: $13.16 billion (43.9%; last week 32.1%)
  Direct Bidder: $4.40 billion (14.7%; last week 18.1%)
  Indirect Bidder: $11.16 billion (37.2%; last week 43.7%)
  Bid to Cover Ratio: 4.15 (last week 4.24)
  Investment Rate: 0.208% (last week 0.218%)
  High Rate: 0.205% (allotted at high: 73.41%)
  

Wednesday July 7, 2010

• 4-week bill: $36 billion (same as last week)
  
  Primary Dealer: $23.67 billion (65.8%; last week 64%)
  Direct Bidder: $5.09 billion (14.1%; last week 12.8%)
  Indirect Bidder: $6.98 billion (19.4%; last week 19.6%)
  Bid to Cover Ratio: 3.57 (last week 3.47)
  Investment Rate: 0.167% (last week 0.152%) *same as 13-week bill, 56-day CMB*
  High Rate: 0.165% (allotted at high: 88.94%)
  
  In addition, SOMA* purchased $3.78 billion 4-week bill.
  
  
• 56-day CMB* under SFP* for the Federal Reserve: $25 billion (same as last week)
  
  Primary Dealer: $13.64 billion (54.6%; last week 44.6%)
  Direct Bidder: $4.30 billion (17.2%; last week 11.1%)
  Indirect Bidder: $7.07 billion (28.3%; last week 44.3%)
  Bid to Cover Ratio: 4.40 (last week 4.50)
  Investment Rate: 0.167% (last week 0.183%) *same as 4-week bill, 13-week bill*
  High Rate: 0.165% (allotted at high: 24.41%)
  

Thursday July 8, 2010

• 10-year TIPS: $12 billion ($2 billion more than last original issue in January)
  
  Primary Dealer: $5.20 billion (43.3%; last original issue 52%)
  Direct Bidder: $0.50 billion (4%; last original issue 3%)
  Indirect Bidder: $6.15 billion (51.3%; last original issue 39.6%)
  Bid to Cover Ratio: 2.88 (last original issue 2.65)
  Interest Rate: 1.250% (last original issue 1.375%)
  High Yield: 1.295% (allotted at high: 43.46%)
  
  In addition, SOMA purchased $388 million 10-year TIPS.
  

Total for the week: $133 billion

• Bills: $121 billion
  
• Notes: $12 billion

Total for July 2010 so far: $133 billion

• Bills: $121 billion
• Notes: $12 billion

Additional purchase by SOMA for July 2010 so far: $4.168 billion

• Bills: $3.78 billion
  
• Notes: $388 million
  

Treasury Auctions from July 2009 to June 2010 (1-Year Anniversary Special)

(Click on the chart for sharper image.)

Observations:

After subdued fall and winter auctions, the treasury auctions spiked in March, due to the increased issuance of short-term bills, in particular, 56-day CMB (Cash Management Bill) to raise money for the use of Federal Reserve (and the money goes to the "Supplemental Financing Account" at the Federal Reserve; the balance as of June 30 is $199,965 million).

In addition to the 56-day CMB, there has been a noticeable increase in short-term bill issuance since January.

• Weekly issuance of 4-week bill went from $10 billion in January to $36 billion in the last week of June;
• Weekly issuance of 13-week bill went from $23 billion in January to $28 billion in June; and
• Weekly issuance of 26-week bill went from $25 billion in January to $28 billion in June.

The dotted line on the chart indicates the total amount of short-term bills each month.

The issuance of notes and bonds declined in June to below $180 billion per month for the first time since July 2009. 12-month average is $193.15 billion per month.

This is despite the Treasury Secretary Tim Geithner's remarks last October that the Treasury plans to lengthen the average maturity of debt from 49 months to 72 months.

Looking at the actual auction results for the last 12 months, particularly since the beginning of this year, the opposite seems to be true; the Treasury Department is borrowing using short-term debt to fund the government spending, which by nature is long-term.

Treasury Auction for June 2010

Treasury Auction for the Week of June 28, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities this week.

Monday June 28, 2010

• 13-week bill: $28 billion ($1 billion more than last week)
  
  Primary Dealer: $12.95 billion (46.3%; last week 62.6%)
  Direct Bidder: $4.22 billion (15%; last week 15.1%)
  Indirect Bidder: $8.66 billion (30.9%; last week 16.3%)
  Bid to Cover Ratio: 3.95 (last week 3.91)
  Investment Rate: 0.162% (last week 0.117%)
  High Rate: 0.160% (allotted at high: 44.35%)
  
  
• 26-week bill: $28 billion ($1 billion more than last week)
  
  Primary Dealer: $8.98 billion (32.1%; last week 43.5%)
  Direct Bidder: $5.06 billion (18.1%; last week 11.3%)
  Indirect Bidder: $12.24 billion (43.7%; last week 39.7%)
  Bid to Cover Ratio: 4.24 (last week 4.12)
  Investment Rate: 0.218% (last week 0.173%)
  High Rate: 0.215% (allotted at high: 67.21%)

Tuesday June 29, 2010

• 4-week bill: $36 billion ($4 billion more than last week; the previous high was August 2009 at $35 billion)
  
  Primary Dealer: $23.05 billion (64%; last week 54.8%)
  Direct Bidder: $4.60 billion (12.8%; last week 22%)
  Indirect Bidder: $7.06 billion (19.6%; last week 22.3%)
  Bid to Cover Ratio: 3.47 (last week 3.70)
  Investment Rate: 0.152% (last week 0.086%)
  High Rate: 0.150% (allotted at high: 65.36%)
  
  In addition, SOMA* purchased $5.94 billion 4-week bill.
  

Wednesday June 30, 2010

• 56-day CMB* under SFP* for the Federal Reserve: $25 billion
  
  Primary Dealer: $11.14 billion (44.6%; last week 46%)
  Direct Bidder: $2.78 billion (11.1%; last week 19.7%)
  Indirect Bidder: $11.07 billion (44.3%; last week 34.3%)
  Bid to Cover Ratio: 4.50 (last week 4.33)
  Investment Rate: 0.183% (last week 0.122%)
  High Rate: 0.180% (allotted at high: 13.22%)
  

Total for the week: $117 billion

• Bills: $117 billion

Total for June 2010: $787 billion

• Bills: $609 billion
• Notes and Bonds: $178 billion

Additional purchase by SOMA for June 2010: $27.987 billion

• Bills: $24.37 billion
  
• Notes and Bonds: $3.617 billion

Treasury Auction Schedule for the Week of June 21, 2010 (Updated with Results)

(Sorry for the delay. Bear with me while I catch up with updates..)

The US Treasury Department will auction the following Treasury securities this week.

Monday June 21, 2010

• 13-week bill: $27 billion (same as last week)
  
  Primary Dealer: $16.90 billion (62.6%; last week 56.4%)
  Direct Bidder: $4.09 billion (15.1%; last week 9.6%)
  Indirect Bidder: $4.39 billion (16.3%; last week 28.8%)
  Bid to Cover Ratio: 3.91 (last week 4.93)
  Investment Rate: 0.117% (last week 0.066%)
  High Rate: 0.115% (allotted at high: 96.56%)
  
  
• 26-week bill: $27 billion (same as last week)
  
  Primary Dealer: $11.75 billion (43.5%; last week 55.4%)
  Direct Bidder: $3.04 billion (11.3%; last week 10.3%)
  Indirect Bidder: $10.73 billion (39.7%; last week 29.6%)
  Bid to Cover Ratio: 4.12 (last week 4.25)
  Investment Rate: 0.173% (last week 0.152%)
  High Rate: 0.170% (allotted at high: 84.91%)

Tuesday June 22, 2010

• 4-week bill: $32 billion ($1 billion more than last week)
  
  Primary Dealer: $17.54 billion (54.8%; last week 52.3%)
  Direct Bidder: $7.05 billion (22%; last week 10.8%)
  Indirect Bidder: $7.14 billion (22.3%; last week 36.2%)
  Bid to Cover Ratio: 3.70 (last week 4.36)
  Investment Rate: 0.086% (last week 0.030%)
  High Rate: 0.085% (allotted at high: 58.75%)
  
  In addition, SOMA* purchased $2.42 billion 4-week bill.
  
  
• 2-year note: $40 billion ($2 billion less than last month)
  
  Primary Dealer: $14.85 billion (37.1%; last month 48%)
  Direct Bidder: $8.43 billion (21.1%; last month 15%)
  Indirect Bidder: $16.39 billion (41%; last month 35.8%)
  Bid to Cover Ratio: 3.45 (last month 2.93)
  Interest Rate: 0.625% (last month 0.750%)
  High Yield: 0.738% (allotted at high: 70.18%)
  
  In addition, SOMA purchased $1.19 billion 2-year note.
  

Wednesday June 23, 2010

• 56-day CMB* under SFP*: $25 billion (same as last week)
  
  Primary Dealer: $11.50 billion (46%; last week 73.6%)
  Direct Bidder: $4.93 billion (19.7%; last week 14.6%)
  Indirect Bidder: $8.57 billion (34.3%; last week 11.8%)
  Bid to Cover Ratio: 4.33 (last week 4.11)
  Investment Rate: 0.122% (last week 0.091%)
  High Rate: 0.120% (allotted at high: 30.06%)
  
  
• 5-year note: $38 billion ($2 billion less than last month)
  
  Primary Dealer: $20.74 billion (54.6%; last month 44.3%)
  Direct Bidder: $4.04 billion (10.6%; last month 15%)
  Indirect Bidder: $13.09 billion (34.4%; last month 40.4%)
  Bid to Cover Ratio: 2.58 (last month 2.71)
  Interest Rate: 1.875% (last month 2.125%)
  High Yield: 1.995% (allotted at high: 18.36%)
  
  In addition, SOMA purchased $1.13 billion 5-year note.
  

Thursday June 24, 2010

• 7-year note: $30 billion ($1 billion less than last month)
  
  Primary Dealer: $11.75 billion (39.2%; last month 37.5%)
  Direct Bidder: $2.94 billion (9.8%; last month 11.4%)
  Indirect Bidder: 15.29 billion (51%; last month 51.1%)
  Bid to Cover Ratio: 3.01 (last month 2.88)
  Interest Rate: 2.500% (last month 2.750%)
  High Yield: 2.575% (allotted at high: 65.69%)
  
  In addition, SOMA purchased $893 million 7-year note.
  

Total for the week: $219 billion

• Bills: $111 billion
• Notes: $108 billion

Total for June 2010 so far: $670 billion

• Bills: $492 billion
• Notes and bonds: $178 billion

Additional purchase by SOMA for June 2010 so far: $22.047 billion

• Bills: $18.43 billion
  
• Notes and bonds: $3.617 billion
  

Treasury Auction Result for the Week of June 14, 2010

The US Treasury Department auctioned the following Treasury securities this week.

Monday June 14, 2010

• 13-week bill: $27 billion (same as last week)
  
  Primary Dealer: $15.22 billion (56.4%; last week 47%)
  Direct Bidder: $2.60 billion (9.6%; last week 6.9%)
  Indirect Bidder: $7.78 billion (28.8%; last week 41%)
  Bid to Cover Ratio: 4.93 (last week 4.80)
  Investment Rate: 0.066% (last week 0.132%)
  High Rate: 0.065% (allotted at high: 33.83%)


• 26-week bill: $27 billion (same as last week)
  
  Primary Dealer: $14.96 billion (55.4%; last week 39.5%)
  Direct Bidder: $2.77 billion (10.3%; last week 14.7%)
  Indirect Bidder: $7.98 billion (29.6%; last week 41.4%)
  Bid to Cover Ratio: 4.25 (last week 4.53)
  Investment Rate: 0.152% (last week 0.213%)
  High Rate: 0.150% (allotted at high: 92.33%)

Tuesday June 15, 2010

• 4-week bill: $31 billion (same as last week)
  
  Primary Dealer: $16.21 billion (52.3%; last week 61.5%)
  Direct Bidder: $3.34 billion (10.8%; last week 22.4%)
  Indirect Bidder: $11.22 billion (36.2%; last week 15.3%)
  Bid to Cover Ratio: 4.36 (last week 4.32)
  Investment Rate: 0.030% (last week 0.091%)
  High Rate: 0.030% (allotted at high: 47.96%)
  
  In addition, SOMA* purchased $6.29 billion 4-week bill.

Wednesday June 16, 2010

• 56-day CMB* under SFP*: $25 billion (same as last week)
  
  Primary Dealer: $18.41 billion (73.6%; last week 71.5%)
  Direct Bidder: $3.65 billion (14.6%; last week 10.9%)
  Indirect Bidder: $2.94 billion (11.8%; last week 17.5%)
  Bid to Cover Ratio: 4.11 (last week 4.24)
  Investment Rate: 0.091% (last week 0.096%)
  High Rate: 0.090% (allotted at high: 44.16%)

Total for the week: $110 billion

• Bills: $110 billion

Total for June 2010 so far: $451 billion

• Bills: $381 billion
• Notes and bonds: $70 billion

Additional purchase by SOMA in June 2010: $16.414 billion

• Bills: $16.01 billion
• Notes and bonds: $0.404 billion

Treasury Auction Schedule for the Week of June 7, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities for the week of June 7, 2010.

Monday June 7, 2010

• 13-week bill: $27 billion (same as last week)
  
  Primary Dealer: $12.69 billion
  Indirect Bidder: $11.06 billion
  Indirect Bidder Percentage: 41% (last week 42.8%)
  Direct Bidder: $1.87 billion (6.92%; last week 16.9%)
  Bid to Cover Ratio: 4.80 (last week 4.51)
  Investment Rate: 0.132% (last week 0.162%)
  High Rate: 0.130% (allotted at high: 32.05%)
  
  
• 26-week bill: $27 billion (same as last week)
  
  Primary Dealer: $10.66 billion
  Indirect Bidder: $11.18 billion
  Indirect Bidder Percentage: 41.4% (last week 28.3%)
  Direct Bidder: $3.96 billion (14.7%; last week 16.2%)
  Bid to Cover Ratio: 4.53 (last week 4.01)
  Investment Rate: 0.213% (last week 0.223%)
  High Rate: 0.210% (allotted at high: 30.61%)
  

Tuesday June 8, 2010

• 4-week bill: $31 billion (same as last week)
  
  Primary Dealer: $19.05 billion (61.5%)
  Indirect Bidder: $4.75 billion
  Indirect Bidder Percentage: 15.3% (last week 39.4%)
  Direct Bidder: $6.95 billion (22.4%; last week 16.1%)
  Bid to Cover Ratio: 4.32 (last week 4.51)
  Investment Rate: 0.091% (last week 0.132%)
  High Rate: 0.090% (allotted at high: 3.6%)
  
  In addition, SOMA* purchased $ 3.78 billion 4-week bill.
  
  
• 3-year note: $36 billion ($2 billion less than last month)
  
  Primary Dealer: $13.29 billion (36.9%)
  Indirect Bidder: $16.78 billion
  Indirect Bidder Percentage: 46.6% (last month 50.4%)
  Direct Bidder: $5.86 billion (16.3%; last month 16.4%)
  Bid to Cover Ratio: 3.23 (last month 3.27)
  Interest Rate: 1.125% (last month 1.375%)
  High Yield: 1.220% (allotted at high: 58.71%)
  
  In addition, SOMA purchased $208 million 3-year note.
  

Wednesday June 9, 2010

• 5-day CMB: $26 billion
  
  Primary Dealer: $22.44 billion
  Indirect Bidder: $0.135 billion
  Direct Bidder: $3.43 billion
  Bid to Cover Ratio: 4.20
  Investment Rate: 0.162% (higher than this week's 13-week bill at 0.132%)
  High Rate: 0.160% (allotted at high: 17.38%)
  
  
• 56-day CMB* under SPF*: $25 billion
  
  Primary Dealer: $17.88 billion (71.5%)
  Indirect Bidder: $4.38 billion
  Indirect Bidder Percentage: 17.5% (last week 35%)
  Direct Bidder: $2.72 billion (10.9%; last week 8.04%)
  Bid to Cover Ratio: 4.24 (last week 4.47)
  Investment Rate: 0.096% (last week 0.142%)
  High Rate: 0.095% (allotted at high: 36.12%)
  
  
• 9-year 11-month note: $21 billion (1st reopening, original issue May 2010 $24 billion)
  
  Primary Dealer: $9.71 billion (46.2%)
  Indirect Bidder: $8.41 billion
  Indirect Bidder Percentage: 40.0% (original issue 41.6%)
  Direct Bidder: $2.83 billion (13.5%; original issue 24.8%)
  Bid to Cover Ratio: 3.24 (original issue 2.96)
  Interest Rate: 3.500%
  High Yield: 3.242% (allotted at high 87.15%) (original issue high yield 3.548%)
  (It is not usual to have High Yield lower than Interest Rate in Treasury notes and bonds.)
  
  In addition, SOMA purchased $121 million 9-year 11-month note.
  

Thursday June 10, 2010

• 29-year 11-month bond: $13 billion (1st reopening, original issue May 2010 $16 billion)
  
  Primary Dealer: $5.67 billion (43.6%)
  Indirect Bidder: $4.67 billion
  Indirect Bidder Percentage: 35.9% (original issue 32.4%)
  Direct Bidder: $2.63 billion (20.2%; original issue 21.8%)
  Bid to Cover Ratio: 2.87 (original issue 2.60)
  Interest Rate: 4.375%
  High Yield: 4.182% (allotted at high 84.84%) (original issue high yield 4.449%)
  (It is not usual to have High Yield lower than Interest Rate in Treasury notes and bonds.)
  
  In addition, SOMA purchased $75 million 29-year 11-month bond.
  

Total for the week: $206 billion

• Bills: $136 billion
  
• Notes and bonds: $70 billion

Total for June 2010 so far: $341 billion

• Bills: $271 billion
• Notes and bonds: $70 billion
  

Additional purchase by SOMA for June 2010 so far: $10.124 billion

• Bills: $9.72 billion
• Notes and bonds: $0.404 billion
  

Treasury Auction Schedule for the Week of June 1, 2010 (Updated with Results)

The US Treasury Department auctioned the following Treasury securities for the week of June 1, 2010.

Tuesday June 1, 2010

• 13-week bill: $27 billion (same as last week)
  
  Primary Dealer: $9.48 billion
  Indirect Bidder: $11.56 billion
  Indirect Bidder Percentage: 42.8% (last week 21.4%)
  Direct Bidder: $4.55 billion (16.9%; last week 12.8%)
  Bid to Cover Ratio: 4.51 (last week 4.21)
  Investment Rate: 0.162% (last week 0.167%)
  High Rate: 0.160% (allotted at high: 16.14%)
  
  
• 26-week bill: $27 billion ($1 billion more than last week)
  
  Primary Dealer: $13.96 billion
  Indirect Bidder: $7.64 billion
  Indirect Bidder Percentage: 28.3% (last week 34.2%)
  Direct Bidder: 4.37 billion (16.2%; last week 12%)
  Bid to Cover Ratio: 4.01 (last week 4.10)
  Investment Rate: 0.223% (last week 0.223%)
  High Rate: 0.220% (allotted at high: 73.80%)

Wednesday, June 2, 2010

• 4-week bill: $31 billion (same as last week)
  
  Primary Dealer: $13.49 billion
  Indirect Bidder: $12.22 billion
  Indirect Bidder Percentage: 39.4% (last week 8.5%)
  Direct Bidder: $5.00 billion (16.13%; last week 20.1%)
  Bid to Cover Ratio: 4.51 (last week 3.87)
  Investment Rate: 0.132% (last week 0.157%)
  High Rate: 0.130% (allotted at high: 93.14%)
  
  In addition, SOMA* purchased $5.94 billion 4-week bill.
  
• 56-day CMB* under SFP*: $25 billion
  
  Primary Dealer: $14.24 billion
  Indirect Bidder: $8.75 billion
  Indirect Bidder Percentage: 35% (last week 14.1%)
  Direct Bidder: $2.01 billion (8.04%; last week 15.1%)
  Bid to Cover Ratio: 4.47 (last week 4.08)
  Investment Rate: 0.142% (last week 0.152%)
  High Rate: 0.140% (allotted at high: 26.89%)
  
  
• 52-week bill: $25 billion ($1 billion less than last month)
  
  Primary Dealer: $6.85 billion
  Indirect Bidder: $13.40 billion
  Indirect Bidder Percentage: 53.6% (last month 40.9%)
  Direct Bidder: $4.53 billion (18.12%; last month 15.9%)
  Bid to Cover Ratio: 4.59 (last month 4.01)
  Investment Rate: 0.371% (last month 0.427%)
  High Rate: 0.365% (allotted at high: 90.68%)

Total for the week: $135 billion

• Bills: $135billion

Total for June 2010 so far: $135 billion

• Bills: $135 billion

Additional purchase by SOMA* for June 2010 so far: $5.94 billion

• Bills: $5.94 billion

May 2010 Treasury Auction

Treasury Auction Schedule for the Week of May 24, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities this week.

Monday May 24, 2010

• 13-week bill: $27 billion ($1 billion more than last week)
  
  Primary Dealer: $15.59 billion
  Indirect Bidder: $5.79 billion
  Indirect Bidder Percentage: 21.4% (last week 36.8%)
  Direct Bidder: $3.45 billion (12.8%; last week 14.4%)
  Bid to Cover Ratio: 4.21 (last week 4.33)
  Investment Rate: 0.167% (last week 0.162%)
  High Rate: 0.165% (allotted at high 21.94%)
  
  
• 26-week bill: $26 billion (same as last week)
  
  Primary Dealer: $12.22 billion
  Indirect Bidder: $8.88 billion
  Indirect Bidder Percentage: 34.2% (last week 29%)
  Direct Bidder: $3.11 billion (12%; last week 12.6%)
  Bid to Cover Ratio: 4.10 (last week 4.06)
  Investment Rate: 0.223% (last week 0.233%)
  High Rate: 0.220% (allotted at high: 98.59%)
  

Tuesday May 25, 2010

• 4-week bill: $31 billion (same as last week)
  
  Primary Dealer: $20.91 billion
  Indirect Bidder: $2.62 billion
  Indirect Bidder Percentage: 8.5% (last week 15.4%)
  Direct Bidder: $6.22 billion (20.1%; last week 17.3%)
  Bid to Cover Ratio: 3.87 (last week 3.72)
  Investment Rate: 0.157% (last week 0.172%)
  High Rate: 0.155% (allotted at high: 37.71%)
  
  In addition, SOMA* purchased $2.42 billion 4-week bill.
  
  
• 2-year note: $42 billion ($2 billion less than last month)
  
  Primary Dealer: $20.18 billion
  Indirect Bidder: $15.04 billion
  Indirect Bidder Percentage: 35.8% (last month 30.7%)
  Direct Bidder: $6.30 billion (15%; last month 21.2%)
  Bid to Cover Ratio: 2.93 (last month 3.03)
  Interest Rate: 0.750% (last month 1%)
  High Yield: 0.769% (allotted at high: 91.01%)
  
  In addition, SOMA purchased $913 million 2-year note.
  

Wednesday May 26, 2010

• 56-day CMB* under SFP* for the Federal Reserve: $25 billion (same as last week)
  
  Primary Dealer: $17.71 billion
  Indirect Bidder: $3.52 billion
  Indirect Bidder Percentage: 14.1% (last week 29.5%)
  Direct Bidder: $3.77 billion (15.1%; last week 23.7%)
  Bid to Cover Ratio: 4.08 (last week 4.73)
  Investment Rate: 0.152% (last week 0.162%)
  High Rate: 0.150% (allotted at high 74.88%)
  
  
• 5-year note: $40 billion ($2 billion less than last month)
  
  Primary Dealer: 17.70 billion
  Indirect Bidder: $16.17 billion
  Indirect Bidder Percentage: 40.4% (last month 48.8%)
  Direct Bidder: $5.99 billion (15%; last month 14.3%)
  Bid to Cover Ratio: 2.71 (last month 2.75)
  Interest Rate: 2.125% (last month 2.5% )
  High Yield: 2.130% (allotted at high: 15.05%)
  
  In addition, SOMA purchased $869 million 5-year note.

Thursday May 27, 2010

• 7-year note: $31 billion ($1 billion less than last month)
  
  Primary Dealer: $11.62 billion
  Indirect Bidder: $15.83 billion
  Indirect Bidder Percentage: 51.1% (last month 59.4%)
  Direct Bidder: $3.52 billion (11.4%; last month 12.2%)
  Bid to Cover Ratio: 2.88 (last month 2.82)
  Interest Rate: 2.750% (last month 3.125%)
  High Yield: 2.815% (allotted at high: 87.74%)
  
  In addition, SOMA purchased $674 million 7-year note.

Total for the week: $222 billion

• Bills: $109 billion
• Notes: $113 billion

Total for May 2010: $639 billion

• Bills: $448 billion
• Notes and Bonds: $191 billion

Additional purchase by SOMA for May 2010 so far: $27.676 billion

• Bills: $18.43 billion
• Notes and Bonds: $9.246 billion

Treasury Auction Result for the Week of May 17, 2010

The US Treasury Department auctioned the following Treasury securities this week.

Monday May 17, 2010

• 13-week bill: $26 billion (same as last week)
  
  Primary Dealer: $11.22 billion
  Indirect Bidder: $9.56 billion
  Indirect Bidder Percentage: 36.8% (last week 34.1%)
  Direct Bidder: $3.74 billion (14.4%; last week 10.1%)
  Bid to Cover Ratio: 4.33 (last week 4.44)
  Investment Rate: 0.162% (last week 0.157%)
  High Rate: 0.160% (allotted at high: 96.72%)
  
  
• 26-week bill: $26 billion (same as last week)
  
  Primary Dealer: $13.86 billion
  Indirect Bidder: $7.55 billion
  Indirect Bidder Percentage: 29% (last week 44.5%)
  Direct Bidder: $3.27 billion (12.6%; last week 11.8%)
  Bid to Cover Ratio: 4.06 (last week 4.35)
  Investment Rate: 0.233% (last week 0.0.233%)
  High Rate: 0.230% (allotted at high: 0.82%)
  

Tuesday May 18, 2010

• 4-week bill: $31 billion (same as last week)
  
  Primary Dealer: $20.59 billion
  Indirect Bidder: $4.77 billion
  Indirect Bidder Percentage: 15.4% (last week 13.1%)
  Direct Bidder: $5.35 billion (17.3%; last week 22.5%)
  Bid to Cover Ratio: 3.72 (last week 4.22)
  Investment Rate: 0.172% (last week 0.152%)
  High Rate: 0.170% (allotted at high: 48.54%)
  
  SOMA purchased additional $6.29 billion 4-week bill.
  

Wednesday May 19, 2010

• 56-day CMB* under SFP* (to be used by the Federal Reserve): $25 billion
  
  Primary Dealer: $11.70 billion
  Indirect Bidder: $7.37 billion
  Indirect Bidder Percentage: 29.5% (last week 31%)
  Direct Bidder: $5.92 billion (23.7%; last week 19.7%)
  Bid to Cover Ratio: 4.73 (last week 4.64)
  Investment Rate: 0.162% (last week 0.152%)
  High Rate: 0.160% (allotted at high: 51.47%)
  

Total for the week: $108 billion

• Bills: $108 billion

Total for May 2010 so far: $417 billion

• Bills: $339 billion
• Notes and Bonds: $78 billion

Additional purchase by SOMA for May 2010 so far: $22.80 billion

• Bills: $16.01 billion
• Notes and Bonds: $6.79 billion

Treasury Auction Schedule for the Week of May 10, 2010 (Updated with Results)

The US Treasury Department auctions the following Treasury securities for the week of May 10, 2010.

Monday May 10, 2010

• 13-week bill: $26 billion ($2 billion more than last week)
  
  Primary Dealer: $13.04 billion
  Indirect Bidder: $8.86 billion
  Indirect Bidder Percentage: 34.1% (last week 25.3%)
  Direct Bidder: $2.63 billion (10.1%; last week 11%)
  Bid to Cover Ratio: 4.44 (last week 4.55)
  Investment Rate: 0.157% (last week 0.167%)
  High Rate: 0.155% (allotted at high 74.21%)
  
  
• 26-week bill: $26 billion ($1 billion more than last week)
  
  Primary Dealer: $9.99 billion
  Indirect Bidder: $11.57 billion
  Indirect Bidder Percentage:44.5% (last week 37.5%)
  Direct Bidder: $3.06 billion (11.8%; last week 12.4%)
  Bid to Cover Ratio: 4.35 (last week 4.32)
  Investment Rate: 0.233%(last week 0.249%)
  High Rate: 0.230% (allotted at high 18.25%)
  

Tuesday May 11, 2010

• 4-week bill: $31 billion ($8 billion more than last week, $16 billion more than 2 weeks ago)
  
  Primary Dealer: $19.73 billion
  Indirect Bidder: $4.05 billion
  Indirect Bidder Percentage: 13.1% (last week 15.9%)
  Direct Bidder: $6.97 billion (22.5%; last week 22.2%)
  Bid to Cover Ratio: 4.22 (last week 4.82)
  Investment Rate: 0.152% (last week 0.152%)
  High Rate: 0.150% (allotted at high: 8.27%)
  
  In addition, SOMA* purchased $3.78 billion 4-week bill.
  
  
• 3-year note: $38 billion ($2 billion less than last month)
  
  Primary Dealer: $12.36 billion
  Indirect Bidder: $19.17 billion
  Indirect Bidder Percentage: 50.4% (last month 52.2%)
  Direct Bidder: $6.25 billion (16.4%; last month 10.7%)
  Bid to Cover Ratio: 3.27 (last month 3.10)
  Interest Rate: 1.375% (last month 1.750%)
  High Yield: 1.414% (allotted at high 22.27%)
  
  In addition, SOMA purchased $3.31 billion 3-year note.
  

Wednesday May 12, 2010

• 56-day CMB* (under SFP* to be used solely by the Federal Reserve; the 12th straight week of issuing CMB under SFP; the SFP account balance at the Federal Reserve is slightly below $200 billion): $25 billion
  
  Primary Dealer: $12.31 billion
  Indirect Bidder: $7.77 billion
  Indirect Bidder Percentage: 31% (last week 5.4%)
  Direct Bidder: $4.92 billion (19.7%; last week 25.4%)
  Bid to Cover Ratio: 4.64 (last week 4.47)
  Investment Rate: 0.152% (last week 0.152%)
  High Rate: 0.150% (allotted at high 8.42%)
  
  
• 10-year note: $24 billion ($1 billion less than the last original issue in February 2010)
  
  Primary Dealer: $7.92 billion
  Indirect Bidder: $9.99 billion
  Indirect Bidder Percentage: 41.6% (last original issue 32.9%)
  Direct Bidder: $5.96 billion (24.8%; last original issue 12.9%)
  Bid to Cover Ratio: 2.96 (last original issue 2.67)
  Interest Rate: 3.500% (last original issue 3.625%)
  High Yield: 3.548% (allotted at high 94.55%)
  
  In addition, SOMA purchased $2.09 billion 10-year note.

Thursday May 13, 2010

• 30-year bond: $16 billion (same as the last original issue in February 2010)
  
  Primary Dealer: $7.29 billion
  Indirect Bidder: $5.19 billion
  Indirect Bidder Percentage: 32.4% (last original issue 28.5%)
  Direct Bidder: $3.49 billion (21.8%; last original issue 24.1%)
  Bid to Cover Ratio: 2.60 (last original issue 2.36)
  Interest Rate: 4.375% (last original issue 4.625%)
  High Yield: 4.490% (allotted at high 72.22%)
  
  In addition, SOMA purchased $1.39 billion 30-year bond.
  

Total for the week: $186 billion

• Bills: $108 billion
• Notes and bonds: $78 billion

Total for May 2010 so far: $309 billion

• Bills: $231 billion
• Notes and Bonds: $78 billion
  

Additional purchase by SOMA for May 2010: $16.51 billion

• Bills: $9.72 billion
• Notes and bonds: $6.79 billion
  

Treasury Auction Schedule for the Week of May 3, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities for the week of May 3, 2010.

Monday May 3, 2010

• 13-week bill: $24 billion (same as last week)
  
  Primary Dealer: $13.86 billion
  Indirect Bidder: $6.07 billion
  Indirect Bidder Percentage: 25.3% (last week 19%)
  Direct Bidder: $2.65 billion (11%; last week 17.5%)
  Bid to Cover Ratio: 4.55 (last week 4.69)
  Investment Rate: 0.167% (last week 0.152%)
  High Rate: 0.165% (allotted at high 66.06%)
  
  
• 26-week bill: $25 billion (same as last week)
  
  Primary Dealer: $11.14 billion
  Indirect Bidder: $9.38 billion
  Indirect Bidder Percentage: 37.5% (last week 27.5%)
  Direct Bidder: $3.09 billion (12.4%; last week 11.9%)
  Bid to Cover Ratio: 4.32 (last week 4.66)
  Investment Rate: 0.249% (last week 0.244%)
  High Rate: 0.245% (allotted at high 18.25%)
  

Tuesday May 4, 2010

• 4-week bill: $23 billion ($8 billion more than last week)
  
  Primary Dealer: $13.96 billion
  Indirect Bidder: $3.66 billion
  Indirect Bidder Percentage: 15.9% (last week 21.9%)
  Direct Bidder: $5.11 billion (22.2%; last week 22.3%)
  Bid to Cover Ratio: 4.82 (last week 5.47)
  Investment Rate: 0.152% (last week 0.132%)
  High Rate: 0.150% (allotted at high: 0.87%)
  
  In addition, SOMA purchased $5.94 billion 4-week bill.
  
• 52-week bill: $26 billion (same as last month)
  
  Primary Dealer: $11.03 billion
  Indirect Bidder: $10.64 billion
  Indirect Bidder Percentage: 40.9% (last month 40.7%)
  Direct Bidder: $4.13 billion (15.9%; last month 15.7%)
  Bid to Cover Ratio: 4.01 (last month 3.66)
  Investment Rate: 0.427% (last month 0.494%)
  High Rate: 0.420% (allotted at high 65.39%)

Wednesday May 5, 2010

• 56-day CMB* (under SFP* to be used solely by the Federal Reserve; the 11th straight week of issuing CMB under SFP; the SFP account balance at the Federal Reserve is slightly below $200 billion): $25 billion
  
  Primary Dealer: $17.28 billion
  Indirect Bidder: $1.35 billion
  Indirect Bidder Percentage: 5.4% (last week 13.2%)
  Direct Bidder: $6.36 billion (25.4%; last week 16.8%)
  Bid to Cover Ratio: 4.47 (last week 4.18)
  Investment Rate: 0.152% (last week 0.157%)
  High Rate: 0.150% (allotted at high 10.19%)

Total for the week: $123 billion

• Bills: $123 billion

Total for May 2010 so far: $123 billion

• Bills: $123 billion

Additional purchase by SOMA for May 2010: $5.94 billion

• Bills: $5.94 billion
  

Treasury Auction Schedule for the Week of April 26, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities for the week of April 26, 2010.

Monday April 26, 2010

• 13-week bill: $24 billion (drop of $1 billion from this week)
  
  Primary Dealer: $13.04 billion
  Indirect Bidder: $4.56 billion
  Indirect Bidder Percentage: 19% (last week 28.1%)
  Direct Bidder: $4.19 billion (17.5%; last week 12.9%)
  Bid to Cover Ratio: 4.69 (last week 4.66)
  Investment Rate: 0.152% (last week 0.147%)
  High Rate: 0.150% (allotted at high 72.61%)
  
  
• 26-week bill: $25 billion (same as this week)
  
  Primary Dealer: $13.41 billion
  Indirect Bidder: $6.87 billion
  Indirect Bidder Percentage: 27.5% (last week 27.5%)
  Direct Bidder: $2.97 billion (11.9%; last week 10.7%)
  Bid to Cover Ratio: 4.42 (last week 4.38)
  Investment Rate: 0.244% (last week 0.223%)
  High Rate: 0.240% (allotted at high 20.89%)
  
  
• 5-year TIPS: $11 billion (issued once a year, with reopening in 6 months)
  
  Primary Dealer: $6.80 billion
  Indirect Bidder: $2.47 billion
  Indirect Bidder Percentage: 22.5% (last year 24.8%)
  Direct Bidder: $1.39 billion (12.6%; last year 0.6%)
  Bid to Cover Ratio: 3.15 (last year 2.66)
  Interest Rate: 0.5% (last year 1.250%)
  High Yield: 0.550%(allotted at high 30.03%)
  
  In addition, SOMA* purchased $235 million 5-year TIPS.
  

Tuesday April 27, 2010

• 4-week bill: $15 billion ($3 billion less than last week)
  
  Primary Dealer: $7.44 billion
  Indirect Bidder: $3.28 billion
  Indirect Bidder Percentage: 21.9% (last week 15.3%)
  Direct Bidder: $3.34 billion (22.3%; last week 22.2%)
  Bid to Cover Ratio: 5.47 (last week 5.01)
  Investment Rate: 0.132% (last week 0.142%)
  High Rate: 0.130% (allotted at high 55.62%)
  
  In addition, SOMA purchased $2.42 billion 4-week bill.
  
  
• 2-year note: $44 billion (same as last month)
  
  Primary Dealer: $20.70 billion
  Indirect Bidder: $13.51 billion
  Indirect Bidder Percentage: 30.7% (last month 34.4%)
  Direct Bidder: $9.32 billion (21.2%; last month 13.7%)
  Bid to Cover Ratio: 3.03 (last month 3.00)
  Interest Rate: 1% (last month 1%)
  High Yield: 1.024% (allotted at high 63.61%; last month high yield 1%)
  
  In addition, SOMA purchased $939 million 2-year note.
  

Wednesday April 28, 2010

• 56-day CMB: $25 billion (under SFP* to be used solely by the Federal Reserve; the 10th straight week of issuing CMB under SFP)
  
  Primary Dealer: $17.48 billion
  Indirect Bidder: $3.31 billion
  Indirect Bidder Percentage: 13.2% (last week 17.8%)
  Direct Bidder: $4.21 billion (16.8%; last week 13.2%)
  Bid to Cover Ratio: 4.18 (last week 4.31)
  Investment Rate: 0.157% (last week 0.152%)
  High Rate: 0.155% (allotted at high: 97.74%)
  
  
• 5-year note: $42 billion (same as last month)
  
  Primary Dealer: $15.39 billion
  Indirect Bidder: $20.49 billion
  Indirect Bidder Percentage: 48.8% (last month 39.5%)
  Direct Bidder: $6.00 billion (14.3%; last month 10.7%)
  Bid to Cover Ratio: 2.75 (last month 2.55)
  Interest Rate: 2.5% (last month 2.5%)
  High Yield: 2.540% (allotted at high: 90.56%; last month high yield 2.605%)
  
  In addition, SOMA purchased $896 million 5-year note.
  

Thursday April 29, 2010

• 7-year note: $32 billion (same as last month)
  
  Primary Dealer: $9.04 billion
  Indirect Bidder: $19.02 billion
  Indirect Bidder Percentage: 59.4% (last month 41.8%)
  Direct Bidder: $3.90 billion (12.2%; last month 17.2%)
  Bid to Cover Ratio: 2.82 (last month 2.61)
  Interest Rate: 3.125% (last month 3.250%)
  High Yield: 3.210% (allotted at high 93.61%; last month high yield 3.374%)
  
  In addition, SOMA purchased $683 million 7-year note.

Total for the week: $218 billion

• Bills: $89 billion
  
• Notes and bonds: $129 billion

Total for April 2010: $652 billion

• Bills: $449 billion
• Notes and bonds: $203 billion

Additional Purchase by SOMA for April 2010: $26.605 billion

• Bills: $18.43 billion
• Notes and bonds: $8.175 billion

Treasury Auction Schedule for the Week of April 19, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities this week.

Monday April 19, 2010

• 13-week bill: $25 billion (drop of $1 billion from last week)
  
  Primary Dealer: $13.19 billion
  Indirect Bidder: $7.03 billion
  Indirect Bidder Percentage: 28.1% (last week 29.2%)
  Direct Bidder: $3.23 billion (12.9%; last week 10.9%)
  Bid to Cover Ratio: 4.66 (last week 4.52)
  Investment Rate: 0.147% (last week 0.157%)
  High Rate: 0.145% (allotted at high: 59.11%)
  
  
• 26-week bill: $25 billion (drop of 2 billion from last week)
  
  Primary Dealer: $14.06 billion
  Indirect Bidder: $6.88 billion
  Indirect Bidder Percentage: 27.5% (last week 44.7%)
  Direct Bidder: $2.68 billion (10.7%; last week 14.9%)
  Bid to Cover Ratio: 4.38 (last week 4.40)
  Investment Rate: 0.223% (last week 0.244%)
  High Rate: 0.220% (allotted at high: 76.29%)
  

Tuesday April 20, 2010

• 4-week bill: $18 billion (drop of $8 billion from last week)
  
  Primary Dealer: $10.98 billion
  Indirect Bidder: $2.76 billion
  Indirect Bidder Percentage: 15.3% (last week 22%)
  Direct Bidder: $4.00 billion (22.2%; last week 17.1%)
  Bid to Cover Ratio: 5.01 (last week 4.35)
  Investment Rate: 0.142% (last week 0.147%)
  High Rate: 0.140% (allotted at high: 14.55%)
  
  In addition, SOMA* purchased $6.29 billion 4-week bill.
  

Wednesday April 21, 2010

• 56-day CMB*: $25 billion (under SFP* to be used solely by the Federal Reserve; 9th straight week of issuing CMB under SFP)
  
  Primary Dealer: $17.26 billion
  Indirect Bidder: $4.45 billion
  Indirect Bidder Percentage: 17.8% (last week 24.3%)
  Direct Bidder: $3.30 billion (13.2%; last week 19.5%)
  Bid to Cover Ratio: 4.31 (last week 4.60)
  Investment Rate: 0.152% (last week 0.152%)
  High Rate: 0.150% (allotted at high: 16.48%)
  

Total for the week: $93 billion

• Bills: $93 billion

Total for April 2010 so far: $434 billion

• Bills: $360 billion
• Notes and bonds: $74 billion

Additional Purchase by SOMA for April 2010 so far: $21.432 billion

• Bills: $16.01 billion
• Notes and bonds: $5.422 billion

Treasury Auction Schedule and Result for the Week of April 12, 2010

(Updated with results)

The US Treasury Department auctioned the following Treasury securities for the week of April 12.

Monday April 12, 2010

• 13-week bill: $26 billion (drop of $2 billion from last week)
  
  Primary Dealer: $12.49 billion
  Indirect Bidder: $7.58 billion
  Indirect Bidder Percentage: 29.2% (last week 34.8%)
  Direct Bidder: $4.46 billion (17.2%; last week 10.9%)
  Bid to Cover Ratio: 4.52 (last week 3.60)
  Investment Rate: 0.157% (last week 0.178%)
  High Rate: 0.155% (allotted at high: 67.57%)
  
  
• 26-week bill: $27 billion (drop of 2 billion from last week)
  
  Primary Dealer: $9.45 billion
  Indirect Bidder: $12.08 billion
  Indirect Bidder Percentage: 44.7% (last week 43.3%)
  Direct Bidder: $4.02 billion (14.9%; last week 18.5%)
  Bid to Cover Ratio: 4.40 (last week 3.63)
  Investment Rate: 0.244% (last week 0.269%)
  High Rate: 0.240% (allotted at high: 0.76%)

Tuesday April 13, 2010

• 4-week bill: $26 billion (drop of $8 billion from last week)
  
  Primary Dealer: $15.59 billion
  Indirect Bidder: $5.72 billion
  Indirect Bidder Percentage: 22% (last week 27.5%)
  Direct Bidder: $4.44 billion (17.1%; last week 16.5%)
  Bid to Cover Ratio: 4.35 (last week 3.56)
  Investment Rate: 0.147% (last week 0.162%)
  High Rate: 0.145% (allotted at high: 57.27%)
  
  In addition, SOMA* purchased $3.78 billion 4-week bill.
  

Wednesday April 14, 2010

• 56-day CMB*: $25 billion (under SFP* to be used solely by the Federal Reserve; 8th straight week of issuing CMB under SFP)
  
  Primary Dealer: $14.04 billion
  Indirect Bidder: $6.08 billion
  Indirect Bidder Percentage: 24.3% (last week 19.2%)
  Direct Bidder: $4.88 billion (19.5%; last week 21.7%)
  Bid to Cover Ratio: 4.60 (last week 3.85)
  Investment Rate: 0.152% (last week 0.167%)
  High Rate: 0.150% (allotted at high: 55.65%)
  

Total for the week: $104 billion

• Bills: $104 billion

Total for April 2010 so far: $341 billion

• Bills: $267 billion
• Notes and bonds: $74 billion

Additional Purchase by SOMA for April 2010 so far: $15.142 billion

• Bills: $9.72 billion
• Notes and bonds: $5.422 billion

April 2010 Treasury Auction Tally

Treasury Auction Schedule and Result for the Week of April 5, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities this week.

Monday April 5, 2010

• 13-week bill: $28 billion (same as last week)
  
  Primary Dealer: $13.91 billion
  Indirect Bidder: $9.74 billion
  Indirect Bidder Percentage: 34.8% (last week 48.2%)
  Direct Bidder: $3.06 billion (10.9%; last week $2.10 billion)
  Bid to Cover Ratio: 3.60 (last week 4.16)
  Investment Rate: 0.178% (last week 0.147%)
  High Rate: 0.175% (allotted at high: 30.70%)
  
  
• 26-week bill: $29 billion (same as last week)
  
  Primary Dealer: $9.91 billion
  Indirect Bidder: $12.56 billion
  Indirect Bidder Percentage: 43.3% (last week 51.3%)
  Direct Bidder: $5.36 billion (18.5%; last week $2.12 billion)
  Bid to Cover Ratio: 3.63 (last week 3.90)
  Investment Rate: 0.269% (last week 0.244%)
  High Rate: 0.265% (allotted at high: 39.79%)

Tuesday April 6, 2010

• 4-week bill: $34 billion ($3 billion more than last week)
  
  Primary Dealer: $18.76 billion
  Indirect Bidder: $9.36 billion
  Indirect Bidder Percentage: 27.5% (last week 26.4%)
  Direct Bidder: $5.60 billion (16.5%; last week $5.36 billion)
  Bid to Cover Ratio: 3.56 (last week 3.58)
  Investment Rate: 0.162% (last week 0.152%)
  High Rate: 0.160% (allotted at high: 76.03%)
  
  In addition, SOMA* purchased $5.94 billion 4-week bill.
  
  
• 52-week bill: $26 billion (same as last month)
  
  Primary Dealer: $11.10 billion
  Indirect Bidder: $10.57 billion
  Indirect Bidder Percentage: 40.7% (last month 43%)
  Direct Bidder: $4.13 billion (15.9%; last month $2.87 billion)
  Bid to Cover Ratio: 3.66 (last month 4.00)
  Investment Rate: 0.494% (last month 0.381%)
  High Rate: 0.485% (allotted at high: 1.56%)
  
  
• 3-year note: $40 billion (same as last month)
  
  Primary Dealer: $14.78 billion
  Indirect Bidder: $20.87 billion
  Indirect Bidder Percentage: 52.2% (last month 51.6%)
  Direct Bidder: $4.29 billion (10.7%; last month $4.12 billion)
  Bid to Cover Ratio: 3.10 (last month 3.13)
  Interest Rate: 1.750% (last month 1.375%)
  High Yield: 1.776% (allotted at high: 44.71%)

In addition, SOMA purchased $2.93 billion 3-year note.

Wednesday April 7,2010

• 56-day CMB under SFP* for the Federal Reserve: $25 billion
  
  Primary Dealer: $14.78 billion
  Indirect Bidder: $4.80 billion
  Indirect Bidder Percentage: 19.2% (last week 22.1%)
  Direct Bidder: $5.43 billion (21.7%; last week $3.34B)
  Bid to Cover Ratio: 3.85 (last week 3.61)
  Investment Rate: 0.167% (last week 0.162%)
  High Rate: 0.165% (allotted at high: 43.62%; last week high rate 0.160%)
  
  
• 9-year 10-month note (reopening): $21 billion (same as last reopening; total after auction $67 billion)
  
  Primary Dealer: $8.48 billion
  Indirect Bidder: $9.01 billion
  Indirect Bidder Percentage: 42.9% (last month 34.9%; original issue 32.9%)
  Direct Bidder: $3.41 billion (16.2%; last month $3.65B; original issue $3.22B)
  Bid to Cover Ratio: 3.72 (last month 3.45; original issue 2.67)
  Interest Rate: 3.625%
  High Yield: 3.900% (allotted at high: 99.62%) (last month high yield 3.735%; original issue high yield 3.692%)
  
  In addition, SOMA purchased $1.54 billion 9-year 10-month note.

Thursday April 8, 2010

• 29-year 10-month bond (reopening): $13 billion (same as last reopening; total after auction $42 billion)
  
  Primary Dealer: $4.89 billion
  Indirect Bidder: $4.78 billion
  Indirect Bidder Percentage: 36.8% (1st reopening 23.8%; original issue 28.5%)
  Direct Bidder: $3.31 billion (25.5%; 1st reopening 29.6%; original issue 24.1%)
  Bid to Cover Ratio: 2.73 (1st reopening 2.89; original issue 2.36)
  Interest Rate: 4.625%
  High Yield: 4.770% (allotted at high: 30.96%) (high yield 1st reopening 4.679%; original issue 4.720%)
  
  In addition, SOMA purchased $952 million 29-year 10-month bond.
  

Total for the week: $216 billion

• Bills: $142 billion
  Notes and bonds: $74 billion

Total for April 2010 so far: $237 billion

• Bills: $163 billion
• Notes and bonds: $74 billion

Additional purchase by SOMA in April so far: $11.362 billion

• Bills: $5.94 billion
• Notes and bonds: $5.422 billion
  

Auctions of Cash Management Bills in 2010 (Updated)

Auctions of CMB (Cash Management Bills) under SFP (Supplemental Financing Program) are quietly increasing in frequency and in amounts raised.

CMB is 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.

But there is another type of CMB since October 2008 (SFP, or Supplemental Financing Program) , whose proceeds are used exclusively by the Federal Reserve for its various lending and credit programs to support the financial industry and also to support its own balance sheet.

Auctions of CMB under SFP have increased recently, after a relatively quiet period since November last year.

Regular CMB issues in 2010 so far:

• March 30: 18-day CMB, $17 billion
• April 1: 10-day CMB, $21 billion

CMB issues under SFP in 2010 so far:

• February 3: 21-day CMB, $5 billion
  
• February 24: 56-day CMB, $25 billion
  
• March 3: 56-day CMB, $25 billion
• March 10: 56-day CMB, $25 billion
• March 17: 56-day CMB, $25 billion
• March 24: 56-day CMB, $25 billion
• March 31: 56-day CMB, $25 billion
• April 7: 56-day CMB, $25 billion (scheduled)
  

There is no announcement either from Treasury or from the Federal Reserve as to how the money thus raised is being spent, and that has been the case ever since the Supplemental Financing Program started in October 2008.

Treasury Auction Result for the Week of March 29, 2010

The U.S. Treasury Department auctioned the following Treasury securities for the week of March 29, 2010.

Monday March 29, 2010

• 13-week bill: $28 billion (same as last week)
  
  Primary Dealer: $10.30 billion
  Indirect Bidder: $13.49 billion
  Indirect Bidder Percentage: 48.2% (last week 33.9%)
  Direct Bidder: $2.10 billion (7.5%; last week $1.93 billion)
  Bid to Cover Ratio: 4.16 (last week 4.27)
  Investment Rate: 0.147% (last week 0.157%; lower rate than 4-week bill)
  High Rate: 0.145% (allotted at high: 91.75%)
  
  
• 26-week bill: $29 billion (same as last week)
  
  Primary Dealer: $10.08 billion
  Indirect Bidder: $14.87 billion
  Indirect Bidder Percentage: 51.3% (last week 44.8%)
  Direct Bidder: $2.12 billion (7.3%; last week $2.67 billion)
  Bid to Cover Ratio: 3.90 (last week 4.20)
  Investment Rate: 0.244% (last week 0.244%)
  High Rate: 0.240% (allotted at high: 41.89%)

Tuesday March 30, 2010

• 4-week bill: $31 billion (same as last week)
  
  Primary Dealer: $16.33 billion
  Indirect Bidder: $8.18 billion
  Indirect Bidder Percentage: 26.4% (last week 42.9%)
  Direct Bidder: $5.36 billion (17.3%; last week $3.39 billion)
  Bid to Cover Ratio: 3.58 (last week 4.29)
  Investment Rate: 0.152% (last week 0.106%)
  High Rate: 0.150% (allotted at high: 5.63%)

In addition, SOMA* purchased $2.42 billion 4-week bill.

• 18-day CMB* (under SFP* for the use by the Federal Reserve): $17 billion
  
  Primary Dealer: $12.64 billion
  Indirect Bidder: $2.57 billion
  Indirect Bidder Percentage: 15.1%
  Direct Bidder: $1.79 billion
  Bid to Cover Ratio: 4.27
  Investment Rate: 0.152% (cf. investment rate of 4-week bill: 0.152%)
  High Rate: 0.150% (allotted at high: 53.77%)

Wednesday March 31, 2010

• 56-day CMB* (under SFP* for the use by the Federal Reserve): $25 billion
  
  Primary Dealer: $16.12 billion
  Indirect Bidder: $5.53 billion
  Indirect Bidder Percentage: 22.1%
  Direct Bidder: $3.34 billion
  Bid to Cover Ratio: 3.61
  Investment Rate: 0.162%
  High Rate: 0.160% (allotted at high: 13.02%)

Total for the week: $130 billion

• Bills: $130 billion

Total for March 2010: $793 billion

• Bills: $601 billion
• Notes and bonds: $192 billion

Additional purchase by SOMA in March: $25.715 billion

• Bills: $20.85 billion
• Notes and bonds: $4.865 billion

Treasury Auction Result for the Week of March 22, 2010

The U.S. Treasury Department auctioned the following Treasury securities for the week of March 22, 2010.

Monday March 22, 2010

• 13-week bill: $28 billion ($1 billion more than last week)
  
  Primary Dealer: $14.69 billion
  Indirect Bidder: $9.49 billion
  Indirect Bidder Percentage: 33.9% (last week 27.1%)
  Direct Bidder: $1.93 billion (6.9%; last week $2.12 billion)
  Bid to Cover Ratio: 4.27 (last week 4.19)
  Investment Rate: 0.157% (last week 0.167%)
  High Rate: 0.155% (allotted at high: 64.37%)
  
  
• 26-week bill: $29 billion (same as last week)
  
  Primary Dealer: $11.57 billion
  Indirect Bidder: $12.99 billion
  Indirect Bidder Percentage: 44.8% (last week 36.2%)
  Direct Bidder: $2.67 billion (9.2%; last week $2.57 billion)
  Bid to Cover Ratio: 4.20 (last week 3.67)
  Investment Rate: 0.244% (last week 0.244%)
  High Rate: 0.240% (allotted at high: 19.98%)

Tuesday March 23, 2010

• 4-week bill: $31 billion (same as last week)
  
  Primary Dealer: $13.97 billion
  Indirect Bidder: $13.29 billion
  Indirect Bidder Percentage: 42.9% (last week 13.1%)
  Direct Bidder: $3.39 billion (10.9%; last week $6.67billion)
  Bid to Cover Ratio: 4.29 (last week 3.79)
  Investment Rate: 0.106% (last week 0.137%)
  High Rate: 0.105% (allotted at high: 88.57%)

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

• 2-year note: $44 billion (same as last month)
  
  Primary Dealer: $22.37 billion
  Indirect Bidder: $15.14 billion
  Indirect Bidder Percentage: 34.4% (last month 53%)
  Direct Bidder: $6.01 billion (last month $3.57 billion)
  Bid to Cover Ratio: 3.00 (last month 3.33)
  Interest Rate: 1% (last month 0.875%)
  High Yield: 1.000% (allotted at high: 56.32%) (last month high yield: 0.895%)

In addition, SOMA purchased $1.49 billion 2-year note.

Wednesday March 24, 2010

• 56-day CMB* (under SFP* for the use by the Federal Reserve): $25 billion
  
  Primary Dealer: $18.66 billion
  Indirect Bidder: $3.16 billion
  Indirect Bidder Percentage: 27.8%
  Direct Bidder: $3.18 billion
  Bid to Cover Ratio: 4.40
  Investment Rate: 0.132%
  High Rate: 0.130% (allotted at high: 22.48%)
  
  
• 5-year note: $42 billion (same as last month)
  
  Primary Dealer: $20.75 billion
  Indirect Bidder: $16.60 billion
  Indirect Bidder Percentage: 39.5% (last month 40.2%)
  Direct Bidder: $4.50 billion (last month $5.37 billion)
  Bid to Cover Ratio: 2.55 (last month 2.75)
  Interest Rate: 2.5% (last month 2.375%)
  High Yield: 2.605% (allotted at high: 29.97%) (last month high yield 2.395%)

In addition, SOMA purchased $1.42 billion 5-year note.

Thursday March 25, 2010

• 7-year note: $32 billion (same as last month)
  
  Primary Dealer: $15.98 billion
  Indirect Bidder: $13.38 billion
  Indirect Bidder Percentage: 41.8% (last month 40.3%)
  Direct Bidder: $2.59 billion (last month $5.51 billion)
  Bid to Cover Ratio: 2.61 (last month 2.98)
  Interest Rate: 3.250% (last month 3%)
  High Yield: 3.374% (allotted at high: 83.04%) (last month high yield 3.078%)

In addition, SOMA purchased $1.08 billion 7-year note.

Total for the week: $231 billion

• Bills: $113 billion
• Notes: $118 billion

Total for March 2010 so far: $663 billion

• Bills: $471 billion
• Notes and bonds: $192 billion

Additional purchase by SOMA in March so far: $23.295 billion

• Bills: $18.43 billion
• Notes and bonds: $4.865 billion