Monday, February 22, 2010

Treasury Auction Result for 2/22/2010

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

  • 13-week bill: $26 billion (up $1 billion from last week)

    Primary Dealer: $11.38 billion
    Indirect Bidder: $7.87 billion
    Indirect Bidder Percentage: 30.3% (last week 34.8%)
    Direct Bidder: $4.65 billion (last week $2.17 billion)
    Bid to Cover Ratio: 4.04 (last week 4.05)
    Investment Rate: 0.101% (last week 0.101%)
    High Rate: 0.100% (allotted at high: 75.72%)

  • 26-week bill: $28 billion (same as last week)

    Primary Dealer: $11.16 billion
    Indirect Bidder: $10.70 billion
    Indirect Bidder Percentage: 38.2% (last week 31.5%)
    Direct Bidder: $4.47 billion (last week $3.34 billion)
    Bid to Cover Ratio: 4.29 (last week 3.84)
    Investment Rate: 0.193% (last week 0.188%)
    High Rate: 0.190% (allotted at high: 42.84%)
  • 30-year TIPS: $8 billion (1st issuance of 30-year TIPS since 2001 when Treasury issued 30-1/2 year TIPS; 1999 was the last year Treasury issued 30-year TIPS)

    Primary Dealer: $4.05 billion
    Indirect Bidder: $3.36 billion
    Indirect Bidder Percentage: 27.6%
    Direct Bidder: $0.505 billion
    Bid to Cover Ratio: 2.45 (last week 4.44)
    Interest Rate: 2.125% (last week 0.056%)
    High Yield: 2.229% (allotted at high: 66.57%)
Total for the week: $62 billion
  • Bills: $54 billion
  • Notes and bonds: $8 billion
Total for February 2010 so far: $395 billion
  • Bills: $306 billion
  • Notes and bonds: $89 billion
Additional purchase by SOMA in February so far: $10.81 billion
  • Bills: $6.20 billion
  • Notes and bonds: $4.61 billion

at 11:06 AM  

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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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