Wednesday, April 7, 2010

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

at 10:35 PM  

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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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