Monday, April 19, 2010

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

at 9:00 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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