Tuesday, April 20, 2010

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

at 12:00 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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