Thursday, April 29, 2010

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

at 7:30 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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