Sunday, May 23, 2010

Treasury Auction Result for the Week of May 17, 2010

The US Treasury Department auctioned the following Treasury securities this week.

Monday May 17, 2010

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

    Primary Dealer: $11.22 billion
    Indirect Bidder: $9.56 billion
    Indirect Bidder Percentage: 36.8% (last week 34.1%)
    Direct Bidder: $3.74 billion (14.4%; last week 10.1%)
    Bid to Cover Ratio: 4.33 (last week 4.44)
    Investment Rate: 0.162% (last week 0.157%)
    High Rate: 0.160% (allotted at high: 96.72%)

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

    Primary Dealer: $13.86 billion
    Indirect Bidder: $7.55 billion
    Indirect Bidder Percentage: 29% (last week 44.5%)
    Direct Bidder: $3.27 billion (12.6%; last week 11.8%)
    Bid to Cover Ratio: 4.06 (last week 4.35)
    Investment Rate: 0.233% (last week 0.0.233%)
    High Rate: 0.230% (allotted at high: 0.82%)
Tuesday May 18, 2010
  • 4-week bill: $31 billion (same as last week)

    Primary Dealer: $20.59 billion
    Indirect Bidder: $4.77 billion
    Indirect Bidder Percentage: 15.4% (last week 13.1%)
    Direct Bidder: $5.35 billion (17.3%; last week 22.5%)
    Bid to Cover Ratio: 3.72 (last week 4.22)
    Investment Rate: 0.172% (last week 0.152%)
    High Rate: 0.170% (allotted at high: 48.54%)

    SOMA purchased additional $6.29 billion 4-week bill.
Wednesday May 19, 2010
  • 56-day CMB* under SFP* (to be used by the Federal Reserve): $25 billion

    Primary Dealer: $11.70 billion
    Indirect Bidder: $7.37 billion
    Indirect Bidder Percentage: 29.5% (last week 31%)
    Direct Bidder: $5.92 billion (23.7%; last week 19.7%)
    Bid to Cover Ratio: 4.73 (last week 4.64)
    Investment Rate: 0.162% (last week 0.152%)
    High Rate: 0.160% (allotted at high: 51.47%)
Total for the week: $108 billion
  • Bills: $108 billion
Total for May 2010 so far: $417 billion
  • Bills: $339 billion
  • Notes and Bonds: $78 billion
Additional purchase by SOMA for May 2010 so far: $22.80 billion
  • Bills: $16.01 billion
  • Notes and Bonds: $6.79 billion

at 6:00 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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