Sunday, May 9, 2010

Treasury Auction Schedule for the Week of May 3, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities for the week of May 3, 2010.

Monday May 3, 2010

  • 13-week bill: $24 billion (same as last week)

    Primary Dealer: $13.86 billion
    Indirect Bidder: $6.07 billion
    Indirect Bidder Percentage: 25.3% (last week 19%)
    Direct Bidder: $2.65 billion (11%; last week 17.5%)
    Bid to Cover Ratio: 4.55 (last week 4.69)
    Investment Rate: 0.167% (last week 0.152%)
    High Rate: 0.165% (allotted at high 66.06%)

  • 26-week bill: $25 billion (same as last week)

    Primary Dealer: $11.14 billion
    Indirect Bidder: $9.38 billion
    Indirect Bidder Percentage: 37.5% (last week 27.5%)
    Direct Bidder: $3.09 billion (12.4%; last week 11.9%)
    Bid to Cover Ratio: 4.32 (last week 4.66)
    Investment Rate: 0.249% (last week 0.244%)
    High Rate: 0.245% (allotted at high 18.25%)
Tuesday May 4, 2010
  • 4-week bill: $23 billion ($8 billion more than last week)

    Primary Dealer: $13.96 billion
    Indirect Bidder: $3.66 billion
    Indirect Bidder Percentage: 15.9% (last week 21.9%)
    Direct Bidder: $5.11 billion (22.2%; last week 22.3%)
    Bid to Cover Ratio: 4.82 (last week 5.47)
    Investment Rate: 0.152% (last week 0.132%)
    High Rate: 0.150% (allotted at high: 0.87%)

    In addition, SOMA purchased $5.94 billion 4-week bill.
  • 52-week bill: $26 billion (same as last month)

    Primary Dealer: $11.03 billion
    Indirect Bidder: $10.64 billion
    Indirect Bidder Percentage: 40.9% (last month 40.7%)
    Direct Bidder: $4.13 billion (15.9%; last month 15.7%)
    Bid to Cover Ratio: 4.01 (last month 3.66)
    Investment Rate: 0.427% (last month 0.494%)
    High Rate: 0.420% (allotted at high 65.39%)
Wednesday May 5, 2010
  • 56-day CMB* (under SFP* to be used solely by the Federal Reserve; the 11th straight week of issuing CMB under SFP; the SFP account balance at the Federal Reserve is slightly below $200 billion): $25 billion

    Primary Dealer: $17.28 billion
    Indirect Bidder: $1.35 billion
    Indirect Bidder Percentage: 5.4% (last week 13.2%)
    Direct Bidder: $6.36 billion (25.4%; last week 16.8%)
    Bid to Cover Ratio: 4.47 (last week 4.18)
    Investment Rate: 0.152% (last week 0.157%)
    High Rate: 0.150% (allotted at high 10.19%)
Total for the week: $123 billion
  • Bills: $123 billion

Total for May 2010 so far: $123 billion

  • Bills: $123 billion

Additional purchase by SOMA for May 2010: $5.94 billion

  • Bills: $5.94 billion

at 5:16 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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