Sunday, May 23, 2010

Treasury Auction Schedule for the Week of May 24, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities this week.

Monday May 24, 2010

  • 13-week bill: $27 billion ($1 billion more than last week)

    Primary Dealer: $15.59 billion
    Indirect Bidder: $5.79 billion
    Indirect Bidder Percentage: 21.4% (last week 36.8%)
    Direct Bidder: $3.45 billion (12.8%; last week 14.4%)
    Bid to Cover Ratio: 4.21 (last week 4.33)
    Investment Rate: 0.167% (last week 0.162%)
    High Rate: 0.165% (allotted at high 21.94%)

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

    Primary Dealer: $12.22 billion
    Indirect Bidder: $8.88 billion
    Indirect Bidder Percentage: 34.2% (last week 29%)
    Direct Bidder: $3.11 billion (12%; last week 12.6%)
    Bid to Cover Ratio: 4.10 (last week 4.06)
    Investment Rate: 0.223% (last week 0.233%)
    High Rate: 0.220% (allotted at high: 98.59%)
Tuesday May 25, 2010
  • 4-week bill: $31 billion (same as last week)

    Primary Dealer: $20.91 billion
    Indirect Bidder: $2.62 billion
    Indirect Bidder Percentage: 8.5% (last week 15.4%)
    Direct Bidder: $6.22 billion (20.1%; last week 17.3%)
    Bid to Cover Ratio: 3.87 (last week 3.72)
    Investment Rate: 0.157% (last week 0.172%)
    High Rate: 0.155% (allotted at high: 37.71%)

    In addition, SOMA* purchased $2.42 billion 4-week bill.

  • 2-year note: $42 billion ($2 billion less than last month)

    Primary Dealer: $20.18 billion
    Indirect Bidder: $15.04 billion
    Indirect Bidder Percentage: 35.8% (last month 30.7%)
    Direct Bidder: $6.30 billion (15%; last month 21.2%)
    Bid to Cover Ratio: 2.93 (last month 3.03)
    Interest Rate: 0.750% (last month 1%)
    High Yield: 0.769% (allotted at high: 91.01%)

    In addition, SOMA purchased $913 million 2-year note.
Wednesday May 26, 2010
  • 56-day CMB* under SFP* for the Federal Reserve: $25 billion (same as last week)

    Primary Dealer: $17.71 billion
    Indirect Bidder: $3.52 billion
    Indirect Bidder Percentage: 14.1% (last week 29.5%)
    Direct Bidder: $3.77 billion (15.1%; last week 23.7%)
    Bid to Cover Ratio: 4.08 (last week 4.73)
    Investment Rate: 0.152% (last week 0.162%)
    High Rate: 0.150% (allotted at high 74.88%)

  • 5-year note: $40 billion ($2 billion less than last month)

    Primary Dealer: 17.70 billion
    Indirect Bidder: $16.17 billion
    Indirect Bidder Percentage: 40.4% (last month 48.8%)
    Direct Bidder: $5.99 billion (15%; last month 14.3%)
    Bid to Cover Ratio: 2.71 (last month 2.75)
    Interest Rate: 2.125% (last month 2.5% )
    High Yield: 2.130% (allotted at high: 15.05%)

    In addition, SOMA purchased $869 million 5-year note.
Thursday May 27, 2010
  • 7-year note: $31 billion ($1 billion less than last month)

    Primary Dealer: $11.62 billion
    Indirect Bidder: $15.83 billion
    Indirect Bidder Percentage: 51.1% (last month 59.4%)
    Direct Bidder: $3.52 billion (11.4%; last month 12.2%)
    Bid to Cover Ratio: 2.88 (last month 2.82)
    Interest Rate: 2.750% (last month 3.125%)
    High Yield: 2.815% (allotted at high: 87.74%)

    In addition, SOMA purchased $674 million 7-year note.
Total for the week: $222 billion
  • Bills: $109 billion
  • Notes: $113 billion
Total for May 2010: $639 billion
  • Bills: $448 billion
  • Notes and Bonds: $191 billion
Additional purchase by SOMA for May 2010 so far: $27.676 billion
  • Bills: $18.43 billion
  • Notes and Bonds: $9.246 billion

at 6:21 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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