Wednesday, July 21, 2010

Treasury Auction for the Week of July 19, 2010 (Updated with Results)

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

Monday July 19, 2010

  • 13-week bill: $30 billion (same as last week)

    Primary Dealer: $14.86 billion (49.5%; last week 48.2%)
    Direct Bidder: $3.07 billion (10.2%; last week 8.9%)
    Indirect Bidder: $10.63 billion (35.4%; last week 38.1%)
    Bid to Cover Ratio: 4.29 (last week 4.64)
    Investment Rate: 0.157% (last week 0.152%)
    High Rate: 0.155% (allotted at high: 41.51%)

  • 26-week bill: $30 billion (same as last week)

    Primary Dealer: $11.38 billion (37.9%; last week 54.9%)
    Direct Bidder: $3.85 billion (12.8%; last week 13.6%)
    Indirect Bidder: $13.31 billion (44.4%; last week 27%)
    Bid to Cover Ratio: 4.19 (last week 3.90)
    Investment Rate: 0.198% (last week 0.203%)
    High Rate: 0.195% (allotted at high: 2.78%)
Tuesday July 20, 2010
  • 4-week bill: $32 billion (same as last week)

    Primary Dealer: $17.05 billion (53.3%; last week 52.4%)
    Direct Bidder: $3.68 billion (11.5%; last week 16.9%)
    Indirect Bidder: $10.99 billion (34.3%; last week 29.4%)
    Bid to Cover Ratio: 4.42 (last week 4.16)
    Investment Rate: 0.157% (last week 0.152%)
    High Rate: 0.155% (allotted at high: 0.87%)

    In addition, SOMA* purchased $2.42 billion 4-week bill.
Wednesday July 21, 2010
  • 56-day CMB* for SFP*: $25 billion (same as last week)

    Primary Dealer: $15.22 billion (60.9%; last week 71.5%)
    Direct Bidder: $3.97 billion (15.9%; last week 11.9%)
    Indirect Bidder: $5.81 billion (23.2%; last week 16.5%)
    Bid to Cover Ratio: 4.63 (last week 4.61)
    Investment Rate: 0.162% (last week 0.162%)
    High Rate: 0.160% (allotted at high: 17.02%)
Total for the week: $117 billion
  • Bills: $117 billion
Total for July 2010 so far: $436 billion
  • Bills: $355 billion
  • Notes and bonds: $81 billion
Additional Purchase by SOMA for July 2010 so far: $12.898 billion
  • Bills: $12.49 billion
  • Notes and bonds: $408 million

at 11:15 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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