Sunday, March 14, 2010

March 2010 Treasury Auction

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Treasury Auction Result for the Week of March 8, 2010

The U.S. Treasury Department auctioned the following Treasury securities for the week of March 8, 2010.

Monday March 8, 2010

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

    Primary Dealer: $12.30 billion
    Indirect Bidder: $10.33 billion
    Indirect Bidder Percentage: 39.7% (last week 35.6%)
    Direct Bidder: $2.01 billion (7.7%; last week $3.47 billion)
    Bid to Cover Ratio: 4.27 (last week 4.42)
    Investment Rate: 0.152% (last week 0.127%)
    High Rate: 0.150% (allotted at high: 66.02%)

  • 26-week bill: $28 billion (same as last week)

    Primary Dealer: $15.17 billion
    Indirect Bidder: $9.25 billion
    Indirect Bidder Percentage: 33% (last week 36.1%)
    Direct Bidder: $2.25 billion (8%; last week $3.71 billion)
    Bid to Cover Ratio: 3.81 (last week 4.44)
    Investment Rate: 0.208% (last week 0.188%)
    High Rate: 0.205 (allotted at high: 33.00%)

Tuesday March 9, 2010

  • 4-week bill: $31 billion (same as last week)

    Primary Dealer: $20.22 billion
    Indirect Bidder: $6.68 billion
    Indirect Bidder Percentage: 21.5% (last week 17.7%)
    Direct Bidder: $3.79 billion (12.2%; last week $2.70 billion)
    Bid to Cover Ratio: 3.90 (last week 4.34)
    Investment Rate: 0.112% (last week 0.081%)
    High Rate: 0.110% (allotted at high: 75.56%)

In addition, SOMA* purchased $5.94 billion 4-week bill.

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

    Primary Dealer: $11.80 billion
    Indirect Bidder: $11.17 billion
    Indirect Bidder Percentage: 43% (last month 39.5%)
    Direct Bidder: $2.87 billion (11%; last month $4.14 billion)
    Bid to Cover Ratio: 4.00 (last month 3.65)
    Investment Rate: 0.381% (last month 0.325%)
    High Rate: 0.375% (allotted at high: 65.65%)
  • 3-year note: $40 billion (same as last month)

    Primary Dealer: $15.06 billion
    Indirect Bidder: $20.65 billion
    Indirect Bidder Percentage: 51.6% (last month 50.9%)
    Direct Bidder: $4.12 billion (10.3%; last month $4.01 billion)
    Bid to Cover Ratio: 3.13 (last month 2.83)
    Interest Rate: 1.375% (same as last month)
    High Yield: 1.437% (allotted at high: 15.66%; last month high yield: 1.377%)

In addition, SOMA* purchased $473 million 3-year note.

Wednesday March 10, 2010

  • 56-day CMB* (for the use of the Federal Reserve under SFP*): $25 billion

    Primary Dealer: $19.33 billion
    Indirect Bidder: $3.08 billion
    Indirect Bidder Percentage: 18.2%
    Direct Bidder: $2.59 billion
    Bid to Cover Ratio: 4.54
    Investment Rate: 0.147% (last week: 0.127%)
    High Rate: 0.145% (allotted at high: 26.09%)
  • 9-year 11-month note (reopening): $21 billion (last month original issue $25 billion)

    Primary Dealer: $9.86 billion
    Indirect Bidder: $7.32 billion
    Indirect Bidder Percentage: 34.9% (last month 32.9%)
    Direct Bidder: $3.65 billion (17.4%; last month $3.22 billion)
    Bid to Cover Ratio: 3.45 (last month 2.67)
    Interest Rate: 3.625%
    High Yield: 3.735% (allotted at high: 70.94%; last month high yield: 3.692%)
In addition, SOMA* purchased $248 million 9-year 11-month note.

Thursday March 11, 2010

  • 29-year 11-month bond (reopening): $13 billion (last month original issue $16 billion)

    Primary Dealer: $6.03 billion
    Indirect Bidder: $3.10 billion
    Indirect Bidder Percentage: 23.8% (last month 28.5%)
    Direct Bidder: $3.85 billion (29.6%; last month $3.85 billion)
    Bid to Cover Ratio: 2.89 (last month 2.36)
    Interest Rate: 4.625%
    High Yield: 4.679% (allotted at high: 82.80%; last month high yield: 4.720%)
In addition, SOMA* purchased $154 million 29-year 11-month bond.

Total for the week: $210 billion

  • Bills: $136 billion
  • Notes and bonds: $74 billion
Total for March 2010 so far: $320 billion
  • Bills: $246 billion
  • Notes and bonds: $74 billion
Additional purchase by SOMA in March so far: $9.235 billion
  • Bills: $8.36 billion
  • Notes and bonds: $875 million

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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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