Saturday, June 19, 2010

Treasury Auction Result for the Week of June 14, 2010

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

Monday June 14, 2010

  • 13-week bill: $27 billion (same as last week)

    Primary Dealer: $15.22 billion (56.4%; last week 47%)
    Direct Bidder: $2.60 billion (9.6%; last week 6.9%)
    Indirect Bidder: $7.78 billion (28.8%; last week 41%)
    Bid to Cover Ratio: 4.93 (last week 4.80)
    Investment Rate: 0.066% (last week 0.132%)
    High Rate: 0.065% (allotted at high: 33.83%)

  • 26-week bill: $27 billion (same as last week)

    Primary Dealer: $14.96 billion (55.4%; last week 39.5%)
    Direct Bidder: $2.77 billion (10.3%; last week 14.7%)
    Indirect Bidder: $7.98 billion (29.6%; last week 41.4%)
    Bid to Cover Ratio: 4.25 (last week 4.53)
    Investment Rate: 0.152% (last week 0.213%)
    High Rate: 0.150% (allotted at high: 92.33%)
Tuesday June 15, 2010
  • 4-week bill: $31 billion (same as last week)

    Primary Dealer: $16.21 billion (52.3%; last week 61.5%)
    Direct Bidder: $3.34 billion (10.8%; last week 22.4%)
    Indirect Bidder: $11.22 billion (36.2%; last week 15.3%)
    Bid to Cover Ratio: 4.36 (last week 4.32)
    Investment Rate: 0.030% (last week 0.091%)
    High Rate: 0.030% (allotted at high: 47.96%)

    In addition, SOMA* purchased $6.29 billion 4-week bill.
Wednesday June 16, 2010
  • 56-day CMB* under SFP*: $25 billion (same as last week)

    Primary Dealer: $18.41 billion (73.6%; last week 71.5%)
    Direct Bidder: $3.65 billion (14.6%; last week 10.9%)
    Indirect Bidder: $2.94 billion (11.8%; last week 17.5%)
    Bid to Cover Ratio: 4.11 (last week 4.24)
    Investment Rate: 0.091% (last week 0.096%)
    High Rate: 0.090% (allotted at high: 44.16%)
Total for the week: $110 billion
  • Bills: $110 billion

Total for June 2010 so far: $451 billion

  • Bills: $381 billion
  • Notes and bonds: $70 billion

Additional purchase by SOMA in June 2010: $16.414 billion

  • Bills: $16.01 billion
  • Notes and bonds: $0.404 billion

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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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