Wednesday, January 12, 2011

NY Fed POMO Schedule 1/13 - 2/9/2011

The Federal Reserve Bank of New York will conduct the following permanent open market operations (POMO) from January 13 to February 9, 2011. The total purchase amount will be about $111 billion, of which $80 billion is part of $600 billion QE2 and $32 billion as part of QELite (replacement of agency/MBS as they're paid back).





Operation Date1
Settlement Date
Operation Type2
Maturity
Range
Expected Purchase Size



January 13, 2011
January 14, 2011
Outright Treasury Coupon Purchase
07/31/2016 – 12/31/2017
$7 – $9 billion


January 14, 2011
January 18, 2011
Outright Treasury Coupon Purchase
01/31/2015 – 06/30/2016
$6 – $8 billion


January 18, 2011
January 19, 2011
Outright TIPS Purchase
04/15/2013 – 02/15/2040
$1 – $2 billion


January 19, 2011
January 20, 2011
Outright Treasury Coupon Purchase
07/31/2013 – 12/31/2014
$6 – $8 billion


January 20, 2011
January 21, 2011
Outright Treasury Coupon Purchase
08/15/2028 – 11/15/2040
$1.5 – $2.5 billion


January 21, 2011
January 24, 2011
Outright Treasury Coupon Purchase
02/15/2018 – 11/15/2020
$7 – $9 billion


January 24, 2011
January 25, 2011
Outright Treasury Coupon Purchase
07/31/2016 – 12/31/2017
$7 – $9 billion


January 25, 2011
January 26, 2011
Outright Treasury Coupon Purchase
01/31/2015 – 06/30/2016
$6 – $8 billion


January 27, 2011
January 28, 2011
Outright Treasury Coupon Purchase
07/31/2012 – 07/15/2013
$4 – $6 billion


January 28, 2011
January 31, 2011
Outright Treasury Coupon Purchase
02/15/2018 – 11/15/2020
$7 – $9 billion


January 31, 2011
February 1, 2011
Outright Treasury Coupon Purchase
08/15/2013 – 12/31/2014
$6 – $8 billion


February 1, 2011
February 2, 2011
Outright TIPS Purchase
04/15/2013 – 02/15/2040
$1 – $2 billion


February 2, 2011
February 3, 2011
Outright Treasury Coupon Purchase
02/15/2021 – 11/15/2027
$1.5 – $2.5 billion


February 3, 2011
February 4, 2011
Outright Treasury Coupon Purchase
08/15/2016 – 01/31/2018
$7 – $9 billion


February 4, 2011
February 7, 2011
Outright Treasury Coupon Purchase
08/15/2013 – 01/31/2015
$6 – $8 billion


February 7, 2011
February 8, 2011
Outright Treasury Coupon Purchase
02/15/2018 – 11/15/2020
$7 – $9 billion


February 8, 2011
February 9, 2011
Outright Treasury Coupon Purchase
08/15/2028 – 11/15/2040
$1.5 – $2.5 billion


February 9, 2011
February 10, 2011
Outright Treasury Coupon Purchase
02/15/2015 – 07/31/2016
$6 – $8 billion



The next release of the approximate purchase amount and tentative outright Treasury operation schedule will be at 2 p.m. on February 10, 2011. At that time, the Desk will also publish information on prices paid for securities included in the operations listed above.

______________________________
1Operations are tentatively scheduled to begin around 10:15 AM and close at 11:00 AM unless noted otherwise.
2Nominal coupon operations are specified as “Outright Treasury Coupon Purchase” and TIPS operations are specified as “Outright TIPS Purchase”.


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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