Thursday, March 10, 2011

NY Fed POMO Schedule 3/14 - 4/11/2011

From the Federal Reserve New York:

Across all operations in the schedule listed below, the Desk plans to purchase approximately $102 billion. This represents $80 billion in purchases of the announced $600 billion purchase program and $22 billion in purchases associated with principal payments from agency debt and agency MBS expected to be received between mid-March and mid-April.

Operation Date1 Settlement Date Operation Type2 Maturity
Range		 Expected Purchase Size
March 14, 2011 March 15, 2011 Outright Treasury Coupon Purchase 05/15/2018 – 02/15/2021 $6.5 - $8.5 billion
March 16, 2011 March 17, 2011 Outright Treasury Coupon Purchase 03/31/2015 – 08/31/2016 $5.5 - $7.5 billion
March 17, 2011 March 18, 2011 Outright Treasury Coupon Purchase 09/30/2013 – 02/28/2015 $5.5 - $7.5 billion
March 18, 2011 March 21, 2011 Outright TIPS Purchase 04/15/2013 – 02/15/2041 $1 - $2 billion
March 21, 2011 March 22, 2011 Outright Treasury Coupon Purchase 08/15/2028 – 02/15/2041 $1.5 - $2.5 billion
March 22, 2011 March 23, 2011 Outright Treasury Coupon Purchase 09/30/2016 – 02/28/2018 $6.5 - $8.5 billion
March 23, 2011 March 24, 2011 Outright Treasury Coupon Purchase 05/15/2018 – 02/15/2021 $6.5 - $8.5 billion
March 24, 2011 March 25, 2011 Outright Treasury Coupon Purchase 09/30/2013 – 02/28/2015 $5.5 - $7.5 billion
March 25, 2011 March 28, 2011 Outright Treasury Coupon Purchase 09/30/2012 – 09/15/2013 $4 - $6 billion
March 28, 2011 March 29, 2011 Outright Treasury Coupon Purchase 03/31/2015 – 08/31/2016 $5.5 - $7.5 billion
March 29, 2011 March 30, 2011 Outright TIPS Purchase 04/15/2013 – 02/15/2041 $1 - $2 billion
March 30, 2011 March 31, 2011 Outright Treasury Coupon Purchase 10/15/2013 – 02/28/2015 $5.5 - $7.5 billion
March 31, 2011 April 1, 2011 Outright Treasury Coupon Purchase 05/15/2021 – 11/15/2027 $1.5 - $2.5 billion
April 4, 2011 April 5, 2011 Outright Treasury Coupon Purchase 10/31/2016 – 03/31/2018 $6.5 - $8.5 billion
April 5, 2011 April 6, 2011 Outright Treasury Coupon Purchase 05/15/2018 – 02/15/2021 $6.5 - $8.5 billion
April 6, 2011 April 7, 2011 Outright Treasury Coupon Purchase 08/15/2028 – 02/15/2041 $1.5 - $2.5 billion
April 7, 2011 April 8, 2011 Outright Treasury Coupon Purchase 04/30/2015 – 09/30/2016 $5.5 - $7.5 billion
April 11, 2011 April 12, 2011 Outright Treasury Coupon Purchase 10/31/2016 – 03/31/2018 $6.5 - $8.5 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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