Monday, February 1, 2010

4-Week Bill Auction August 2009 to February 2010

After extremely low amount auctions in January 2010, the 4-week bill auction in the first week of February is set for tomorrow at $17 billion. January's $10 billion per week was almost as low as the pre-crisis level in 2007.

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Sunday, January 31, 2010

Treasury Auction Schedule for the Week of 2/1/2010

The U.S. Treasury Department will auction the following Treasury Securities this week.

Monday February 1, 2010

  • 13-week bill: $23 billion (last week $23 billion)
  • 26-week bill: $26 billion (last week $25 billion)
Tuesday February 2, 2010
  • 4-week bill: $17 billion (last week $10 billion)

Total for the week: $66 billion

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Thursday, January 28, 2010

Treasury Auction Result for 1/28/2010

The U.S. Treasury Department auctioned the following Treasury securities today.

7-year note: $32 billion (same as last month)

  • Primary Dealer: $11.87 billion
  • Indirect Bidder: $16.33 billion
  • Indirect Bidder Percentage: 51% (last month 44.6%)
  • Direct Bidder: $3.78 billion (last month $2.11 billion)
  • Bid to Cover Ratio: 2.85 (last month 2.72)
  • Interest Rate: 3.125% (last month 3.250%)
  • High Yield: 3.127% (allotted at high: 36.66%)

In addition, SOMA* purchased $521 million 7-year note.

Total for the week: $176 billion

  • Bills: $58 billion
  • Notes: $118 billion
Total for January 2010: $470 billion
  • Bills: $268 billion
  • Notes and bonds: $202 billion
Additional purchase by SOMA* for January 2010 so far: $17.67 billion
  • Bills: $12.49 billion
  • Notes and bonds: $5.18 billion

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Wednesday, January 27, 2010

Treasury Auction Result for 1/27/2010

The U.S. Treasury Department auctioned the following Treasury securities today.

5-year note: $42 billion (same as last month)

  • Primary Dealer: $16.59 billion
  • Indirect Bidder: $22.19 billion
  • Indirect Bidder Percentage: 52.8% (last month 43.9%)
  • Direct Bidder: $3.12 billion (last month $billion)
  • Bid to Cover Ratio: 2.80 (last month 2.59)
  • Interest Rate: 2.250% (last month 2.625%)
  • High Yield: 2.370% (allotted at high: 45.09%)

In addition, SOMA* purchased $684 million 5-year note.

Total for the week so far: $144 billion

  • Bills: $58 billion
  • Notes: $86 billion
Total for January 2010 so far: $438 billion
  • Bills: $268 billion
  • Notes and bonds: $170 billion
Additional purchase by SOMA* for January 2010 so far: $17.149 billion
  • Bills: $12.49 billion
  • Notes and bonds: $4.659 billion

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Tuesday, January 26, 2010

Treasury Auction Result for 1/26/2010

The U.S. Treasury Department auctioned the following Treasury securities today.

4-week bill: $10 billion (same as last week)

  • Primary Dealer: $5.95 billion
  • Indirect Bidder: $2.42 billion
  • Indirect Bidder Percentage: 24.2% (last week 26.8%)
  • Direct Bidder: $0.42 billion (last week $1.16 billion)
  • Bid to Cover Ratio: 5.55 (last week 5.69)
  • Investment Rate: 0% (last week 0.005%)
  • High Rate: 0% (allotted at high: 49.21%)

In addition, SOMA* purchased $6.29 billion 4-week bill.

2-year note: $44 billion (same as last month)

  • Primary Dealer: $20.06 billion
  • Indirect Bidder: $18.75 billion
  • Indirect Bidder Percentage: 42.6% (last month 34.5%)
  • Direct Bidder: $4.69 billion (last month $8.49 billion)
  • Bid to Cover Ratio: 3.13 (last month 2.91)
  • Interest Rate: 0.875% (last month 1%)
  • High Yield: 0.880% (allotted at high: 88.79%)

In addition, SOMA* purchased $717 million 2-year note.

Total for the week so far: $102 billion

  • Bills: $58 billion
  • Notes: $44 billion
Total for January 2010 so far: $396 billion
  • Bills: $268 billion
  • Notes and bonds: $128 billion
Additional purchase by SOMA* for January 2010 so far: $16.465 billion

  • Bills: $12.49 billion
  • Notes and bonds: $3.975 billion

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Monday, January 25, 2010

Treasury Auction Result for 1/25/2010

The U.S. Treasury Department auctioned the following Treasury securities today.

13-week bill: $23 billion (same as last week)

  • Primary Dealer: $12.03 billion
  • Indirect Bidder: $6.23 billion
  • Indirect Bidder Percentage: 27.1% (last week 47.5%)
  • Direct Bidder: $2.48 billion (last week $1.46 billion)
  • Bid to Cover Ratio: 4.32 (last week 4.52)
  • Investment Rate: 0.056% (last week 0.061%)
  • High Rate: 0.055% (allotted at high: 28.49%)
26-week bill: $25 billion (same as last week)
  • Primary Dealer: $8.92 billion
  • Indirect Bidder: $11.28 billion
  • Indirect Bidder Percentage: 45.1% (last week 57.7%)
  • Direct Bidder: $2.87 billion (last week $1.58 billion)
  • Bid to Cover Ratio: 4.12 (last week 4.11)
  • Investment Rate: 0.137% (last week 0.147%)
  • High Rate: 0.135% (allotted at high: 65.15%)
Total for the week so far: $48 billion
  • Bills: $48 billion
Total for January 2010 so far: $342 billion
  • Bills: $258 billion
  • Notes and bonds: $84 billion
Additional purchase by SOMA* for January 2010 so far: $9.458 billion
  • Bills: $6.20 billion
  • Notes and bonds: $3.258 billion

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Treasury Auction Schedule for the Week of 1/25/2010

The U.S. Treasury Department will auction the following Treasury securities this week.

Monday January 25, 2010

  • 13-week bill: $23 billion (same as last week)
  • 26-week bill: $25 billion (same as last week)
Tuesday January 26, 2010
  • 4-week bill: $10 billion (same as last week)
  • 2-year note: $44 billion (same as last month)
Wednesday January 27, 2010
  • 5-year note: $42 billion (same as last month)
Thursday January 28, 2010
  • 7-year note: $32 billion (same as last month)
Total for the Week: $176 billion
  • Bills: $58 billion
  • Notes and bonds: $118 billion
Total for January 2010 so far: $296 billion
  • Bills: $210 billion
  • Notes and bonds: $84 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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