Sunday, June 6, 2010

Treasury Auction Schedule for the Week of June 7, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities for the week of June 7, 2010.

Monday June 7, 2010

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

    Primary Dealer: $12.69 billion
    Indirect Bidder: $11.06 billion
    Indirect Bidder Percentage: 41% (last week 42.8%)
    Direct Bidder: $1.87 billion (6.92%; last week 16.9%)
    Bid to Cover Ratio: 4.80 (last week 4.51)
    Investment Rate: 0.132% (last week 0.162%)
    High Rate: 0.130% (allotted at high: 32.05%)

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

    Primary Dealer: $10.66 billion
    Indirect Bidder: $11.18 billion
    Indirect Bidder Percentage: 41.4% (last week 28.3%)
    Direct Bidder: $3.96 billion (14.7%; last week 16.2%)
    Bid to Cover Ratio: 4.53 (last week 4.01)
    Investment Rate: 0.213% (last week 0.223%)
    High Rate: 0.210% (allotted at high: 30.61%)
Tuesday June 8, 2010
  • 4-week bill: $31 billion (same as last week)

    Primary Dealer: $19.05 billion (61.5%)
    Indirect Bidder: $4.75 billion
    Indirect Bidder Percentage: 15.3% (last week 39.4%)
    Direct Bidder: $6.95 billion (22.4%; last week 16.1%)
    Bid to Cover Ratio: 4.32 (last week 4.51)
    Investment Rate: 0.091% (last week 0.132%)
    High Rate: 0.090% (allotted at high: 3.6%)

    In addition, SOMA* purchased $ 3.78 billion 4-week bill.

  • 3-year note: $36 billion ($2 billion less than last month)

    Primary Dealer: $13.29 billion (36.9%)
    Indirect Bidder: $16.78 billion
    Indirect Bidder Percentage: 46.6% (last month 50.4%)
    Direct Bidder: $5.86 billion (16.3%; last month 16.4%)
    Bid to Cover Ratio: 3.23 (last month 3.27)
    Interest Rate: 1.125% (last month 1.375%)
    High Yield: 1.220% (allotted at high: 58.71%)

    In addition, SOMA purchased $208 million 3-year note.
Wednesday June 9, 2010
  • 5-day CMB: $26 billion

    Primary Dealer: $22.44 billion
    Indirect Bidder: $0.135 billion
    Direct Bidder: $3.43 billion
    Bid to Cover Ratio: 4.20
    Investment Rate: 0.162% (higher than this week's 13-week bill at 0.132%)
    High Rate: 0.160% (allotted at high: 17.38%)

  • 56-day CMB* under SPF*: $25 billion

    Primary Dealer: $17.88 billion (71.5%)
    Indirect Bidder: $4.38 billion
    Indirect Bidder Percentage: 17.5% (last week 35%)
    Direct Bidder: $2.72 billion (10.9%; last week 8.04%)
    Bid to Cover Ratio: 4.24 (last week 4.47)
    Investment Rate: 0.096% (last week 0.142%)
    High Rate: 0.095% (allotted at high: 36.12%)

  • 9-year 11-month note: $21 billion (1st reopening, original issue May 2010 $24 billion)

    Primary Dealer: $9.71 billion (46.2%)
    Indirect Bidder: $8.41 billion
    Indirect Bidder Percentage: 40.0% (original issue 41.6%)
    Direct Bidder: $2.83 billion (13.5%; original issue 24.8%)
    Bid to Cover Ratio: 3.24 (original issue 2.96)
    Interest Rate: 3.500%
    High Yield: 3.242% (allotted at high 87.15%) (original issue high yield 3.548%)
    (It is not usual to have High Yield lower than Interest Rate in Treasury notes and bonds.)

    In addition, SOMA purchased $121 million 9-year 11-month note.
Thursday June 10, 2010
  • 29-year 11-month bond: $13 billion (1st reopening, original issue May 2010 $16 billion)

    Primary Dealer: $5.67 billion (43.6%)
    Indirect Bidder: $4.67 billion
    Indirect Bidder Percentage: 35.9% (original issue 32.4%)
    Direct Bidder: $2.63 billion (20.2%; original issue 21.8%)
    Bid to Cover Ratio: 2.87 (original issue 2.60)
    Interest Rate: 4.375%
    High Yield: 4.182% (allotted at high 84.84%) (original issue high yield 4.449%)
    (It is not usual to have High Yield lower than Interest Rate in Treasury notes and bonds.)

    In addition, SOMA purchased $75 million 29-year 11-month bond.
Total for the week: $206 billion
  • Bills: $136 billion
  • Notes and bonds: $70 billion
Total for June 2010 so far: $341 billion
  • Bills: $271 billion
  • Notes and bonds: $70 billion
Additional purchase by SOMA for June 2010 so far: $10.124 billion
  • Bills: $9.72 billion
  • Notes and bonds: $0.404 billion

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Treasury Auction Schedule for the Week of June 1, 2010 (Updated with Results)

The US Treasury Department auctioned the following Treasury securities for the week of June 1, 2010.

Tuesday June 1, 2010

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

    Primary Dealer: $9.48 billion
    Indirect Bidder: $11.56 billion
    Indirect Bidder Percentage: 42.8% (last week 21.4%)
    Direct Bidder: $4.55 billion (16.9%; last week 12.8%)
    Bid to Cover Ratio: 4.51 (last week 4.21)
    Investment Rate: 0.162% (last week 0.167%)
    High Rate: 0.160% (allotted at high: 16.14%)

  • 26-week bill: $27 billion ($1 billion more than last week)

    Primary Dealer: $13.96 billion
    Indirect Bidder: $7.64 billion
    Indirect Bidder Percentage: 28.3% (last week 34.2%)
    Direct Bidder: 4.37 billion (16.2%; last week 12%)
    Bid to Cover Ratio: 4.01 (last week 4.10)
    Investment Rate: 0.223% (last week 0.223%)
    High Rate: 0.220% (allotted at high: 73.80%)
Wednesday, June 2, 2010
  • 4-week bill: $31 billion (same as last week)

    Primary Dealer: $13.49 billion
    Indirect Bidder: $12.22 billion
    Indirect Bidder Percentage: 39.4% (last week 8.5%)
    Direct Bidder: $5.00 billion (16.13%; last week 20.1%)
    Bid to Cover Ratio: 4.51 (last week 3.87)
    Investment Rate: 0.132% (last week 0.157%)
    High Rate: 0.130% (allotted at high: 93.14%)

    In addition, SOMA* purchased $5.94 billion 4-week bill.
  • 56-day CMB* under SFP*: $25 billion

    Primary Dealer: $14.24 billion
    Indirect Bidder: $8.75 billion
    Indirect Bidder Percentage: 35% (last week 14.1%)
    Direct Bidder: $2.01 billion (8.04%; last week 15.1%)
    Bid to Cover Ratio: 4.47 (last week 4.08)
    Investment Rate: 0.142% (last week 0.152%)
    High Rate: 0.140% (allotted at high: 26.89%)

  • 52-week bill: $25 billion ($1 billion less than last month)

    Primary Dealer: $6.85 billion
    Indirect Bidder: $13.40 billion
    Indirect Bidder Percentage: 53.6% (last month 40.9%)
    Direct Bidder: $4.53 billion (18.12%; last month 15.9%)
    Bid to Cover Ratio: 4.59 (last month 4.01)
    Investment Rate: 0.371% (last month 0.427%)
    High Rate: 0.365% (allotted at high: 90.68%)
Total for the week: $135 billion
  • Bills: $135billion

Total for June 2010 so far: $135 billion

  • Bills: $135 billion

Additional purchase by SOMA* for June 2010 so far: $5.94 billion

  • Bills: $5.94 billion

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Monday, May 31, 2010

May 2010 Treasury Auction

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Sunday, May 23, 2010

Treasury Auction Schedule for the Week of May 24, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities this week.

Monday May 24, 2010

  • 13-week bill: $27 billion ($1 billion more than last week)

    Primary Dealer: $15.59 billion
    Indirect Bidder: $5.79 billion
    Indirect Bidder Percentage: 21.4% (last week 36.8%)
    Direct Bidder: $3.45 billion (12.8%; last week 14.4%)
    Bid to Cover Ratio: 4.21 (last week 4.33)
    Investment Rate: 0.167% (last week 0.162%)
    High Rate: 0.165% (allotted at high 21.94%)

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

    Primary Dealer: $12.22 billion
    Indirect Bidder: $8.88 billion
    Indirect Bidder Percentage: 34.2% (last week 29%)
    Direct Bidder: $3.11 billion (12%; last week 12.6%)
    Bid to Cover Ratio: 4.10 (last week 4.06)
    Investment Rate: 0.223% (last week 0.233%)
    High Rate: 0.220% (allotted at high: 98.59%)
Tuesday May 25, 2010
  • 4-week bill: $31 billion (same as last week)

    Primary Dealer: $20.91 billion
    Indirect Bidder: $2.62 billion
    Indirect Bidder Percentage: 8.5% (last week 15.4%)
    Direct Bidder: $6.22 billion (20.1%; last week 17.3%)
    Bid to Cover Ratio: 3.87 (last week 3.72)
    Investment Rate: 0.157% (last week 0.172%)
    High Rate: 0.155% (allotted at high: 37.71%)

    In addition, SOMA* purchased $2.42 billion 4-week bill.

  • 2-year note: $42 billion ($2 billion less than last month)

    Primary Dealer: $20.18 billion
    Indirect Bidder: $15.04 billion
    Indirect Bidder Percentage: 35.8% (last month 30.7%)
    Direct Bidder: $6.30 billion (15%; last month 21.2%)
    Bid to Cover Ratio: 2.93 (last month 3.03)
    Interest Rate: 0.750% (last month 1%)
    High Yield: 0.769% (allotted at high: 91.01%)

    In addition, SOMA purchased $913 million 2-year note.
Wednesday May 26, 2010
  • 56-day CMB* under SFP* for the Federal Reserve: $25 billion (same as last week)

    Primary Dealer: $17.71 billion
    Indirect Bidder: $3.52 billion
    Indirect Bidder Percentage: 14.1% (last week 29.5%)
    Direct Bidder: $3.77 billion (15.1%; last week 23.7%)
    Bid to Cover Ratio: 4.08 (last week 4.73)
    Investment Rate: 0.152% (last week 0.162%)
    High Rate: 0.150% (allotted at high 74.88%)

  • 5-year note: $40 billion ($2 billion less than last month)

    Primary Dealer: 17.70 billion
    Indirect Bidder: $16.17 billion
    Indirect Bidder Percentage: 40.4% (last month 48.8%)
    Direct Bidder: $5.99 billion (15%; last month 14.3%)
    Bid to Cover Ratio: 2.71 (last month 2.75)
    Interest Rate: 2.125% (last month 2.5% )
    High Yield: 2.130% (allotted at high: 15.05%)

    In addition, SOMA purchased $869 million 5-year note.
Thursday May 27, 2010
  • 7-year note: $31 billion ($1 billion less than last month)

    Primary Dealer: $11.62 billion
    Indirect Bidder: $15.83 billion
    Indirect Bidder Percentage: 51.1% (last month 59.4%)
    Direct Bidder: $3.52 billion (11.4%; last month 12.2%)
    Bid to Cover Ratio: 2.88 (last month 2.82)
    Interest Rate: 2.750% (last month 3.125%)
    High Yield: 2.815% (allotted at high: 87.74%)

    In addition, SOMA purchased $674 million 7-year note.
Total for the week: $222 billion
  • Bills: $109 billion
  • Notes: $113 billion
Total for May 2010: $639 billion
  • Bills: $448 billion
  • Notes and Bonds: $191 billion
Additional purchase by SOMA for May 2010 so far: $27.676 billion
  • Bills: $18.43 billion
  • Notes and Bonds: $9.246 billion

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Treasury Auction Result for the Week of May 17, 2010

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

Monday May 17, 2010

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

    Primary Dealer: $11.22 billion
    Indirect Bidder: $9.56 billion
    Indirect Bidder Percentage: 36.8% (last week 34.1%)
    Direct Bidder: $3.74 billion (14.4%; last week 10.1%)
    Bid to Cover Ratio: 4.33 (last week 4.44)
    Investment Rate: 0.162% (last week 0.157%)
    High Rate: 0.160% (allotted at high: 96.72%)

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

    Primary Dealer: $13.86 billion
    Indirect Bidder: $7.55 billion
    Indirect Bidder Percentage: 29% (last week 44.5%)
    Direct Bidder: $3.27 billion (12.6%; last week 11.8%)
    Bid to Cover Ratio: 4.06 (last week 4.35)
    Investment Rate: 0.233% (last week 0.0.233%)
    High Rate: 0.230% (allotted at high: 0.82%)
Tuesday May 18, 2010
  • 4-week bill: $31 billion (same as last week)

    Primary Dealer: $20.59 billion
    Indirect Bidder: $4.77 billion
    Indirect Bidder Percentage: 15.4% (last week 13.1%)
    Direct Bidder: $5.35 billion (17.3%; last week 22.5%)
    Bid to Cover Ratio: 3.72 (last week 4.22)
    Investment Rate: 0.172% (last week 0.152%)
    High Rate: 0.170% (allotted at high: 48.54%)

    SOMA purchased additional $6.29 billion 4-week bill.
Wednesday May 19, 2010
  • 56-day CMB* under SFP* (to be used by the Federal Reserve): $25 billion

    Primary Dealer: $11.70 billion
    Indirect Bidder: $7.37 billion
    Indirect Bidder Percentage: 29.5% (last week 31%)
    Direct Bidder: $5.92 billion (23.7%; last week 19.7%)
    Bid to Cover Ratio: 4.73 (last week 4.64)
    Investment Rate: 0.162% (last week 0.152%)
    High Rate: 0.160% (allotted at high: 51.47%)
Total for the week: $108 billion
  • Bills: $108 billion
Total for May 2010 so far: $417 billion
  • Bills: $339 billion
  • Notes and Bonds: $78 billion
Additional purchase by SOMA for May 2010 so far: $22.80 billion
  • Bills: $16.01 billion
  • Notes and Bonds: $6.79 billion

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Thursday, May 13, 2010

Treasury Auction Schedule for the Week of May 10, 2010 (Updated with Results)

The US Treasury Department auctions the following Treasury securities for the week of May 10, 2010.

Monday May 10, 2010

  • 13-week bill: $26 billion ($2 billion more than last week)

    Primary Dealer: $13.04 billion
    Indirect Bidder: $8.86 billion
    Indirect Bidder Percentage: 34.1% (last week 25.3%)
    Direct Bidder: $2.63 billion (10.1%; last week 11%)
    Bid to Cover Ratio: 4.44 (last week 4.55)
    Investment Rate: 0.157% (last week 0.167%)
    High Rate: 0.155% (allotted at high 74.21%)

  • 26-week bill: $26 billion ($1 billion more than last week)

    Primary Dealer: $9.99 billion
    Indirect Bidder: $11.57 billion
    Indirect Bidder Percentage:44.5% (last week 37.5%)
    Direct Bidder: $3.06 billion (11.8%; last week 12.4%)
    Bid to Cover Ratio: 4.35 (last week 4.32)
    Investment Rate: 0.233%(last week 0.249%)
    High Rate: 0.230% (allotted at high 18.25%)
Tuesday May 11, 2010
  • 4-week bill: $31 billion ($8 billion more than last week, $16 billion more than 2 weeks ago)

    Primary Dealer: $19.73 billion
    Indirect Bidder: $4.05 billion
    Indirect Bidder Percentage: 13.1% (last week 15.9%)
    Direct Bidder: $6.97 billion (22.5%; last week 22.2%)
    Bid to Cover Ratio: 4.22 (last week 4.82)
    Investment Rate: 0.152% (last week 0.152%)
    High Rate: 0.150% (allotted at high: 8.27%)

    In addition, SOMA* purchased $3.78 billion 4-week bill.

  • 3-year note: $38 billion ($2 billion less than last month)

    Primary Dealer: $12.36 billion
    Indirect Bidder: $19.17 billion
    Indirect Bidder Percentage: 50.4% (last month 52.2%)
    Direct Bidder: $6.25 billion (16.4%; last month 10.7%)
    Bid to Cover Ratio: 3.27 (last month 3.10)
    Interest Rate: 1.375% (last month 1.750%)
    High Yield: 1.414% (allotted at high 22.27%)

    In addition, SOMA purchased $3.31 billion 3-year note.
Wednesday May 12, 2010
  • 56-day CMB* (under SFP* to be used solely by the Federal Reserve; the 12th straight week of issuing CMB under SFP; the SFP account balance at the Federal Reserve is slightly below $200 billion): $25 billion

    Primary Dealer: $12.31 billion
    Indirect Bidder: $7.77 billion
    Indirect Bidder Percentage: 31% (last week 5.4%)
    Direct Bidder: $4.92 billion (19.7%; last week 25.4%)
    Bid to Cover Ratio: 4.64 (last week 4.47)
    Investment Rate: 0.152% (last week 0.152%)
    High Rate: 0.150% (allotted at high 8.42%)

  • 10-year note: $24 billion ($1 billion less than the last original issue in February 2010)

    Primary Dealer: $7.92 billion
    Indirect Bidder: $9.99 billion
    Indirect Bidder Percentage: 41.6% (last original issue 32.9%)
    Direct Bidder: $5.96 billion (24.8%; last original issue 12.9%)
    Bid to Cover Ratio: 2.96 (last original issue 2.67)
    Interest Rate: 3.500% (last original issue 3.625%)
    High Yield: 3.548% (allotted at high 94.55%)

    In addition, SOMA purchased $2.09 billion 10-year note.

Thursday May 13, 2010

  • 30-year bond: $16 billion (same as the last original issue in February 2010)

    Primary Dealer: $7.29 billion
    Indirect Bidder: $5.19 billion
    Indirect Bidder Percentage: 32.4% (last original issue 28.5%)
    Direct Bidder: $3.49 billion (21.8%; last original issue 24.1%)
    Bid to Cover Ratio: 2.60 (last original issue 2.36)
    Interest Rate: 4.375% (last original issue 4.625%)
    High Yield: 4.490% (allotted at high 72.22%)

    In addition, SOMA purchased $1.39 billion 30-year bond.
Total for the week: $186 billion
  • Bills: $108 billion
  • Notes and bonds: $78 billion

Total for May 2010 so far: $309 billion

  • Bills: $231 billion
  • Notes and Bonds: $78 billion

Additional purchase by SOMA for May 2010: $16.51 billion

  • Bills: $9.72 billion
  • Notes and bonds: $6.79 billion

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Sunday, May 9, 2010

Treasury Auction Schedule for the Week of May 3, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities for the week of May 3, 2010.

Monday May 3, 2010

  • 13-week bill: $24 billion (same as last week)

    Primary Dealer: $13.86 billion
    Indirect Bidder: $6.07 billion
    Indirect Bidder Percentage: 25.3% (last week 19%)
    Direct Bidder: $2.65 billion (11%; last week 17.5%)
    Bid to Cover Ratio: 4.55 (last week 4.69)
    Investment Rate: 0.167% (last week 0.152%)
    High Rate: 0.165% (allotted at high 66.06%)

  • 26-week bill: $25 billion (same as last week)

    Primary Dealer: $11.14 billion
    Indirect Bidder: $9.38 billion
    Indirect Bidder Percentage: 37.5% (last week 27.5%)
    Direct Bidder: $3.09 billion (12.4%; last week 11.9%)
    Bid to Cover Ratio: 4.32 (last week 4.66)
    Investment Rate: 0.249% (last week 0.244%)
    High Rate: 0.245% (allotted at high 18.25%)
Tuesday May 4, 2010
  • 4-week bill: $23 billion ($8 billion more than last week)

    Primary Dealer: $13.96 billion
    Indirect Bidder: $3.66 billion
    Indirect Bidder Percentage: 15.9% (last week 21.9%)
    Direct Bidder: $5.11 billion (22.2%; last week 22.3%)
    Bid to Cover Ratio: 4.82 (last week 5.47)
    Investment Rate: 0.152% (last week 0.132%)
    High Rate: 0.150% (allotted at high: 0.87%)

    In addition, SOMA purchased $5.94 billion 4-week bill.
  • 52-week bill: $26 billion (same as last month)

    Primary Dealer: $11.03 billion
    Indirect Bidder: $10.64 billion
    Indirect Bidder Percentage: 40.9% (last month 40.7%)
    Direct Bidder: $4.13 billion (15.9%; last month 15.7%)
    Bid to Cover Ratio: 4.01 (last month 3.66)
    Investment Rate: 0.427% (last month 0.494%)
    High Rate: 0.420% (allotted at high 65.39%)
Wednesday May 5, 2010
  • 56-day CMB* (under SFP* to be used solely by the Federal Reserve; the 11th straight week of issuing CMB under SFP; the SFP account balance at the Federal Reserve is slightly below $200 billion): $25 billion

    Primary Dealer: $17.28 billion
    Indirect Bidder: $1.35 billion
    Indirect Bidder Percentage: 5.4% (last week 13.2%)
    Direct Bidder: $6.36 billion (25.4%; last week 16.8%)
    Bid to Cover Ratio: 4.47 (last week 4.18)
    Investment Rate: 0.152% (last week 0.157%)
    High Rate: 0.150% (allotted at high 10.19%)
Total for the week: $123 billion
  • Bills: $123 billion

Total for May 2010 so far: $123 billion

  • Bills: $123 billion

Additional purchase by SOMA for May 2010: $5.94 billion

  • Bills: $5.94 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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