Treasury Auction Schedule for the Week of April 26, 2010 (Updated with Results)

The US Treasury Department will auction the following Treasury securities for the week of April 26, 2010.

Monday April 26, 2010

• 13-week bill: $24 billion (drop of $1 billion from this week)
  
  Primary Dealer: $13.04 billion
  Indirect Bidder: $4.56 billion
  Indirect Bidder Percentage: 19% (last week 28.1%)
  Direct Bidder: $4.19 billion (17.5%; last week 12.9%)
  Bid to Cover Ratio: 4.69 (last week 4.66)
  Investment Rate: 0.152% (last week 0.147%)
  High Rate: 0.150% (allotted at high 72.61%)
  
  
• 26-week bill: $25 billion (same as this week)
  
  Primary Dealer: $13.41 billion
  Indirect Bidder: $6.87 billion
  Indirect Bidder Percentage: 27.5% (last week 27.5%)
  Direct Bidder: $2.97 billion (11.9%; last week 10.7%)
  Bid to Cover Ratio: 4.42 (last week 4.38)
  Investment Rate: 0.244% (last week 0.223%)
  High Rate: 0.240% (allotted at high 20.89%)
  
  
• 5-year TIPS: $11 billion (issued once a year, with reopening in 6 months)
  
  Primary Dealer: $6.80 billion
  Indirect Bidder: $2.47 billion
  Indirect Bidder Percentage: 22.5% (last year 24.8%)
  Direct Bidder: $1.39 billion (12.6%; last year 0.6%)
  Bid to Cover Ratio: 3.15 (last year 2.66)
  Interest Rate: 0.5% (last year 1.250%)
  High Yield: 0.550%(allotted at high 30.03%)
  
  In addition, SOMA* purchased $235 million 5-year TIPS.
  

Tuesday April 27, 2010

• 4-week bill: $15 billion ($3 billion less than last week)
  
  Primary Dealer: $7.44 billion
  Indirect Bidder: $3.28 billion
  Indirect Bidder Percentage: 21.9% (last week 15.3%)
  Direct Bidder: $3.34 billion (22.3%; last week 22.2%)
  Bid to Cover Ratio: 5.47 (last week 5.01)
  Investment Rate: 0.132% (last week 0.142%)
  High Rate: 0.130% (allotted at high 55.62%)
  
  In addition, SOMA purchased $2.42 billion 4-week bill.
  
  
• 2-year note: $44 billion (same as last month)
  
  Primary Dealer: $20.70 billion
  Indirect Bidder: $13.51 billion
  Indirect Bidder Percentage: 30.7% (last month 34.4%)
  Direct Bidder: $9.32 billion (21.2%; last month 13.7%)
  Bid to Cover Ratio: 3.03 (last month 3.00)
  Interest Rate: 1% (last month 1%)
  High Yield: 1.024% (allotted at high 63.61%; last month high yield 1%)
  
  In addition, SOMA purchased $939 million 2-year note.
  

Wednesday April 28, 2010

• 56-day CMB: $25 billion (under SFP* to be used solely by the Federal Reserve; the 10th straight week of issuing CMB under SFP)
  
  Primary Dealer: $17.48 billion
  Indirect Bidder: $3.31 billion
  Indirect Bidder Percentage: 13.2% (last week 17.8%)
  Direct Bidder: $4.21 billion (16.8%; last week 13.2%)
  Bid to Cover Ratio: 4.18 (last week 4.31)
  Investment Rate: 0.157% (last week 0.152%)
  High Rate: 0.155% (allotted at high: 97.74%)
  
  
• 5-year note: $42 billion (same as last month)
  
  Primary Dealer: $15.39 billion
  Indirect Bidder: $20.49 billion
  Indirect Bidder Percentage: 48.8% (last month 39.5%)
  Direct Bidder: $6.00 billion (14.3%; last month 10.7%)
  Bid to Cover Ratio: 2.75 (last month 2.55)
  Interest Rate: 2.5% (last month 2.5%)
  High Yield: 2.540% (allotted at high: 90.56%; last month high yield 2.605%)
  
  In addition, SOMA purchased $896 million 5-year note.
  

Thursday April 29, 2010

• 7-year note: $32 billion (same as last month)
  
  Primary Dealer: $9.04 billion
  Indirect Bidder: $19.02 billion
  Indirect Bidder Percentage: 59.4% (last month 41.8%)
  Direct Bidder: $3.90 billion (12.2%; last month 17.2%)
  Bid to Cover Ratio: 2.82 (last month 2.61)
  Interest Rate: 3.125% (last month 3.250%)
  High Yield: 3.210% (allotted at high 93.61%; last month high yield 3.374%)
  
  In addition, SOMA purchased $683 million 7-year note.

Total for the week: $218 billion

• Bills: $89 billion
  
• Notes and bonds: $129 billion

Total for April 2010: $652 billion

• Bills: $449 billion
• Notes and bonds: $203 billion

Additional Purchase by SOMA for April 2010: $26.605 billion

• Bills: $18.43 billion
• Notes and bonds: $8.175 billion

Treasury Auction Schedule for the Week of April 19, 2010 (Updated with Results)

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

Monday April 19, 2010

• 13-week bill: $25 billion (drop of $1 billion from last week)
  
  Primary Dealer: $13.19 billion
  Indirect Bidder: $7.03 billion
  Indirect Bidder Percentage: 28.1% (last week 29.2%)
  Direct Bidder: $3.23 billion (12.9%; last week 10.9%)
  Bid to Cover Ratio: 4.66 (last week 4.52)
  Investment Rate: 0.147% (last week 0.157%)
  High Rate: 0.145% (allotted at high: 59.11%)
  
  
• 26-week bill: $25 billion (drop of 2 billion from last week)
  
  Primary Dealer: $14.06 billion
  Indirect Bidder: $6.88 billion
  Indirect Bidder Percentage: 27.5% (last week 44.7%)
  Direct Bidder: $2.68 billion (10.7%; last week 14.9%)
  Bid to Cover Ratio: 4.38 (last week 4.40)
  Investment Rate: 0.223% (last week 0.244%)
  High Rate: 0.220% (allotted at high: 76.29%)
  

Tuesday April 20, 2010

• 4-week bill: $18 billion (drop of $8 billion from last week)
  
  Primary Dealer: $10.98 billion
  Indirect Bidder: $2.76 billion
  Indirect Bidder Percentage: 15.3% (last week 22%)
  Direct Bidder: $4.00 billion (22.2%; last week 17.1%)
  Bid to Cover Ratio: 5.01 (last week 4.35)
  Investment Rate: 0.142% (last week 0.147%)
  High Rate: 0.140% (allotted at high: 14.55%)
  
  In addition, SOMA* purchased $6.29 billion 4-week bill.
  

Wednesday April 21, 2010

• 56-day CMB*: $25 billion (under SFP* to be used solely by the Federal Reserve; 9th straight week of issuing CMB under SFP)
  
  Primary Dealer: $17.26 billion
  Indirect Bidder: $4.45 billion
  Indirect Bidder Percentage: 17.8% (last week 24.3%)
  Direct Bidder: $3.30 billion (13.2%; last week 19.5%)
  Bid to Cover Ratio: 4.31 (last week 4.60)
  Investment Rate: 0.152% (last week 0.152%)
  High Rate: 0.150% (allotted at high: 16.48%)
  

Total for the week: $93 billion

• Bills: $93 billion

Total for April 2010 so far: $434 billion

• Bills: $360 billion
• Notes and bonds: $74 billion

Additional Purchase by SOMA for April 2010 so far: $21.432 billion

• Bills: $16.01 billion
• Notes and bonds: $5.422 billion

Treasury Auction Schedule and Result for the Week of April 12, 2010

(Updated with results)

The US Treasury Department auctioned the following Treasury securities for the week of April 12.

Monday April 12, 2010

• 13-week bill: $26 billion (drop of $2 billion from last week)
  
  Primary Dealer: $12.49 billion
  Indirect Bidder: $7.58 billion
  Indirect Bidder Percentage: 29.2% (last week 34.8%)
  Direct Bidder: $4.46 billion (17.2%; last week 10.9%)
  Bid to Cover Ratio: 4.52 (last week 3.60)
  Investment Rate: 0.157% (last week 0.178%)
  High Rate: 0.155% (allotted at high: 67.57%)
  
  
• 26-week bill: $27 billion (drop of 2 billion from last week)
  
  Primary Dealer: $9.45 billion
  Indirect Bidder: $12.08 billion
  Indirect Bidder Percentage: 44.7% (last week 43.3%)
  Direct Bidder: $4.02 billion (14.9%; last week 18.5%)
  Bid to Cover Ratio: 4.40 (last week 3.63)
  Investment Rate: 0.244% (last week 0.269%)
  High Rate: 0.240% (allotted at high: 0.76%)

Tuesday April 13, 2010

• 4-week bill: $26 billion (drop of $8 billion from last week)
  
  Primary Dealer: $15.59 billion
  Indirect Bidder: $5.72 billion
  Indirect Bidder Percentage: 22% (last week 27.5%)
  Direct Bidder: $4.44 billion (17.1%; last week 16.5%)
  Bid to Cover Ratio: 4.35 (last week 3.56)
  Investment Rate: 0.147% (last week 0.162%)
  High Rate: 0.145% (allotted at high: 57.27%)
  
  In addition, SOMA* purchased $3.78 billion 4-week bill.
  

Wednesday April 14, 2010

• 56-day CMB*: $25 billion (under SFP* to be used solely by the Federal Reserve; 8th straight week of issuing CMB under SFP)
  
  Primary Dealer: $14.04 billion
  Indirect Bidder: $6.08 billion
  Indirect Bidder Percentage: 24.3% (last week 19.2%)
  Direct Bidder: $4.88 billion (19.5%; last week 21.7%)
  Bid to Cover Ratio: 4.60 (last week 3.85)
  Investment Rate: 0.152% (last week 0.167%)
  High Rate: 0.150% (allotted at high: 55.65%)
  

Total for the week: $104 billion

• Bills: $104 billion

Total for April 2010 so far: $341 billion

• Bills: $267 billion
• Notes and bonds: $74 billion

Additional Purchase by SOMA for April 2010 so far: $15.142 billion

• Bills: $9.72 billion
• Notes and bonds: $5.422 billion

April 2010 Treasury Auction Tally

Treasury Auction Schedule and Result for the Week of April 5, 2010 (Updated with Results)

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

Monday April 5, 2010

• 13-week bill: $28 billion (same as last week)
  
  Primary Dealer: $13.91 billion
  Indirect Bidder: $9.74 billion
  Indirect Bidder Percentage: 34.8% (last week 48.2%)
  Direct Bidder: $3.06 billion (10.9%; last week $2.10 billion)
  Bid to Cover Ratio: 3.60 (last week 4.16)
  Investment Rate: 0.178% (last week 0.147%)
  High Rate: 0.175% (allotted at high: 30.70%)
  
  
• 26-week bill: $29 billion (same as last week)
  
  Primary Dealer: $9.91 billion
  Indirect Bidder: $12.56 billion
  Indirect Bidder Percentage: 43.3% (last week 51.3%)
  Direct Bidder: $5.36 billion (18.5%; last week $2.12 billion)
  Bid to Cover Ratio: 3.63 (last week 3.90)
  Investment Rate: 0.269% (last week 0.244%)
  High Rate: 0.265% (allotted at high: 39.79%)

Tuesday April 6, 2010

• 4-week bill: $34 billion ($3 billion more than last week)
  
  Primary Dealer: $18.76 billion
  Indirect Bidder: $9.36 billion
  Indirect Bidder Percentage: 27.5% (last week 26.4%)
  Direct Bidder: $5.60 billion (16.5%; last week $5.36 billion)
  Bid to Cover Ratio: 3.56 (last week 3.58)
  Investment Rate: 0.162% (last week 0.152%)
  High Rate: 0.160% (allotted at high: 76.03%)
  
  In addition, SOMA* purchased $5.94 billion 4-week bill.
  
  
• 52-week bill: $26 billion (same as last month)
  
  Primary Dealer: $11.10 billion
  Indirect Bidder: $10.57 billion
  Indirect Bidder Percentage: 40.7% (last month 43%)
  Direct Bidder: $4.13 billion (15.9%; last month $2.87 billion)
  Bid to Cover Ratio: 3.66 (last month 4.00)
  Investment Rate: 0.494% (last month 0.381%)
  High Rate: 0.485% (allotted at high: 1.56%)
  
  
• 3-year note: $40 billion (same as last month)
  
  Primary Dealer: $14.78 billion
  Indirect Bidder: $20.87 billion
  Indirect Bidder Percentage: 52.2% (last month 51.6%)
  Direct Bidder: $4.29 billion (10.7%; last month $4.12 billion)
  Bid to Cover Ratio: 3.10 (last month 3.13)
  Interest Rate: 1.750% (last month 1.375%)
  High Yield: 1.776% (allotted at high: 44.71%)

In addition, SOMA purchased $2.93 billion 3-year note.

Wednesday April 7,2010

• 56-day CMB under SFP* for the Federal Reserve: $25 billion
  
  Primary Dealer: $14.78 billion
  Indirect Bidder: $4.80 billion
  Indirect Bidder Percentage: 19.2% (last week 22.1%)
  Direct Bidder: $5.43 billion (21.7%; last week $3.34B)
  Bid to Cover Ratio: 3.85 (last week 3.61)
  Investment Rate: 0.167% (last week 0.162%)
  High Rate: 0.165% (allotted at high: 43.62%; last week high rate 0.160%)
  
  
• 9-year 10-month note (reopening): $21 billion (same as last reopening; total after auction $67 billion)
  
  Primary Dealer: $8.48 billion
  Indirect Bidder: $9.01 billion
  Indirect Bidder Percentage: 42.9% (last month 34.9%; original issue 32.9%)
  Direct Bidder: $3.41 billion (16.2%; last month $3.65B; original issue $3.22B)
  Bid to Cover Ratio: 3.72 (last month 3.45; original issue 2.67)
  Interest Rate: 3.625%
  High Yield: 3.900% (allotted at high: 99.62%) (last month high yield 3.735%; original issue high yield 3.692%)
  
  In addition, SOMA purchased $1.54 billion 9-year 10-month note.

Thursday April 8, 2010

• 29-year 10-month bond (reopening): $13 billion (same as last reopening; total after auction $42 billion)
  
  Primary Dealer: $4.89 billion
  Indirect Bidder: $4.78 billion
  Indirect Bidder Percentage: 36.8% (1st reopening 23.8%; original issue 28.5%)
  Direct Bidder: $3.31 billion (25.5%; 1st reopening 29.6%; original issue 24.1%)
  Bid to Cover Ratio: 2.73 (1st reopening 2.89; original issue 2.36)
  Interest Rate: 4.625%
  High Yield: 4.770% (allotted at high: 30.96%) (high yield 1st reopening 4.679%; original issue 4.720%)
  
  In addition, SOMA purchased $952 million 29-year 10-month bond.
  

Total for the week: $216 billion

• Bills: $142 billion
  Notes and bonds: $74 billion

Total for April 2010 so far: $237 billion

• Bills: $163 billion
• Notes and bonds: $74 billion

Additional purchase by SOMA in April so far: $11.362 billion

• Bills: $5.94 billion
• Notes and bonds: $5.422 billion
  

Auctions of Cash Management Bills in 2010 (Updated)

Auctions of CMB (Cash Management Bills) under SFP (Supplemental Financing Program) are quietly increasing in frequency and in amounts raised.

CMB is 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.

But there is another type of CMB since October 2008 (SFP, or Supplemental Financing Program) , whose proceeds are used exclusively by the Federal Reserve for its various lending and credit programs to support the financial industry and also to support its own balance sheet.

Auctions of CMB under SFP have increased recently, after a relatively quiet period since November last year.

Regular CMB issues in 2010 so far:

• March 30: 18-day CMB, $17 billion
• April 1: 10-day CMB, $21 billion

CMB issues under SFP in 2010 so far:

• February 3: 21-day CMB, $5 billion
  
• February 24: 56-day CMB, $25 billion
  
• March 3: 56-day CMB, $25 billion
• March 10: 56-day CMB, $25 billion
• March 17: 56-day CMB, $25 billion
• March 24: 56-day CMB, $25 billion
• March 31: 56-day CMB, $25 billion
• April 7: 56-day CMB, $25 billion (scheduled)
  

There is no announcement either from Treasury or from the Federal Reserve as to how the money thus raised is being spent, and that has been the case ever since the Supplemental Financing Program started in October 2008.

Treasury Auction Result for the Week of March 29, 2010

The U.S. Treasury Department auctioned the following Treasury securities for the week of March 29, 2010.

Monday March 29, 2010

• 13-week bill: $28 billion (same as last week)
  
  Primary Dealer: $10.30 billion
  Indirect Bidder: $13.49 billion
  Indirect Bidder Percentage: 48.2% (last week 33.9%)
  Direct Bidder: $2.10 billion (7.5%; last week $1.93 billion)
  Bid to Cover Ratio: 4.16 (last week 4.27)
  Investment Rate: 0.147% (last week 0.157%; lower rate than 4-week bill)
  High Rate: 0.145% (allotted at high: 91.75%)
  
  
• 26-week bill: $29 billion (same as last week)
  
  Primary Dealer: $10.08 billion
  Indirect Bidder: $14.87 billion
  Indirect Bidder Percentage: 51.3% (last week 44.8%)
  Direct Bidder: $2.12 billion (7.3%; last week $2.67 billion)
  Bid to Cover Ratio: 3.90 (last week 4.20)
  Investment Rate: 0.244% (last week 0.244%)
  High Rate: 0.240% (allotted at high: 41.89%)

Tuesday March 30, 2010

• 4-week bill: $31 billion (same as last week)
  
  Primary Dealer: $16.33 billion
  Indirect Bidder: $8.18 billion
  Indirect Bidder Percentage: 26.4% (last week 42.9%)
  Direct Bidder: $5.36 billion (17.3%; last week $3.39 billion)
  Bid to Cover Ratio: 3.58 (last week 4.29)
  Investment Rate: 0.152% (last week 0.106%)
  High Rate: 0.150% (allotted at high: 5.63%)

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

• 18-day CMB* (under SFP* for the use by the Federal Reserve): $17 billion
  
  Primary Dealer: $12.64 billion
  Indirect Bidder: $2.57 billion
  Indirect Bidder Percentage: 15.1%
  Direct Bidder: $1.79 billion
  Bid to Cover Ratio: 4.27
  Investment Rate: 0.152% (cf. investment rate of 4-week bill: 0.152%)
  High Rate: 0.150% (allotted at high: 53.77%)

Wednesday March 31, 2010

• 56-day CMB* (under SFP* for the use by the Federal Reserve): $25 billion
  
  Primary Dealer: $16.12 billion
  Indirect Bidder: $5.53 billion
  Indirect Bidder Percentage: 22.1%
  Direct Bidder: $3.34 billion
  Bid to Cover Ratio: 3.61
  Investment Rate: 0.162%
  High Rate: 0.160% (allotted at high: 13.02%)

Total for the week: $130 billion

• Bills: $130 billion

Total for March 2010: $793 billion

• Bills: $601 billion
• Notes and bonds: $192 billion

Additional purchase by SOMA in March: $25.715 billion

• Bills: $20.85 billion
• Notes and bonds: $4.865 billion