Earlier today, the Treasury auctioned $24.0 billion of three-year notes. The issue was sold at a market-clearing yield of 3.199%, and the auction had a bid-to-cover ratio of 2.08. By comparison, the three-year note sold in the February refunding went off at a market-clearing yield of 2.330%, with a bid-to-cover ratio of 2.27.
Total competitive and noncompetitive tenders today were $49.978 billion, excluding an allotment of $3.562 billion to the Federal Reserve System. Additional details are contained in the tables below.
To conclude its May refunding operation, the Treasury will auction $15.0 billion of five-year notes tomorrow, and $15.0 billion of 10-year notes on Thursday.
_____
TABLE 1.
-----------------------------------------------------
RESULTS OF THE MAY 2004
TREASURY REFUNDING OPERATION*
-----------------------------------------------------
Bid/
Auct. Amt. Cover Non-
Date (Bils) Maturity Coupon Yield Price Ratio Comp.#
-----------------------------------------------------
05/11 $24.0 05/15/07 3.125% 3.199% 99.790 2.08 $0.317
05/12 $15.0 05/15/09 <----- Not Yet Auctioned ------>
05/13 $15.0 05/15/14 <----- Not Yet Auctioned ------>
-----------------------------------------------------
*All three issues are dated 5/15/04 and settle on
5/17/04. #Amount of issue (in billions) awarded
based on non-competitive tenders submitted.
-----------------------------------------------------
TABLE 2.
---------------------------------------------
MAY 2004 TREASURY REFUNDING OPERATION
-- AWARDS TO "PRIMARY DEALERS"
---------------------------------------------
Total Comp- Award to
et. Tenders "Primary" Award to
Accepted Dealers* "Primary"
Issue -- ($s in Billions) -- Dealers*
---------------------------------------------
3-Yr. Note $23.683 $12.791 54.0%
5-Yr. Note <---- Not Yet Auctioned ----->
10-yr. Note <---- Not Yet Auctioned ----->
---------------------------------------------
Total $ NA $ NA NA
=============================================
February 2004 Refunding
---------------------------------------------
3-Yr. Note $23.772 $12.526 52.7%
5-Yr. Note $15.783 $ 8.927 56.6%
10-yr. Note $15.866 $ 8.630 54.4%
---------------------------------------------
Total $55.421 $30.083 54.3%
=============================================
November 2003 Refunding
---------------------------------------------
3-Yr. Note $23.785 $14.759 62.1%
5-Yr. Note $15.816 $10.836 68.5%
10-yr. Note $16.844 $10.237 60.8%
---------------------------------------------
Total $56.445 $35.832 63.5%
=============================================
August 2003 Refunding
---------------------------------------------
3-Yr. Note $23.722 $19.137 80.7%
5-Yr. Note $17.763 $11.879 66.9%
10-yr. Note $17.760 $12.218 68.8%
---------------------------------------------
Total $59.245 $43.234 73.0%
=============================================
May 2003 Refunding
---------------------------------------------
3-Yr. Note $21.726 $15.709 72.3%
5-Yr. Note $17.784 $11.909 67.0%
10-yr. Note $17.831 $13.565 76.1%
---------------------------------------------
Total $57.341 $41.183 71.8%
---------------------------------------------
*The Treasury definition of "Primary
Dealers" is "submitters bidding for
their own house accounts."
---------------------------------------------
| 