Earlier today, the Treasury auctioned $16.0 billion of five-year notes.
The issue was sold at a market-clearing yield of 3.030%, and the auction
produced a bid-to-cover ratio of 2.84. The three-year note sold in the November
refunding went off at a market-clearing yield of 3.430%, with a bid-to-cover
ratio of 2.27.
Total competitive and noncompetitive tenders today were $45.457 billion,
excluding an allotment of $1.430 billion to the Federal Reserve System.
Additional details are contained in the tables below.
To conclude its February refunding operation, the Treasury will auction
$16.0 billion of 10-year notes tomorrow.
TABLE 1.
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RESULTS OF THE FEBRUARY 2004
TREASURY REFUNDING OPERATION*
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Bid/
Auct. Amt. Cover Non-
Date (Bils) Maturity Coupon Yield Price Ratio Comp.#
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02/10 $24.0 02/15/07 2.250% 2.330% 99.770 2.27 $0.278
02/11 $16.0 02/15/09 3.000% 3.030% 99.862 2.84 $0.217
02/12 $16.0 02/15/14 <----- Not Yet Auctioned ------>
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*All three issues are dated 2/15/04 and settle on
2/17/04. #Amount of issue (in billions) awarded
based on non-competitive tenders submitted.
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TABLE 2.
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FEBRUARY 2004 TREASURY REFUNDING OPERATION
-- AWARDS TO "PRIMARY DEALERS"
---------------------------------------------
Total Comp- Award to
et. Tenders "Primary" Award to
Accepted Dealers* "Primary"
Issue -- ($s in Billions) -- Dealers*
---------------------------------------------
3-Yr. Note $23.772 $12.526 52.7%
5-Yr. Note $15.783 $ 8.927 56.6%
10-yr. Note <---- Not Yet Auctioned ----->
=============================================
November 2003 Refunding
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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%
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Total $56.445 $35.832 63.5%
=============================================
August 2003 Refunding
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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%
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Total $59.245 $43.234 73.0%
=============================================
May 2003 Refunding
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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%
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Total $57.341 $41.183 71.8%
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*The Treasury definition of "Primary
Dealers" is "submitters bidding for
their own house accounts."
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