Earlier today, the Treasury auctioned $22.0 billion of three-year notes. The issue was sold at a market-clearing yield of 3.470%, and the auction had a bid-to-cover ratio of 2.01. The three-year note sold in the November refunding went off at a market-clearing yield of 3.090%, with a bid-to-cover ratio of 2.24.
Total competitive and noncompetitive tenders today were $44.297 billion, excluding an allotment of $1.883 billion to the Federal Reserve System. Additional details are contained in the tables below.
To conclude its February refunding operation, the Treasury will auction $15.0 billion of five-year notes tomorrow, and $14.0 billion of 10-year notes on Thursday (2/9 and 2/10).
_____
Table 1.
------------------------------------------------------
RESULTS OF THE FEBRUARY 2005
TREASURY REFUNDING OPERATION*
------------------------------------------------------
Bid/
Auct. Amt. Cover Non-
Date (Bils) Maturity Coupon Yield Price Ratio Comp.#
------------------------------------------------------
02/08 $22.0 02/15/08 3.375% 3.470% 99.731+ 2.01 $0.168
02/09 $15.0 02/15/10 <------ Not Yet Auctioned ------>
02/10 $14.0 02/15/15 <------ Not Yet Auctioned ------>
------------------------------------------------------
*All three issues are dated 2/15/05 and settle on
2/15/05. #Amount of issue (in billions) awarded
based on non-competitive tenders submitted.
------------------------------------------------------
Table 2.
-------------------------------------------------
DETAILS OF COMPETITIVE TENDERS/AWARDS
(Amounts in Thousands of $s)
-------------------------------------------------
% of
Tendered Accepted Accepted
-------------------------------------------------
Primary Dealer[1] 33994000 12144015 55.6
Direct Bidder[2] 109000 78104 0.4
Indirect Bidder[3] 10026100 9610045 44.0
-------------------------------------------------
Total 44129100 21832164 100.0
-------------------------------------------------
[1]Primary dealers as submitters bidding for
their own house accounts. [2]Non-Primary dealer
submitters bidding or their own house accounts.
[3]Customers placing competitive bids through a
direct submitter, including foreign and inter-
national monetary authorities placing bids
through the New York Federal Reserve Bank.
-------------------------------------------------
| 