Earlier today, the Treasury concluded its May refunding operation by auctioning $14.0 billion of 10-year notes.
* The issue was sold at a market-clearing yield of 4.220%, and the auction had a bid-to-cover ratio of 2.33.
* The 10-year note sold in the February refunding went off at a market-clearing yield of 4.049%, with a bid-to-cover ratio of 2.05.
* Total competitive and noncompetitive tenders today were $32.639 billion, excluding an allotment of $2.471 billion to the Federal Reserve System. Additional details are contained in the table below.
Just a suspicion, but I'm not sure that at least today's auction was as "cleanly done" as the numbers suggest.
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RESULTS OF THE MAY 2005
TREASURY REFUNDING OPERATION*
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Bid/
Auct. Amt. Cover Non-
Date (Bils) Maturity Coupon Yield Price Ratio Comp.#
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05/10 $22.0 05/15/08 3.750% 3.821% 99.800+ 2.38 $0.494
05/11 $15.0 05/15/10 3.875% 3.890% 99.932+ 2.47 $0.334
05/12 $14.0 05/15/15 4.125% 4.220% 99.231+ 2.33 $0.174
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*All three issues are dated 5/15/05 and settle on
5/16/05. #Amount of issue (in billions) awarded
based on non-competitive tenders submitted.
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