Earlier today, the Treasury auctioned $13.0 billion of five-year notes. The issue was sold at a market-clearing yield of 4.525%, and the auction had a bid-to-cover ratio of 2.61.
By comparison, the five-year note auctioned in the August refunding went off at a market-clearing yield of 4.223% (carrying a coupon of 4.125%), with a bid-to-cover ratio of 2.92.
In today's auction, total competitive and noncompetitive tenders were $33.984 billion, excluding an allotment of $2.961
billion to the Federal Reserve System. Additional details are contained in the table below.
To conclude its November refunding operation, the Treasury will auction $13.0 billion of 10-year notes tomorrow (11/10).
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RESULTS OF THE NOVEMBER 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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11/08 $18.0 11/15/08 4.375% 4.458% 99.769+ 2.42 $0.437
11/09 $13.0 11/15/10 4.500% 4.525% 99.889+ 2.61 $0.283
11/10 $13.0 11/15/15 <------ Not Yet Auctioned ------>
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#Amount of issue (in billions) awarded
based on non-competitive tenders submitted.
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