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3 Month Bill Closes At 0.125%, 6 Month At 0.185%, Direct Bidders Take Down Over 14% In Both Auctions

Tyler Durden's picture





 

The $26 billion 3 month Bill closed at 0.125% with 92.53% allocation on the high yield. WI last traded at 0.135% at 11:30 am. The $28 billion 6 month Bill closed at 0.185% with 12.03 allotted at high. WI last traded at 0.195% at the time of auction. Both auctions were very well bid, pricing inside of the WI price at 11:30am, and Bid to Covers both well over historical averages and the prior auctions. Direct bidders were once again a major component of the take down, coming at over 14% for both auctions.

3 Month observations:

  • Median rate 0.10%, low rate at 0.07%, 92.53% allotted at high yield of 0.125%
  • Bid to cover 4.42, compared to 4.04 prior and 4.03 average in prior year
  • Indirect bidders take down 38%
  • Indirect hit ratio at 76.8%
  • Direct bidder take down 14.2%

6 Month observations:

  • Median rate 0.17%, low rate at 0.10%, 12.03% allotted at high yield of 0.185%
  • Bid to cover 4.44, compared to 4.29 prior and 3.90 average in prior year
  • Indirect bidders take down 38%
  • Indirect hit ratio at 50.5%
  • Direct bidder take down 14.0%

 

 


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Mon, 03/01/2010 - 13:07 | Link to Comment IveBeenHad
IveBeenHad's picture

looks like contradicting auctions w/ the tail on the 3 month and allocation at high looking grim but promising on the 6 month. 

 

either way demand was strong but bidders not convinced about the low interest rate timeline for the fed seemingly. 

Mon, 03/01/2010 - 13:33 | Link to Comment Anonymous
Mon, 03/01/2010 - 14:01 | Link to Comment truont
truont's picture

+1.  We have a winner!  What has he won today, Bob?

Mon, 03/01/2010 - 14:35 | Link to Comment MarketTruth
MarketTruth's picture

Actually the USA Congress can Constitutionally finance their own debt, thus eliminating the Federal Reserve and also the massive interest payments that accrue over time that is paid to their member that include the Rothschilds, Morgans, Rockefellers, etc. There is no need to use the Federal Reserve for debt whatsoever.

So that begs the question why Congress is allowing the Federal Reserve to hold such auctions and then have the USA taxpayer pay back BILLIONs of dollars in interest. If you can answer that, then you know more than most.

Mon, 03/01/2010 - 14:47 | Link to Comment edwardscpa
edwardscpa's picture

Does the Fed not refund net income from operations (including interest) back to the Treasury?  If you watch something like Zeitgeist, you'd be led to believe that the banking cabal is charging the US interest on every dollar in circulation.

 

I'd like to see Zero Hedge do a write up that breaks down the financial operations of the Fed.  Interest received, interest paid to Treasury, and "dividends" paid to member banks (and the basis for that calculation), etc.

Mon, 03/01/2010 - 15:02 | Link to Comment Anonymous
Mon, 03/01/2010 - 16:22 | Link to Comment edwardscpa
edwardscpa's picture

Granted, but there's a difference between private interests funneling losses through to the Treasury and straight income from seigniorage being paid directly to the Rothschilds, et al.

Fri, 04/16/2010 - 10:30 | Link to Comment Tom123456
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