RANsquawk DAILY G7 BOND AUCTION PREVIEW – 07/05/12
AUCTION PREVIEW: NDL EUR 4bln combined 3-, and 6-Month T-Bill Auctions
Today the Dutch Treasury is conducting its 31-Jul-12 and 30-Nov-12 T-Bill auctions, where it expects to raise a combined amount of EUR 4bln. In terms of historical data:
- The 3-month T-Bill auction was last held in Apr'12, with a yield of 0.017%. The last three auctions of this T-Bill have seen an average yield of 0.014%.
- The 6-month T-Bill auction was last held in Apr'12, with a yield of 0.041%. The last three auctions of this T-Bill have seen an average yield of 0.046%. This 30-Nov-12 line is a new 6-month program from the Dutch treasury.
Results are expected between 1030-1100 BST.
AUCTION PREVIEW: FR EUR 6.8-8bln combined 12-, 25- and 51-Week T-Bill Auctions
Today the French Treasury is conducting 12-, 25 and 51-week T-Bill auctions, where it expects to raise a combined amount of between approximately EUR 6.8-8bln. In terms of historical data:
- The 12-week T-Bill auction was last held in Apr'12, with a bid/cover ratio of 2.43 (yield 0.090%). The last three 12-week auctions have seen an average bid/cover ratio of 2.54 (average yield 0.074%). France looks to raise between EUR 3.6-4bln from this line.
- The 25-week T-Bill auction was last held in Apr'12 with a bid/cover ratio of 2.79 (yield 0.119%). The last three 25-week auctions have seen an average bid/cover ratio of 2.97 (average yield 0.150%). France looks to raise between EUR 1.4-1.8bln from this line.
- The 51-week T-Bill auction was last held in Apr'12 with a bid/cover ratio of 2.81 (yield 0.249%). The last three 51-week auctions have seen an average bid/cover ratio of 2.69 (average yield 0.293%). France looks to raise between EUR 1.8-2.2bln from this line.
Results are expected between 1350-1400 BST.
**Note: The ECB will announce their purchases under the SMP shortly after 1430 BST. The ECB has not purchased any bonds under this program since the week leading up to March 12th 2012, where they spent an amount of just EUR 27mln.
AUCTION PREVIEW: US Fed's Outright Treasury Coupon Purchase Feb'36 – Feb'42
Today the NY Fed is conducting its Outright Treasury Coupon Purchase in the maturity range Feb 2036 – Feb 2042. This is the fifth operation of this series as part of the Fed's new maturity extension program, and until May 31st 2012, the Fed expects to buy approximately USD 38.43bln in the remaining 13 operations and sell USD 33.02bln in the remaining 4 operations. It is worth noting that the Fed originally planned to buy about USD 45bln in 15 operations and sell about USD 43bln in 6 operations.
In today's operation, the Fed expects to buy in the range of USD 1.50bln – USD 2.00bln. The last Outright Treasury Coupon purchase operation in the maturity range of 25 – 30 years was on the 3rd May 2012, with a purchase size of USD 1.83bln and a submitted/accepted ratio of 3.17. It is worth noting that effective from September 30, 2011, the Fed plans to buy 32% of its coupon securities in this maturity range.
This Operation is tentatively scheduled to begin around 1515 BST (1015 EDT) and close at 1600 BST (1100 EDT). Results are released shortly after 1600 BST (1100 EDT).
Sources: http://www.dsta.nl/english, www.aft.gouv.fr/index.php3?lang=en, http://www.newyorkfed.org/markets/tot_operation_schedule.html
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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