| 3-Yr Note Announcement |
|
|
| Description of Offering |
| Offering Amount | $32.0 B | | CUSIP Number | 912828QM5 | | Auction Date | May 10, 2011 | | Issue (Settlement) Date | May 16, 2011 | | Maturity Date | May 15, 2014 | | Min Bid Amount | $100 |
Receipt of Tenders |
| Noncompetitive Bids | 12:00 Noon ET |
| Competitive Bids | 1:00 p.m. ET |
|
|
Definition
Treasury notes are sold at regularly scheduled public auctions. The competitive bids at these auctions determine the interest rate paid on each Treasury note issue. A group of securities dealers, known as primary dealers, are authorized and obligated to submit competitive tenders at Treasury auctions. Dealers can hold the bills, resell the bills to their clients or trade them with other securities firms. Typically, the New York Fed approves about 20 securities firms to be primary dealers but that number dropped sharply during the recent financial crisis as some were merged into other firms or went bankrupt. The Fed has been rebuilding that number regularly and the latest list can be found here: http://www.newyorkfed.org/markets/pridealers_current.html The 3-year notes are announced around the first week of the month (usually on Thursday) and then auctioned the following week. In all cases, the 3-year notes are issued (settled) on the 15th of the month, unless it falls on a weekend or holiday, and then they are issued on the next business day. (Department of the Treasury)
Why Investors Care
|
| |
|
|
|
| Legal Notices | ©Copyright 1998-2013 Econoday, Inc.
|
powered by
![[Econoday]](images/logo.gif)
|
|
|
|
