2012 Economic Calendar
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3-Month Bill Announcement
 
Description of Offering
Offering Amount$30.0 B 
CUSIP Number9127955X5 
Auction DateApril 16, 2012 
Issue (Settlement) DateApril 19, 2012 
Maturity DateJuly 19, 2012 
Min Bid Amount$100 

Receipt of Tenders
Noncompetitive Bids11:00 a.m. ET
Competitive Bids11:30 a.m. ET

Definition
Treasury bills are sold at public auctions every week. The 3-month bill is also known as the 13-week bill. Competitive bids at these auctions determine the interest rate paid on each 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. Since these are public auctions, the Treasury must announce the size, date and time of the auction every week. Three-month bills are announced on Thursday for auction the following Monday and are issued (settled) on Thursday. If a Monday is a banking holiday, the bills are auctioned on Tuesday. (Department of the Treasury)  Why Investors Care
 

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