2012 Economic Calendar
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4-Week Bill Announcement
 
Description of Offering
Offering Amount$30.0 B 
CUSIP Number9127955M9 
Auction DateApril 10, 2012 
Issue (Settlement) DateApril 12, 2012 
Maturity DateMay 10, 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. 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. Four-week bills are announced on Monday for a Tuesday auction and are issued (settled) on Thursday of the same week. If a Monday is a banking holiday, the bills are auctioned on Wednesday. (Department of the Treasury)  Why Investors Care
 

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