INTRODUCTION: Public Debt Operations
Chapter 31 of Title 31 of the United States Code allows chronological order over the past 2 years. Issues of cash
the Secretary of Treasury to borrow money by issuing management bills also are presented.
Treasury securities. The Secretary determines the terms and
conditions of issue, conversion, maturity, payment, and Note: Additional information, including maturity
interest rate. New issues of Treasury notes mature in 2 to 10 schedules of interest-bearing marketable public debt securities
years. Bonds mature in more than 10 years from the issue other than regular weekly and 52-week Treasury bills
date. Each outstanding marketable security is listed in the outstanding, can now be found on the Bureau of Public Debt’s
“Monthly Statement of the Public Debt of the United States.” website at http://www.treasurydirect.gov/govt/ reports/pd/pd_
The information in this section of the “Treasury Bulletin” pdotables_downloadable_files.htm.
pertains only to marketable Treasury securities. Note: On April 30, 2008, Treasury announced the
• Table PDO-1 presents the results of weekly auctions reintroduction of the 52-week bill. The first auction of this
of 4-, 13-, and 26-week bills. Treasury bills mature each security took place on June 3, 2008.
Thursday. Issues of 4- and 13-week bills are reopenings of Note: Cash managements bills that are identified below
26-week bills. High yields on accepted tenders and the dollar are issued as part of the Supplementary Financing Program
value of total bids are presented, with the dollar value of (SFP). For more details about the SFP, visit www.treasury.gov/
awards made on both competitive and noncompetitive bases. press/releases/hp1144.htm or call 202-622-2960.
Note: On February 4, 2009, Treasury announced the
To encourage the participation of individuals and smaller
reintroduction of the 7-year note. The first auction of this
institutions, Treasury accepts noncompetitive tenders of up to
security took place on February 26, 2009.
$5 million for bills and $5 million for notes and bonds in each
auction of securities.
• Table PDO-2 lists the results of auctions of
marketable securities, other than weekly bills, in
TREASURY FINANCING: JANUARY-MARCH
[Source: Bureau of the Public Debt, Office of Financing]
JANUARY On January 15, Treasury announced it would auction
$35,000 million of 70-day bills. They were issued January 22
Cash Management Bills and will mature April 2. The issue was part of the SFP.
Treasury auctioned the bills on January 21. Tenders totaled
On December 29, 2008, Treasury announced it would $92,744 million; Treasury accepted $35,000 million. The high
auction $35,000 million of 62-day bills. They were issued bank discount rate was 0.100 percent.
January 2, 2009 and matured March 5. The issue was part of On January 26, Treasury announced it would auction
the Supplementary Financing Program (SFP). Treasury $35,000 million of 70-day bills. They were issued January 29
auctioned the bills on December 30, 2008. Tenders totaled and matured April 9. The issue was part of the SFP. Treasury
$82,618 million; Treasury accepted $35,000 million. The high auctioned the bills on January 28. Tenders totaled $87,057
bank discount rate was 0.140 percent. million; Treasury accepted $35,001 million. The high bank
On January 5, 2009, Treasury announced it would auction discount rate was 0.200 percent.
$35,000 million of 70-day bills. They were issued January 8
and matured March 19. The issue part of the SFP. Treasury 52-Week Bills
auctioned the bills on January 7. Tenders totaled $124,431
million; Treasury accepted $35,000 million. The high bank On January 8, 2009, Treasury announced it would auction
discount rate was 0.100 percent. $22,000 million of 364-day Treasury bills. They were issued
On January 12, Treasury announced it would auction January 15 and will mature January 14, 2010. The issue was
$30,000 million of 56-day bills. They were issued January 15 to refund $129,037 million of all maturing bills and pay down
and matured March 12. The issue was part of the SFP. approximately $37 million. Treasury auctioned the bills on
Treasury auctioned the bills on January 14. Tenders totaled January 13. Tenders totaled $67,109 million; Treasury
$96,214 million; Treasury accepted $30,000 million. The high accepted $22,000 million. That included $164 million of
bank discount rate was 0.085 percent. noncompetitive tenders from the public. The high bank
discount rate was 0.430 percent.
PUBLIC DEBT OPERATIONS 31
TREASURY FINANCING: JANUARY-MARCH, con.
Auction of 3-Year Notes $15