US Treasury Securities

<body onLoad="MM_checkPlugin('Shockwave Flash','','http://www.riskglossary.com/default_nofl.htm',false);return document.MM_returnValue" stylesrc="../_private/template.htm" bgcolor="#FFFFFF" link="#669933" vlink="#000000" alink="#000000"> <div align="left"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="table1"> <tr> <td width="740"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" height="37" id="table2"> <tr> <td height="35" width="100%"> <table border="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" cellpadding="0" id="table3"> <tr> <td width="100%" align="left" valign="top"> <p class="header_gold">US Treasury Securities</td> <td width="45" align="right" valign="bottom"> <map name="FPMap6"> <area href="http://www.contingencyanalysis.com" shape="rect" coords="1, 0, 44, 11" target="_top"> </map> <img border="0" src="../images/home.gif" usemap="#FPMap6" width="45" height="12"></td> </tr> </table> </td> </tr> <tr> <td width="100%" bgcolor="#CC9966" height="2"> <img border="0" src="../images/blank_2x2.gif" width="2" height="2"></td> </tr> <tr> <td width="0%" valign="top" bgcolor="#FFFFCC"> <table border="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" cellpadding="0" cellspacing="1" id="table4"> <tr> <td width="0%" align="left" valign="top"> <p class="header2_black">Explained:<br> <img border="0" src="../images/blank_1x100.gif" width="100" height="1"></td> <td width="99%" align="left" valign="top"><p class="word_list"> <a href="#off-the-run">off-the-run</a><p class="word_list"> <a href="#on-the-run">on-the-run</a><p class="word_list"> <a href="#primary dealers">primary dealer</a><p class="word_list"> <a href="#primary government securities dealers">primary government securities dealer</a><p class="word_list"> <a href="#reopenings">reopening</a><p class="word_list"> <a href="#stop-out yield">stop-out yield</a><p class="word_list"> <a href="#Treasuries">Treasury</a><p class="word_list"> <a href="#Treasury securities">Treasury security</a><p class="word_list"> <a href="#when-issued securities">when-issued security</a><br> <img border="0" src="../images/blank_1x160.gif" width="160" height="1"></td> </tr> </table> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="165" align="left" id="table5"> <tr> <td width="160">  </td> <td width="11"> </td> </tr> <tr> <td width="160"> <script type="text/javascript"></script> <script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js"> </script> </td> <td width="11"> </td> </tr> </table> <p class="body">United States <a name="Treasury securities"><b>Treasury securities</b></a> (also called <b><a name="Treasuries"> Treasuries</a></b>) are fixed income instruments issued by the United States Department of Treasury. They are direct obligations of the Federal Government, so they are considered free of <a href="../articles/credit_risk.htm">credit risk</a>. Interest income from Treasuries is taxed by the Federal Government but not by US state or local governments. Due to their favorable tax treatment, lack of credit risk and the fact that Treasuries are generally not <a href="../articles/callable_bond.htm">callable</a>, Treasuries offer <a href="../articles/yield.htm">yields</a> below those of high-quality corporate <a href="../articles/security.htm">securities</a>. </p> <p class="body">At any given time, there are several trillion dollars of Treasuries outstanding. As old debt matures or federal budget deficits create a need for additional funds, the Treasury issues new securities. Accordingly, both the primary and secondary markets for Treasuries are large, active and highly <a href="../articles/liquidity.htm">liquid</a>. </p> <p class="body">Treasuries are issued in various forms. By convention, these are categorized as</p> <p class="bullet_line_space"><img border="0" src="../images/bullet.gif" width="20" height="10"><a href="../articles/treasury_bill.htm">Treasury bills</a>, which are <a href="../articles/discount_instrument.htm">discount instruments</a> with initial maturities of up to a year.</p> <p class="bullet_line_space"><img border="0" src="../images/bullet.gif" width="20" height="10"><a href="../articles/treasury_note_and_bond.htm">Treasury notes</a>, which pay semiannual <a href="../articles/coupon_bond.htm">coupons</a> and have initial maturities of more than one year and up to ten years.</p> <p class="bullet_line_space"><img border="0" src="../images/bullet.gif" width="20" height="10"><a href="../articles/treasury_note_and_bond.htm">Treasury bonds</a>, which pay semiannual coupons and have initial maturities greater than ten years.</p> <p class="body">A more recent development is <a href="../articles/treasury_tips.htm">Treasury Inflation-Protected Securities</a> (TIPS), which are coupon paying instruments with a <a href="../articles/par_value.htm">principal</a> amount that is adjusted over time for inflation. </p> <p class="body">The primary market for Treasuries is conducted as a Dutch auction open to the public and run by the Treasury. About 150 auctions are held a year. Most are for bills. Notes or bonds are auctioned less frequently. The Treasury publishes an informal long-term schedule for auctions. This is modified as the federal government's funding needs evolve. </p> <p class="body">Some auctions are called <b><a name="reopenings"> reopenings</a></b>. At these, the treasury auctions more of a previously issued security. For example, if a 4.25% coupon 30-year bond is issued in a February auction, more of those same 4.25% bonds will be offered in the August reopening. They will have the same maturity date as the previously issued bonds, so they will have just 29.5 years to maturity when issued..</p> <div align="center"> <center> <table border="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="400" cellpadding="0" id="table6"> <tr> <td> <p class="exhibit_header"><span class="exhibit_header">Treasury Auction Schedule</span><br> <span class="exhibit_subheader">Exhibit 1</span></td> </tr> <tr> <td bgcolor="#CC9966" height="2"> <img border="0" src="../images/blank_2x2.gif" width="2" height="2"></td> </tr> <tr> <td> <table border="0" cellpadding="4" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" bgcolor="#FFFFCC" id="table7"> <tr> <td width="29%" class="explanatory_text"> <p style="margin-left: 5"><b>bills:</b></td> <td width="71%" class="explanatory_text">weekly</td> </tr> <tr> <td width="29%" class="explanatory_text"> <p style="margin-left: 5"><b>2-year note:</b></td> <td width="71%" class="explanatory_text">monthly</td> </tr> <tr> <td width="29%" class="explanatory_text"> <p style="margin-left: 5"><b>3-year note:</b></td> <td width="71%" class="explanatory_text">Feb, May, Aug, Nov</td> </tr> <tr> <td width="29%" class="explanatory_text"> <p style="margin-left: 5"><b>5-year note:</b></td> <td width="71%" class="explanatory_text">monthly</td> </tr> <tr> <td width="29%" class="explanatory_text"> <p style="margin-left: 5"><b>10-year note:</b></td> <td width="71%" class="explanatory_text">Feb, Mar*, May, Jun*, Aug, Sep*, Nov, Dec*</td> </tr> <tr> <td width="29%" class="explanatory_text"> <p style="margin-left: 5"><b>30-year bond:</b></td> <td width="71%" class="explanatory_text">Feb, Aug*</td> </tr> <tr> <td width="29%" class="explanatory_text"> <p style="margin-left: 5"><b>5-year TIPS:</b></td> <td width="71%" class="explanatory_text">April, Oct*</td> </tr> <tr> <td width="29%" class="explanatory_text"> <p style="margin-left: 5"><b>10-year TIPS:</b></td> <td width="71%" class="explanatory_text">Jan, April*, July, Oct*</td> </tr> <tr> <td width="29%" class="explanatory_text"> <p style="margin-left: 5"><b>20-year TIPS:</b></td> <td width="71%" class="explanatory_text">Jan, Jul*</td> </tr> </table> </td> </tr> <tr> <td> <p class="exhibit_legend">This table summarizes the Treasury auction schedule as of January 2006. Reopenings are marked with an asterisk. There are no reopenings for securities auctioned weekly or monthly.</td> </tr> </table> </center> </div> <p class="body">Each auction is formally announced a few days in advance, and the Treasury identifies a specific dollar amount to be raised. That amount cannot change based on bids received. All bids are sealed. They can be placed competitively or non-competitively. Non-competitive orders are specified as an amount of securities, in units of 1,000s of dollars of <a href="../articles/par_value.htm">par value</a>, to be filled at whatever price is determined in the competitive bidding. Competitive orders are also specified as a par amount to be purchased but include a minimum yield the bidder is willing to accept. The Treasury collects all competitive bids, arranges the bided yields in ascending order, and determines the minimum yield at which it can meet the funding requirement specified for the auction. That <b><a name="stop-out yield"> stop-out yield</a></b> is converted into a price, which is the price paid by all participants whose orders are filled. Specifically, non-competitive orders and competitive orders bid at yields lower than the stop-out yield are filled entirely. Competitive orders bid at the stop-out yield may be only partially filled. Remaining orders—those bid above the stop-out yield—are not filled.</p> <table border="0" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111" width="310" align="left" id="table8"> <tr> <td width="300"> <script type="text/javascript"></script> <script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js"> </script>  </td> <td width="9"> </td> </tr> </table><p class="body">For newly issued coupon instruments, the coupon rate is set by rounding the stop-out yield down to the nearest eighth of a percent, so securities are always first issued at or below <a href="../articles/par_value.htm">par</a>. For example, the ten-year note maturing November 15, 2015 was first issued with a stop-out yield of 4.578. Its coupon was set at 4.500, and all bidders paid 99.379727 per 100 dollars of par value. Securities reissued in a reopening have the same coupon as the original issue, so they may be issued above par. </p> <p class="body">Treasury securities are all held in <a href="../articles/book_entry_registered_bearer_bonds.htm">book entry</a> form. There is an active <a href="../articles/exchange_traded.htm">OTC</a> market for Treasuries, typically for next day <a href="../articles/settlement.htm">settlement</a>. Large financial institutions act as dealers, buying from or selling to their clients. Those that the New York Federal Reserve transacts with in its open market operations are called <a name="primary government securities dealers"><b>primary government securities dealers</b></a> (or <b><a name="primary dealers">primary dealers</a></b>). In exchange for the Fed's business, primary dealers are expected to participate meaningfully in Treasury auctions, provide the Fed a reasonable <a href="../articles/spreads.htm">bid-offer spread</a> on open market transactions, and be a source of market intelligence for the Fed. There are usually about twenty-five primary dealers, and they dominate the secondary market. </p> <div align="center"> <center> <table border="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="500" cellpadding="0" id="table9"> <tr> <td> <p class="exhibit_header"><span class="exhibit_header">Primary Government Securities Dealers</span><br> <span class="exhibit_subheader">Exhibit 2</span></td> </tr> <tr> <td bgcolor="#CC9966" height="2"> <img border="0" src="../images/blank_2x2.gif" width="2" height="2"></td> </tr> <tr> <td> <table border="0" cellpadding="6" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" bgcolor="#FFFFCC" id="table10"> <tr> <td width="41%" class="explanatory_text" valign="top"> <p style="line-height: 150%">ABN AMRO Bank, N.V.<br> BNP Paribas Securities Corp.<br> Banc of America Securities LLC<br> Barclays Capital, Inc.<br> Bear, Stearns & Co., Inc.<br> CIBC World Markets Corp.<br> Citigroup Global Markets, Inc.<br> Countrywide Securities Corp.<br> Credit Suisse First Boston LLC<br> Daiwa Securities America, Inc.<br> Deutsche Bank Securities, Inc.</td> <td width="59%" class="explanatory_text" valign="top"> <p style="line-height: 150%">Dresdner Kleinwort Wasserstein Securities LLC.<br> Goldman, Sachs & Co.<br> Greenwich Capital Markets, Inc.<br> HSBC Securities (USA), Inc.<br> J. P. Morgan Securities, Inc.<br> Lehman Brothers, Inc.<br> Merrill Lynch Government Securities, Inc. <br> Mizuho Securities USA, Inc.<br> Morgan Stanley & Co. Inc.<br> Nomura Securities International, Inc.<br> UBS Securities LLC.</td> </tr> </table> </td> </tr> <tr> <td> <p class="exhibit_legend">Primary dealers as of January 2006. Source: Federal Reserve Bank of New York.</td> </tr> </table> </center> </div> <p class="body">Dealers trade with one another through interdealer brokers, including BrokerTec, Cantor Fitzgerald, Garban-Intercapital, Hilliard Farber, and Tullett & Tokyo Liberty. Brokers provide dealers with proprietary screens that indicate best bids and offers available from other dealers as well as recent transaction details. The system is anonymous. A dealer who transacts at one of the displayed bids or offers pays the broker a modest fee.</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="345" align="right" id="table11"> <tr> <td align="right" width="9"> </td> <td width="336"> <script type="text/javascript"></script> <script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js"> </script>  </td> </tr> </table> <p class="body">The majority of secondary transactions are for <b> <a name="on-the-run">on-the-run</a></b> securities. These are Treasuries issued in the most recent auction. Typically, dealers have acquired large holdings in that auction and are selling them to clients. Securities issued in earlier auctions are called <b><a name="off-the-run">off-the-run</a></b>. There is less liquidity for off-the-run securities, and they trade at modestly lower prices.</p> <p class="body">Treasuries also trade in the secondary market during the days leading up to their auction. These are called <b> <a name="when-issued securities">when-issued securities</a></b>. The trades are <a href="../articles/forward.htm">forward</a> transactions to be <a href="../articles/settlement.htm">settled</a> the same day the securities are issued. When-issued trading provides price transparency in anticipation of the auction. 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border="0" src="../images/bullet_link_glossary.gif" width="26" height="15"><a href="../articles/treasury_note_and_bond.htm">Treasury note or bond</a> A coupon-bearing Treasury security with an initial maturity greater than a year.</p> <p class="explanatory_text"> <img border="0" src="../images/bullet_link_glossary.gif" width="26" height="15"><strong style="font-weight: 400"><a href="../articles/treasury_strips.htm">Treasury strip</a> A zero-coupon bond "stripped" from the cash flows of a Treasury security.</strong></p> <p class="explanatory_text"> <img border="0" src="../images/bullet_link_glossary.gif" width="26" height="15"><a href="../articles/united_states_financial_regulation.htm">United States financial regulation</a> An overview.</td> </tr> </table> </td> </tr> <tr> <td height="30" valign="bottom" colspan="2"> <p class="header2_black">Related Books</td> </tr> <tr> <td colspan="2" bgcolor="#CC9966" height="2"> <img border="0" src="../images/blank_2x2.gif" width="2" height="2"></td> </tr> <tr> <td bgcolor="#FFFFCC" colspan="2"> <table border="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" cellpadding="6" id="table14"> <tr> <td width="100%"> <p class="explanatory_text">Fabozzi (<a target="_blank" href="http://www.riskbook.com/link/fabozzi_f_(2002)_financial_instruments.htm">2002</a>) and Fabozzi (<a target="_blank" href="http://www.riskbook.com/link/fabozzi_frank_(2000).htm">2005</a>) are two edited collections with detailed articles on Treasury securities.</p> <table border="0" cellpadding="4" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="table15"> <tr> <td width="100" align="left" valign="top"> <map name="FPMap706"> <area target="_blank" href="http://www.riskbook.com/link/fabozzi_f_(2002)_financial_instruments.htm" shape="rect" coords="0, 0, 82, 124"> </map> <img border="0" src="../images/book_fabozzi_f_(2002)_financial_instruments_125.gif" usemap="#FPMap706" 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