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(Z2) Resumes Bear Cycle

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Data for: January 7, 2019
Source: U.S. Treasury, Bureau of Public Debt
Tenders by type of bidder in millions of U.S. dollars
Percentage are based on total competitive
Hit Ratio=Amt Accepted/Amt Tendered
                                  Pct of              Pct of
                                   Comp-               Comp-    Hit
3-month bills          Tendered  etitive   Accepted  etitive  Ratio
Primary Dealer 1      95645.000    81.04  19877.430    52.86  20.78
Direct Bidder 2        4400.000     3.73   3550.000     9.44  80.68
Indirect Bidder 3     17978.612    15.23  14174.587    37.70  78.84
Total Competitive    118023.612           37602.017           31.86
Noncomps               1298.163            1298.163              --
FIMA                    100.000             100.000              --
Total Public         119421.775           39000.180           32.66
                                  Pct of              Pct of
                                   Comp-               Comp-    Hit
6-month bills          Tendered  etitive   Accepted  etitive  Ratio
Primary Dealer 1      89795.000    84.65  20575.710    58.95  22.91
Direct Bidder 2        2435.000     2.30   1666.660     4.77  68.45
Indirect Bidder 3     13846.710    13.05  12663.310    36.28  91.45
Total Competitive    106076.710           34905.680           32.91
Noncomps                994.578             994.578              --
FIMA                    100.000             100.000              --
Total Public         107171.288           36000.258           33.59
1. Primary dealers as submitters bidding for their own house accounts.  
2. Non-primary dealer submitters bidding for their own house accounts.  
3. Customers placing competitive bids through a direct submitter,       
including foreign and international monetary authorities placing bids   
through the New York Federal Reserve Bank.                              
--MNI Washington Bureau; +1 (973) 494-2611; email:

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