|Bid||0.00 x 2200|
|Ask||0.00 x 2200|
|Day's Range||50.24 - 50.42|
|52 Week Range||34.58 - 51.65|
|Beta (5Y Monthly)||1.41|
|PE Ratio (TTM)||18.55|
|Forward Dividend & Yield||0.68 (1.33%)|
|1y Target Est||N/A|
When Charles Schwab announced its deal to acquire TD Ameritrade, it shook up the brokerage world. But the forces that led to the proposed marriage had been building for a long time—and have inalterably changed the landscape.
This weekend's Barron's cover story looks at what's ahead for the markets in 2020. Other featured articles offer 10 best picks for 2020 and take a second look at "buy low, sell high." Also, the ...
Our call of the day from BTIG’s top strategist says his bullish S&P 500 forecast may turn out to be way too conservative, especially if trade negotiations smooth out.
Some of the nation's top bankers are seeking to use technology to better serve a broader swath of American investors. Will one decide they want Robinhood in their quiver?
Robinhood took aim at Charles Schwab again Thursday morning with a missive to clients that it had created a waiting list for the upcoming debut of fractional-share trading. Chuck Schwab told the Wall Street Journal in October that his brokerage also plans to introduce fractional-share trading soon. “We are currently working on fractional-share trading for individual stocks, with plans to make it available some time in 2020,” a Schwab spokesman said Thursday, declining to provide details.
The Charles Schwab Corporation (NYSE:SCHW) received a lot of attention from a substantial price increase on the NYSE...
(Bloomberg Opinion) -- Why is the nation's financial industry concentrated in just a few very costly cities?The latest actions by the Charles Schwab Corp. suggest there's less reason than there once was amid the squeeze the industry has been feeling since the Great Recession ended. In Schwab's case -- amid slow economic growth, low interest rates and continued pressure on trading commissions -- the discount brokerage firm slashed its fees, said it would buy a main rival and move its headquarters from high-cost San Francisco to more-affordable Dallas. It may not be the last to make such a move.No matter what part of the financial services or banking ecosystems you look at, revenues are harder to come by today than they were 10 or 20 years ago. Trading commissions have fallen, with online brokerages ushering in zero commissions. Bid-ask spreads for market makers have narrowed. Management fees for mutual funds and hedge funds continue to shrink. Mutual funds are losing market share to low-cost exchange-traded funds. Net interest margins for banks have been compressed by both low interest rates and a flatter yield curve. The Volcker rule restricted some of the more lucrative activities banks can do. Higher capital requirements have reduced the profitability of the banks. Loan growth has been anemic since the financial crisis. And increasingly, private companies are looking to do direct listings on stock markets rather than initial public offerings, threatening bank underwriting fees.And at the same time that revenues have been pressured, the costs of operating in coastal urban hubs where the finance industry has traditionally been clustered continue to rise. Although conservatives might snicker and chalk it up to the higher taxes in coastal finance centers, the bigger story has been the concentration of the technology industry and the young, highly paid knowledge workers they hire. In the first decade of the 2000s, when the credit and housing booms were roaring, the tech industry played second fiddle to finance when it came to urban employment. Even San Francisco was relatively tech-free until Twitter set up shop in the latter half of the decade. Rents, although high, were manageable for many workers with good financial industry jobs.That's no longer the case. With tech on a tear, young college-educated workers have, in turn, clustered in a handful of cities to gain access to more job opportunities. This dynamic has driven up rents in New York and San Francisco, posing stiff competition for financial companies looking to hire workers with the same types of skills prized by tech firms. The mediocre post-recession environment in finance has also meant banking and investment firms often find themselves outbid for talent.For the financial industry, that means if you can't beat 'em, retreat to cheaper pastures. That helps explain why Goldman Sachs has expanded in Salt Lake City; AllianceBernstein is planning to move its headquarters from New York to Nashville, Tennessee; and BlackRock is opening an "innovation center" in Atlanta. Perhaps the most significant announcement was made by JPMorgan Chief Executive Officer Jamie Dimon in October, when he said that he expects Texas to eventually overtake New York as the state with more of the bank's employees than any other.As with the shifts in the manufacturing industry, these changes take place over years and decades, but it's likely that the trend of decentralization will continue. Although Schwab is a high-profile financial firm moving its headquarters out of San Francisco, a much bigger one -- Wells Fargo -- remains based there. But for how long? The scandal-plagued bank recently hired a new chief executive, but he plans to remain in New York rather than move to the West Coast. The bank has five times as many job postings on its website in Charlotte, North Carolina, thanks to its acquisition of Wachovia, as it does in San Francisco. It wouldn't be a surprise if -- as part of its long-term repositioning strategy -- a headquarters relocation is part of the mix.It's been a bit more than a decade since the financial crisis, and banks and financial-services firms have had enough time to dust themselves off and adjust to the new environment for the industry. If the 2000s were defined by the bust, and the 2010s were a period of recovery and sluggish growth, then maybe the 2020s will be when the industry consolidates and finally lowers costs by shifting to cheaper cities.To contact the author of this story: Conor Sen at firstname.lastname@example.orgTo contact the editor responsible for this story: James Greiff at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Conor Sen is a Bloomberg Opinion columnist. He is a portfolio manager for New River Investments in Atlanta and has been a contributor to the Atlantic and Business Insider.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Commission-free stock trading startup Robinhood said on Thursday that its users will be able to invest in fractional shares via its app, a move that further intensifies competition in the online discount brokerage market. Through the new feature, Robinhood users with as little as $1 to invest will be able to buy a fraction of a share of large companies including Amazon.com Inc, Apple Inc and Walt Disney Co., Robinhood said. The Menlo Park, California-based company hopes the new feature will make it easier for more people to start investing, Vlad Tenev, co-CEO and co-founder of Robinhood, said in an interview.
(Bloomberg) -- XP Inc., Brazil’s largest brokerage by equity-trading volume, rose 28% in its trading debut after its initial public offering topped expectations to raise $1.96 billion.Shares of XP, Brazil’s answer to Charles Schwab Corp., opened at $32.75 each in New York trading Wednesday after pricing at $27 Tuesday. The company had marketed the shares for $22 to $25.The shares closed at $34.46 in New York trading, giving the company a market value of $19 billion. That makes XP more valuable than Banco BTG Pactual SA, Brazil’s biggest standalone investment bank, which is worth $15.7 billion.The company and its existing shareholders sold 72.5 million shares Tuesday. XP also granted its underwriters the option of selling an additional 10.88 million so-called greenshoe shares, according to a statement.XP is poised to fully exercise that overallotment option, said people familiar with the matter who asked not to be identified because that information wasn’t public. That would bring the amount raised in the IPO to about $2.25 billion.The listing is the biggest by a Brazilian firm since finance company Pagseguro Digital Ltd.’s $2.6 billion offering on the New York Stock Exchange in January 2018, according to data compiled by Bloomberg.$1 Billion ClubThe IPO is the fourth-biggest in the U.S. this year, after listings by Uber Technologies Inc., Avantor Inc. and Lyft Inc. It’s one of nine exceeding $1 billion, four of which -- including Uber and Lyft -- are now trading below their offer prices.XP, with JPMorgan Chase & Co. acting as the stabilization agent, has experienced a smoother trading debut than other listings. SmileDirectClub Inc. fell more than 27% on its first day of trading after its $1.35 billion IPO in September.The offering was also led by Goldman Sachs Group Inc., Morgan Stanley, XP Investments and Itau BBA. The shares are trading on the Nasdaq Global Select Market under the symbol XP.XP is based in Sao Paulo and incorporated in the Cayman Islands. Its existing investors XP Controle, General Atlantic (XP) Bermuda and DYNA III Fundo de Investimento em Participacoes were among sellers, according to its filings. Itau Unibanco Holding SA isn’t divesting any of its 49.9% stake, according to the filings.Expansion, AcquisitionsXP plans to use the proceeds to finance growth, make acquisitions and enter new businesses such as digital banking, payments and insurance. It took over the No. 1 spot for Brazil equity trading this year, surpassing UBS Group AG’s local broker-dealer, according to data compiled by Bloomberg. The broker received a banking license last year and plans to become a full-service lender.“We’d be interested in business that have synergy with ours, but Brazil’s regulators prevent us from buying other brokers,” founder and Chief Executive Officer Guilherme Benchimol told reporters Wednesday. He said there were no ongoing talks for acquisitions currently.Benchimol said the company is focused on Brazil, where “banking concentration is still brutal, presenting a big opportunity.” XP’s principal new initiative is creating a bank, which will allow it to launch new products that capture a bigger share of clients’ investments, he said.Brazilian ShareHe added that he would have liked the company to be listed in Brazil, but couldn’t because of regulations that include restrictions on the dual class structure of its Nasdaq offering. Holders of Class B stock will get 10 votes a share while the Class A shares will come with one vote apiece.XP said it allowed Brazilian funds to have a bigger share of the IPO than usual, he said.Inspired by Charles Schwab, the biggest U.S. discount brokerage, XP has been at the forefront of changing the way Brazilians invest by offering middle-class investors products that were once only available to the rich, while luring money away from the nation’s biggest banks at a breakneck pace.For the nine months ended Sept. 30, XP earned 699 million reais ($169 million) on revenue of 3.7 billion reais, according to its filings.1.5 Million ClientsThe company has more than 1.5 million clients and 350 billion reais in assets under custody as of September, according to its filings. Benchimol has said that he expects the company to have 1 trillion reais under custody by the end of 2020.Benchimol was 24 when he created XP in 2001 with Marcelo Maisonnave. Originally, they called the company XPTO, a generic placeholder in Portuguese, somewhat like XYZ in English.After a year, Benchimol sold his car and borrowed 5,000 reais from his half-brother, XP board member Julio Capua, to keep things going, with the firm operating only as a stock brokerage.The company was reinvented after the 2008 economic downturn, when Benchimol attended a Charles Schwab event in San Francisco, inspiring him to follow its model by creating “the first real one-stop investment shop” in Brazil, Benchimol said earlier this year.(Updates with closing share price in third paragraph.)To contact the reporters on this story: Felipe Marques in Sao Paulo at firstname.lastname@example.org;Cristiane Lucchesi in Sao Paulo at email@example.com;Vinícius Andrade in São Paulo at firstname.lastname@example.org;Crystal Tse in New York at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, ;Michael J. Moore at email@example.com, Michael Hytha, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Guilherme Benchimol decided to set up his own firm when he was 24 with only 10,000 reais in his bank account and after being fired from a brokerage firm. Now, at 43, that venture’s success has placed him among Brazil’s richest people.Benchimol’s fortune surged Wednesday to about $1.2 billion after XP Inc.’s initial public offering in New York. Shares of the Sao Paulo-based brokerage he co-founded opened at $32.75 -- above the IPO price of $27 -- and climbed as much as 28%, valuing his stake at roughly $1 billion. He also sold $200 million of shares in the offering, according to Bloomberg calculations based on the prospectus.“We will not rest until we completely transform the Brazilian financial system and improve people’s lives,” Benchimol, the firm’s chief executive officer, wrote in a letter to clients after the IPO. The company is his “life project,” he said.Inspired by Charles Schwab, Sao Paulo-based XP is changing the way Brazilians invest by offering middle-class investors products that were once available only to the rich. XP, Brazil’s largest brokerage by equity-trading volume, is luring money away from the nation’s biggest banks at a breakneck pace.The company had more than 1.5 million clients and 350 billion reais ($85 billion) in assets under custody as of September, filings show. Benchimol said last year that he expects 1 trillion reais under custody by the end of 2020. Brazil’s five biggest banks account for 93% of the 8.6 trillion reais in investment assets under custody in the nation, according to a report by Oliver Wyman.A spokesman for XP declined to comment on Benchimol’s wealth or the ownership arrangement.XP was founded in 2001 by Benchimol and Marcelo Maisonnave, who later left the company. It was named after XPTO, a generic placeholder in Portuguese, somewhat like XYZ in English. After a year, Benchimol had to sell his car and borrow 5,000 reais from his half-brother, Julio Capua, to keep things going, operating only as a stock brokerage.The company was reinvented after the 2008 economic downturn, when Benchimol attended a Charles Schwab Corp. event in San Francisco. That inspired him to follow Schwab’s model by creating “the first real one-stop investment shop” in Brazil, Benchimol said.Benchimol showed up at the Nasdaq on Wednesday wrapped in the Brazilian flag and gave a quick, teary speech, capped by a song associated with his idol Ayrton Senna, a Brazilian racing champion who died in 1994. Benchimol said in an interview with Bloomberg late last year that he admired Senna mostly for his “impossible victories,” something he aimed to emulate at XP.\--With assistance from Vinícius Andrade.To contact the reporters on this story: Felipe Marques in Sao Paulo at firstname.lastname@example.org;Tom Maloney in New York at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, Dan Reichl, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Robinhood Markets Inc. has finally launched its take on a bank account, albeit a very different version of the service it once hoped to offer. On Wednesday, the online brokerage firm rolled out Cash Management to a subset of users. The product will sweep the money customers don’t currently have in stocks into a separate account with 1.8% interest.The introduction comes after a debacle for the company last year, when Robinhood, known for popularizing free stock trading, announced a product called Checking & Savings that drew swift backlash. The startup has spent much of the past 12 months retooling how it would offer cash management services and making sure that this time, it wouldn’t raise any red flags with industry watchdogs or regulators.The product is part of a larger effort at Robinhood to broaden its business model. “Our entire business was built knowing we weren’t going to be charging trading commissions,” said Co-Chief Executive Officer Vlad Tenev. “We’ll still have existing revenue streams, and in addition we’ll add revenue from interchange on debit card transactions. As we launch even more products covering even more needs of customers, that revenue stream will continue to diversify.”Cash Management will offer bank-like services—including debit cards and Federal Deposit Insurance Corp. coverage on deposits— through a partnership with an existing bank, unlike Checking & Savings, which did not have such a partnership. The product represents a scaling back of banking ambitions for the startup, which had originally planned to become a bank itself. But last month, the company withdrew its application for a national banking charter. Being granted such a license would have allowed the company to offer checking accounts, debit cards and similar services on its own. No fintech startup has so far successfully won a charter.The debut of Cash Management comes after several other financial technology startups have rolled out their own banking services, leading to an increasingly crowded field. Betterment LLC and Wealthfront Corp. also have their own versions of cash management services, as do more traditional competitors like Charles Schwab Corp. At the same time, Robinhood’s main business of free stock trading is also seeing more competition. Over the last several months, Charles Schwab, E*Trade Financial Corp. and TD Ameritrade Holding Corp. all eliminated trading fees for U.S. stocks, exchange traded funds and options.To contact the author of this story: Julie Verhage in New York at email@example.comTo contact the editor responsible for this story: Anne VanderMey at firstname.lastname@example.org, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Brazilian financial services platform XP Inc has priced its Nasdaq listing at $27 per class A share, the largest IPO of a Brazilian company this year, and raised $2.25 billion, sources with knowledge of the matter said on Tuesday. XP, which has among its shareholders private equity firm General Atlantic LLC, Brazil's largest private-sector lender Itau Unibanco Holding SA, and founder Guilherme Benchimol, has been valued at $14.9 billion, the sources added, asking for anonymity to disclose the price ahead of the announcement. The IPO is set to be the fourth largest in the United States in 2019 and is considered a bellwether for other Brazilian financial technology companies eyeing U.S. listings in 2020.
(Bloomberg) -- In a recent surprise encounter, BTIG’s Julian Emanuel met Charles Schwab. It took just 20 minutes of chatting for the finance legend to spur a bold call from the Wall Street strategist: A 25% gain for stocks in 2020.It’s not his base case, but BTIG’s chief equity and derivatives strategist says it’s possible that the S&P 500 Index surges to 3,950 next year, driven in part by the fee war that’s swept the asset management industry. It was just after Charles Schwab Corp. cut commissions to zero when Emanuel and the brokerage’s founder met.“His enthusiasm over the whole idea that this was another step in the democratization of markets for the public, it was so profound and it really hit me,” Emanuel said in an interview. “To me, his belief in the benefits of markets and investing seem to be stronger than ever. That really focused our attention on the potential.”The logic goes like this. For much of the past decade’s bull market, investors have remained under-invested, preferring the safety of cash over the risk of equities. But history shows that typically near the end of cycles, “the public investor falls in love” with risk assets, often “resulting in a parabolic move higher,” Emanuel wrote to clients this week. To him, zero-fee trading could be the spark that ignites the rush even after the 25% gain so far this year.Charles Schwab said it would cut commissions on trades for stocks, options, and exchange-traded funds to zero in October, sending shares of its competitors spiraling. TD Ameritrade Holding Corp. did too the same day (although Schwab later agreed to buy the broker), and E*Trade Financial Corp. made the move the day after.In the month that followed, clients opened 142,000 new brokerage accounts at Schwab, a 31% jump from the prior period.“If you’re going to have more account openings, those people aren’t buying bond funds,” Emanuel said by phone. “People are starting to pay incrementally more attention. The move to zero fee online trading is one of those things that makes is so incredibly easy.”His discussion with Chuck Schwab reminded Emanuel of rule changes in the past that weren’t expected to have outsize effects on stocks, but did. Take the turn of the century, when a move by the U.S. Securities and Exchange Commission that ordered stock prices be reported in decimals instead of fractions led to higher trading volumes. Or in 2007, when the regulator removed the so-called Uptick Rule, introducing new market dynamics, he said.To Ryan Nauman, a market strategist at Informa Financial Intelligence’s Zephyr, the connection makes sense. But a 25% gain from the S&P 500’s current levels seems a bit lofty considering risks including U.S.-China trade war, a presidential election and geopolitical tensions abroad will likely persist.“If there is less cost, trading should pick up and you’d assume trading to the upside,” Nauman said by phone. “That definitely could help drive markets. I’m not quite that optimistic though. There’s just too many headlines out there.”But Kelly Bogdanova, vice president and portfolio analyst for RBC Wealth Management’s Portfolio Advisory Group, says investor mindsets have changed, and memories of the financial crisis are still fresh. That means the public could grow more bullish in surveys and the like, yet not cut loose on savings and deploy cash into the market.“When the crisis occurred and then the country started to come out of it, a lot of households changed their behavior, paid down debt and then accumulated savings,” Bogdanova said. “So while there’s a lot of savings on the sidelines, we may not be at the point where those savings gets freed up to flow into the market heavily because people are still in the mindset of being cautious.”To contact the reporter on this story: Sarah Ponczek in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Dave Liedtka, Rita NazarethFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bank of America expanded unlimited free trades to all Merrill Lynch individual investors, after Charles Schwab, TD Ameritrade and E-Trade ditched stock and ETF trading fees.
Schwab’s planned merger with TD Ameritrade will affect thousands of advisors who custody with the two firms. Rivals like Fidelity are using it as an opportunity to market their own offerings.
(Bloomberg) -- Bank of America Corp. is expanding commission-free trading -- again.The lender said it will give unlimited free stock trades to all customers on its Merrill Edge Self-Directed platform, seven weeks after handing that perk to members of its Preferred Rewards loyalty program. The move, announced in a statement Monday, follows Charles Schwab Corp.’s decision to eliminate charges and acquire TD Ameritrade Holding Corp. for about $26 billion. It all underscores fierce competition in the discount-brokerage business.“Everyone is aggressive right now, because the question is: How do you prove value, how do you attract clients?” Aron Levine, Bank of America’s head of consumer banking and investments, said in a phone interview. “We want to make sure that all clients who are interested in our platform have access to it in a comparable way to the rest of the industry.”As other firms face pressure to bulk up through mergers, Bank of America will focus on boosting activity among its existing clients, Levine said. The company has about 66 million consumer and small business clients.“We look at a client holistically,” Levine said. That means the lender can make money on customers’ broader financial activities, including banking, credit cards and mortgages, rather than focusing purely on brokerage revenue. Any lost revenue from the latest move will be marginal, given 87% of trades were already commission-free, he said.To contact the reporter on this story: Lananh Nguyen in New York at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, David Scheer, Daniel TaubFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The stock market’s closing bell typically rings at 4 p.m. Eastern, but for traders sniffing around for a broad-market strategy that’s proven to be a real winner in recent years, perhaps that sound should be treated as an opening bell.
Democratic presidential candidates, including Joe Biden, Elizabeth Warren and Bernie Sanders, have proposed a new tax on financial transactions. Sanders is proposing an even more aggressive 0.5% tax on stock trades 0.1% tax on bond trades and 0.005% tax on derivative trades. This week, Biden said he would support new taxes on financial transactions.
(Bloomberg) -- Investors face a crush of events next week that could sweep away the biggest hurdles to a full-blown race into riskier assets, if things line up just right.Over the second half of the week, possible catalysts for a Treasury market sell-off will arrive in close succession: Policy decisions from the U.S. and euro-zone central banks are expected to offer no fresh hints of easing in the cards, and the U.K. election could finally pave a more resolute course for an exit from the European Union.Treasuries were already on the ropes Friday, thanks to a U.S. payrolls report that surpassed analysts’ expectations. That pushed the S&P 500 to the brink of a record high, drove market pricing for a full Federal Reserve rate cut to the end of 2020, and thrust the 10-year yield toward the upper end of its recent range, at around 1.84%.The events ahead will determine the macroeconomic backdrop heading into the new year, but the question for investors is how much of the real action next week is already baked in. For Kathy Jones at Charles Schwab & Co., the more pressing issue remains U.S.-China trade talks. The big catalyst for risk appetite and significantly higher yields in one of the last actively traded weeks of the year would be a credible signal that the U.S. will forgo the additional tariffs it’s threatening to impose on Chinese goods on Dec. 15, she said.“We do have a confluence of things next week and there’s a good likelihood that yields will rise -- but will they just rip higher?” said Jones, chief fixed-income strategist at Charles Schwab. “You’d need some really surprisingly good news on the trade war.”Global growth headwinds from trade friction have helped pull benchmark U.S. 10-year yields down about 80 basis points in 2019, driving Treasuries to a 7.3% return this year through Dec. 5. It’s shaping up to be the best annual performance since 2011.Some SwayAnd in Jones’s view, economic numbers could still have sway.Treasuries could take a hit ahead of the week’s high-profile events if the consumer price index reading due Dec. 11, the same day as the Fed decision, shows an annual increase faster than the expected 2%. That could unsettle the widely held view that inflation pressures are nowhere near strong enough to fit the Fed’s stated criteria for a rate hike. But there’s also potential for yields to fall should the Dec. 13 retail sales figures counter the market’s conviction that the U.S. consumer is holding up.While the data may fall short of alarming the Fed’s inflation hawks, it’s clear from Chairman Jerome Powell’s recent statements that his view of the economy is biased toward optimism -- as a glass “more than half full.”There hasn’t been much in comments from Fed speakers to suggest they’ve downgraded projections for interest rates -- which will be updated Wednesday -- since September. At the time, the “dot plot” of policy makers’ views suggested that the majority see the next move as a hike rather than a cut, and most expect rates to remain on hold or move higher in 2020.Whichever way traders see the risks tilting through year-end, the coming week could be one of the last good opportunities of the decade to jump into the fray, before clearing out for the holidays.What to WatchMuch of the potentially market-moving action in the week ahead is offshore, with the European Central Bank’s decision and the U.K. election. But markets will also be looking for signs of movement in trade talks ahead of the Dec. 15 U.S. tariff deadlineThe FOMC’s meeting tops the domestic agenda:Dec. 11: FOMC rate decision and Powell press conferenceDec. 13: New York Fed’s John Williams discusses topics in monetary policyHere’s the economic calendar:Dec. 10: NFIB small business optimism; nonfarm productivity; unit labor costsDec. 11: MBA mortgage applications; consumer price index; real average earnings; monthly budget statementDec. 12: Producer price index; jobless claims; Bloomberg consumer comfort; household change in net worthDec. 13: Import/export prices; retail sales; Bloomberg U.S. economic survey; business inventoriesAnd the auction schedule:Dec. 9: $42 billion of 13-week bills; $36 billion of 26-week bills; $38 billion 3-year notesDec. 10: $24 billion of 10-year notesDec. 12: 4-, 8-week bills; 30-year bond re-openingTo contact the reporter on this story: Emily Barrett in New York at email@example.comTo contact the editors responsible for this story: Benjamin Purvis at firstname.lastname@example.org, Mark Tannenbaum, Nick BakerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.