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Quarterly Refunding Statement of Deputy Assistant Secretary for Federal Finance Brian Smith

☷Quarterly Refunding Statement of Deputy Assistant Secretary for Federal Finance Brian Smith

U.S. Department of the Treasury
| 19| 2
   WASHINGTON — The U . S . Department of the Treasury is offering $103 billion of Treasury securities to refund approximately $47 . 8 billion of privately - held Treasury notes maturing on May 15 , 2022 . This issuance will raise new cash of approximately $55 . 2 billion . The securities are: - A 3 - year note in the amount of $45 billion , maturing May 15 , 2025; - A 10 - year note in the amount of $36 billion , maturing May 15 , 2032; and - A 30 - year bond in the amount of $22 billion , maturing May 15 , 2052 . The 3 - year note will be auctioned on a yie......ld basis at 1:00 p . m . ET on Tuesday , May 10 , 2022 . The 10 - year note will be auctioned on a yield basis at 1:00 p . m . ET on Wednesday , May 11 , 2022 . The 30 - year bond will be auctioned on a yield basis at 1:00 p . m . ET on Thursday , May 12 , 2022 . All of these auctions will settle on Monday , May 16 , 2022 . The balance of Treasury financing requirements over the quarter will be met with weekly bill auctions , cash management bills ( CMBs ) , and monthly note , bond , Treasury Inflation - Protected Securities ( TIPS ) , and 2 - year Floating Rate Note ( FRN ) auctions . PROJECTED FINANCING NEEDS AND ISSUANCE PLANSSince November 2021 , Treasury has made substantial progress towards aligning issuance with intermediate - term borrowing needs by reducing auction sizes across all nominal coupon securities . During this period , we have also received important information regarding Treasury’s projected borrowing needs , most notably recent strong tax receipts and public communications from the Federal Open Market Committee regarding potential redemptions of Treasury securities from the Federal Reserve System Open Market Account ( SOMA ) . Based on this updated information , Treasury intends to continue reducing auction sizes of nominal coupon securities during the upcoming May – July 2022 quarter , though by smaller increments than in previous quarters . While the issuance plans announced today leave Treasury well positioned to finance additional privately - held net marketable borrowing needs resulting from potential SOMA redemptions and to address potential changes to the fiscal outlook , additional reductions in future quarters may be necessary depending on future developments in projected borrowing needs . Treasury plans to address any seasonal or unexpected variations in borrowing needs over the next quarter through changes in regular bill auction sizes and/or CMBs . NOMINAL COUPON AND FRN FINANCINGOver the next three months , Treasury anticipates incrementally reducing the size of each of the 2 - , 3 - , and 5 - year note auctions by $1 billion per month . As a result , the size of the 2 - , 3 - , and 5 - year note auctions will each decrease by $3 billion by the end of July . Treasury also anticipates reducing the size of the 7 - year note auction by $2 billion per month . As a result , the size of the 7 - year note auction will decrease by $6 billion by the end of July . Treasury anticipates decreases of $1 billion to both the new and reopened 10 - year note auction sizes and to the new and reopened 30 - year bond auction sizes starting in May . Treasury also anticipates decreases of $2 billion to both the new and reopened 20 - year bond auction sizes starting in May . In addition , Treasury anticipates maintaining the May and June reopening 2 - year FRN auction sizes and maintaining the July new issue 2 - year FRN auction size . The table below presents the anticipated auction sizes in billions of dollars for the May – July 2022 quarter: 2 - Year3 - Year5 - Year7 - Year10 - Year20 - Year30 - YearFRNFeb - 225250535037192322Mar - 225048514734162022Apr - 224846494434162024May - 224745484236172222Jun - 224644474033141922Jul - 224543463833141924 The changes in nominal coupon auction sizes announced today will result in a $69 billion reduction of issuance to private investors during the May – July 2022 quarter compared to the February – April 2022 quarter . TIPS FINANCING Over the next refunding quarter , Treasury intends to maintain the May 10 - year TIPS reopening auction size at $14 billion; increase the June 5 - year TIPS reopening auction size to $18 billion , a $1 billion increase from the December reopening auction size; and increase the July 10 - year TIPS new issue auction size to $17 billion , a $1 billion increase from the January new issue auction size . Given Treasury’s desire to stabilize the share of TIPS as a percent of total marketable debt outstanding and continued robust demand , Treasury will continue to monitor TIPS market conditions and consider whether subsequent modest increases would be appropriate . INTRODUCTION OF THE 4 - MONTH BILL BENCHMARKGiven the outlook for T - bill supply over the intermediate to long term and after gathering feedback from a variety of market participants , including the primary dealers and the Treasury Borrowing Advisory Committee , later this year Treasury intends to change the 4 - month ( i . e . , 17 - week ) CMB into a benchmark bill ( part of the regular weekly bill issuance schedule going forward ) . Investor reception to the 4 - month CMB has been strong , and elevation to benchmark status will further support demand . Over the coming months , Treasury plans to make necessary operational and systems changes in order to smoothly transition the 4 - month CMB to benchmark status . During this transition , Treasury will continue to issue the 4 - month CMB at a regular cadence . Treasury also intends to maintain the Tuesday settlement and maturity cycle when the 4 - month CMB becomes a benchmark bill . Additional implementation details , including the likely timing of the first benchmark auction , will be provided at the August quarterly refunding . ADDITIONAL PUBLIC TRANSPARENCYTreasury , in consultation with other members of the Inter - Agency Working Group on Treasury Market Surveillance ( IAWG ) , is exploring the possibility of additional public transparency for secondary market transactions of Treasury securities . [1] Additional public transparency may enhance liquidity by fostering a greater understanding of market activity across market segments . Public data releases should also be designed to avoid creating disincentives for providing liquidity . To gather public input on this topic , Treasury intends to issue a request for information ( RFI ) on the potential benefits and risks of specific steps that could be taken to provide additional transparency in the Treasury securities market . Treasury expects to release the RFI in the coming months and encourages market participants and the broader public to respond . Treasury is also in consultation with the Financial Industry Regulatory Authority ( FINRA ) regarding potential ways to enhance the reporting of transactions to FINRA and the public release of weekly aggregated data . AMENDMENTS TO TREASURY AUCTION REGULATIONSIn the coming months , Treasury intends to issue a final rule that makes several technical amendments to the Uniform Offering Circular ( UOC ) , which governs the terms and conditions for the sale and issuance to the public of marketable Treasury securities . These amendments are designed to modernize the regulations , enhance their clarity , and improve consistency in the use of terminology . As part of these amendments , Treasury intends to increase the non - competitive bidding and award limits for all marketable Treasury securities auctions from the current limit of $5 million to $10 million , considering the growth in auction sizes and inflation over several decades . SMALL - VALUE CONTIGENCY AUCTION OPERATION TESTTreasury believes that it is prudent to regularly test its contingency auction infrastructure . Treasury’s contingency auction system has been used routinely over the last several years to conduct both mock auctions and live small - value test auctions . Sometime over the next three months , Treasury intends to conduct a small - value test auction using its contingency auction system . Details about this test will be announced at a later date . This small - value test auction should not be viewed by market participants as a precursor or signal of any pending policy changes regarding Treasury’s auction processes . LARGE POSITION REPORT ( LPR ) CALL AND WORKSHOPSometime over the next three months , Treasury intends to issue an LPR call . [2] Treasury last conducted an LPR call on July 15 , 2021 . Additionally , Treasury is offering a free virtual workshop on June 10 , 2022 , regarding Treasury’s LPR rules , which apply to all U . S . and foreign entities that may control a large position in a specified Treasury security . More information about the workshops is available . Please send any comments or suggestions on these subjects , or others related to debt management , to debt . management@treasury . gov . The next quarterly refunding announcement will take place on Wednesday , August 3 , 2022 . ### [1] In November 2021 , the IAWG released a staff progress report on disruptions and potential reforms in the U . S . Treasury market . Improving data quality and availability is one of the five workstreams staff is addressing . [2] Further information regarding LPR calls , Treasury’s rules , and supplementary formula guidance can be found at https://www . treasurydirect . gov/instit/statreg/gsareg/gsareg . htm .


04 May 2022 ( May 04 2022 )



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Quarterly Refunding Statement of Deputy Assistant Secretary for Federal Finance Brian Smith
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