* A 3-year note in the amount of
* A 10-year note in the amount of
* A 30-year bond in the amount of
The 3-year note will be auctioned on a yield basis at
The balance of Treasury financing requirements will be met with the weekly bill auctions, cash management bills, the monthly note and bond auctions, the February 30-year Treasury Inflation Protected Security (TIPS) auction, the March 10-year TIPS reopening auction, the April 5-year TIPS auction, the February 2-year Floating Rate Note (FRN) reopening auction, the March 2-year FRN reopening auction, and the April 2-year FRN auction.
Projected Financing Needs
Treasury intends to maintain coupon issuance sizes at current levels over the coming quarter. In light of the improving fiscal outlook, however, Treasury will continue to monitor projected financing needs and will consider further modest reductions in coupon auction sizes.
As is typical during the tax season, in the coming weeks there will be a seasonal increase in borrowing needs ahead of the
Floating Rate Notes
Going forward, Treasury expects to auction additional new FRN securities quarterly in April, July, and October, with two reopenings in the subsequent months of each quarter. Treasury anticipates that the size of the reopening auctions will be between
Specific terms and conditions of each FRN issue, including the auction date, issue date, and public offering amount, will be announced prior to each auction. For more details about the new Treasury FRN product, including a term sheet, FRN auction rules, and Frequently Asked Question, please see:
In addition, a tentative auction calendar that includes Treasury FRNs can be found at:
Guidance for Treasury Inflation Protected Security (TIPS) Issuance in 2014
After a comprehensive review of projected borrowing needs, Treasury intends to leave gross TIPS issuance for calendar year 2014 unchanged.
Market participants provided a range of views as to whether smaller, more frequent 5-year TIPS auctions would enhance TIPS market liquidity. As a result of this feedback and Treasury's internal analysis, Treasury plans to maintain the existing 5-year TIPS auction schedule until further notice. Treasury may reconsider increasing TIPS auction frequencies as a means of enhancing TIPS market liquidity, should future funding needs increase.
The debt limit places a limitation on the total amount of money that the
The Continuing Appropriations Act, 2014 suspended the debt limit through
Please send comments and suggestions on these subjects or others related to debt management to email@example.com. The next quarterly refunding announcement will take place on
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