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QUARTERLY REFUNDING STATEMENT OF DEPUTY ASSISTANT SECRETARY FOR FEDERAL FINANCE
BRIAN SMITH
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May 4, 2022
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 yield 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 PLANS
Since 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 FINANCING
Over 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-Year
3-Year
5-Year
7-Year
10-Year
20-Year
30-Year
FRN
Feb-22
52
50
53
50
37
19
23
22
Mar-22
50
48
51
47
34
16
20
22
Apr-22
48
46
49
44
34
16
20
24
May-22
47
45
48
42
36
17
22
22
Jun-22
46
44
47
40
33
14
19
22
Jul-22
45
43
46
38
33
14
19
24
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 BENCHMARK
Given 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 TRANSPARENCY
Treasury, 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 REGULATIONS
In 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 TEST
Treasury 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 WORKSHOP
Sometime 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.
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