Press Releases

Treasury Assistant Secretary for Financial Markets Matthew Rutherford May 2014 Quarterly Refunding Statement

(Archived Content)

WASHINGTON – The U.S. Department of the Treasury is offering $69 billion of Treasury securities to refund approximately $59.3 billion of Treasury notes maturing on May 15, 2014.  This will raise approximately $9.7 billion of new cash.  The securities are:

-           A 3-year note in the amount of $29 billion, maturing May 15, 2017;
-           A 10-year note in the amount of $24 billion, maturing May 15, 2024; and
-           A 30-year bond in the amount of $16 billion, maturing May 15, 2044.

The 3-year note will be auctioned on a yield basis at 1:00 p.m. ET on Tuesday, May 6, 2014.  The 10-year note will be auctioned on a yield basis at 1:00 p.m. ET on Wednesday, May 7, 2014, and the 30-year bond will be auctioned on a yield basis at 1:00 p.m. ET on Thursday, May 8, 2014.  All of these auctions will settle on Thursday, May 15, 2014. 

The balance of Treasury financing requirements will be met with the weekly bill auctions, cash management bills, the monthly note and bond auctions, the May 10-year Treasury Inflation Protected Security (TIPS) reopening auction, the June 30-year TIPS reopening auction, the July 10-year TIPS auction, the May 2-year Floating Rate Note (FRN) reopening auction, the June 2-year FRN reopening auction, and the July 2-year FRN auction.

Projected Financing Needs

Based on current fiscal forecasts, Treasury expects to gradually decrease coupon auction sizes over the next quarter.  Reductions in auction sizes will occur in shorter-dated coupons, specifically in 2- and 3-year securities.  These reductions will begin with the May 3-year nominal note auction scheduled to be announced on April 30, 2014.

The magnitude and duration of offering-size reductions will depend on the pace and extent of the fiscal improvement.  Treasury will continue to monitor projected financing needs and will make adjustments as necessary.  Auction sizes for Treasury Inflation Protected Securities (TIPS) and Floating Rate Notes (FRNs) will remain unchanged.  

Treasury plans to address any seasonal borrowing needs over the next quarter through increases in regular bill auction sizes and/or cash management bills. 

Large Position Report (LPR) Proposed Rule

In the coming quarter, Treasury will issue a Notice of Proposed Rule Making (NPR) to solicit public comments on proposed amendments to the reporting requirement pertaining to very large positions in certain Treasury securities.  The LPR regulations are issued under the Government Securities Act Amendments of 1993 and they are designed to provide Treasury with information to better understand the supply and demand dynamics in the Treasury market.  The proposed amendments are designed to improve the information available to Treasury and to simplify the existing reporting process for many entities that are subject to the large position reporting rules.

Please send comments and suggestions on these subjects or others related to debt management to  The next Quarterly Refunding will take place on Wednesday, August 6, 2014.