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We are offering $44.0 billion of notes to refund approximately $38.7 billion of privately held securities maturing or called on November 15, raising approximately $5.3 billion. The securities are:
- A new 3-year note in the amount of $18.0 billion, maturing November 15, 2008;
- A new 5-year note in the amount of $13.0 billion, maturing November 15, 2010;
- A new 10-year note in the amount of $13.0 billion, maturing November 15, 2015.
These securities will be auctioned on a yield basis at 1:00 PM EDT on Tuesday, November 8, Wednesday, November 9 and Thursday, November 10, respectively. All of these auctions will settle on Tuesday, November 15. The balance of our financing requirements will be met with weekly bills, monthly 2-year and 5-year notes, the December 10-year note reopening and 10-year and 20-year TIPS in January. Treasury also is likely to issue cash management bills in early December and January.
Thirty-Year Nominal Issuance
In August, Treasury announced the re-introduction of regular semi-annual auctions of the 30-year nominal security beginning with a bond that will mature on February 15, 2036. Treasury will announce the details of the 30-year bond auction on February 1, 2006 and will hold the auction on February 9, 2006.
Calendar Adjustment
To fit the re-introduction of the 30-year bond into our financing calendar we are revising the dates for the auction and issuance of 5-year notes. Beginning in February 2006, all monthly 5-year notes will be auctioned and settled late in the month with calendar end-of-month maturity and payment dates.
Other Policy Matters Under Consideration
Treasury Securities Lending Facility
Treasury is studying the desirability of a standing, nondiscretionary securities lending facility. Treasury will continue to consult with market participants on how best this lending facility could be structured and used.
Please send comments and suggestions on these subjects or others relating to Treasury debt management to debt.management@treasury.gov.
The next quarterly refunding announcement will take place on Wednesday, February 1, 2006.
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