Press Releases

Acting Under Secretary for Domestic Finance Brian C. Roseboro November 2003 - Quarterly Refunding Statement

(Archived Content)




There will be no change in the issuance calendar this quarter. The financing changes that Treasury has already put in place this year have created the capacity to accommodate the anticipated increase in issuance.

For this quarterly refunding, we are offering $57 billion of notes to refund approximately $24.8 billion of privately held notes and bonds maturing or called on November 15, raising approximately $32.2 billion. The securities are:

  1. A new 3-year note in the amount of $24 billion, maturing November 15, 2006.
  2. A new 5-year note in the amount of $16 billion, maturing November 15, 2008.
  3. A new 10-year note in the amount of $17 billion, maturing November 15, 2013.

These securities will be auctioned on a yield basis at 1:00 PM Eastern time on Monday, November 10, Wednesday, November 12, and Thursday, November 13, respectively.  US Government Bond Markets are closed on Tuesday, November 11, for the Veterans Day Holiday.  The balance of our financing requirements will be met through the monthly issuance of 5-year notes, the 10-year note reopening and 10-year TIPS reopening, and 2-year note and bill offerings. The Treasury is likely to issue cash management bills in early December and January.

Real (TIPS) Yield Curve

We are pleased to announce that effective, Friday January 2, 2004, Treasury will begin daily publication of 5-year, 7-year, and 10-year real constant maturity yield points (R-CMT) taken from Treasurys real yield curve.  The Treasury real yield curve is constructed by interpolating closing real bid yields on existing TIPS (Treasury Inflation Protected Securities) with maturities between 3-1/2 years and 10 years.   Over time, we intend extend the range of the real yield curve, and publish real CMT points from 1-month to 10-years.  Additionally, Treasury will publish a daily long-term average of all TIPS with maturities over 10 years for use as a proxy for long-term real rates.  The daily R-CMT points and long-term real averages as well as more detailed information regarding the construction of these indices can be found at

Monitoring Secondary Market Conditions

Along with other government agencies, trade associations, and market participants, Treasury continues to monitor conditions in the financing market.  Smooth functioning of the financing market, in general, and the market for specific issues in particular, play a vital role in the functioning of the secondary market for Treasury securities.  We continue to believe in market participantsability to resolve this matter.

Finally, the next quarterly refunding announcement will take place on Wednesday, February 4, 2004.

Please send comments and suggestions on these subjects or others relating to debt management to