Treasury Quarterly Refunding Statement
A statement entitled, "Treasury Assistant Secretary for Financial Markets Matthew Rutherford November 2013 Quarterly Refunding Statement," says, "The U.S. Department of the Treasury is offering $70 billion of Treasury securities to refund approximately $63.5 billion of Treasury notes maturing on November 15, 2013. This will raise approximately $6.5 billion of new cash. The securities are: A 3-year note in the amount of $30 billion, maturing November 15, 2016; A 10-year note in the amount of $24 billion, maturing November 15, 2023; and, A 30-year bond in the amount of $16 billion, maturing November 15, 2043. The 3-year note will be auctioned on a yield basis at 1:00 p.m. ET on Tuesday, November 12, 2013. The 10-year note will be auctioned on a yield basis at 1:00 p.m. ET on Wednesday, November 13, 2013, and the 30-year bond will be auctioned on a yield basis at 1:00 p.m. ET on Thursday, November 14, 2013. All of these auctions will settle on Friday, November 15, 2013. The balance of Treasury financing requirements will be met with the weekly bill auctions, cash management bills, the monthly note and bond auctions, the November 10-year Treasury Inflation Protected Security (TIPS) reopening auction, the December 5-year TIPS reopening auction, the January 10-year TIPS auction, and the initial January 2-year Floating Rate Note auction (FRN).... Regarding "Floating Rate Notes (FRNs)," they say, "Treasury intends to announce the details of the initial Floating Rate Note (FRN) auction on Thursday, January 23, 2014, with the first auction occurring on Wednesday, January 29, 2014. Settlement of the security will occur on Friday, January 31, 2014. The FRN is the first new product that Treasury has brought to market in 17 years. The FRN will have a maturity of two years and Treasury anticipates that the size of the first auction will be between $10 and $15 billion. 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: http://www.treasurydirect.gov/instit/statreg/auctreg/auctreg.htm. In addition, a tentative auction calendar that includes Treasury FRNs can be found at: http://www.treasury.gov/resource-center/data-chart-center/quarterly-refunding/Pages/default.aspx."
