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 Treasury Acting Assistant Secretary for Financial Markets Matthew Rutherford May 2012 Quarterly Refunding Statement

WASHINGTON – The U.S. Department of the Treasury is offering $72 billion of Treasury securities to refund approximately $36.7 billion of securities maturing on May 15, 2012.  This will raise approximately $35.3 billion of new cash.  The securities are:


-          A 3-year note in the amount of $32 billion, maturing May 15, 2015;

-          A 10-year note in the amount of $24 billion, maturing May 15, 2022; and

-          A 30-year bond in the amount of $16 billion, maturing May 15, 2042.


The 3-year note will be auctioned on a yield basis at 1:00 p.m. EDT on Tuesday, May 8, 2012. The 10-year note will be auctioned on a yield basis at 1:00 p.m. EDT on Wednesday, May 9, 2012, and the 30-year bond will be auctioned on a yield basis at 1:00 p.m. EDT on Thursday, May 10, 2012.  All of these auctions will settle on Tuesday, May 15, 2012.  

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 and the July 10-year TIPS auction. 

Projected Financing Needs  

Treasury expects to keep note and bond auction sizes stable in the coming months.  Treasury believes that the current issuance schedule and offering sizes for notes and bonds are adequate to address forecasted borrowing needs over the near term.   

Going forward, Treasury will provide guidance to market participants regarding any changes in the fiscal outlook that might impact the government’s financing needs.  

Floating Rate Notes 

As noted in the February quarterly refunding statement, Treasury believes that there are benefits to issuing floating rate notes (FRNs).  In recent weeks Treasury has received a significant amount of feedback on the topic, in part through a formal request for information published in the Federal Register. 

Treasury is in the process of analyzing the feedback, and we continue to study the benefits and optimal terms of a Treasury FRN.  Treasury will announce its conclusion about issuance of FRNs at a later date, after our analysis has been completed. 

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

The next quarterly refunding announcement will take place on Wednesday, August 1, 2012.   


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