US Treasury Implements New Measures to Boost Liquidity and Manage Debt

The US Department of the Treasury is offering $96bn of Treasury securities to refund approximately $75.2bn of privately-held Treasury notes maturing on May 15, 2023. The balance of Treasury financing requirements over the quarter will be met with regular weekly bill auctions, cash management bills (CMBs), and monthly note, bond, Treasury Inflation-Protected Securities (TIPS), and 2-year Floating Rate Note (FRN) auctions. Treasury believes that current issuance sizes leave it well-positioned for its near-term borrowing needs, and as such, intends to keep nominal coupon and FRN new issue and reopening auction sizes unchanged during the May 2023 – July 2023 quarter.