Aggregated Perspectives on Treasury Auction Sizes, April 2023

MEAN STD MEAN STD MEAN STD MEAN STD MEAN STD MEAN STD MEAN STD 

Coupons

43.0 1.6 41.8 1.0 45.2 2.2 49.3 5.7 46.3 5.4 53.4 5.5 49.6 5.3 41.1 1.7 39.9 1.1 43.2 2.3 47.1 5.9 44.3 5.3 51.3 5.4 47.3 5.4 44.0 1.6 42.8 1.0 46.0 2.3 49.9 5.5 46.8 5.4 53.7 5.4 49.9 5.2 36.0 1.6 34.7 1.0 37.6 2.2 41.5 5.0 38.4 4.6 45.2 5.0 41.6 5.0 35.5 0.9 34.5 0.7 36.8 1.4 38.7 2.9 36.5 2.0 41.5 3.5 38.8 3.0 32.5 0.9 31.6 0.8 33.8 1.4 35.7 2.9 33.5 2.1 38.3 3.7 35.8 3.0 15.2 0.4 14.5 0.7 16.1 0.9 16.3 1.8 15.0 1.1 18.7 2.0 16.2 1.4 12.2 0.4 11.5 0.7 13.1 0.9 13.3 1.8 12.0 1.1 15.7 2.0 13.2 1.4 21.5 0.7 20.6 0.9 22.8 1.3 24.0 2.6 21.8 2.1 26.7 3.4 24.0 2.6 18.4 0.7 17.5 0.9 19.8 1.3 21.0 2.6 18.8 2.1 23.7 3.4 21.0 2.6 

TIPS

21.1 0.3 20.8 0.4 22.0 0.9 21.9 0.9 20.8 0.5 23.3 1.5 22.3 1.5 19.1 0.3 18.8 0.4 20.0 0.9 19.9 0.9 18.8 0.5 21.2 1.5 20.3 1.5 17.1 0.3 16.7 0.5 18.0 1.0 18.1 1.3 16.9 0.5 19.4 1.7 18.4 1.5 15.0 0.2 14.7 0.6 16.0 0.9 15.9 0.9 14.9 0.5 17.3 1.5 16.3 1.3 

9.0 0.2 8.8 0.4 9.8 0.7 9.7 0.7 8.9 0.5 10.6 0.9 9.8 0.8 8.0 0.2 7.8 0.4 8.7 0.7 8.6 0.7 7.9 0.5 9.5 0.9 8.8 0.8 

FRNs

24.3 0.7 23.7 0.6 25.7 1.2 26.3 3.1 25.0 2.4 28.9 3.6 26.2 3.1 22.3 0.7 21.7 0.6 23.8 1.4 24.3 3.1 23.0 2.4 26.9 3.6 24.2 3.1 

Bills

75.0 10.8 61.8 12.0 84.8 11.7 75.6 15.2 62.3 11.2 85.9 16.1 77.1 17.4 62.9 9.0 52.6 9.0 72.3 11.0 63.5 10.3 52.0 9.1 73.8 13.4 65.5 11.8 62.7 5.0 55.1 5.4 69.0 6.4 64.0 6.8 54.8 7.5 70.5 7.6 65.8 9.1 40.5 3.8 34.6 4.1 45.4 5.1 43.2 6.7 35.9 6.1 48.9 7.7 43.8 7.2 53.1 5.2 47.8 4.3 59.2 7.5 53.8 6.2 47.6 5.6 59.9 7.0 55.3 7.8 35.4 2.3 33.8 0.8 38.2 3.7 35.8 2.4 33.1 2.4 38.8 3.8 36.0 2.4 

1-mo bill2-mo bill3-mo bill4-mo bill6-mo bill1-year bill10-year TIPS (new)10-year TIPS (reop)30-year TIPS (new)30-year TIPS (reop)2-year FRN2-year FRN (reop)20-year (new)20-year (reop)30-year (new)30-year (reop)5-year TIPS (new)5-year TIPS (reop)2-year3-year5-year7-year10-year (new)10-year (reop)

Low High Low High 

The Treasury Department’s Office of Debt Management (ODM) would like your perspectives on Treasury auction sizes. This information would be used to help test ODM’s debt-issuancpotential policy decisions. We appreciate your participation in a similar survey conducted in November 2022, and the aggregate response can be found online at

https://home.treasury.gov/policy‐issues/financing‐the‐government/quarterly‐refunding/quarterly‐refunding‐archives/primary‐dealer‐auction‐size‐surveyGiven your expectations for borrowing needs over the next three fiscal years (as presented in question 1), Treasury would like your expectations for: 1. Auction sizes ($bn) in all tenors by the end of FY23, FY24, and FY25, and 2. Auction size ranges ($bn) that would not surprise you across all tenors by the end of FY23, FY24, and FY25.Auction size estimates should take into account the amount net of SOMA add-ons of Treasury securities.The Treasury Department’s ODM surveyed all 25 primary dealers on their firms’ perspectives on Treasury auction sizes. The results presented below are “trimmed mean” and “trimmed values of all 25 responses for any maturity tranche are deleted before computing the average and standard deviation.

Tenor

Size Expectations 

for FY23 Year-End

Range that would not surprise you Size Expectations 

for FY24 Year-End

Range that would not surprise you Size Expectation

for FY25 Year-E