Treasury Presentation to TBAC
Office of Debt Management

Fiscal Year 2024 Q1 Report
Table of Contents*

2

I. Executive Summary – Highlights of TBAC Presentation p. 4

II. Recent Fiscal Results

A. Monthly Receipts Chart and Highlights of Large Changes in Receipts Categories p.6

B. Largest Outlays Chart and Highlights of Largest Outlays p.7

C. Cumulative Budget Deficits p.8

III. Various Fiscal Forecasts

A. Recent Macroeconomic Forecasts p.10 

B. Recent Deficit Forecasts p.11

C. Historical Changes in Various Deficit Forecasts p.12

D. Interest Rate Assumptions for Various Forecasts p.13

IV. Estimated Borrowing Needs and Financing Implications 

A. Short-Term Privately-Held Net Marketable Borrowing Estimates p.16

B. Implied Bill Funding for the Next Two Quarters p.17

C. Longer-Term Borrowing Estimates p.18

D. Historical Changes in Various Privately Held Net Marketable Borrowing Forecasts p.19

E. Longer-Term Projected Privately-Held Net Marketable Borrowing Needs p.20

 V. Select Portfolio Metrics

A. Historical & Hypothetical Projected Weighted Average Maturity p.23

B. Weighted Average Next Rate Reset Chart (WANRR) p.24

C. Historical & Hypothetical Projected Percentage Product Distributions p.25

D. Historical & Hypothetical Projected Rollover Percentages p.26

VI. Select Demand Metrics

A. Bid-to-Cover Metrics p.28-32

B. Investor Class Metrics p.33-37

C. Direct Awards and Primary Dealer Awards p.38-39 

D. Foreign Demand at Auction and Treasury Security Holdings p.40-41

VII. Appendix p.43-55

*All sources are from Treasury unless otherwise specified 
Section I:

Executive Summary
Receipts and Outlays through Q1 FY2024

Treasury’s Projected Privately-held Net Marketable Borrowing for the Current and Next Fiscal Quarters

 

Projected Privately-held Net Marketable Borrowing for the Next Three Fiscal Years from Various Sources* 

 

Latest Market Expectations for Treasury Financing in January 2024:

Highlights of Treasury’s February 2024 Quarterly Refunding Presentation

to the Treasury Borrowing Advisory Committee (TBAC)

Fiscal Year Primary Dealers, Median January 

2024 ($ billion)

OMB Budget, July 2023 

($ billion) CBO Budget, June 2023 ($ billion)

2024 2,467 2,718 2,240 

2025 1,975 1,907 1,821 

2026 1,979 1,696 1,676 

$ billion Change from same period 

last year ($ billion)

Change from same 

period last year (%)

As % of 

GDP

Change from same 

period last year 

(GDP %)

Total Receipts thru Q1 FY2024 $1,108 $82 8% 15.9% 0.4%

Total Outlays thru Q1 FY2024 $1,618 $171 12% 23.2% 1.3%

Treasury OFP Near Term Fiscal 

Projections

Privately Held Net Marketable 

Borrowing ($ billion)

Assumed End-of-Quarter 

Cash Balance ($ billion)

Q2 FY2024 760 750 (Mar)

Q3 FY2024 202 750 (Jun)

*All privately-held net marketable borrowing estimates are “normalized” with details from page 18. 

Uncertainty regarding funding needs in FY2024 to FY2026 remains relatively high, reflecting a variety of views on the path 

of monetary policy, the duration of SOMA redemptions, and the outlook for the economy. 

• Primary dealers generally expected increases in nominal coupon issuance identical in magnitude and distribution to the 

increases implemented at the November refunding; dealers also expected continued increases in bill supply.

• Most dealers expected that coupon size increases from the February refunding would be the last needed in the near-term, 

while uncertainty about the pace and duration of balance sheet normalization could be addressed via changes in bill 

supply; several dealers suggested that additional coupon increases may be needed sometime in 2025 due to higher 

deficits.

• With respect to TIPS, dealers broadly expected increases of $1 billion in the 10-year reopening with many dealers 

expecting small increases in the new issue 5- and 30-year tenors in the coming quarter.

4
Section II:

Recent Fiscal Results

Receipts, Outlays, and Deficits
6

Tax receipts for Q4 FY2020 reflect the adjustment of April and June 2020 tax deadlines to July 15th, 2020. Individual Income Taxes include withheld and 

non-withheld. Social Insurance Taxes include FICA, SECA, RRTA, UTF deposits, FUTA and RUIA. Other includes excise taxes, estate and gift taxes, 

customs duties and miscellaneous receipts. 

50

100

150

200

250 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 $bn

Monthly Receipt Levels

(12-Month Moving Average)

Individual Income Taxes Corporate Income Taxes Social Insurance Taxes Other

Notable Receipt Category

YoY change thru Q1 

FY24 ($ billion)

YoY change thru 

Q1 FY24 (%) Comments

Non-withheld and SECA taxes +$41 45%

IRS extended several major deadlines for some taxpayers, including those in California, from 

FY 2023 into FY 2024. 

Gross Corporate Taxes +$43 36%

IRS extended several major deadlines for some taxpayers, including those in California, from 

FY 2023 into FY 2024.

Withheld & FICA taxes 

(calendar adjusted) -$4 0%

Due to wage and employment growth, offset by the absence of the CARES deferral 

repayment. 
7

50

100

150

200

250

300

350

400

450 $ bn

Largest Outlays

Oct - Dec FY2023 Oct - Dec FY2024

Outlays in the chart above are on a calendar adjusted basis

Notable Outlay Category

YoY change thru 

Q1 FY24 ($ billion)

YoY change thru 

Q1 FY24 (%) Comments

Social Security Administration 

(calendar adjusted) +$39 +12%

Primarily due to increases from cost-of-living adjustments and an increased 

number of beneficiaries.

Health and Human Services 

(calendar adjusted) +$17 +4% Due to increases in Medicare spending.

Department of Defense 

(calendar adjusted) +$22 +11%

Due to increased spending for military personnel, operations, maintenance 

and procurement.

Department of Treasury +$54 +20%

Primarily due to a $78 billion (37%) increase in gross interest on public debt. 

Offset by lower Employee Retention Tax Credits (-$20 billion). 

Department of Veterans Affairs 

(calendar adjusted) +$12 +18% Due to benefit increases.

Department of Education -$13 -24% Due to several upward modifications that increased outlays last year.

Department of Agriculture -$12 -16%

Due to the end of the emergency allotments for the Supplemental Nutrition 

Assistance Program there were discontinued in March 2023. 

Other (not in the chart above) +$58 +236%

Including $62 billion increase in Federal Deposit Insurance Corporation 

outlays used primarily to repay liabilities incurred in March and April 2023. 
8

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800 October November December January February March April May June July August September $ bn

Cumulative Budget Deficits by Fiscal Year

FY2022 FY2023 FY2024
Section III:

Various Fiscal Forecasts

Primary Dealers, OMB, CBO
10

Recent Economic Forecasts 

Note: OMB’s Economic assumptions for July 2023 were established in June 2023.

CBO’s economic assumptions (of GDP, Inflation and Unemployment) were published in July 2023, while CBO deficit forecasts were from 

the June 2023 CBO budget updates. Budget and Economic Data | Congressional Budget Office (cbo.gov)

Primary Dealer Median Estimates January 2024

CY2024 CY2025 CY2026

 % Change from Q4 to Q4

GDP

 Real 1.2 1.9 2.0

 Nominal 3.4 4.2 4.2

Inflation

 CPI Headline 2.5 2.3 2.2

 CPI Core 2.8 2.4 2.3

 Fourth Quarter Levels 

Unemployment Rate (%) 4.3 4.3 4.2

FY2024 FY2025 FY2026

Deficits ($bil) $1,778 $1,819 $1,800

CBO Estimates July 2023

CY2024 CY2025 CY2026

 % Change from Q4 to Q4

GDP

 Real 1.5 2.4 na

 Nominal 3.9 4.5 na

Inflation

 CPI Headline 2.7 2.2 na

 Fourth Quarter Levels 

Unemployment Rate (%) 4.7 4.5 na

FY2024 FY2025 FY2026

Deficits ($bil) $1,501 $1,649 $1,586

OMB Estimates July 2023

CY2024 CY2025 CY2026

 % Change from Q4 to Q4

GDP

 Real 1.8 2.4 2.0

 Nominal 4.1 4.5 4.1

Inflation

 CPI Headline 3.3 2.5 2.3

 Fourth Quarter Levels 

Unemployment Rate (%) 4.3 4.1 4.1

FY2024 FY2025 FY2026

Deficits ($bil) $1,894 $1,710 $1,567
Recent Deficit Forecasts 

11

• Primary dealers slightly decreased their deficit estimates in January 2024 relative to estimates they 

provided in October 2023.

• Dealers generally suggested that risks for higher deficits were asymmetric to the upside, noting the 

potential for lagged effects on economic growth given the Fed’s efforts to tighten financial conditions 

over the last 21 months, the path of future monetary policy (including balance sheet normalization), 

and fiscal policy post the November elections.

• The latest OMB and CBO estimates in the table below are provided for reference.

• OMB projections are using estimates are from Table S-1 of “Mid-Session Review, Budget of The U.S. Government,” July 2023. Adjusted to reflect 

the latest assumptions about student loans.

• CBO projections are using estimates are from Table 1 of “How the Fiscal Responsibility Act of 2023 Affects CBO’s Projections of Federal Debt,” 

June 2023. 

Deficit Estimates ($ billion)

PD 25th 

Percentile

Primary Dealers 

(Median)

PD 75th 

Percentile

Change from Prior 

Quarter (Median) OMB CBO

FY2024 1,700 1,778 1,854 -22 1,894 1,501

FY2025 1,760 1,819 1,906 -31 1,710 1,649

FY2026 1,755 1,800 1,925 0 1,567 1,586

As of date Jan-24 Jan-24 Jan-24 Jul-23 Jun-23
12

Evolution of Median Primary Dealer, OMB, and CBO

Deficit Estimates

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Nov

2021

Feb

2022

May

2022

Aug

2022

Nov

2022

Feb

2023

May

2023

Aug

2023

Nov

2023

Feb

2024

$ bn

TBAC date

FY 2024

PD FY24 OMB FY24 CBO FY24

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Nov 2022 Feb 2023 May 2023 Aug 2023 Nov 2023 Feb 2024

$ bn

TBAC date

FY 2025

PD FY25 OMB FY25 CBO FY25

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Nov 2023 Feb 2024 May 2024 Aug 2024 Nov 2024

$ bn

TBAC date

FY 2026

PD FY26 OMB FY26 CBO FY26
13

3

3.5

4

4.5

5

5.5

2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 1 0-Year Treasury Note Rate, %

Interest Rate Assumptions: 10-Year Treasury Note

Implied Forward Rates as of 01/26/2024 CBO Budget (Feb 2023)

OMB MSR (Jul 2023) CBO Econ Assumptions (Jul 2023)

1 0-Year Treasury Rate of 4.15% as of 01/26/2024
Section IV:

Estimated Borrowing Needs and 

Financing Implications
15

Assumptions for Financing Section (pages 16 to 20)

• Portfolio and SOMA holdings as of 12/31/2023, unless otherwise noted (see slide 20).

• Estimates assume privately announced issuance sizes and patterns remain constant for nominal 

coupons, TIPS, and FRNs given the issuance sizes in effect in January 2024, while using total bills 

outstanding of ~$5.7 trillion, unless otherwise noted (see slide 20). 

• The principal on the TIPS securities was accreted to each projection date based on market ZCIS levels 

as of 12/31/2023, unless otherwise noted (see slide 20).

• No attempt was made to account for future financing needs. 

• Privately-held marketable borrowing excludes rollovers (auction “add-ons”) of Treasury securities 

held in the Federal Reserve System Open Market Account (SOMA) but includes financing required due 

to SOMA redemptions. Secondary market purchases of Treasury securities by SOMA do not directly 

change privately-held net marketable borrowing but, all else equal, when the securities mature and 

assuming the Fed does not redeem any maturing securities, this would increase the amount of cash 

raised for a given privately-held auction size by increasing the SOMA “add-on” amount. These 

borrowing estimates are based upon current law and do not include any assumptions for the impact of 

additional legislation that may be passed.
16

Privately-Held Net Marketable Borrowing Outlook

$ 0

$200

$400

$600

$800

$1,000

$1,200

Q1 Q2 Q3 Q4

$ bn

FY22 FY23 FY24 FY24 (projection-OFP)
17

* Keeping announced issuance sizes and patterns constant for nominal coupons, TIPS, and FRNs. 

** Assumes end-of-March 2024 and end-of-June 2024 and cash balances of $750 billion and $750 billion respectively versus end-of-December 2023 cash balance of $769

billion. Financing Estimates released by the Treasury can be found here: http://www.treasury.gov/resource-center/data-chart-center/quarterlyrefunding/Pages/Latest.aspx

Implied Bill Funding for the Current and Next Quarters Based on 

Recent Borrowing Estimates

Assuming Constant 

Coupon Issuance Sizes*

Treasury Announced Net 

Marketable Borrowing**

760

Net Coupon Issuance 318

Implied Change in Bills 442

Security Gross Maturing Net Gross Maturing Net

2-Year FRN 54 70 (16) 132 146 (14)

2-Year 177 162 15 330 336 (6)

3-Year 156 159 (3) 300 291 9

5-Year 180 79 101 336 152 184

7-Year 122 72 50 236 145 91

10-Year 114 47 67 226 102 124

20-Year 42 0 42 84 0 84

30-Year 66 0 66 131 0 131

5-Year TIPS 0 0 0 42 0 42

10-Year TIPS 34 47 (13) 49 47 2

30-Year TIPS 9 0 9 9 0 9

Coupon Subtotal 954 636 318 1,875 1,218 657

Coupon Issuance Coupon Issuance

Sources of Privately-Held Financing in FY24 Q2

January - March 2024

January - March 2024 Fiscal Year-to-Date

Assuming Constant 

Coupon Issuance Sizes*

Treasury Announced Net 

Marketable Borrowing**

202

Net Coupon Issuance 447

Implied Change in Bills (245)

Security Gross Maturing Net Gross Maturing Net

2-Year FRN 106 68 38 238 214 24

2-Year 180 145 35 510 481 29

3-Year 156 140 16 456 431 25

5-Year 183 35 148 519 187 332

7-Year 123 107 16 359 252 107

10-Year 114 59 55 340 160 180

20-Year 42 0 42 126 0 126

30-Year 66 0 66 197 0 197

5-Year TIPS 42 26 16 84 26 58

10-Year TIPS 16 0 16 65 47 18

30-Year TIPS 0 0 0 9 0 9

Coupon Subtotal 1,028 581 447 2,903 1,799 1,104

Sources of Privately-Held Financing in FY24 Q3

April - June 2024

April - June 2024 Fiscal Year-to-Date

Coupon Issuance Coupon Issuance
18

• *All privately-held net marketable borrowing estimates of are “normalized” using:

• 1) the median Primary Dealer’s estimates for SOMA redemptions, and 

• 2) PD’s median end of fiscal year 2024 cash balance of $750 billion, held constant in out years. 

• OMB projections are using estimates are from Table S-1 of “Mid-Session Review, Budget of The U.S. Government,” July 2023. Adjusted to reflect 

the latest assumptions about student loans.

• CBO projections are using estimates are from Table 1 & 2 of “How the Fiscal Responsibility Act of 2023 Affects CBO’s Projections of Federal Debt ,” 

June 2023. 

Longer-Term Privately-Held Net Marketable Borrowing Estimates and 

SOMA Redemption Assumptions

FY 2024-2026 Deficits and Privately-Held Net Marketable Borrowing Estimates, in $ billions

25th Median 75th

FY 2024 Deficit 1,700 1,778 1,854 1,894 1,501

FY 2025 Deficit 1,760 1,819 1,906 1,710 1,649

FY 2026 Deficit 1,755 1,800 1,925 1,567 1,586

FY 2024 SOMA Redemption 520 596 696

FY 2025 SOMA Redemption 0 7 5 196

FY 2026 SOMA Redemption 0 0 0

FY 2024 Privately-Held Net Marketable Borrowing* 2,327 2,467 2,555 2,718 2,240

FY 2025 Privately-Held Net Marketable Borrowing* 1,850 1,975 2,150 1,907 1,821

FY 2026 Privately-Held Net Marketable Borrowing* 1,800 1,979 2,045 1,696 1,676

Estimates as of: Jan-24 Jul-23 Jun-23

Primary Dealer

OMB CBO
19

Evolution of Median Primary Dealer, OMB, and CBO 

Privately-Held Net Marketable Borrowing Estimates*

* Note that both the OMB and CBO privately-held net marketable borrowing estimates are calculated by adjusting their respective deficit 

estimates using dealer’s median SOMA redemption estimates. In addition, all the PD, OMB and CBO privately-held borrowings are 

normalized with the same cash balance changes. See slide 18 for details.

500

1,000

1,500

2,000

2,500

3,000

Nov

2021

Feb

2022

May

2022

Aug

2022

Nov

2022

Feb

2023

May

2023

Aug

2023

Nov

2023

Feb

2024

$ bn

TBAC date

FY 2024

PD FY24 OMB FY24 CBO FY24

500

1,000

1,500

2,000

2,500

Nov 2022 Feb 2023 May 2023 Aug 2023 Nov 2023 Feb 2024

$ bn

TBAC date

FY 2025

PD FY25 OMB FY25 CBO FY25

500

1,000

1,500

2,000

2,500

Nov 2023 Feb 2024 May 2024 Aug 2024 Nov 2024 Feb 2024

$ bn

TBAC date

FY 2026

PD FY26 OMB FY26 CBO FY26
20

Projected Privately-Held Net Marketable Borrowing 

Assuming Private Coupon Issuance & Total Bills Outstanding Remain Constant as of 01/31/2024*

*Treasury’s latest primary dealer survey median/interquartile range estimates can be found on page 18. OMB’s borrowing projections are from 

Table S-1 of “Mid-Session Review, Budget of The U.S. Government,” July 2023. Adjusted to reflect the latest assumptions about student loans. 

CBO’s borrowing projections are using estimates from Table 2 of “How the Fiscal Responsibility Act of 2023 Affects CBO’s Projections of 

Federal Debt ,” June 2023. OMB and CBO borrowing estimates from FY24 to FY26 are normalized to privately-held net borrowing after adding 

PD survey median SOMA redemption assumptions for FY24/25/26. In addition, all privately-held net borrowing estimates are normalized with 

PD’s FY24 median ending cash balance of $750 billion.

0

500

1,000

1,500

2,000

2,500

3,000

2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 $bn

Fiscal Year

Projected Privately-Held Net Marketable Borrowing Adj Privately-Held Net Borrowing from CBO's budget, Jun 2023

Adj Privately-Held Net Borrowing from OMB's budget, Jul 2023 Adj Privately-Held Net Marketable Borrowing from PD survey, Jan 2024

PD 75th 

percentile

PD 25th 

percentile

PD 50th 

percentile

PD Survey at 25th, 50th and 75th Percentile
Section V:

Select Portfolio Metrics
22

Note: Several of the portfolio metric charts that follow include three years of projected metrics. 

These projections are hypothetical and are meant for illustrative purposes only. The projections

contained in these charts should not be interpreted as representing any future policy decisions regarding 

Treasury financing. 

Projections illustrate how various portfolio metrics could evolve under three hypothetical financing 

scenarios. The scenarios were chosen to illustrate a potential range of portfolio metric outcomes based on 

hypothetical issuance choices. 

The scenarios are: 

1) “Coupons Constant”: Treasury maintains coupon, FRN, and TIPS auction sizes constant as of 

January 2024 and addresses any changes in financing needs by only increasing or decreasing T-bill 

auction sizes; 

2) “Bills Constant”: Treasury maintains T-bills aggregate supply constant at $5.8 trillion as of 

1/31/2024 and increases or decreases coupon, FRN, and TIPS auction sizes in response to financing 

needs in a manner that maintains current issuance proportions going forward;

3) “Prorated Bills and Coupons”: Treasury maintains T-bills share constant at 21.8% as of 1/31/2024 

and addresses any changes in financing needs by pro rata increasing or decreasing coupon, FRN, 

and TIPS auction sizes. 

Privately-held net marketable borrowing needs used in the projections section of these charts are proxied 

using median primary dealer estimates for FY24, FY25 & FY26 (see page 18). 
23

40

45

50

55

60

65

70

75

80

85 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Weighted Average Maturity (Months)

Calendar Year

Weighted Average Maturity of Marketable Debt Outstanding

Projection Historical Historical Average from 1980 to Present

Bills Constant Coupons Constant Prorated Bills and Coupons

61.0 months (Historical Average 

from 1980 to Present)

01/31/24

70.9 months
24

Consolidated WANRR Calculation* 

* Weighted Average Next Rate Reset (WANRR) is a “Weighted Average Maturity” metric that attempts to adjust for the floating 

rate aspect of some Treasury debt. The WANRR is the average time until the outstanding debt’s interest rate is set to a new 

interest rate. For bills and fixed rate notes and bonds, the next rate reset is equal to the maturity date.

In contrast, for floating rate obligations, the time between the next rate reset date or maturity date is examined and the shorter 

period is used in the calculation. 

The consolidated outstanding debt is defined as the private amount plus SOMA Treasury securities holdings less currency 

amount. In this calculation, SOMA Treasury holdings greater than the level of currency outstanding is treated as if it is a daily rate 

reset. 

40

45

50

55

60

65

70

75

80

85 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Months

Calendar Year

 Private (ex SOMA) Total Consolidated
25

0%

5%

10%

15%

20%

25%

30%

35%

40% 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Calendar Year

Bills, TIPS & FRNs Outstanding as a Percent of Marketable Debt Outstanding

Projection Bills TIPS FRNs Bills Constant Coupons Constant Prorated Bills and Coupons

Bills Historical Average = 22.4%

Max 35.6%

01/31/24 

21.8%

Max 10.7%

01/31/24 

7.4%

01/31/24 2%

Max 2.7%
26

20%

30%

40%

50%

60%

70%

80% 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Calendar Year

Treasury Maturity Profile

Projection Percent Maturing <=1 Year Percent Maturing <=3 Year

Bills Constant Coupons Constant Prorated Bills and Coupons

01/31/24 

53.9%

01/31/24 

33.6%
Section VI:

Select Demand Metrics

Bid-to-Cover Data, Investor Class Data, 

Direct & Primary Dealer Awards, and Foreign Demand
28

 1.50

 2.00

 2.50

 3.00

 3.50

 4.00

 4.50

 5.00 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Bid-to-Cover Ratio

Bid-to-Cover Ratios for Treasury Bills

 4-Week (13-week moving average) 8-Week (13-week moving average) 13-Week (13-week moving average)

 17-Week (13-week moving average) 26-Week (13-week moving average) 52-Week (6-auction moving average)
29

 1.50

 2.00

 2.50

 3.00

 3.50

 4.00

 4.50

 5.00 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Bid-to-Cover Ratio

Bid-to-Cover Ratios for FRNs

(6-Month Moving Average)
30

 1.50

 2.00

 2.50

 3.00

 3.50

 4.00

 4.50

 5.00 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Bid-to-Cover Ratio

Bid-to-Cover Ratios for 2-, 3-, and 5-Year Nominal Securities

( 6-Month Moving Average)

2-Year 3-Year 5-Year
31

 1.50

 2.00

 2.50

 3.00

 3.50

 4.00

 4.50

 5.00 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Bid-to-Cover Ratio

Bid-to-Cover Ratios for 7-, 10-, 20-, and 30-Year 

Nominal Securities (6-Month Moving Average)

7-Year 10-Year 20-Year 30-Year
32

 1.50

 2.00

 2.50

 3.00

 3.50

 4.00

 4.50

 5.00 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Bid-to-Cover Ratio

Bid-t o-Cover Ratios for TIPS

 5-Year 10-Year (6-month moving average) 30-Year
33

Excludes SOMA add-ons. The “Other” category includes categories that are each less than 5%, which include Depository 

Institutions, Individuals, Pension and Insurance.

0 %

5 %

10%

15%

20%

25%

30%

35%

40%

45%

50% Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 1 3-week moving average

Percent Awarded in Bill Auctions by Investor Class 

(13-Week Moving Average)

 Other Dealers and Brokers Investment Funds Foreign & International Other
34

Excludes SOMA add-ons. The “Other” category includes categories that are each less than 5%, which include Depository 

Institutions, Individuals, Pension and Insurance.

0 %

10%

20%

30%

40%

50%

60%

70%

80% Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23

6-month moving average

Percent Awarded in 2-, 3-, and 5-Year Nominal Security Auctions by 

Investor Class (6-Month Moving Average)

 Other Dealers and Brokers Investment Funds Foreign & International Other
35

Excludes SOMA add-ons. The “Other” category includes categories that are each less than 5%, which include Depository 

Institutions, Individuals, Pension and Insurance.

0 %

10%

20%

30%

40%

50%

60%

70%

80% Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23

6-month moving average

Percent Awarded in 7-, 10-, 20-, 30-Year Nominal Security Auctions by 

Investor Class (6-Month Moving Average)

 Other Dealers and Brokers Investment Funds Foreign & International Other
36

Excludes SOMA add-ons. The “Other” category includes categories that are each less than 5%, which include Depository 

Institutions, Individuals, Pension and Insurance.

0 %

10%

20%

30%

40%

50%

60%

70%

80%

90% Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23

6-month moving average

Percent Awarded in TIPS Auctions by Investor Class

(6-Month Moving Average)

 Other Dealers and Brokers Investment Funds Foreign & International Other
37

Excludes SOMA add-ons. The “Other” category includes categories that are each less than 5%, which include Depository 

Institutions, Individuals, Pension and Insurance.

0 %

10%

20%

30%

40%

50%

60%

70% Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23

6-month moving average

Percent Awarded in FRN Auctions by Investor Class

(6-Month Moving Average)

 Other Dealers and Brokers Investment Funds Foreign & International Other
38

Competitive Amount Awarded excludes SOMA add-ons. 

0 %

10%

20%

30%

40%

50%

60%

70% Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 % of Total Competitive Amount Awarded

Primary Dealer Awards at Auction

4/8/13/17/26-Week (13-week moving average) 52-Week (6-month moving average)

2/3/5 (6-month moving average) 7/10/20/30 (6-month moving average)

TIPS (6-month moving average) FRN (6-month moving average)
39

Competitive Amount Awarded excludes SOMA add-ons. 

0 %

5 %

10%

15%

20%

25% Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 % of Total Competitive Amount Awarded

Direct Bidder Awards at Auction

4/8/13/17/26-Week (13-week moving average) 52-Week (6-auction moving average)

2/3/5 (6-month moving average) 7/10/20/30 (6-month moving average)

TIPS (6-month moving average) FRN (6-month moving average)
40

Foreign includes both private sector and official institutions. 0

2 0

4 0

6 0

8 0

100

120

140

160

180

200 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 $ bn

Total Foreign Awards of Treasuries at Auction, $ billions

Bills 2/3/5 7/10/20/30 TIPS FRN
41

Source: Treasury International Capital (TIC) System as of November 2023.

For more information on foreign participation data, including more details about the TIC data shown here, please refer to Treasury 

Presentation to TBAC “Brief Overview of Key Data Sources on Foreign Participation in the U.S. Treasury Securities Market” at the

Treasury February 2019 Refunding.

Total Foreign Holdings

0 %

10%

20%

30%

40%

50%

60%

0

1,000

2,000

3,000

4,000

5,000

6,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $ bn

Bills

Outstanding Foreign Holdings Foreign % (RHS)

11/30/23 

5,671

11/30/23 

19%

11/30/23 

1,065

10%

20%

30%

40%

50%

60%

70%

0

4,000

8,000

12,000

16,000

20,000

24,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $ bn

Nominal Coupons, TIPS, and FRNs

Outstanding Foreign Holdings Foreign % (RHS)

11/30/23 

20,595

11/30/23 

33%

11/30/23 

6,744
VII. Appendix

42

Contents

A. Quarterly Tax Receipts Chart p. 43

B. Treasury Non-Marketable Borrowing p. 44

C. Budget Surplus and Deficits p. 45

D. Sources of Financing: Reconciliation of last quarter p. 46

E. Privately-Held Net Marketable Borrowing Definition and Calculation Example p. 47

F. Detailed Reconciliation of Various Borrowing Estimates p. 48

G. Various Historical Debt Service Cost Metrics p. 49

H. Various Historical Treasury Interest Rate Metrics p. 50

I. Projected Privately-Held Net Marketable Borrowing Table p. 51

J. Auction Statistics Tables p. 52-54
 (100%)

 (80%)

 (60%)

 (40%)

 (20%)

0%

20%

40%

60%

80%

100% Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Year-over-Year % Change

Quarterly Tax Receipts

 Corporate Taxes Non-Withheld Taxes (incl SECA) Withheld Taxes (incl FICA)

43

Quarterly tax receipts for Q4 FY2020 reflect the adjustment of April and June 2020 tax deadlines to July 15th, 2020.

The spike for Corporate Taxes was 781% and the 

spike for Non-Withheld was 541% as of 

6/30/2021

The spike for Non-Withheld 

was 245% as of 9/30/2020
44

(30)

(20)

(10)

0

10

20

30 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 $ bn

Fiscal Quarter

Treasury Net Nonmarketable Borrowing

 Foreign Series State and Local Govt. Series (SLGS) Savings Bonds
(17.5%)

(15.0%)

(12.5%)

(10.0%)

(7.5%)

(5.0%)

(2.5%)

0.0%

(3,500)

(3,000)

(2,500)

(2,000)

(1,500)

(1,000)

(500)

0

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Deficit to GDP $bn

Budget Surplus/Deficit*

OMB's MSR (Jul 23) Surplus/Deficit in $bn (LHS) CBO's Budget (Jun 23) Surplus/Deficit (LHS)

PD Survey (Jan 24) median estimates (LHS) OMB's MSR (Jul 23) Surplus/Deficit as a % of GDP (RHS)

CBO's Budget (Jun 23) Surplus/Deficit as a % of GDP (RHS)

*OMB’s projections are from OMB’s Table S-1 of “Mid-Session Review, Budget of The U.S. Government,” July 2023. Adjusted to 

reflect the latest assumptions about student loans. 

CBO’s projections are from Table 1 of “How the Fiscal Responsibility Act of 2023 Affects CBO’s Projections of Federal Debt ,” June 

2023. Table 1 of “How the Fiscal Responsibility Act of 2023 Affects CBO’s Projections of Federal Debt ,” June 2023. 

Projections

45
46

*By adjusting the change in cash balance, Treasury arrives at the net implied funding number. 

Net Bill Issuance 437 Security Gross Maturing Net Gross Maturing Net

Net Coupon Issuance 338 4-Week 1,150 1,150 0 1,150 1,150 0

Subtotal: Net Marketable Borrowing 776 8-Week 1,065 955 110 1,065 955 110

13-Week 969 875 94 969 875 94

Ending Cash Balance 769 17-Week 722 606 116 722 606 116

Beginning Cash Balance 657 26-Week 878 681 197 878 681 197

Subtotal: Change in Cash Balance 112 52-Week 176 136 40 176 136 40

CMBs

Net Implied Funding for FY24 Q1* 664 6-Week 935 870 65 935 870 65

CMBs 0 185 (185) 0 185 (185)

Bill Subtotal 5,895 5,458 437 5,895 5,458 437

Security Gross Maturing Net Gross Maturing Net

2-Year FRN 78 76 2 78 76 2

2-Year 153 174 (21) 153 174 (21)

3-Year 144 131 13 144 131 13

5-Year 156 73 83 156 73 83

7-Year 114 73 41 114 73 41

10-Year 112 55 57 112 55 57

20-Year 42 0 42 42 0 42

30-Year 65 0 65 65 0 65

5-Year TIPS 42 0 42 42 0 42

10-Year TIPS 15 0 15 15 0 15

30-Year TIPS 0 0 0 0 0 0

Coupon Subtotal 921 582 338 921 582 338

Total 6,816 6,040 776 6,816 6,040 776

Sources of Privately-Held Financing in FY24 Q1

October - December 2023 Fiscal Year-to-Date

Coupon Issuance Coupon Issuance

October - December 2023 October - December 2023 Fiscal Year-to-Date

Bill Issuance Bill Issuance
47

Privately-Held Net Marketable Borrowing 

Definition and Calculation Example

• Actual deficits are sourced from the Monthly Treasury Statement.

• Actual change in cash balance is sourced from the Daily Treasury Statement. Change in cash balance = cash balance 

of Sept 30, 2022 - cash balance of Sept 30, 2021

• Other Means of Financing include cash flows associated with federal credit programs, such as those related to 

student loans and loans to small businesses.

• Privately-Held Net Marketable Borrowing = Total Net Marketable Borrowing + SOMA Redemption

• SOMA redemption is the amount that the Federal Reserve redeems securities that Treasury has to replace with 

privately-held marketable borrowing. Actual SOMA redemptions amounts is from the Sources and Uses 

Reconciliation Table.

• Actual Privately-Held Net Marketable Borrowing is from the Sources and Uses Reconciliation Table.

FY 2022 Actual Deficits and

Privately-Held Net Marketable Borrowing, in $ billions

FY 2022 Deficit 1,375

FY 2022 + Change in Cash Balance 421

FY 2022 + Other Means of Financing (e.g. Direct Loans) -125

FY 2022 = Total Net Marketable Borrowing 1,671

FY 2022 + SOMA Redemption 150

FY 2022 = Privately-Held Net Marketable Borrowing 1,821

FY 2022 Actual
48

• *All privately-held net marketable borrowing estimates of are “normalized” using:

• 1) the median Primary Dealer’s estimates for SOMA redemptions, and 

• 2) PD’s median end of fiscal year 2024 cash balance of $750 billion, held constant in out years. 

• OMB projections are using estimates are from Table S-1 of “Mid-Session Review, Budget of The U.S. Government,” July 2023. Adjusted to reflect 

the latest assumptions about student loans.

• CBO projections are using estimates are from Table 1 & 2 of “How the Fiscal Responsibility Act of 2023 Affects CBO’s Projections of Federal Debt 

,” June 2023.

FY 2024-2026 Deficits and Privately-Held Net Marketable Borrowing Estimates, in $ billions

25th Median 75th

FY 2024 Deficit 1,700 1,778 1,854 1,894 1,501

FY 2025 Deficit 1,760 1,819 1,906 1,710 1,649

FY 2026 Deficit 1,755 1,800 1,925 1,567 1,586

FY 2024 Change in Cash Balance 9 3 9 3 9 3 0 0

FY 2025 Change in Cash Balance 0 0 0 0 0

FY 2026 Change in Cash Balance 0 0 0 0 0

FY 2024 Total Net Marketable Borrowing 2,029 1,551

FY 2025 Total Net Marketable Borrowing 1,832 1,746

FY 2026 Total Net Marketable Borrowing 1,696 1,676

FY 2024 SOMA Redemption 520 596 696

FY 2025 SOMA Redemption 0 7 5 196

FY 2026 SOMA Redemption 0 0 0

FY 2024 Privately-Held Net Marketable Borrowing* 2,327 2,467 2,555 2,718 2,240

FY 2025 Privately-Held Net Marketable Borrowing* 1,850 1,975 2,150 1,907 1,821

FY 2026 Privately-Held Net Marketable Borrowing* 1,800 1,979 2,045 1,696 1,676

Estimates as of: Jul-23 Jun-23

Primary Dealer

OMB CBO

Jan-24
49

Source: https://fiscaldata.treasury.gov/datasets

The average interest rates for total marketable debt do not include the Treasury Inflation-Indexed Securities and the Treasury Floating Rate 

Notes. However, they include securities from Federal Financing Bank. The average interest rates in the chart are as of corresponding fiscal 

year-end-dates. 

0

0.5

1

1.5

2

2.5

3

3.5

4

0

100

200

300

400

500

600

700

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Percent $ bn

Fiscal Year

Historical Marketable Treasury Debt Service Cost

Interest + Discount/Premiums Average Interest Rate (RHS) Interest/GDP (RHS)
50

Various Historical Treasury Interest Rate Metrics

Source: Bloomberg 1

2

3

4

5

6

0 10 20 30

Percent

Years to Maturity

Treasury Nominal Yield Curve 

as of specified dates 

12/31/2023 9/30/2023 6/30/2023

-1

0

1

2

3

4

0 10 20 30

Percent

Years to Maturity

Treasury Real Yield Curve 

as of specified dates 

12/31/2023 9/30/2023 6/30/2023

-100

-80

-60

-40

-20

0

20

2Y 5Y 10Y 30Y

Bps

Since

Nominal Yield Changes in Selected Tenors 

Through the end of 12/31/23

6/30/2023 9/30/2023

-20

-10

0

10

20

Jun-23 Sep-23 Dec-23

Bps

Bills-SOFR OIS spreads 

Through the end of 12/31/23

1m 2m 3m 4m 6m 12m

-80

-60

-40

-20

0

20

40

5Y 10Y 30Y

Bps

Since

Real Yield Changes in Selected Tenors 

Through the end of 12/31/23

6/30/2023 9/30/2023

2

2.5

3

Jun-23 Sep-23 Dec-23

Bps

Breakevens

Through the end of 12/31/23

5Y 10Y 30Y
51

Projected Privately-Held Net Marketable Borrowing 

Assuming Private Coupon Issuance & Total Bills Outstanding 

Remain Constant as of 01/31/2024*

*Projections reflect only SOMA rollovers at auction of principal payments of Treasury securities. No adjustments are made 

for open-market outright purchases and subsequent rollovers.

Fiscal Year Bills 2/3/5 7/10/20/30 TIPS FRN Historical/Projected Net 

Borrowing Capacity

2019 137 498 534 51 59 1,280 

2020 2,652 538 724 46 55 4,015 

2021 (1,315) 1,260 1,328 55 92 1,420 

2022 (53) 744 1,027 61 42 1,821 

2023 1,689 319 680 50 (38) 2,699 

2024 548 568 857 84 36 2,093 

2025 0 520 883 20 44 1,468 

2026 0 213 880 38 2 1,133 

2027 0 188 763 21 0 972 

2028 0 195 444 (1) 0 638 

2029 0 30 567 1 0 597 

2030 0 0 691 15 0 706 

2031 0 0 453 3 0 457 

2032 0 0 471 (21) 0 450 

2033 0 0 483 (14) 0 469 
52

*Approximated using prices at settlement and includes both competitive and non-competitive awards.

Issue Settle Date Stop Out 

Rate (%)

Bid-toCover 

Ratio

Competitive 

Awards ($bn)

% Primary 

Dealer % Direct % Indirect

NonCompetitive 

Awards ($bn)

SOMA "Add 

Ons" ($bn)

10-Year 

Equivalent 

($bn)*

4-Week 10/10/2023 5.310 2.95 85.0 33.2 2.7 64.1 5.0 0.7 0.8

4-Week 10/17/2023 5.325 2.79 88.4 27.2 2.4 70.4 6.6 0.7 0.9

4-Week 10/24/2023 5.305 2.98 88.2 28.4 4.7 66.9 6.8 0.7 0.9

4-Week 10/31/2023 5.295 2.94 89.8 26.7 3.8 69.6 5.2 0.6 0.9

4-Week 11/7/2023 5.290 2.91 89.9 31.6 3.1 65.3 5.1 0.7 0.9

4-Week 11/14/2023 5.290 2.57 89.8 47.6 4.4 48.0 5.2 0.7 0.9

4-Week 11/21/2023 5.290 2.75 90.1 32.5 4.2 63.3 4.9 0.7 0.9

4-Week 11/28/2023 5.300 2.58 80.2 41.2 4.0 54.8 4.8 0.7 0.8

4-Week 12/5/2023 5.290 2.75 74.9 39.5 6.1 54.4 5.1 0.4 0.8

4-Week 12/12/2023 5.285 3.08 75.0 36.0 4.6 59.5 5.0 0.4 0.8

4-Week 12/19/2023 5.270 2.86 75.2 31.2 5.3 63.5 4.8 0.4 0.8

4-Week 12/26/2023 5.265 2.68 75.1 36.2 7.8 56.0 4.9 0.4 0.8

4-Week 1/2/2024 5.325 2.35 75.4 58.2 3.6 38.3 4.6 0.4 0.8

8-Week 10/10/2023 5.355 2.46 76.3 43.9 5.8 50.3 3.7 0.6 1.5

8-Week 10/17/2023 5.345 2.88 83.0 32.9 2.9 64.2 2.0 0.6 1.6

8-Week 10/24/2023 5.325 2.63 82.5 36.1 4.0 59.9 2.5 0.6 1.6

8-Week 10/31/2023 5.330 2.52 83.5 40.5 3.7 55.8 1.5 0.6 1.6

8-Week 11/7/2023 5.300 2.70 83.6 34.6 5.2 60.2 1.4 0.6 1.6

8-Week 11/14/2023 5.285 2.70 82.1 41.0 3.5 55.5 2.9 0.6 1.6

8-Week 11/21/2023 5.280 2.63 83.7 41.1 4.0 54.9 1.3 0.6 1.6

8-Week 11/28/2023 5.280 2.73 78.9 34.4 4.9 60.6 1.1 0.7 1.5

8-Week 12/5/2023 5.280 2.75 78.6 39.2 3.2 57.5 1.4 0.4 1.5

8-Week 12/12/2023 5.275 2.82 78.6 40.2 3.4 56.5 1.4 0.4 1.5

8-Week 12/19/2023 5.275 2.83 78.5 46.0 2.8 51.2 1.5 0.4 1.5

8-Week 12/26/2023 5.270 2.74 78.5 41.1 1.2 57.7 1.5 0.4 1.5

8-Week 1/2/2024 5.285 2.59 78.6 33.8 1.7 64.5 1.4 0.4 1.5

Bills
53

*Approximated using prices at settlement and includes both competitive and non-competitive awards.

Issue Settle Date Stop Out Rate 

(%)

Bid-toCover 

Ratio

Competitive 

Awards ($bn)

% Primary 

Dealer % Direct % Indirect

NonCompetitive 

Awards ($bn)

SOMA 

"Add Ons" 

($bn)

10-Year 

Equivalent 

($bn)*

13-Week 10/5/2023 5.345 2.77 68.0 40.6 4.8 54.7 3.0 5.2 2.3

13-Week 10/12/2023 5.340 2.79 70.0 32.5 4.9 62.6 3.0 4.5 2.3

13-Week 10/19/2023 5.340 3.16 72.5 27.7 4.2 68.1 2.5 4.8 2.4

13-Week 10/26/2023 5.310 2.85 70.5 29.3 6.4 64.3 4.5 4.6 2.4

13-Week 11/2/2023 5.325 2.78 72.8 33.7 5.1 61.2 2.2 8.2 2.5

13-Week 11/9/2023 5.285 2.91 72.5 32.1 6.1 61.8 2.5 6.2 2.5

13-Week 11/16/2023 5.285 2.76 72.8 33.8 4.0 62.1 2.2 7.2 2.5

13-Week 11/24/2023 5.270 2.90 72.8 33.1 4.7 62.2 2.2 5.9 2.4

13-Week 11/30/2023 5.280 2.87 73.2 40.3 3.9 55.8 1.8 5.6 2.5

13-Week 12/7/2023 5.250 2.98 72.8 32.4 5.3 62.3 2.2 1.4 2.3

13-Week 12/14/2023 5.260 2.99 72.7 37.6 6.9 55.5 2.3 1.5 2.3

13-Week 12/21/2023 5.260 2.89 72.7 42.7 2.9 54.4 2.3 0.6 2.3

13-Week 12/28/2023 5.260 3.07 72.7 33.0 3.7 63.3 2.3 2.6 2.4

17-Week 10/10/2023 5.350 2.96 53.3 41.6 3.4 55.0 0.7 0.4 2.2

17-Week 10/17/2023 5.355 3.37 55.3 35.8 2.7 61.5 0.7 0.4 2.2

17-Week 10/24/2023 5.355 3.27 55.2 27.8 4.4 67.8 0.8 0.4 2.2

17-Week 10/31/2023 5.335 2.96 53.5 40.0 3.5 56.5 2.5 0.4 2.2

17-Week 11/7/2023 5.340 2.89 55.4 36.5 5.8 57.7 0.7 0.4 2.2

17-Week 11/14/2023 5.285 3.06 54.6 40.3 3.0 56.7 1.4 0.4 2.2

17-Week 11/21/2023 5.255 3.17 55.3 42.2 2.7 55.1 0.7 0.4 2.3

17-Week 11/28/2023 5.260 3.08 55.3 35.0 2.3 62.7 0.7 0.5 2.3

17-Week 12/5/2023 5.240 2.92 55.3 47.3 4.7 48.0 0.7 0.3 2.2

17-Week 12/12/2023 5.240 2.97 55.4 47.5 3.3 49.3 0.6 0.3 2.2

17-Week 12/19/2023 5.250 2.84 55.3 49.9 4.2 45.9 0.7 0.3 2.2

17-Week 12/26/2023 5.220 2.99 55.2 41.9 3.5 54.6 0.8 0.3 2.2

17-Week 1/2/2024 5.210 3.15 55.5 39.9 3.8 56.3 0.5 0.3 2.2

Bills (cont.)
*Approximated using prices at settlement and includes both competitive and non-competitive awards. 54

Issue Settle Date Stop Out Rate 

(%)

Bid-toCover 

Ratio

Competitive 

Awards ($bn)

% Primary 

Dealer % Direct % Indirect

NonCompetitive 

Awards ($bn)

SOMA 

"Add Ons" 

($bn)

10-Year 

Equivalent 

($bn)*

26-Week 10/5/2023 5.340 2.88 61.6 30.3 2.8 66.9 2.4 4.7 4.2

26-Week 10/12/2023 5.320 2.79 63.3 35.7 5.1 59.2 2.7 4.1 4.2

26-Week 10/19/2023 5.335 2.91 65.8 32.7 2.8 64.5 2.2 4.4 4.4

26-Week 10/26/2023 5.325 2.70 65.6 40.3 8.6 51.1 2.4 4.2 4.4

26-Week 11/2/2023 5.320 2.90 66.0 34.8 7.2 58.0 2.0 7.4 4.6

26-Week 11/9/2023 5.260 2.92 65.5 33.5 7.7 58.8 2.5 5.6 4.5

26-Week 11/16/2023 5.270 2.75 65.7 38.6 3.7 57.7 2.3 6.6 4.6

26-Week 11/24/2023 5.230 2.55 65.9 49.1 5.5 45.4 2.1 5.3 4.5

26-Week 11/30/2023 5.240 3.01 66.4 37.1 3.8 59.1 1.6 5.1 4.5

26-Week 12/7/2023 5.190 2.66 65.8 46.2 10.2 43.6 2.2 1.3 4.2

26-Week 12/14/2023 5.190 3.03 65.8 46.1 4.5 49.5 2.2 1.4 4.2

26-Week 12/21/2023 5.130 3.10 65.5 30.7 2.7 66.6 2.5 0.5 4.2

26-Week 12/28/2023 5.080 3.23 65.7 27.9 0.5 71.6 2.3 2.3 4.3

52-Week 10/5/2023 5.185 3.21 42.2 23.5 0.1 76.4 1.8 3.2 5.7

52-Week 11/2/2023 5.135 2.89 42.5 33.9 1.8 64.3 1.5 4.8 6.0

52-Week 11/30/2023 4.935 3.56 42.3 27.3 0.2 72.5 1.7 3.3 5.8

52-Week 12/28/2023 4.595 3.27 42.6 21.0 1.4 77.6 1.4 1.5 5.6

6-Week CMB 10/5/2023 5.330 2.46 64.8 62.6 7.5 29.9 0.2 0.0 0.9

6-Week CMB 10/12/2023 5.360 2.74 69.8 36.0 2.3 61.7 0.2 0.0 1.0

6-Week CMB 10/19/2023 5.325 3.12 74.8 31.7 3.0 65.3 0.2 0.0 1.1

6-Week CMB 10/26/2023 5.300 3.01 74.8 31.7 3.0 65.3 0.2 0.0 1.1

6-Week CMB 11/2/2023 5.295 2.81 74.8 33.8 2.4 63.8 0.2 0.0 1.1

6-Week CMB 11/9/2023 5.290 2.84 74.8 33.6 3.0 63.4 0.2 0.0 1.1

6-Week CMB 11/16/2023 5.290 2.64 74.8 37.2 3.7 59.1 0.2 0.0 1.1

6-Week CMB 11/24/2023 5.285 2.96 74.8 41.3 4.5 54.2 0.2 0.0 1.0

6-Week CMB 11/30/2023 5.285 2.92 69.8 41.9 4.5 53.6 0.2 0.0 1.0

6-Week CMB 12/7/2023 5.285 3.04 69.7 41.8 4.7 53.5 0.3 0.0 1.0

6-Week CMB 12/14/2023 5.285 2.85 69.8 43.8 3.9 52.3 0.2 0.0 1.0

6-Week CMB 12/21/2023 5.270 3.02 69.8 43.2 4.4 52.5 0.2 0.0 1.0

6-Week CMB 12/28/2023 5.280 2.85 69.8 37.4 6.1 56.5 0.2 0.0 1.0

Bills (cont.)
Issue Settle Date Stop Out 

Rate (%)

Bid-toCover 

Ratio

Competitive 

Awards ($bn)

% Primary 

Dealer % Direct % Indirect

NonCompetitive 

Awards ($bn)

SOMA 

"Add 

Ons" 

($bn)

10-Year 

Equivalent 

($bn)**

5-Year TIPS 10/31/2023 2.440 2.36 21.9 9.2 17.6 73.2 0.1 0.0 12.7

5-Year TIPS 12/29/2023 1.710 2.55 20.0 6.1 18.2 75.7 0.0 0.0 11.2

10-Year TIPS 11/30/2023 2.180 2.32 14.9 13.6 16.2 70.2 0.1 0.2 16.8

TIPS

55

*FRNs are reported on discount margin basis. 

**Approximated using prices at settlement and includes both competitive and non-competitive awards. 

For TIPS 10-Year equivalent, a constant auction BEI is used as the inflation assumption.

Issue Settle Date Stop Out 

Rate (%)*

Bid-toCover 

Ratio

Competitive 

Awards ($bn)

% Primary 

Dealer % Direct % Indirect

NonCompetitive 

Awards ($bn)

SOMA 

"Add 

Ons" 

($bn)

10-Year 

Equivalent 

($bn)**

2-Year 10/31/2023 5.055 2.64 50.3 17.6 20.3 62.0 0.7 0.0 12.0

2-Year 11/30/2023 4.887 2.54 53.3 18.8 23.9 57.4 0.7 0.6 12.9

2-Year 1/2/2024 4.314 2.68 56.3 18.6 19.5 61.9 0.7 0.0 13.5

3-Year 10/16/2023 4.740 2.56 45.8 22.1 21.9 56.0 0.2 0.0 15.9

3-Year 11/15/2023 4.701 2.67 47.5 16.3 19.1 64.6 0.5 0.9 17.0

3-Year 12/15/2023 4.490 2.42 49.6 26.2 21.7 52.1 0.4 0.0 17.5

5-Year 10/31/2023 4.899 2.36 51.8 19.4 19.1 61.5 0.2 0.0 28.6

5-Year 11/30/2023 4.420 2.46 54.8 16.8 17.6 65.5 0.2 0.6 31.0

5-Year 1/2/2024 3.801 2.50 57.8 14.0 15.4 70.6 0.2 0.0 32.7

7-Year 10/31/2023 4.908 2.70 37.7 11.0 18.4 70.6 0.3 0.0 28.0

7-Year 11/30/2023 4.399 2.44 38.6 20.3 15.8 63.9 0.4 0.4 29.5

7-Year 1/2/2024 3.859 2.50 39.7 16.9 19.4 63.7 0.3 0.0 30.5

10-Year 10/16/2023 4.610 2.50 34.9 18.7 20.9 60.3 0.1 0.0 34.9

10-Year 11/15/2023 4.519 2.45 39.7 15.1 15.2 69.7 0.3 0.8 40.7

10-Year 12/15/2023 4.296 2.53 36.9 17.3 18.9 63.8 0.1 0.0 37.1

20-Year 10/31/2023 5.245 2.59 12.9 11.9 15.2 72.9 0.1 0.0 20.5

20-Year 11/30/2023 4.780 2.58 15.8 9.5 16.5 74.0 0.2 0.2 25.8

20-Year 1/2/2024 4.213 2.55 12.9 12.9 20.7 66.4 0.1 0.0 21.1

30-Year 10/16/2023 4.837 2.35 20.0 18.2 16.7 65.1 0.0 0.0 40.5

30-Year 11/15/2023 4.769 2.24 23.9 24.7 15.2 60.1 0.1 0.5 49.1

30-Year 12/15/2023 4.344 2.43 20.9 14.2 17.3 68.5 0.1 0.0 44.1

2-Year FRN 10/31/2023 0.170 3.23 26.0 28.2 0.1 71.7 0.0 0.0 0.1

2-Year FRN 11/24/2023 0.200 2.84 26.0 34.3 0.6 65.1 0.0 0.0 0.0

2-Year FRN 12/29/2023 0.250 2.93 26.0 37.0 0.5 62.5 0.0 0.0 0.0

Nominal Coupons & FRNs