OMB Control No. 1505-0261

Agenda – May 2020 Refunding

Treasury Dealer Calls: April 30 – May 1, 2020

Dealer ___________________

To allow more time for discussion, please e-mail your responses prior to 12:00 PM on Monday, April 27, 2020 to 

Debt.Management@treasury.gov and NY.QTR@ny.frb.org. Even if you are not scheduled to meet with Treasury 

officials this quarter, your responses are still appreciated. 

I. Privately-Held Marketable Borrowing Estimates1

Central

Estimate

Range that would not 

surprise you

Low/High

April-June 2020 Privately-Held Net Marketable Borrowing /

 Ending Cash Balance /

July-September 2020 Privately-Held Net Marketable Borrowing /

 Ending Cash Balance /

FY 2020 Privately-Held Net Marketable Borrowing /

FY 2021 Privately-Held Net Marketable Borrowing /

FY 2022 Privately-Held Net Marketable Borrowing /

II. Budget Deficit and Growth Estimates 

FY 2020 /

FY 2021 /

FY 2022 /

Real GDP (4Q/4Q % Chg) CY 2020 /

Real GDP (4Q/4Q % Chg) CY 2021 /

Nominal GDP (4Q/4Q % Chg) CY 2020 /

Nominal GDP (4Q/4Q % Chg) CY 2021 /

III. Quarterly Note and Bond Issuance Estimates

3-year note (May/Jun/Jul) / / / / - / /

10-year note (May) /

10-year note reopening (Jun/Jul) / / - /

20-year bond (May) /

20-year bond reopening (Jun/Jul) / / - /

30-year bond (May) /

30-year bond reopening (Jun/Jul) / / - /

2-year note (May/Jun/Jul) / / / / - / /

5-year note (May/Jun/Jul) / / / / - / /

7-year note (May/Jun/Jul) / / / / - / /

10-year TIPS reopening (May) /

5-year TIPS reopening (Jun) /

10-year TIPS (Jul) /

2-year FRN reopening (May/Jun) / / - /

2-year FRN (Jul) /

 

1 Privately-held marketable borrowing excludes rollovers (auction “add-ons”) of Treasury securities held in the Federal Reserve’s 

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

mature and assuming the Fed does not redeem any maturing securities, would increase the amount of cash raised for a given privatelyheld auction size by increasing the SOMA “add-on” amount.
IV. Bill Issuance Estimates2

52-week bill size (May/Jun/Jul) / / / / - / / 

Total change in bills outstanding May‘20 - Jul ‘20 /

Change in privately held bills outstanding May‘20 - Jul ‘20 /

Total change in bills outstanding FY 2020 /

Change in privately-held bills outstanding FY 2020 /

CMB issuance May ‘20 – Jul ‘20 (size/date) / / /

Discussion Topics

1. Please discuss your latest economic, fiscal and monetary policy, and Treasury financing forecasts for FY2020 and 

FY2021. 

2. Please provide feedback on the actions taken by Treasury and the Federal Reserve System to address liquidity in 

Treasury securities, MBS, corporate bonds and commercial paper, and municipal bonds. How do you expect 

purchases of Treasury securities by the Federal Reserve System to evolve going forward? 

 

2 Privately-held bills exclude SOMA holdings. As such, the difference between “Total change in bills outstanding” and “Change in 

privately-held bills outstanding” should reflect SOMA secondary market purchases/sales (or redemption of maturing securities).
Part 2:

Given 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 FY20, FY21, and FY22, and

2. Auction size ranges ($bn) that would not surprise you across all tenors by the end of FY20, FY21, and FY22.

Auction size estimates should take into account the amount net of SOMA add-ons of Treasury securities.

Tenor

Size 

Expectation for

FY20 

Year-end

Range that 

would not 

surprise you:

Low/High

Size 

Expectation for

FY21 

Year-end

Range that 

would not 

surprise you:

Low/High

Size 

Expectation for

FY22 

Year-end

Range that 

would not 

surprise you:

Low/High

Nominals

2-year / / /

3-year / / /

5-year / / /

7-year / / /

10-year (new) / / /

10-year (reop) / / /

20-year (new) / / /

20-year (reop) / / /

30-year (new) / / /

30-year (reop) / / /

TIPS

5-year TIPS (new) / / /

5-year-TIPS (reop) / / /

10-year TIPS (new) / / /

10-year TIPS (reop) / / /

30-year TIPS (new) / / /

30-year TIPS (reop) / / /

FRNs

2-year FRN / / /

2-year FRN (reop) / / /

Bills

1-mo bill / / /

2-mo bill / / /

3-mo bill / / /

6-mo bill / / /

1-year bill / / /

Public reporting burden for this collection of information is estimated to average 2 hours per response, including the time for reviewing instructions, searching existing 

data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. An agency may not conduct or sponsor, and a 

person is not required to respond to, a collection of information unless it displays a valid OMB control number. The valid OMB control number for this information is 

1505-0261. Send comments regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to the 

Department of the Treasury (Office of Debt Management, 1500 Pennsylvania Avenue NW, Washington, DC 20220).