Aggregated Perspectives on Treasury Auction Sizes, April 2021

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

Coupons

59.6 1.2 57.5 2.3 60.8 1.2 55.0 4.7 51.2 5.4 59.4 4.1 53.2 5.1 48.7 6.0 58.7 5.4

57.6 1.2 55.5 2.3 58.8 1.2 53.0 4.7 49.2 5.4 57.4 4.1 51.2 5.1 47.0 5.7 56.7 5.4

60.6 1.2 58.5 2.3 61.7 1.2 55.9 4.7 52.1 5.4 60.4 3.9 54.0 5.5 49.8 5.9 59.4 5.5

61.5 1.7 59.0 3.0 62.7 1.1 55.6 5.8 51.5 6.3 60.6 4.3 53.4 7.0 48.9 7.4 59.7 5.2

40.9 0.6 39.0 1.6 41.9 1.2 38.5 2.1 35.5 2.8 41.0 1.8 36.8 3.1 33.6 3.4 41.0 2.5

37.9 0.6 36.0 1.6 38.9 1.2 35.5 2.1 32.5 2.8 38.1 1.8 33.8 3.1 30.7 3.5 38.0 2.6

26.1 1.5 23.6 2.1 27.0 1.3 23.6 2.4 20.6 2.4 26.0 1.9 22.4 2.7 19.1 2.5 26.0 3.0

23.1 1.5 20.7 2.2 24.0 1.3 20.6 2.4 17.6 2.4 23.0 1.9 19.4 2.7 16.1 2.5 23.0 3.0

27.0 0.4 25.2 1.4 27.9 1.1 24.9 1.7 22.2 2.0 27.3 1.6 23.6 2.3 20.6 2.5 27.5 2.4

24.0 0.4 22.3 1.5 24.9 1.1 22.0 1.7 19.3 2.1 24.4 1.6 20.7 2.5 17.7 2.4 24.6 2.4

TIPS

18.2 0.4 17.8 0.5 19.1 0.8 18.5 0.7 17.8 1.0 20.0 1.4 18.6 1.1 17.6 1.5 20.5 1.9

16.2 0.4 15.7 0.6 17.1 0.8 16.5 0.8 15.7 1.0 17.9 1.4 16.6 1.2 15.5 1.5 18.1 1.8

15.7 0.5 15.2 0.6 16.6 0.9 15.9 0.9 15.0 1.0 17.3 1.5 16.0 1.1 14.8 1.4 17.9 1.8

13.6 0.5 13.1 0.7 14.5 0.8 13.9 0.9 13.0 1.1 15.2 1.4 13.9 1.2 12.7 1.5 15.7 1.8

9.0 0.0 8.8 0.4 9.5 0.7 9.1 0.5 8.7 0.7 10.1 0.8 9.2 0.6 8.5 1.1 10.5 1.1

8.0 0.2 7.6 0.5 8.7 0.7 8.0 0.4 7.5 0.7 9.0 0.8 8.0 0.5 7.4 1.1 9.4 1.0

FRNs

27.8 0.6 26.6 1.2 28.5 1.0 26.8 2.3 25.0 2.6 28.7 2.7 25.8 3.1 24.0 3.3 28.2 3.4

25.8 0.6 24.6 1.2 26.5 1.0 24.7 2.2 23.0 2.5 26.7 2.6 23.8 3.0 22.1 3.3 26.3 3.3

Bills

44.3 10.0 34.5 6.4 52.5 9.7 40.5 6.4 31.5 5.5 51.5 10.7 39.1 6.1 30.4 6.2 51.8 11.4

43.3 9.4 34.3 4.1 51.5 8.7 39.7 5.0 31.4 5.0 50.5 9.8 38.8 5.4 30.7 6.0 51.1 10.5

55.8 2.6 50.4 4.9 60.5 1.7 53.2 4.9 46.2 6.7 59.9 4.7 51.7 5.5 43.8 8.1 59.7 5.6

52.7 2.7 47.1 4.4 57.7 1.8 49.8 4.9 43.1 6.8 57.3 4.1 48.6 5.4 41.1 7.7 57.2 5.3

34.1 0.2 31.0 2.3 36.4 2.1 32.6 1.9 29.5 3.0 36.0 2.2 31.3 2.9 27.9 3.7 35.6 3.7

1-mo bill

2-mo bill

3-mo bill

6-mo bill

1-year bill

10-year TIPS (new)

10-year TIPS (reop)

30-year TIPS (new)

30-year TIPS (reop)

2-year FRN

2-year FRN (reop)

20-year (new)

20-year (reop)

30-year (new)

30-year (reop)

5-year TIPS (new)

5-year TIPS (reop)

2-year

3-year

5-year

7-year

10-year (new)

10-year (reop)

Range that would not surprise you

Low High 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-issuance modeling assumptions, and does not reflect 

potential policy decisions. We appreciate your participation in a similar survey conducted in October 2020, 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-survey

Given your expectations for the borrowing needs over the next three fiscal years (as presented in question 1), Treasury would like your expectations for:

1. Auction sizes ($bln) in all tenors by the end of FY21, FY22, and FY23, and 

2. Auction size ranges ($bln) that would not surprise you across all tenors by the end of FY21, FY22, and FY23.

The Treasury Department’s ODM surveyed all 24 primary dealers on their firms’ perspectives on Treasury auction sizes. The results presented below are “trimmed mean” and “trimmed standard deviation”. That is, the high and low 

values of all 24 responses for any maturity tranche are deleted before computing the average and standard deviation.

Tenor

Size Expectations 

for FY21 Year-End

Range that would not surprise you Size Expectations 

for FY22 Year-End

Range that would not surprise you Size Expectations 

for FY23 Year-End