OMB Control No. 1505-0261

Agenda – May 2019 Refunding

Treasury Dealer Meetings – April 25 – April 26, 2019

Dealer ___________________

To allow more time for discussion, please e-mail your responses prior to 12:00 PM on Monday, April 22, 2019 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 Estimates #

Central

Estimate

Range that would not 

surprise you

# 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.

Low/High

April-June 2019 Privately-Held Net Marketable Borrowing /

 SOMA Redemptions of Treasury Securities /

 Ending Cash Balance /

July-September 2019 Privately-Held Net Marketable Borrowing /

 SOMA Redemptions of Treasury Securities /

 Ending Cash Balance /

FY 2019 Privately-Held Net Marketable Borrowing /

 SOMA Redemptions of Treasury Securities /

FY 2020 Privately-Held Net Marketable Borrowing /

FY 2021 Privately-Held Net Marketable Borrowing /

II. Budget Deficit and Growth Estimates 

FY 2019 /

FY 2020 /

FY 2021 /

Real GDP(4Q/4Q % Chg) CY2019 /

Real GDP(4Q/4Q % Chg) CY2020 /

Nominal GDP(4Q/4Q % Chg) CY2019 /

Nominal GDP(4Q/4Q % Chg) CY2020 /

III. Quarterly Note and Bond Issuance Estimates

3-year note (May/June/July) / / / / - / /

10-year note (May) /

10-year note reopening (June/July) / / - /

30-year bond (May) /

30-year bond reopening (June/July) / /

2-year note (May/June/July) / / / / - / /

5-year note (May/June/July) / / / / - / /

7-year note (May/June/July) / / / / - / /

10-year TIPS reopening (May) /

5-year TIPS reopening (June) /

10-year TIPS (July) /

2-year FRN reopening (May/June) /

2-year FRN (July) /

IV. Bill Issuance Estimates

52-week bill size (May/June/July) / / / / - / / 

Total change in bills outstanding May ‘19 – July ‘19 /

Total change in bills outstanding FY 2019 /

CMB issuance May ‘19 – July ‘19 (size/date) / / / /
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).

Discussion Topics

1. Please discuss your latest economic and fiscal forecasts for FY2019 and FY2020. Do you believe the current 

financing schedule is well-suited to meet Treasury’s financing needs though the end of FY2019? FY2020?

2. Please discuss your expectations for the path of normalization of the Federal Reserve’s balance sheet beyond 

October 2019, specifically: 

a. When do you expect the Federal Reserve to resume growing the balance sheet? [Please respond with a 

specific month/year]

b. What do you expect for the long run composition of the assets on the Federal Reserve’s balance sheet?

c. How do you expect the transition from the current portfolio to the long run asset composition to be 

accomplished?

3. Please describe your experience with reporting secondary market Treasury securities transactions to FINRA’s 

TRACE, including any challenges encountered or suggestions to improve official sector understanding of the data 

reported. Please also comment on the feasibility of reducing the reporting delay and including information on 

execution method.

Part 2:

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 ($bn) in all tenors by the end of FY19, FY20, and FY21, and 

2. Auction size ranges ($bn) that would not surprise you across all tenors by the end of FY19, FY20, and FY21.

Auction size estimates should take into account the amount needed to address SOMA redemptions of Treasury securities.

Tenor

Size 

Expectation 

for

FY19

Year-end

Range that 

would not 

surprise you:

Low/High

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

Nominals

2-year / / /

3-year / / /

5-year / / /

7-year / / /

10-year (new) / / /

10-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 / / /