Summary:
The US Treasury Department is set to issue $125 billion in Treasury securities to refinance about $94.2 billion of Treasury bills that matured on May 15, 2025. The offerings include:
- A three-year note of $58 billion, maturing May 15, 2028
- A ten-year memo of $42 billion, maturing May 15, 2035
- A thirty-year bond of $25 billion, maturing May 15, 2055
Auctions for these securities will take place on May 5, 6, and 8, 2025, respectively. The Treasury plans to fulfill additional funding needs through regular weekly invoices and monthly notes across the quarter.
To adapt to ongoing borrowing requirements, the Treasury expects to maintain current auction sizes for nominal coupons and floating rate notes (FRNs) in the coming quarters. Additionally, Treasury inflation-protected securities (TIPS) auction sizes will be increased.
The Treasury is also assessing enhancements to its buyback program, which supports liquidity and cash management. Since being launched in May 2024, the program has improved market resilience and offered cost savings. The proposed buyback activities will include weekly operations and cash-management buybacks around tax periods.
As extraordinary measures have been in place since January 21, 2025, the Treasury cannot currently predict how long these measures will continue due to variable tax revenue and government payment uncertainties.
A virtual workshop on Large-scale Position Report regulations will be held on June 27, 2025, with further information expected on upcoming quarterly refunds on July 30, 2025.
