The Treasury Department's May quarterly refunding of $72.0 billion will raise $12.4 billion in new cash, Treasury announced Wednesday.
For May, the Treasury Department said it will sell $32 billion 3-year notes on May 7, $24 billion in 10-year notes on May 8 and $16 billion in 30-year bonds on May 9. Settlement for these issues is May 15.
The Treasury said the borrowing needs "as is typical" declined after the April tax season.
It also said "depending on how the fiscal situation develops, Treasury may decide to gradually decrease coupon auction sizes."
The Treasury gave some guidance on Floating Rate Notes, saying that they plan to use the weekly high rate from the 13-week Treasury bill auctions as the index for Treasury FRNs.
"More broadly we plan to issue a final rule on the Floating Rate Note in the coming months, with the first FRN auction estimated to occur in either Q4 2013 or Q1 2014."
For the second quarter of 2013, Treasury Monday estimated it will pay down $35 billion, assuming a $75 billion cash balance at the end of June.
For the third quarter, Treasury estimated it will borrow $223 billion, with a $80 billion cash balance at the end of September
The second quarter refunding announcement will be Wednesday, July 31, 2013.
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