WASHINGTON — The Treasury Department’s November mid-quarter refunding of $55.0 billion will borrow $100 million, Treasury announced yesterday.

For November, the the department said it will sell $25.0 billion of three-year notes on Nov. 10, $20.0 billion of 10-year notes on Nov. 12, and $10.0 billion of 29-year, six-month bonds on Nov. 13. Settlement for these issues is Nov. 17.

For the fourth quarter, the Treasury on Monday estimated it will borrow $550 billion, assuming a $300 billion cash balance on Dec. 31, which includes $260 billion for the Supplementary Financing Program.

For the first quarter of 2009, the Treasury estimated it will raise $368 billion, with a $75 billion cash balance at the end of January.

The department said it is reintroducing a new three-year note on a monthly basis and a “regular second reopening of the quarterly 10-year note in the month following the first reopening, beginning in January 2009.”

Treasury is expected to offer cash management bills during the quarter, “some longer-dated.”

The first-quarter refunding announcement will be Feb. 4, 2009.

— Market News International


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