The Treasury Department yesterday announced it will sell $15 billion of 10-year notes on May 7, followed by $6 billion of 29-year, nine-month notes on May 8.
Treasury also said it will start selling a 52-week bill every month, with the initial sale on June 3. The year bills should cut Treasury’s reliance on cash management bills. Cash management bills are likely to be sold in May, June, August, and September.
The $21 billion of auctions will refund $74 billion of outstanding debt, resulting in a paydown of $53 billion.