The Treasury Department yesterday announced it will sell $78.0 billion to raise $47.1 billion with its quarterly refunding.

The Treasury will sell $38 billion of three-year notes on May 11, $24 billion of 10-year notes on May 12, and $16 billion of 30-year bonds on May 13.

The Treasury also said it will add a second reopening to its 10-year Treasury inflation-protected securities, starting with the July note. The July new issue will be reopened in September and November. The January 2011 new issue will be reopened in March and May 2011.

The Treasury said it “expects to gradually decrease coupon auction sizes,” retaining the flexibility to do so across the nominal yield curve.

The Treasury is expected to offer cash management bills during the quarter.

The third-quarter refunding announcement will be Aug. 4, 2010.

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