Treasury quarterly refunding to raise $83B

Highlights of the Treasury's borrowing plan

• $83B in sales to refund $54.3B in maturing securities and $28.7B in cash

• Will offer new 5-year TIPS in Oct 2019

• Starting in 2019 the 30-year TIPS will be reopened only once rather than twice

• To sell $37 billion in 3-year notes

• $27 billion in 10-year notes

• $19 billion in 30-year bonds next week

The Treasury will increase the size of auctions from 7-30 years by $1 billion in the next three months. Two, three and five years sales will rise by $1 billion per month.

That's not a surprise but it highlights another reason to sell bonds.