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U.S. Treasury to offer 72-bln-USD securities next week

(Xinhua)

10:19, May 03, 2012

WASHINGTON, May 2 (Xinhua)-- The U.S. Treasury Department said Wednesday that it planned to offer 72-billion-dollar securities next week in its regular quarterly auction, but delayed its decision on the issuance of floating rate notes.

These auctions will be part of the government's plan to borrow 182 billion dollars in the April-June quarter, much less than the 401 billion dollars in the January-March quarter.

The offering will refund approximately 36.7 billion dollars of securities maturing on May 15, and will raise about 35.3 billion dollars of new cash, the Treasury said in a statement.

The Treasury also noted it needs more time to consider the issuance of floating rate notes, a new type of federal debt which would allow the U.S. government to borrow money for a fixed period of time while paying a variable interest rate.

Mary Miller, Treasury Under Secretary for Domestic Finance, said the Treasury believes there are benefits to issuing floating rate notes. It is in the process of analyzing the feedback on the topic and would continue to study the benefits and optimal terms of the new note.

The Treasury didn't give a timetable for its decision, saying its conclusion would be announced at a later date after the analysis has been completed.

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