***Curve steeper on Tsy qtrly refunding.....>

US TSYS: ***Curve steeper on Tsy qtrly refunding announce. $20bln in 20-Yr

initial offering on the high side as is rise in longer-end issuance.

- Treasury anticipates that the initial offering size of the 20-year bond will

be $20 billion, auction will take place on May 20.

- Tsy to sell following in May: 3-year note for $42 billion (in line w

consensus),  10-year note for $32 billion ($2-3bln above consensus), 30-year

bond for $22 billion (in line w consensus/$1bln over perhaps).

- The increase in coupon issuance will be larger in longer tenors (7-year,

10-year, 20-year, and 30-year). 

- 2-3-5-Yr auctions increase +$2bln/month, 7-Yr by $3bln/month, 10-Yr by

$5bln/month, 30-Yr by $3bln/month. Treasury also intends to modestly increase

auction sizes for FRNs, $2bln/month. Auction sizes for TIPS unch.

- Total changes in coupon+FRN sizes will result in an additional $154bln in

issuance vs prev qtr.

- Treasury will issue a request for information on SOFR FRNs.