On Wednesday's quarterly refunding, JP......>

US TSYS: On Wednesday's quarterly refunding, JP Morgan expects the Treasury "to

increase auction sizes across the curve once again. We also expect Treasury to

announce a 2-month bill and a second 5-year TIPS issue for auction later this

year," while Morgan Stanley expects "boosts to coupon issuance across

benchmarks, with 5s and 7s likely taking the brunt of the issuance bump in May."

TD Securities expect the Treasury "to increase auction sizes once again with a

concentration in the 2-5y sector and FRNs and the remaining to be made up via

bills. We do expect sizes of 7s,10s and 30s to also increase, but by a smaller

amount" and the Treasury to "commit to a new 5y TIPS to be auctioned in

October."