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SMRA's Nancy Vanden Houten noted.....>

US TSYS/SUPPLY
US TSYS/SUPPLY: SMRA's Nancy Vanden Houten noted the US Treasury "announced a
$62.0 billion refunding, as expected" in 3/10/30Y auctions next week that "will
refund $42.7 billion in maturing debt held by non-Fed investors, and raise $19.3
billion in new cash." 
- She added the announcement "confirms that Treasury announcements of net
borrowing amounts will exclude Fed redemptions. We had been including maturing
Fed holdings in our projections, but we will switch over to Treasury's
convention." 
- She adds the "refunding auctions will settle on Nov. 15, which coincides with
the payment of $22.2 billion in interest to non-Fed investors. The Fed will
receive $13.3 billion in interest payments on Nov. 15. Treasury said it would
announce "gradual adjustments" to FRNs and coupon auctions at the February
refunding." 

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