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TD Securities analysts Priya.........>

US TSYS/SUPPLY
US TSYS/SUPPLY: TD Securities analysts Priya Misra, Cheng Chen and Gennadiy
Goldberg noted the US Treasury "will release the quarterly refunding documents
at 8:30am today and will announce next week's Treasury auctions. We look for the
3yr auction size to increase to $25bn from $24bn, with 10s and 30s remaining
unchanged at $23bn and $15bn, respectively."
- They also "look for Treasury to begin increasing front-end auction sizes in
order to help finance Fed balance sheet runoff. While we see a risk of $1bn
increases to the 10yr and 30yr sizes, we expect any such increase to occur later
as sub-5yr auction sizes are increased first."

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