US to raise $15bn with first new security launched since 1997
7 November 2013 2:19am
THE US Treasury will auction its first-ever two-year floating rate notes next year, aiming to raise up to $15bn (£9.3bn).
The fundraising, scheduled for the end of January 2014, marks the first new Treasury security since 1997 and would be the first of 12 monthly auctions for the notes to take place over next year.
The Treasury is also considering holding more auctions of five-year inflation-linked securities every year after a request from market participants.
It comes as the Treasury put on hold reductions in the size of some of its debt auctions yesterday, out of concern that last month’s fiscal policy showdown hurt the economy and could slow progress in reducing the deficit.
The Treasury had gradually reduced two-year and three-year auction sizes since August as the deficit narrowed. The budget gap shrank to $680bn last year, down from $1.09 trillion a year earlier.
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