Debt Management: Floating Rate Notes Can Help the Department of the Treasury Meet Borrowing Goals, but Additional Actions Are Needed to Help Manage Risk

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By Susan J. Irving (au)
Year: 2014
Pages: 48
Binding Paperback
ISBN 978-1-4578-5596-2

Product Code: 1457855968

Description

To continue meeting its goal of financing the federal government's borrowing needs at the lowest cost over time, the Department of the Treasury (Treasury) began issuing a new type of security -- a 2-year floating rate note (FRN) -- in January 2014. The FRN pays interest at a rate that resets periodically based on changes in the rate of the 13-week Treasury bill (to which the FRN is indexed). This report reviewed Treasury debt management, including this product and other debt management issues. It (1) evaluates Treasury's rationale for introducing FRNs and (2) identifies the demand for Treasury securities from a broad range of investors to assess whether changes would help Treasury meet its goals. Tables and figures. This is a print on demand report.

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