Survey on Treasury Floating Rate Notes and Debt Management

United States Government Accountability Office

Introduction

	The United States Government Accountability Office (GAO) is conducting a study at the request of Congress on Treasury debt management, including the introduction of Treasury floating rate notes (FRNs). Our objectives are to (1) examine Treasury's rationale for introducing FRNs and evaluate the information used to support Treasury's decision-making process; and (2) identify the demand for Treasury securities from a broad range of investors, and determine whether changes would help Treasury meet its goals. As part of our research, we are collecting information from a variety of organizations, with interests in Treasury securities. You are receiving this survey because you or your organization was identified based on its holdings of Treasury securities. We plan to report survey results in the aggregate. GAO will not include in its public report individually identifiable data from this survey. We understand that there are great demands on your time, but your response is very important. The results of our evaluation will help Congress and Treasury make some critical debt management decisions in the future. We estimate it will take approximately 30-45 minutes to complete the survey. GAO, the audit, evaluation, and investigation arm of Congress, exists to support Congress in meeting its constitutional responsibilities and to help improve the performance and accountability of the federal government for the American people. For additional information about our agency, please visit www.gao.gov. Click here for help to learn more about completing the survey, printing your responses, and whom to contact if you have questions. Thank you in advance for your assistance in taking part in our survey.

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Your Organization

	Please answer the questions in this survey specifically for your organization: ______ According to information available to us, your organization is of the following type: ______ If the organization type identified above is incorrect, please enter the correct information below.

	(View responses)

Survey Participant

1.	Please provide the following information for the organization and the person primarily responsible for completing this survey in case we need to contact you to clarify a response.

	(View responses)

	Contact name: (View responses)
	Contact job title: (View responses)
	Telephone (View responses)
	E-mail address: (View responses)

Treasury Floating Rate Notes

	As you know, Treasury held its first Treasury floating rate note (FRN) auction on January 29, 2014. The FRN has a 2-year maturity and is indexed to the 13-week Treasury bill auction high rate. See this Treasury term sheet for more information: (Click here to view term sheet)

	(View responses)

2.	Did your organization participate in the initial Treasury auction of FRNs on 1/29/2014 (including participation in the "when issued" market)?

		Yes
		No
	(View responses)

3.	Looking forward, does your organization plan to purchase Treasury FRNs in calendar year 2014, in the following ways? (Select one answer in each row.)

	(View responses)

		Definitely will	Probably will	Uncertain if will or will not	Probably will not	Definitely will not
a.	At auction (not including the "when-issued" market) (View responses)
b.	In the "when-issued" market (View responses)
c.	In the secondary market (View responses)

4.	Approximately what dollar amount of Treasury FRNs do you estimate your organization will purchase in calendar year 2014? (Select one answer in each row.)

	(View responses)

		$0	More than $0 - $250 million	More than $250 million - $500 million	More than $500 million - $1 billion	More than $1 billion - $5 billion	More than $5 billion - $10 billion	More than $10 billion
a.	For your own use (View responses)
b.	For your customers (View responses)

5.	To what extent, if at all, are the following reasons why Treasury FRNs are an attractive investment option for your organization or clients? (Select one answer in each row.)

	(View responses)

		Very great extent	Great extent	Moderate extent	Some extent	Little or no extent	No basis to judge
a.	Liquidity (Ability to buy and sell any amount with little effect on prices) (View responses)
b.	Depth of the Treasury FRN market (Ability to purchase large amounts) (View responses)
c.	FRNs will be used for hedging (View responses)
d.	FRNs have the full backing of the U.S. Government, in contrast to other floating rate products (View responses)
e.	FRNs are useful when there is a debt limit impasse (View responses)
f.	FRNs help avoid the transaction costs of rolling over bills (View responses)
g.	Price stability of the Treasury FRNs (View responses)
h.	Stability of terms and conditions of Treasury FRNs (View responses)
i.	FRNs provide diversification of Treasury products (View responses)
j.	Low charge against risk-based capital (View responses)
k.	Inflation protection (View responses)

		Very great extent	Great extent	Moderate extent	Some extent	Little or no extent	No basis to judge
l.	Interest rate risk protection (View responses)
m.	Macroeconomic outlook (View responses)
n.	Relative valuation (View responses)
o.	Cash management (View responses)
p.	Asset-liability matching (View responses)
q.	Consistency with client or fund investment guidelines (View responses)
r.	Conformance with requirements for collateral for centrally cleared derivatives (View responses)
s.	Conformance with new regulatory capital requirements for banking organizations (View responses)
t.	Conformance with weighted average maturity (WAM) and weighted average life (WAL) requirements for money market funds (View responses)
u.	Conformance with proposed net asset value (NAV) regulations (View responses)
v.	Other - Please select an answer and specify below. (View responses)

Please specify "Other" listed in v.
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6.	How do the following structural elements affect the attractiveness of Treasury FRNs to your organization? (Select one answer in each row.) Structural Element

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		Greatly more attractive	Somewhat more attractive	Neither more nor less attractive	Somewhat less attractive	Greatly less attractive	No basis to judge/No opinion
a.	2-year maturity (View responses)
b.	Original issue date is the last day of a month (View responses)
c.	Indexed to the 13-week Treasury bill rate (View responses)
d.	Daily interest rate reset (View responses)
e.	Difference in term of the index (13-week) vs. the interest rate reset period (daily) (View responses)
f.	Minimum daily interest accrual of zero (View responses)
g.	Lock-out period is 2 business days (View responses)

		Greatly more attractive	Somewhat more attractive	Neither more nor less attractive	Somewhat less attractive	Greatly less attractive	No basis to judge/No opinion
h.	Quarterly interest payments (View responses)
i.	Not STRIPS-eligible (View responses)
j.	Maximum noncompetitive award is $5 million (View responses)
k.	Tentative auction schedule - Monthly (quarterly new issue followed by two reopenings) (View responses)
l.	Anticipated auction size of $10-15 billion/month (View responses)
m.	Other - Please select an answer and specify below. (View responses)

Please specify "Other" listed in m.
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	Comments (Please note the letter to which your comment corresponds):

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Treasury Floating Rate Notes (Continued)

7.	Is the duration risk of the Treasury FRN a factor your organization will consider in its purchases of Treasury FRNs?

		Yes
		No
	(View responses)

7a.	If yes, what time will you use as the effective reset period to calculate the duration statistic? (The duration statistic is a measurement of the sensitivity of the price of a security to a change in interest rates. It is expressed as the percentage change in price for a unit change in interest rates. Time to maturity, the maturity of the index, and the reset period are factors used to calculate the duration statistic. The Treasury FRN has a time to maturity of 2 years and an interest rate that resets daily to the 13-week Treasury bill rate which, based on Treasury's current auction schedule, resets weekly.)

		One day
		7 days
		91 days (i.e., 13 weeks)
		2 years
		Other
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Other - Please specify:
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7b.	If yes, how will the difference between the term of the index rate (13-weeks) and the term of the reset period (daily) get factored into your duration calculation?

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8.	To what extent, if at all, will your organization's purchases of Treasury FRNs substitute for purchases or use of these other types of investments? (Select one answer in each row.) Investment Type

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		Very great extent	Great extent	Moderate extent	Some extent	Little or no extent	No basis to judge
a.	Treasury bills (View responses)
b.	Treasury notes (View responses)
c.	FRNs from other issuers (View responses)
d.	Money market fund shares (View responses)
e.	Repurchase agreements (View responses)
f.	Commercial paper (View responses)
g.	Derivatives, including futures or interest rate swaps (View responses)
h.	Bank deposits, including certificates of deposit (View responses)
i.	Other - Please select an answer and specify below. (View responses)

Please specify "Other" listed in i.
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9.	To what extent, if at all, will your organization use the Treasury FRNs it purchases as follows? (Select one answer in each row.) Uses of Treasury FRNs

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		Very great extent	Great extent	Moderate extent	Some extent	Little or no extent	No basis to judge
a.	Hold to maturity (View responses)
b.	Trade in the secondary market (View responses)
c.	Use as collateral in the repo market (View responses)
d.	Lend in the securities lending market (View responses)
e.	Use as collateral for derivative contracts (View responses)
f.	Other - Please select an answer and specify below. (View responses)

Please specify "Other" listed in f.
(View responses)

10.	How will the attractiveness of Treasury FRNs to your organization vary with the interest rate environment? (Select one answer in each row.) Interest Rate Environment

	(View responses)

		Treasury FRNs will be more attractive	Treasury FRNs will be neither more nor less attractive	Treasury FRNs will be less attractive	No basis to judge
a.	Expectations of rising interest rates (View responses)
b.	Expectations of steady interest rates (View responses)
c.	Expectations of falling interest rates (View responses)
d.	Expectations of volatile interest rates (View responses)
e.	High absolute interest rates (View responses)
f.	Low absolute interest rates (View responses)

11.	The Treasury FRN will pay interest at a rate that is the 13-week bill rate plus or minus the "FRN spread," which will be determined competitively at the FRN auction. How, if at all, do you expect the FRN spread will vary with the short-term interest rate environment? (Select one answer in each row.) Short-term interest rate environment

	(View responses)

		FRN spread will increase	FRN spread will not be affected	FRN spread will decrease	No basis to judge
a.	Expectations of rising interest rates (View responses)
b.	Expectations of steady interest rates (View responses)
c.	Expectations of falling interest rates (View responses)
d.	Expectations of volatile interest rates (View responses)
e.	High absolute interest rates (View responses)
f.	Low absolute interest rates (View responses)

Treasury Floating Rate Notes (Continued)

12.	How interested, if at all, do you anticipate the following investors will be in purchasing Treasury FRNs? (Select one answer in each row.) Investor Type

	(View responses)

		Very interested	Somewhat interested	Not interested	No basis to judge
a.	Money market mutual funds (View responses)
b.	Bond funds (View responses)
c.	Other mutual funds (View responses)
d.	Commercial or retail banks (View responses)
e.	Corporate treasuries (View responses)
f.	Securities broker-dealers (View responses)
g.	Foreign central banks (View responses)
h.	Pension funds (View responses)
i.	Insurance companies (View responses)
j.	Other institutional investors (View responses)
k.	Individual investors (View responses)
l.	Other - Please select an answer and specify below. (View responses)

Please specify "Other" listed in l.
(View responses)

13.	Treasury has announced that auctions of Treasury FRNs will be held at the end of the month. What preference do you have for the timing of Treasury FRN auctions?

		Beginning of month
		Middle of month
		End of month
		No preference
	(View responses)

14.	What preference(s), if any, do you have for a particular Treasury FRN auction, issuance, or payment day of the week? (Please select all answers that apply.)

	(View responses)

		Monday	Tuesday	Wednesday	Thursday	Friday	No preference
a.	Auction day(s) (View responses)
b.	Issuance day(s) (View responses)
c.	Payment day(s) (View responses)

If you indicated a preference for an auction day, please state the reasons for your preference.
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If you indicated a preference for an issuance day, please state the reasons for your preference.
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If you indicated a preference for an payment day, please state the reasons for your preference.
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15.	The size of the first Treasury FRN auction was $15 billion. What is the minimum size of the Treasury FRN issuance you think will be needed to make Treasury FRNs sufficiently liquid for your purposes? (Enter dollars in billions. Use a decimal to show the portion of a billion; for example, 500 million would be entered as 0.5 billion, one and a half billion would be entered as 1.5 billion, etc.)

	(View responses)



	(View responses)

	$ size (in billions)

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	(View responses)



	(View responses)

	a. New issue auctions

	(View responses)


	$ billion
	(View responses)

	or

	(View responses)



			No basis to judge
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	b. Reopening auctions

	(View responses)


	$ billion
	(View responses)

	or

	(View responses)



			No basis to judge
	(View responses)

	c. Total outstanding per CUSIP

	(View responses)


	$ billion
	(View responses)

	or

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			No basis to judge
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	d. 2-year FRN total outstanding at any given time

	(View responses)


	$ billion
	(View responses)

	or

	(View responses)



			No basis to judge
	(View responses)

16.	Did or will your organization need to make changes to its systems to be able to purchase Treasury FRNs? (Select one answer in each row.) System Type

	(View responses)

		Changes needed and completed	Changes needed, but not yet completed	Changes not needed
a.	Trading (including auction and secondary trading) (View responses)
b.	Accounting (View responses)
c.	Compliance (View responses)
d.	Risk management (View responses)
e.	Other - Please select an answer and specify below. (View responses)

Please specify "Other" listed in e.
(View responses)

17.	If changes were or will be needed, have you received adequate assistance or information you need to make the changes from Treasury or the Federal Reserve?

		Yes
		No
	(View responses)

18.	In your opinion, has Treasury provided sufficient information to investors regarding its plans for Treasury FRNs?

		Yes
		No
		No opinion/No basis to judge
	(View responses)

18a.	If not, what additional information could Treasury provide to investors regarding its plans for FRNs?

	(View responses)

Treasury FRNs of Different Maturities

19.	If Treasury decided to issue FRNs of different maturities, what dollar amount of Treasury FRNs in the following maturities do you estimate your organization would purchase in a year? (Select one answer in each row.)

	(View responses)

		$0	More than $0 - $ 1 billion	More than $1 billion - $5 billion	Greater than $5 billion	No basis to judge
a.	1-year FRN (View responses)
b.	3-year FRN (View responses)
c.	5-year FRN (View responses)
d.	7-year FRN (View responses)
e.	10-year FRN (View responses)

20.	If Treasury were to issue FRNs of different maturities, what issuance size(s) (i.e., total outstanding at any given time) do you think would be needed to make Treasury FRNs of the following different maturities sufficiently liquid for your purposes? (Enter dollars in billions. Use a decimal to show the portion of a billion; for example, 500 million would be entered as 0.5 billion, one and a half billion would be entered as 1.5 billion, etc.)

	(View responses)

	a. 1-year FRN

	(View responses)


	$ billion
	(View responses)

	or

	(View responses)



			No basis to judge
	(View responses)

	b. 3-year FRN

	(View responses)


	$ billion
	(View responses)

	or

	(View responses)



			No basis to judge
	(View responses)

	c. 5-year FRN

	(View responses)


	$ billion
	(View responses)

	or

	(View responses)



			No basis to judge
	(View responses)

	d. 7-year FRN

	(View responses)


	$ billion
	(View responses)

	or

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			No basis to judge
	(View responses)

	e. 10-year FRN

	(View responses)


	$ billion
	(View responses)

	or

	(View responses)



			No basis to judge
	(View responses)

21.	The 2-year Treasury FRN is indexed to the 13-week Treasury bill rate. If Treasury were to issue FRNs of different maturities, do you think they should also be indexed to the 13-week Treasury bill rate?

		Yes
		No
	(View responses)

21a.	If No, what index rate would you prefer for Treasury FRNs of the following different maturities? (For each type of FRN, list three index rates in order of preference.)

	(View responses)

	a. 1-year FRN - 1st choice: (View responses)
	2nd choice: (View responses)
	3rd choice: (View responses)

	b. 3-year FRN - 1st choice: (View responses)
	2nd choice: (View responses)
	3rd choice: (View responses)

	c. 5-year FRN - 1st choice: (View responses)
	2nd choice: (View responses)
	3rd choice: (View responses)

	d. 7-year FRN - 1st choice: (View responses)
	2nd choice: (View responses)
	3rd choice: (View responses)

	e. 10-year FRN - 1st choice: (View responses)
	2nd choice: (View responses)
	3rd choice: (View responses)

22.	If Treasury were to issue FRNs of different maturities, what preference would you have for the frequency of the interest rate reset for Treasury FRNs of the following different maturities? (Select one answer in each row.)

	(View responses)

		Daily	Weekly	Monthly	Quarterly	Annually	The term of the index rate	Other
a.	1-year FRN (View responses)
b.	3-year FRN (View responses)
c.	5-year FRN (View responses)
d.	7-year FRN (View responses)
e.	10-year FRN (View responses)

If you indicated "Other," for 1-year FRN, please specify:
(View responses)

If you indicated "Other," for 3-year FRN, please specify:
(View responses)

If you indicated "Other," for 5-year FRN, please specify:
(View responses)

If you indicated "Other," for 7-year FRN, please specify:
(View responses)

If you indicated "Other," for 10-year FRN, please specify:
(View responses)

Treasury FRNs of Different Maturities (Continued)

23.	If Treasury were to issue FRNs of different maturities, what preference would you have for the frequency of interest payments for Treasury FRNs of the following different maturities? (Select one answer in each row.)

	(View responses)

		Quarterly	Semi- annually	Annually	Other
a.	1-year FRN (View responses)
b.	3-year FRN (View responses)
c.	5-year FRN (View responses)
d.	7-year FRN (View responses)
e.	10-year FRN (View responses)

If you indicated "Other," for 1-year FRN, please specify:
(View responses)

If you indicated "Other," for 3-year FRN, please specify:
(View responses)

If you indicated "Other," for 5-year FRN, please specify:
(View responses)

If you indicated "Other," for 7-year FRN, please specify:
(View responses)

If you indicated "Other," for 10-year FRN, please specify:
(View responses)

24.	If Treasury were to issue FRNs of different maturities, would you prefer that Treasury FRNs of the following different maturities be eligible for STRIPS? (Select one answer in each row.)

	(View responses)

		Yes	No	No preference
a.	1-year FRN (View responses)
b.	3-year FRN (View responses)
c.	5-year FRN (View responses)
d.	7-year FRN (View responses)
e.	10-year FRN (View responses)

25.	If Treasury were to issue FRNs of different maturities, what preference would you have for the frequency of Treasury FRN auctions of the following different maturities? (Select one answer in each row.)

	(View responses)

		Weekly	Monthly	Quarterly	Other
a.	1-year FRN (View responses)
b.	3-year FRN (View responses)
c.	5-year FRN (View responses)
d.	7-year FRN (View responses)
e.	10-year FRN (View responses)

If you indicated "Other," for 1-year FRN, please specify:
(View responses)

If you indicated "Other," for 3-year FRN, please specify:
(View responses)

If you indicated "Other," for 5-year FRN, please specify:
(View responses)

If you indicated "Other," for 7-year FRN, please specify:
(View responses)

If you indicated "Other," for 10-year FRN, please specify:
(View responses)

26.	If Treasury were to issue FRNs of different maturities, what preference would you have for the timing of Treasury FRN auctions of the following different maturities? (Select one answer in each row.)

	(View responses)

		Beginning of the month	Middle of the month	End of the month	No preference
a.	1-year FRN (View responses)
b.	3-year FRN (View responses)
c.	5-year FRN (View responses)
d.	7-year FRN (View responses)
e.	10-year FRN (View responses)

27.	Based on your knowledge of the market for Treasury securities, do you anticipate the following investors would be interested in purchasing Treasury FRNs of these different maturities? (Please select an answer in each cell.)

	(View responses)

	Investor Type

	(View responses)

	1-year FRN

	(View responses)

	3-year FRN

	(View responses)

	5-year FRN

	(View responses)

	7-year FRN

	(View responses)

	10-year FRN

	(View responses)

	a. Money market mutual funds

	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)

	b. Other mutual funds

	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)

	c. Commercial or retail banks

	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)

	Investor Type

	(View responses)

	1-year FRN

	(View responses)

	3-year FRN

	(View responses)

	5-year FRN

	(View responses)

	7-year FRN

	(View responses)

	10-year FRN

	(View responses)

	d. Corporate treasuries

	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)

	e. Securities broker-dealers

	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)

	f. Foreign central banks

	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)

	Investor Type

	(View responses)

	1-year FRN

	(View responses)

	3-year FRN

	(View responses)

	5-year FRN

	(View responses)

	7-year FRN

	(View responses)

	10-year FRN

	(View responses)

	g. Pension funds

	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)

	h. Insurance companies

	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)

	i. Other institutional investors

	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)

	Investor Type

	(View responses)

	1-year FRN

	(View responses)

	3-year FRN

	(View responses)

	5-year FRN

	(View responses)

	7-year FRN

	(View responses)

	10-year FRN

	(View responses)

	j. Individual investors

	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)



			Yes
			No
			No basis to judge
	(View responses)

Treasury Auctions and Holdings

28.	What amounts of the following types of Treasury securities did your organization, ______, hold as of September 30, 2013? (Enter dollars in billions. Use a decimal to show the portion of a billion; for example, 500 million would be entered as 0.5 billion, one and a half billion would be entered as 1.5 billion, etc.)

	(View responses)

	a. Treasury Bills (View responses)	$ billion
	b. Treasury Notes (View responses)	$ billion
	c. Treasury Bonds (View responses)	$ billion
	d. TIPS (View responses)	$ billion
	e. STRIPS (View responses)	$ billion

29.	For the following types of Treasury securities that your organization may purchase at auction (including in the "when-issued" market), at what frequency does it usually do so? (Select one answer in each row.)

	(View responses)

		Never	At every auction	Weekly	Monthly	Quarterly	Less than quarterly
a.	Bills (View responses)
b.	Notes (View responses)
c.	Bonds (View responses)
d.	TIPS (View responses)

30.	For the following types of Treasury securities that your organization may purchase in the secondary market, at what frequency does it usually do so? (Select one answer in each row.)

	(View responses)

		Never	Daily	Weekly	Monthly	Quarterly	Less than quarterly
a.	Bills (View responses)
b.	Notes (View responses)
c.	Bonds (View responses)
d.	TIPS (View responses)
e.	STRIPS (View responses)

Overall Demand for Treasury Securities

	In addition to questions about the new Treasury FRN, we have some questions on the demand for Treasury securities in general.

	(View responses)

31.	If Treasury were to introduce the following types of securities or debt management practices, do you expect they would enhance the demand for Treasury securities? (Select one answer in each row.)

	(View responses)

		Yes	No	No basis to judge
a.	Issue ultra-long bonds (e.g. 40-year bonds) (View responses)
b.	Issue callable securities (securities that are subject to call by Treasury before maturity) (View responses)
c.	Issue floating rate notes indexed to inflation (View responses)
d.	Issue zero-coupon notes or bonds (View responses)
e.	Introduce a different new security (specify below) (View responses)
f.	Discontinue an existing security (specify which security type(s) below) (View responses)
g.	Buybacks (Treasury purchases of off-the-run securities) (View responses)
h.	Use a reverse inquiry window (View responses)
i.	Increase frequency of initial auctions (specify which security type(s) below) (View responses)
j.	Increase frequency of reopenings (specify which security type(s) below) (View responses)
k.	Increase issuance sizes (specify which security type(s) below) (View responses)
l.	Increase the limit on noncompetitive awards in Treasury auctions (currently $5 million) (View responses)
m.	Other (specify below) (View responses)

Specify entry in e. above
(View responses)

Specify entry in f. above
(View responses)

Specify entry in i. above
(View responses)

Specify entry in j. above
(View responses)

Specify entry in k. above
(View responses)

Specify entry in m. above
(View responses)

32.	Now that Treasury FRNs use the 13-week Treasury bill as its index rate, do you expect Treasury bills to become a more-widely used benchmark for other products?

		Yes
		No
	(View responses)

32a. If yes, what products?
(View responses)

33.	Do you expect Treasury FRNs to become a benchmark for other products?

		Yes
		No
	(View responses)

33a. If yes, in what ways would it be
used as a benchmark?
(View responses)

34.	Given that events in recent years showed that the London Interbank Offered Rate (LIBOR) was susceptible to manipulation, some have called for a shift away from LIBOR as the dominant index rate. In your opinion, what should be the basis of a benchmark index rate?

		Survey
		Market rates
		Other
	(View responses)

	If survey:

	(View responses)

	a. Who should be surveyed? (View responses)
	b. What safeguards should be in place? (View responses)

	If market rates:

	(View responses)

What transactions or trades?
(View responses)

If other, please specify:
(View responses)

35.	Do you think it is feasible for the market to shift to a new benchmark index rate?

		Yes
		No
	(View responses)

35a.	If yes, what percentage of securities and derivatives do you think could migrate to a new benchmark index rate within the next 5 years?
	percent
	(View responses)

Treasury Information Sources

36.	In your opinion, to what extent, if at all, do market participants, such as yourself, have opportunities to provide input to Treasury?

		Very great extent
		Great extent
		Moderate extent
		Some extent
		Little or no extent
		No basis to judge
	(View responses)

36a.	(If in question 36 you answered "little or no extent" or "no basis to judge") What could Treasury do differently or better to ensure that end-investors have sufficient opportunities to provide input? (Please list up to five actions in order of importance.)

	(View responses)

	1. (View responses)
	2. (View responses)
	3. (View responses)
	4. (View responses)
	5. (View responses)

37.	In your opinion, to what extent, if at all, does Treasury provide sufficient information to investors regarding its plans for debt management?

		Very great extent
		Great extent
		Moderate extent
		Some extent
		Little or no extent
		No basis to judge
	(View responses)

37a.	(If in question 37 you answered "little or no extent" or "no basis to judge") What additional information should Treasury provide to investors?

	(View responses)

Additional Comments and Submit Your Survey to GAO

38.	Any other comments regarding the topics covered in this questionnaire?

	(View responses)

39.	Are you ready to submit your final completed survey to GAO? (This is equivalent to mailing a completed paper survey to us. It tells us that your answers are official and final.)

		Yes, my survey is complete - To submit your final responses, please click on "Exit" below"
		No, my survey is not yet complete - To save your responses for later, please click on "Exit" below"
	(View responses)

	You may view and print your completed survey by clicking on the Summary link in the menu to the left. Thank you very much for your assistance.

	(View responses)

Questionnaire Programming Language - Version 6.2
U.S. Government Accountability Office

Survey on Treasury Floating Rate Notes and Debt Management

United States Government Accountability Office

Introduction

Your Organization

Survey Participant

Treasury Floating Rate Notes

Treasury Floating Rate Notes (Continued)

Treasury Floating Rate Notes (Continued)

Treasury FRNs of Different Maturities

Treasury FRNs of Different Maturities (Continued)

Treasury Auctions and Holdings

Overall Demand for Treasury Securities

Treasury Information Sources

Additional Comments and Submit Your Survey to GAO

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