WASHINGTON -- The U.S. Treasury Department said Wednesday it will sell $51 billion of new securities in its quarterly refunding next week.

The sale is to refund $48.01 billion in maturing issues and raise $2.99 billion in fresh cash.

The Treasury refunding is a quarterly event in which the government sells new securities and the money is used to retire existing securities.

The Treasury said it will sell $22 billion of new three-year notes maturing Nov. 15, 2007, to be sold Monday.

The government will also sell $15 billion of five-year notes maturing Nov. 15, 2009, to be sold Tuesday and $14 billion of 10-year bonds maturing Nov. 15, 2014, to be sold next Wednesday.

The new issues will be dated Nov. 15.

The Treasury said it is also likely to sell cash management bills in early December and January.

The $51 billion size of the November refunding is unchanged the $51 billion size of the previous refunding conducted in August.

Bond dealers had expected Treasury to sell $22 billion in three-year notes, $15 billion in five-year notes and $14 billion in 10-year notes next week.

Copyright 2004 by United Press International