(Reuters) – The U.S. Treasury Department stated Wednesday that it will continue to reduce its coupon issuance for all maturities over the next quarter. However, the biggest reductions are expected in the 20-year and seven-year maturities.

Treasury stated that it would reduce issuance. However, the Treasury made a smaller cut than usual in prior quarters based upon projected borrowing requirements. These projections include current strong tax receipts and possible redemptions of Treasury securities.

According to the Treasury, additional cuts may be required depending on changes in projected borrowing requirements.

To pay coronavirus related spending, the U.S. government increased auction size in 2020.

According to the Treasury, it plans to reduce the 2-, 3-, and 5-year note auctions’ size by $1 billion each month during the next quarter. 7-year auctions are expected decrease by $2 billion per monthly in the same time period.

The new and reopened 30-year bonds auctions and 10-year notes will also be reduced $1 billion. Meanwhile, the auctions for 20-year bonds will be reduced by $2 billion.

Also, the Treasury stated that it expected to keep at 14 billion its size for the May reopening of Treasury Inflation Protected Securities (TIPS), 10 year Treasury Inflation Protected Securities (TIPS). The June 5-year TIPS auction will be increased by $1B to $18Billion and the July 10-year TIPS auction will rise by $1B to $17Billion.

According to the Treasury, it plans on selling $45 billion of three-year notes next week and $36 billion for 10-year notes. It also intends to sell $22 billion worth of 30-year bonds.

On Monday, the U.S. Treasury stated that it expected to repay $26 billion of debt in the second quarter. This is down from its January borrowing estimate, which was $66 billion. The increase in receipts led to this decrease. According to the second-quarter estimates, there will be a cash surplus of $800billion at June’s end.