The U.S. Department of the Treasury set its August quarterly refunding at $125 billion, matching market estimates. The sale will refinance about $89.8 billion of notes and bonds maturing on Aug. 15 and raise roughly $35.2 billion in new cash. The offering consists of $58 billion in three-year notes, $42 billion in 10-year notes and $25 billion in 30-year bonds, to be auctioned on Aug. 5-7 and settled on Aug. 15. Treasury said it intends to keep nominal coupon and floating-rate note auction sizes unchanged for at least the next several quarters, covering the August-to-October issuance window. Separately, the department will double the frequency of long-end nominal coupon liquidity support buybacks to four operations per quarter. The adjustment raises the aggregate size of these buybacks to a maximum $38 billion per quarter from $30 billion and lifts the annual cap on cash-management buybacks to $150 billion from $120 billion. Treasury will also make technical changes to Treasury Inflation-Protected Securities buyback buckets while continuing incremental increases to TIPS auction sizes. Treasury added that any seasonal or unexpected funding needs will be met through adjustments in bill auctions and cash-management bills. The next quarterly refunding announcement is scheduled for Nov. 5.