The U.S. Treasury’s plan to restart issuance of 20-year bonds will mean only marginal cuts, if any, to other coupon-bearing auctions, Wall Street dealers say. How Treasury rejiggers its lineup depends on when 20-year sales begin and their size, analysts say. Most are eyeing the May refunding as the likeliest timing, rather than next month’s. Waiting closer to mid-year is seen as reducing the need to shave auction sizes, which have swelled to historically large sizes, leaving Treasury well-funded for now. But the federal deficit is set to surpass $1 trillion, and the Treasury also has to deal with a wall of debt ... (full story)