A survey from SIFMA found that Treasury issuance likely will amount to about $417 billion in the first quarter, a 13% drop from the same period last year. In the fourth quarter, $159.5 billion in Treasuries were sold. "The jump [in the first-quarter forecast] may partly reflect a return to net issuance levels consistent with the past year," said Robert Toomey, managing director for the government and funding division at SIFMA. Read the SIFMA Quarterly Government Securities Issuance and Rates Forecast survey to learn about projections for Treasury Inflation-Protected Securities and other significant issuance findings. Read SIFMA's news release.