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42-Day CMB Bill Size Reduced, All Else As Expected

US TSYS/SUPPLY

Treasury announces unchanged bill sizes for the 13W ($75B) 26W ($68B), and 52W ($44B) sales next Monday and Tuesday - but in a minimal surprise, reduced the 6W cash management bill size by $5B to $70B.

  • Recall regarding yesterday's somewhat surprising announcements that today's 4/8W bill sizes would be reduced, that Treasury has specifically pointed to shorter-dated bills for potential reductions ("modest reductions to short-dated bill auction sizes", per the Refunding policy statement).
  • And in no surprise, in line with the Refunding guidance, the 2Y Note size is increased $3B to $54B, 5Y Note size is upped $3B to $55B, and 7Y by $1B to $39B.
  • Monday Nov 27 will be a busy return to supply after a holiday break, with both the 2Y and 5Y auctions taking place on the same day; the 7Y auction is Tues Nov 28, rounding out the month of coupon issuance.
  • All of the above settle on Nov 30.
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