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Bill Sales This Week Point To Treasury Cash Bottom

US TSYS/SUPPLY

This week's announced bill auction sizes represent significant increases from previous sales as Treasury looks to rebuild the Treasury General Account from low levels ($23.37B as of last Friday's close) if perhaps not as large as some had expected:

  • 17W $46B (+$2B from prior) to be sold this Wednesday, and 4W bill $60B (+25B from prior) and 8W $50B (+15B from prior) to be sold on Thursday.
  • Those bills settle on June 13, raising $35B in new cash for Treasury ($156B in new issues vs maturing $121B in bills). Wrightson ICAP for one had seen +$45B raised through these sales prior to today's announcement.
  • But with large Bill sales proceeding and settling in the coming days, it's likely the TGA balanced bottomed last week - the question now is how quickly Treasury ramps up sales.
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