Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US TSYS/SUPPLY
At 1100ET/1600UK, Treasury will announce details for the 6-, 13-, 26- and 52-week bills to be sold next week. (The 6-week is a new tenor that was revealed just yesterday).
- Sizes for the existing bills will no doubt be modestly increased as Treasury ramps up cash building (from $65B 13W, $58B 26W, and $36B 52W). We also get announcements for the 3Y/10Y/30Y coupon sales next week, which will be unchanged at $40B / $ 32B / $18B, respectively.
- Even with the suspension of the debt limit, there is no expectation that coupon bond issuance will be changed in June or July ahead of the August refunding (see below for table). Treasury doesn’t want to disrupt the otherwise predictable bond supply schedule and has no need to, given huge pent up demand for bills.
- The coupon issuance schedule is in the table below, based on the May refunding guidance. Our issuance calendar is here.
- Treasury will eventually ramp up coupon sizes and there could be an increase announced in August, but MNI will explore that closer to the time. Generally we have seen expectations of coupon sizes being raised beginning with the November refunding process.
Source: MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok