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Focus On 20s, TIPS, And Buybacks At Refunding Announcement

US TSYS

Treasury's quarterly Refunding announcement is coming up at 0830ET/1230UK:

  • Limited and potentially no changes expected to the upcoming quarter's auction sizes. The most likely candidates for changes are 20Y bond (downsized) and TIPS (upsized). See table below for expectations on nominal coupon sizes.
  • The other main area of focus is on potential Treasury buybacks, but an announcement on this front is not widely expected until February at least.
  • Our full preview is here.

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