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J.P.Morgan On End-Of-Month Supply Matters

US TSYS

J.P.Morgan note that Thursday will see “Treasury announce end-of-month supply for auction next week. We expect Treasury to announce $45bn 2-Year notes, $46bn 5-Year notes, and $38bn 7-Year notes, $1bn, $1bn, and $2bn smaller in size since last month, respectively, and we also project $24bn new issue 2-year FRNs, in line the last new-issue auction in April. We think the 2-, 5-, and 7-Year rolls should open at +1.0bp, +0.375bp, and -0.5bp, respectively.”

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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