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US TSYS/SUPPLY: March Issuance Outlook: Steady Overall Sales Size

US TSYS/SUPPLY
USBulletMarketsFixed Income BulletsNorth America

From our latest US Treasury Deep Dive: March is set to see $315B in nominal Treasury coupon sales, in addition to $18B in 10Y TIPS and $28B FRN for a total of $361B – steady compared with February.

  • Prevailing opinion is that Treasury's guidance on future increases in coupon auction sizes ("based on current projected borrowing needs, Treasury anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters") will be changed in May to give plenty of notice ahead of a shift in issuance in November, though overall the perception is that risks are increasing of a later timeline.
  • MNI’s Treasury / Bill issuance calendar is regularly updated at this link
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From our latest US Treasury Deep Dive: March is set to see $315B in nominal Treasury coupon sales, in addition to $18B in 10Y TIPS and $28B FRN for a total of $361B – steady compared with February.

  • Prevailing opinion is that Treasury's guidance on future increases in coupon auction sizes ("based on current projected borrowing needs, Treasury anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters") will be changed in May to give plenty of notice ahead of a shift in issuance in November, though overall the perception is that risks are increasing of a later timeline.
  • MNI’s Treasury / Bill issuance calendar is regularly updated at this link
image