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The U.S. Treasury said Wednesday it expects to increase the offering size of short-dated bills next week but will be keeping nominal coupon auction sizes the same, and does not anticipate needing to increase auctions "for at lest the next several quarters."
The department will issue USD125 billion of securities at next week's refunding, raising USD14 billion in new cash. Officials plan to sell USD58 billion in 3-year notes on August 6, USD42 billion in 10-year notes on August 7, and USD25 billion in 30-year bonds on August 8. The agency said current auction sizes leave it well positioned to address potential changes to the fiscal outlook and to the pace and duration of future SOMA redemptions.
"Given current fiscal forecasts, Treasury expects to modestly increase the offering size of short dated bills being auctioned next week" and expects to maintain those bill sizes through August, before modest reductions during early to mid-September, the statement said. "Subsequently, over the course of October, Treasury anticipates increasing all bill auction sizes based on expected fiscal outflows."
Source: Treasury Department
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.