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Free AccessMNI: US Treasury To Cut Auction Sizes in Feb-Apr Quarter
The U.S. Treasury said Wednesday it would cut its coupon issuance across all maturities in the coming quarter, with the largest cuts coming in the 7-year and 20-year maturities.
It will issue USD110 billion of securities at next week's quarterly refunding, down from the prior quarter's USD120 billion and raising USD55.2 billion in new cash.
Officials say they plan to sell USD50 billion in 3-year notes on Feb. 8, USD37 billion in 10-year notes on Feb. 9, and USD23 billion in 30-year bonds on Feb. 10.
"Given the latest forecasts of borrowing needs, Treasury intends to continue reducing auction sizes across all nominal coupon securities during the upcoming February to April 2022 quarter," Treasury said in a statement, adding that "additional reductions may be necessary depending on developments in projected borrowing needs going forward."
The Treasury said it expects to cut the size of 2-, 3- and 5-year note auctions by USD2 billion each per month over the coming quarter, while 7-year auctions will be cut by USD3 billion per month in the same period.
New and reopened 10-year note and 30-year bond auctions will also be reduced by USD2 billion, while the 20-year bond auctions will be cut by USD4 billion. The 2-year floating-rate note auctions will also be cut by USD2 billion.
In total, the cuts are expected to reduce issuance by USD111 billion in the February to April quarter compared to the previous quarter.
The Treasury Borrowing Advisory Committee, which advises Treasury on technical debt management issues, suggested the department should slow or halt coupon reductions sooner than previously anticipated this year because of the Federal Reserve's plans to runoff its balance sheet.
The Treasury said on Monday it plans to borrow USD729 billion in the first quarter, USD254 billion more than the November estimate. Officials expect to borrow USD66 billion in the second quarter.
Anticipated Auction Sizes (billions USD)
| 2-year | 3-year | 5-year | 7-year | 10-year | 20-year | 30-year | FRN | |
| February-2022 | 52 | 50 | 53 | 50 | 37 | 19 | 23 | 22 |
| March-2022 | 50 | 48 | 51 | 47 | 34 | 16 | 20 | 22 |
| April-2022 | 48 | 46 | 49 | 44 | 34 | 16 | 20 | 24 |
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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.