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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.
MNI UST Issuance: Aug 2024 Refunding Review
MNI UST Issuance: Aug 2024 Refunding Review
EXECUTIVE SUMMARY:
August Refunding Review: Upsizing To Wait
Key takeaways from August’s quarterly Treasury Refunding process (July 29-July 31):
- Coupon auction sizes left unchanged, TIPS upped slightly – all as expected
- No change in guidance that sizes aren’t expected to increase “for at least the next several quarters”
- Cash management buybacks to debut in September
- Advisory committee makes notable shift in recommended bill proportion of total marketable debt
- Treasury is playing it “down the middle” with cash balances ahead of potential debt ceiling issues in Jan 2025
- Market response was cautiously positive, with some bull flattening in the Treasury curve
- MNI's review includes a calendar of upcoming auctions and buyback operations, and reactions from sell-side analysts
Please see PDF for full analysis:
MNI_US_RefundingReviewAug2024.pdf
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.
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