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MNI UST Issuance Deep Dive: Aug 2022 - Refunding Preview

MNI UST Issuance Deep Dive: Aug 2022 - Refunding Preview

MNI UST Issuance Deep Dive: Aug 2022 - Refunding Preview

EXECUTIVE SUMMARY:

  • The US Treasury is widely expected to continue cutting coupon issue sizes when its plans for August / September / October are released at 0830ET on Wednesday August 3.
  • There is general consensus that cuts will be targeted on the 7Y and 20Y segments (the 20Y being seen as particularly ripe for a big reduction), with the 2Y and 3Y segments unchanged.
  • However, multiple analysts see cuts to the 5Y, 10Y and 30Y, and larger cuts than those reflected in our consensus expectations table.

Please see PDF for full analysis:

MNI_US_DeepDive_Issuance_2022Aug.pdf


Source: MNI based on sell-side median expectations

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