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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 Deep Dive: Dec 2022
MNI UST Issuance Deep Dive: Dec 2022
EXECUTIVE SUMMARY:
- Treasury's quarterly Refunding announcement on Nov 2 was largely in line with MNI's expectations: expected nominal coupon sizes were left unchanged across the board for the current quarter.
- MNI sees $222B nominal coupon issuance in Dec and Jan, rising to $231B in refunding months, in line with the refunding announcement. That compares to peaks of $336B for refunding months in 2021.
- TIPS and FRN sizes were left mostly unchanged, with the notable exception of the 5Y TIPS re-open in December which was upsized by $1B to $19B. MNI had anticipated a potential uptick in TIPS sizes.
- While coupon sizes will grow again in future, that may not happen until well into 2023, and our estimates reflect a likely unchanged issuance schedule through the 1st half.
- Nominal coupon issuance restarts next week with expected $40B 3Y Note and $32B 10Y Note re-open on Dec 12, and $18B 30Y Bond re-open on Dec 13.
Please see PDF for full analysis:
MNI_US_DeepDive_Issuance_2022_12.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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