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MNI UST Issuance Deep Dive: Feb 2023 - Refunding Preview

US TSYS/SUPPLY

We expect Treasury to announce unchanged nominal coupon auction sizes in the upcoming quarter when its quarterly refunding report is released at 8:30 a.m. ET on Wednesday, February 1. For full analysis please see PDF

  • While coupon sizes will grow again in future, that may not happen until well into 2023, and our estimates reflect an unchanged schedule through the 1st half at least.
  • Key topics outside the auction sizes will include discussion of potential Treasury buybacks and any plans surrounding the debt limit – including indications of cash management and bill supply.
  • Our Deep Dive includes an estimated U.S. issuance schedule, review of the latest coupon auctions, and sell-side Refunding expectations.

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