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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: Jan 2023
MNI UST Issuance Deep Dive: Jan 2023
EXECUTIVE SUMMARY:
- 2023 nominal Treasury coupon issuance starts on Tue Jan 10 with $40B 3Y Note, followed by $32B 10Y Note on Wed Jan 11, and $18B 20Y Bond on Thu Jan 12.
- We see $222B nominal coupon issuance in Jan, rising to $231B in February (refunding month), in line with prior refunding guidance.
- Our expectation for the next quarterly refunding announcement in February is for no change to expected coupon sizes in the quarter (s) ahead. Our quarterly refunding preview will be published at end-January.
- December's auctions were mostly weak, with 5 of the 7 coupon auctions tailing versus their when-issued yields, and only 2 trading through.
Please see PDF for full analysis:
MNI_US_DeepDive_Issuance_2023_01.pdf
Source: MNI
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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