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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 - June 2021
Shorter durations outperformed longer in May, trading through mild- to modest 5M average tails.
- The 7Y was deemed strong not by how much the award rate traded through the When Issued, but that it performed well at all.
- The sector has averaged a -1.3 tail over the last 5 auctions, while the February auction tailed -4.0 bps. The 10Y note, 20- and 30Y bonds all traded weak to poor compared to their 5M averages.
- This is illustrated by the MNI May Auction Relative Strength Indicator:
MNI UST Issuance Deep Dive - June 2021
Sell-side analysts continue to anticipate a gradual reduction in auction sizes in the latter half of the year. Next week's 3Y, 10Y re-open and 30Y re-open auction sizes expected to remain at $58B, $38B and $24B respectively.
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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