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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.
US TSYS/SUPPLY
MNI's latest Deep Dive (just emailed to Issuance subscribers, PDF at this link) recaps the major developments from Treasury’s Quarterly Refunding process for the Feb-Apr quarter, which was broadly in line with expectations.
- Treasury was more optimistic on the deficit outlook than the private sector consensus, but the auction size announcement was almost exactly in line, with similar increases to coupon sizes as seen in the previous round.
- A modest surprise for some observers was that Treasury didn’t announce that it was launching buybacks immediately. However, Treasury confirmed buybacks will be coming "later this year" after market tests in April with an announcement coming in May.
- The next quarterly Refunding round begins on April 29 (financing estimates), with the quarterly policy statement/auction size announcements two days later on May 1.
- February’s coupon auctions were mixed. 3 coupon sales tailed, which all saw a negative reading on MNI’s Relative Strength Indicator, although the 5Y relative strength improved from January (-0.8 vs -2.2 prior). The remaining 4 coupon sales traded through.
- MNI’s Treasury / Bill issuance calendar is regularly updated at this link.
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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