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MNI UST Issuance Deep Dive: May 2022 - Refunding Preview

US TSYS/SUPPLY

We've just published our monthly UST Issuance Deep Dive, which this month includes a preview of Wednesday's Treasury Quarterly Refunding.

  • In the May 4 Quarterly Refunding, the US Treasury is expected to make further cuts to coupon auction sizes.
  • Reductions are expected to be focused primarily in the 7 to 30 Year segment of the nominal curve.
  • Treasury's May 2 update on financing requirements suggests that risks to sell-side expectations for auction sizes (which were mostly made last week, see table below) lie primarily to the downside.

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