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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: May 2023 - Refunding Preview
MNI UST Issuance Deep Dive: May 2023 - Refunding Preview
EXECUTIVE SUMMARY:
- The May 3 quarterly refunding announcement (0830ET/1330 UK) is overshadowed by the prospect of Treasury soon running out of cash as it continues to run up against the debt limit.
- Analyst expectations for the “x-date” by when all available resources run out range between late July and mid-August (whereas previously several had expected September).
- There is little to no need to change coupon auction sizes in the coming quarter, and the capacity to do so is limited given the debt limit.
- But there is some expectation that sizes will increase beginning either in the August or November refunding windows, and some analysts see a buyback facility introduced at a future date.
Please see PDF for full analysis:
MNI_US_DeepDive_Issuance_2023_05.pdf
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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