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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.
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Free AccessMNI UST Issuance Deep Dive: Nov 2021 Refunding
MNI UST Issuance Deep Dive: Nov 2021 Refunding
EXECUTIVE SUMMARY:
- Coupon issuance reductions are expected when the U.S. Treasury Department announces additional details to the November 2021 Quarterly Refunding, Wednesday, November 3, 0830ET.
- The Treasury announced Monday that it expects to borrow USD1.015 trillion in privately held net marketable debt in the fourth quarter, USD312 billion more than previously announced in August.
- The following issuance reductions are based on the August Treasury Borrowing Advisory Committee's (TBAC) recommended financing schedule for the fourth quarter of 2021:
2Y | 3Y | 5Y | 7Y | 10Y | 20Y | 30Y | |
November | $58B (-$2B) | $56B (-$2B) | $59B (-$2B) | $59B (-$3B) | $38B (-$3B) | $23B (-$4B) | $25B (-$2B) |
December | $56B (-$2B) | $54B (-$2B) | $57B (-$2B) | $56B (-$3B) | $35B (-$3B) | $20B (-$3B) | $22B (-$3B) |
- Floating rate issuance is expected to remain steady while 2- and 5Y TIPS are expected to increase $1B.
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Why MNI
MNI is the leading provider
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