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MNI UST Issuance Deep Dive: Nov 2022 - Refunding Preview

US TSYS
We have just published our UST Deep Dive with a focus on Wednesday's quarterly Refunding announcement., which has been emailed to subscribers (and available in PDF here). It includes an estimated U.S. issuance schedule into 2023, review of October's auctions, and sell-side Refunding expectations.
  • Following 4 consecutive rounds of reductions, Treasury is widely expected to keep auction sizes basically unchanged in the upcoming quarter.
  • There are risks that there are reductions to 20Y Bond sizes, and increases to TIPS sizes.
  • The other main area of focus is on potential Treasury buybacks, but an announcement may have to wait until February at least.

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