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MNI UST Issuance Deep Dive: Year End Reductions

Coupon issuance reductions will continue into 2022.

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MNI UST Issuance Deep Dive:

EXECUTIVE SUMMARY: Coupon issuance reductions will continue into 2022. Estimated issuance schedule below coincides with expectations of accelerated bond purchase tapering by the Federal Reserve:


2Y3Y5Y7Y10Y20Y30Y
December'21$56B$54B$57B$56B$35B$20B$22B
January'22$54B$52B$55B$53B$35B$20B$22B
February'22$52B$50B$53B$50B$37B$20B$23B
March'22$50B$48B$51B$47B$37B$17B$21B
Floating rate issuance is expected to remain steady while 2- and 5Y TIPS are expected to increase $1B.
  • The U.S. Treasury Department 2022 Quarterly Refunding starts with the Economic Policy Statements to the Treasury Auction Borrowing Committee (TBAC) on Monday January 31 at 1500ET; Treasury presentation and auction schedule to TBAC on Wednesday, February 2 at 0830ET.
  • November Auction Review: A month of tails. The 7Y-Note sale the only auction that outperformed.
Click to view the full December 2021 Deep Dive

MNI_US_DeepDive_Issuance_Dec2021.pdf