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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.
US TSYS/SUPPLY
Re-upping our August UST Issuance Deep Dive published yesterday, which previews today's Treasury Refunding Announcement (0830ET / 1330UK):
- MNI’s current expectations for the upcoming quarter include $2B raises to 2s/3s/5s and $1B to 7s in each month, with 10Y sizes $3B higher, 20Y up $1B, and 30Y up $2B. If anything this is conservatively low for 7s, 20s, and 30s. Overall this means nominal sales will total $249B in Oct, vs $222B equivalent in the prior quarter.
- Most analysts are in line with those expectations for 2s, 3s, and 5s, with 7Y seen either steady or up $3B, 10Y up $3-4B, 20Y up $0-2B, and 30Y up $1-2B.
- Attention will also be on TBAC's recommended financing table for the following quarter.
- Apart from the coupon sizes, the refunding announcement could bring more clarity on buybacks.
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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