Free Trial

SMRA's Nancy Vanden Houten noted.....>

US TSYS/SUPPLY
US TSYS/SUPPLY: SMRA's Nancy Vanden Houten noted the US Treasury "announced a
$62.0 billion refunding, as expected" in 3/10/30Y auctions next week that "will
refund $42.7 billion in maturing debt held by non-Fed investors, and raise $19.3
billion in new cash." 
- She added the announcement "confirms that Treasury announcements of net
borrowing amounts will exclude Fed redemptions. We had been including maturing
Fed holdings in our projections, but we will switch over to Treasury's
convention." 
- She adds the "refunding auctions will settle on Nov. 15, which coincides with
the payment of $22.2 billion in interest to non-Fed investors. The Fed will
receive $13.3 billion in interest payments on Nov. 15. Treasury said it would
announce "gradual adjustments" to FRNs and coupon auctions at the February
refunding." 

To read the full story

Close

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.