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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.
US TSYS/SUPPLY
The Treasury's announced coupon auction size figures are probably at the low-ish end of expectations, but hardly a shock especially given the latest financing requirement numbers out earlier this week.
- The Treasury Borrowing Advisory Committee recommended these reductions "given the notable reduction in borrowing needs this quarter and with the share of bills in outstanding debt already near the lower end of TBAC’s recommended range" - and notes that while auction sizes are expected to "level out" next quarter (in line w current expectations, as discussed in our preview), the Treasury "may need to consider further reductions based on evolving fiscal needs"
- Over the longer run: "this issuance path is expected to gradually lengthen the average maturity of Treasury debt and the average duration of debt to levels modestly above their historical ranges; leave the T-bill share of outstanding debt within the recommended 15% to 20% range; and gradually increase the share of TIPS in outstanding debt."
Source: US Treasury
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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