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U.S. Treasury Increases Auctions Again In Quarterly Refunding

  • Next week's refunding is USD122 billion (USD54B 3Y, USD41B 10Y, USD27B 30Y)
  • Treasury announces changes in coupon and FRN auction sizes that will result in an additional USD105 billion of nominal coupon issuance during the November-January quarter compared to the previous quarter.
  • Treasury anticipates gradually increasing TIPS issuance across all tenors in CY 2021, expecting total gross issuance of TIPS to increase by USD10 billion to USD20 billion in CY 2021.
  • No decision has been made by Treasury on a potential SOFR FRN.
  • The table below presents the anticipated auction sizes (in USD billon) for the upcoming quarter:
MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

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