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Free AccessUS Tsy's $62.0 Bln Refunding To Raise $14.7 Bln Cash
WASHINGTON (MNI) - The Treasury Department's August quarterly refunding of
$62.0 billion will raise $14.7 billion new cash, Treasury announced Wednesday,
but made no mention of ultra-long bonds in their statement.
The Treasury had said at its May refunding that it was considering issuing
bonds with longer maturities than the current 30-year horizon, but said only
that it would make a further statement on it at a coming refunding meeting.
The Treasury said it intends to maintain current coupon sizes over the
coming quarter, but also cautioned that it will need to raise auction sizes at
some point to meet the redemption of securities held by the Federal Reserve as
it seeks to drawdown its balance sheet. More details on Treasury's plans will be
announced once the Fed provides details, such as a starting date, for its
redemptions.
The Treasury Borrowing Advisory Committee suggested that Treasury increase
its coupon issuance to borrowing needs at its November refunding, or possibly in
early-2018. It suggested keeping the Weighted Average Maturity of Treasury debt
the same or increasing over time, but said other tools should also be used in
addition to the WAM going forward.
"The risk is that by using WAM as a single metric exclusively, the market
mistakenly infers that a mechanical increase in longer-term coupons is optimal.
It is not," TBAC said in its report to Treasury.
For August, the Treasury Department said it will sell $24 billion 3-year
notes on August 8, $23 billion in 10-year notes on August 9 and $15 billion in
30-year bonds on August 10. Settlement for these issues is August 15.
The Treasury urged Congress to pass a debt limit increase promptly, noting
that it could fund the government under the current limit until late-September.
For the third quarter of 2017, Treasury Monday estimated it will borrow $96
billion, assuming a $60 billion cash balance at the end of September.
For the fourth quarter of 2017, Treasury estimated it will borrow $501
billion, with a $360 billion cash balance at the end of December.
--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com
[TOPICS: MNUAU$,M$U$$$,M$$FI$]
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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.