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US TSYS/SUPPLY: MNI UST Refunding Preview - Nov 2024

US TSYS/SUPPLY
USGlobalBulletMarketsFixed Income BulletsRegionNorth America

Refunding Preview- Bigger Auctions Unlikely For Several Qs, But Debt Limit Return Clouds Outlook

  • Treasury's quarterly Refunding process begins next Monday Oct 28 with the release of the financing estimates for the current quarter (we refer to this as the November refunding round). Wednesday Oct 30 brings Treasury's announcement of coupon auction sizes, as well as its guidance for future issuance.
  • MNI usually produces a Deep Dive ahead of the Refunding announcement, but in this case Treasury auctions continue through Tuesday - so unusually, for this round, we will publish a smaller preview for financing/coupon sizes, with our Deep Dive covering the Refunding results after their release.
  • See preview in PDF link: refunding-Nov2024.pdf
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Refunding Preview- Bigger Auctions Unlikely For Several Qs, But Debt Limit Return Clouds Outlook

  • Treasury's quarterly Refunding process begins next Monday Oct 28 with the release of the financing estimates for the current quarter (we refer to this as the November refunding round). Wednesday Oct 30 brings Treasury's announcement of coupon auction sizes, as well as its guidance for future issuance.
  • MNI usually produces a Deep Dive ahead of the Refunding announcement, but in this case Treasury auctions continue through Tuesday - so unusually, for this round, we will publish a smaller preview for financing/coupon sizes, with our Deep Dive covering the Refunding results after their release.
  • See preview in PDF link: refunding-Nov2024.pdf