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$159 Billion In New Govvies On Deck, Including $74 Billion In Bonds, $10 Billion In TIPS
Next week's Treasury auction schedule has been announced: next week will see a total of $159 billion in new gross issuance, consisting of $74 Billion in 3, 10 and 30 year Bonds, with two reopenings (10 year and 30 year).
New issue commentary from Stone & McCarthy:
The Treasury announced the details of next week's auctions this morning.
The Treasury has announced the issuance of a $24.0 bln 3-month bill and a $25.0 bln 6-month bill, for a total of $49.0 bln to be auctioned on Monday. The size of the 3- and 6- month bill auction is $2.0 bln smaller from last week's auctions. The 3-month bill will paydown $6.000 bln and the 6-month bill will paydown $5.005 bln. The bidding deadline for the 3-month and 6-month bill auctions will be 11:30am on Monday.
SMR projects the size of the public bidding pool as an estimated $46.048 bln, which is down from last week's $48.084 bln.
Treasury also announced a $26.0 bln 52-week bill to raise $4.0 bln in cash.
They will auction $10 bln 10-year TIPS next Monday, $40 bln 3-year notes next Tuesday, $21 bln 10-year notes next Wednesday and $13 bln 30-year bonds next Thursday. The 10-year and 30-year auctions will be the second reopenings of the November issues. The auctions will all settle next Friday, January 15.
The 3-year note auction size is unchanged from December's $40.0 bln auction. The 10-year reopening size is unchanged from December's $21.0 bln reopening. The bond reopening size is unchanged from December's $13.0 bln reopening. Each of those three auctions will raise all new cash.
The 10-year TIPS auction size was increased from the $8.0 bln auction size at the prior original issue 10-year TIPS auction in July 2009. The auction will still pay down approximately $2.887 bln, however, due to the maturing 4 1/4% 10-year TIPS.
In addition, there will be a $13.355 bln maturing 5-year note on January 15, and we project coupon payments of $0.4 bln associated with 3-year notes, $0.8 bln associated with 5-year notes and $4.7 bln associated with TIPS issues on January 15.
- January 11, $10 Billion in TIPS
- January 11, $24 Billion in 13-Week Bills
- January 11, $25 Billion in 26-Week Bills
- January 12, $26 Billion in 52-Week Bills
- January 12, $40 Billion in 3 Year Notes
- January 13, $21 Billion in 9 Year 10 Month Notes
- January 14, $13 Billion in 29 Year 10 Month Notes
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i'm a little bit sick of the same menu, maybe we could change chef or close the restaurant??
Unsatiable appetite exists out there (and not only for that collector's item known as USTreasury paper...TBTF common is also in demand). Expect "better than expected" results and strong bid-to-cover, followed by a Fed announcement of certain unripened CUSIPs on the purchase schedule.
Reality is what you make it.
OK, so now we know why bonds were sold off this week.
Fully expect upcoming auctions to all be "well bid" given the move up in yields.
I don't know why, please explain it to me.
Does it make sense to consider the issuance with the amount of debt which is also coming due in the next week (or some rolling window)? That is, is the absolute amount of debt being issued what is important, or the effective net amount of new debt? Is there an easy way/website to obtain these numbers?
Tyler,
Nice work on the unemployment question on 1-1 and 1-2. I am looking for the follow up piece(s), but can't find any. Will you be doing?
On the debt's doubling interval of 9 or so years, these figures become $300B per week in 2019. The national debt will be $24T.
Is there anyone who thinks that the economy is growing at the rate debt is?
Hahaha...TIPS...rofl, man these guys have a wicked sense of humor - a kind of in-your-face humor, if you will.. They're nothing but a slap in the collective faces of every human being with a functioning brain.
TIPS, as in what you pay after dining in a restaurant?
I wonder how many naked shorts there are on TBT?
Not me! Long TBT is one of my core speculations. Also long DBA as a food bet. Mmm, mmm, good!
What happens if no one wants to buy all this stuff?
All hell will break loose if someone forgets to show up and buy this junk
I'm sure this has been discussed in this space before, but at what point does a downgrade of US debt happen? Or has there already been a chat with S&P along the lines of "if you downgrade us we may just have an investigation into your business model and pay structures"