$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