Details of the latest offering of the 3-10-30s have been released. Between July 12 and 14, the US Treasury will auction off $69 billion of 3, 10 and 30 Year bonds.
- $35 billion in 3 Year Bonds on July 12 (link)
- $21 billion in 10 Year Bonds (reopening) on July 13 (link)
- $13 billion in 30 Year Bonds (reopening) on July 14 (link)
We anticipate there will be no glitches in the take down of this latest total, which amounts to about 33% of the average recent monthly deficit, as "direct bidders" continue to increase their participation. These auction will be promptly followed by another 2,5,7 offering as there are hundreds of billions in budget shortfalls that can only be funded thru endless debt issuance.