December 10, 2022

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U.S. Treasury announces quarterly refunding of $126 billion

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Details of the US treasury quarterly refunding

  • U.S. Treasury announces quarterly refunding of $126 billion, to raise about the $67.4 billion of cash, refund of $58.6 billion of maturing securities
  • US to sell $58 billion of three year notes, $41 billion of 10 year notes, and $27 billion of 30 year bonds next week
  • Treasury says it does not anticipate making any changes to nominal coupon sizes over the next quarter, but is considering cuts for the future quarters. This was expected
  • Says seasonal or unexpected variations in borrowing needs over next quarter to be met by changes in bill auction sizes, cash management bills
  • U.S. Treasury says expects to and weekly issuance of a six week cash management bills later this month
  • Says it is unsure how long extraordinary measures put in place due to debt ceiling will last

There was a report earlier this week that showed the treasuries balances were moving higher than expected. That is good news for the treasury debt auctions and the announcement today decreased issuance in future quarters is a reflection of those balances.

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