MNI UST Issuance Deep Dive: Apr 2024

EXECUTIVE SUMMARY:

• April is projected to see $315B in nominal Treasury coupon sales - the highest since November 2021 ($319B).
• The $368B in total sales (including $23B TIPS, $30B FRN) will mark the highest amount since October 2021 ($357B).
• This comes following relatively strong coupon auctions in March, in which 5 (of 7) sales traded through - each receiving a positive reading on MNI’s Relative Strength Indicator.
• Sale amounts are expected to peak in May’s refunding month, with Treasury indicating earlier this year that the Feb-Apr quarter was anticipated to be the last for auction upsizing.
• MNI’s Treasury / Bill issuance calendar is regularly updated at this link.

Please see PDF for full analysis:

MNI_US_DeepDive_Issuance_2024_04.pdf