MNI UST Issuance Deep Dive: January 2026

Hidden PDF

Coupon Issuance Set To Remain Steady; Bills More Intriguing

• Attention swiftly turns to the next quarterly Refunding round which gets underway February 2nd with the latest financing requirement estimates, then the full announcement on February 4.
• There is no expectation that there will be any changes to coupon auction sizes, though deficit estimates will be eyed alongside bill issuance estimates (seasonally bill issuance picks up in February before dropping sharply in March and April).
• December auction review: December’s coupon Treasury auctions were fairly solid, with no real outstanding results. Overall, there were 4 trade-throughs, 2 tails, and 1 on-the-screws.
• Upcoming issuance: January's nominal coupon issuance will total $315B, in addition to $22B TIPS (10Y) and $30B 2Y FRNs for a total $367B. Auctions start next week with $58B 3Y note and $39B 10Y Note reopen on Monday, followed by $22B 30Y Bond reopen on Tuesday.