MNI UST Issuance Deep Dive: Jul 2023

Jul-10 14:36By: Tim Cooper

July's coupon Treasury issuance is set to be unchanged from June's schedule, with a total of $222B on offer over the course of the month.
There is a reasonable chance that Treasury increases coupon sizes in the upcoming quarter, starting with the August refunding. This would mark the first time Treasury has upped sizes since February 2021.
June’s coupon auctions were more mixed compared with May’s strong performances. Of the 7 June sales, 4 traded through, with 3 tailing. However the tails were relatively modest, and only the 20Y sale really stood out (and was the strongest of the month per MNI's Relative Strength Indiactor).