MNI UST Issuance Deep Dive: Oct 2025

Download Full Report Here

No Shutdown For Auctions

• Most attention in Washington D.C. is on the federal government shutdown that began on October 1, but the Department of Treasury will largely carry on business as usual given its many so-called “essential” functions.
• That includes Treasury auctions, which will continue uninterrupted however long the shutdown persists. (And perhaps needless to say, Treasury will continue to service existing debt as usual.)
• September Auction Review: September’s coupon auctions were generally solid, with three lines trading through, two coming out on the screws and two tailing slightly.
• Upcoming issuance: October’s issuance schedule is set to see $315B in nominal Treasury coupon sales (unch from Sept), in addition to $26B in 5Y TIPS (up $1B from prior) and $30B FRN (unch from prior quarter) for a total of $371B. That’s the highest for any month since October 2021.
• Sales for the month start on Tuesday Oct 7 with $58B of 3Y Note, Wednesday Oct 8 with $39B of 10Y Note reopen, and Thursday Oct 9 with $22B of 30Y Bond reopen.