MNI UST Issuance Deep Dive: Sep 2025

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Bills Take Center Stage Amid Weak Coupon Auctions

• Supply in the refunding month of August wasn’t entirely smooth, opening with tails in the 3-/10-/30Y auctions and concluding with a pair of tails for the 5Y and 7Y sales. Of 7 nominal auctions, two traded through with the other five tailing, with some of these the weakest sales in a year. We recap August’s auctions below.
• That said, coupon auctions have taken something of a back seat, as shifts in issuance the last couple of months have been dominated by bills in the wake of the debt limit increase in early July.
• Upcoming issuance: September’s issuance schedule is set to see $315B in nominal Treasury coupon sales (unch from the equivalent month in the previous quarter), in addition to $19B in 10Y TIPS (up $1B from prior) and $28B FRN (unch) for a total of $362B.
• Sales for the month start on Tuesday Sep 9 with $58B of 3Y Note, Wednesday Sep 10 with $39B of 10Y Note reopen, and Thursday Sep 11 with $22B of 30Y Bond reopen.