US Treasury Auction Calendar

Treasury's quarterly Refunding announcement was largely in line with MNI's expectations:

• Expected nominal coupon sizes were left unchanged across the board for the coming quarter (see table below).
• 20Y Note sizes were maintained, though there had been some anticipation that they could be pared. (20s underperformed in the aftermath of the announcement.)
• TIPS and FRN sizes were left mostly unchanged, with the notable exception of the 5Y TIPS re-open in December which has been upsized by $1B to $19B. MNI had anticipated a potential uptick in TIPS sizes.
• Buybacks were on the agenda, but still in the early phases: ""Treasury expects to share its findings on buybacks as part of future quarterly refundings. Treasury has not made any decision on whether or how to implement a buyback program but will provide ample notice to the public on any decisions."