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Overview: Mon, June 22

  • This week's newsletter follows up on some themes from last week's newsletter and our commentary during the week, including Fed sales of Treasury securities, the TSLF and alternative liquidity tools that might be available to the Fed if it appr

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    Treasury Auction Schedule

    Apr. 14 Apr. 15 Apr. 16 Aprl. 17 Apr. 18
    Ann: 4-wk bill

    		      
    		Ann: 3/6-mo bills
    5-yr TIPS
    		    
    Auc: 3/6-mo bills

    		 Auc: 4-wk bills

    		            
        Settle: 10-yr TIPS (r)     Settle: Weekly bills
    		    
    Apr. 21 Apr. 22 Apr. 23 Aprl. 24 Apr. 25
    Ann: 4-wk bill
    2-yr note
    5-yr note
    		      
    		Ann: 3/6-mo bills

    		    
    Auc: 3/6-mo bills

    		 Auc: 4-wk bills
    5-yr TIPS
    		 Auc: 2-yr note Auc: 5-yr note    
                Settle: Weekly bills
    		    

     

    Jump to top.Treasury Bill & Coupon Supply Calendars

    Regular Weekly Bills
    in billions of dollars; projections in red

    Issue Gross Offering   Net New Cash Issue
    Date 4-wk 13-wk 26-wk Total   4-wk 13-wk 26-wk Total Date
    21-Feb 28.0 24.0 22.0 74.0   13.0 4.0 5.0 22.0 21-Feb
    28-Feb 31.0 24.0 22.0 77.0 11.0 2.0 3.0 16.0 28-Feb
    6-Mar 31.0 24.0 23.0 78.0   5.0 3.0 6.0 14.0 6-Mar
    13-Mar 31.0 24.0 22.0 77.0 4.0 3.0 7.0 14.0 13-Mar
    20-Mar 31.0 24.0 22.0 77.0   3.0 3.0 9.0 15.0 20-Mar
    27-Mar 24.0 24.0 22.0 70.0 -7.0 4.0 9.0 6.0 27-Mar
    3-Apr 18.0 24.0 21.0 63.0   -13.0 4.0 7.0 -2.0 3-Apr
    10-Apr 10.0 24.0 21.0 55.0 -21.0 5.0 6.0 -10.0 10-Apr
    17-Apr 10.0 22.0 20.0 52.0   -21.0 2.0 5.0 -14.0 17-Apr
    24-Apr 10.0 20.0 18.0 48.0 -14.0 -1.0 2.0 -13.0 24-Apr
    1-May 10.0 20.0 18.0 48.0   -8.0 -4.5 -1.5 -14.0 1-May
    8-May 18.0 20.0 18.0 56.0 8.0 -7.0 -4.0 -3.0 8-May
    15-May 26.0 22.0 19.0 67.0   16.0 -6.0 -4.0 6.0 15-May
    22-May 28.0 24.0 21.0 73.0 18.0 -4.0 -2.0 12.0 22-May
    29-May 28.0 25.0 22.0 75.0   18.0 -3.0 -2.0 13.0 29-May
    5-Jun 22.0 25.0 22.0 69.0 4.0 -3.0 -2.0 -1.0 5-Jun
    12-Jun 16.0 25.0 22.0 63.0   -10.0 -2.0 -1.0 -13.0 12-Jun

     

    Cash Management Bills
    in billions of dollars;projections in red

    Announce Auction Settle Mature Length Amount
    7-Feb 13-Feb 14-Feb 17-Apr 63 19.0
    11-Feb 14-Feb 15-Feb 15-Apr 60 30.0
    24-Mar 26-Mar 27-Mar 21-Apr 25 20.0
    26-Mar 27-Mar 1-Apr 16-Apr 15 26.0
    7-Apr 8-Apr 10-Apr 15-Apr 5 25.0
    14-Apr 15-Apr 17-Apr 22-Apr 5 10.0
    12-May 14-May 15-May 19-Jun 35 30.0
    15-May 19-May 20-May 15-Sep 118 20.0
    --- page break ---

    Notes and TIPS
    in billions of dollars; projections in red

      Announce Date Auction Date Issue Date Offering Amount Maturing Amount New Cash Change in size from Previous Auction
    Jan 10-yr TIPS 7-Jan 10-Jan 15-Jan 8.0 19.4 -11.4 0.0
                             
    20-yr TIPS 17-Jan 24-Jan 31-Jan 8.0 0.0
      2-yr note 24-Jan 28-Jan 31-Jan 24.0           2.0  
    5-yr note 24-Jan 29-Jan 31-Jan 14.0 21.6 24.4 1.0
                             
    Feb 10-yr note 30-Jan 6-Feb 15-Feb 13.0 0.0
      30-yr bond 30-Jan 7-Feb 15-Feb 9.0   54.5   -32.5   0.0  
                             
      2-yr note 25-Feb 27-Feb 29-Feb 26.0           2.0  
    5-yr note 25-Feb 28-Feb 29-Feb 16.0 21.8 20.2 2.0
                             
    Mar 10-yr note (r) 10-Mar 13-Mar 17-Mar 10.0 0.0 10.0 2.0
                             
    2-yr note 24-Mar 26-Mar 31-Mar 28.0 2.0
      5-yr note 24-Mar 27-Mar 31-Mar 18.0   20.3   25.7   2.0  
                             
    Apr 10-yr TIPS (r) 7-Apr 10-Apr 15-Apr 6.0   0.0   6.0   0.0  
                             
      5-yr TIPS 17-Apr 22-Apr 30-Apr 8.0           0.0  
    2-yr note 21-Apr 23-Apr 30-Apr 30.0 2.0
      5-yr note 21-Apr 24-Apr 30-Apr 20.0   21.6   36.4   2.0  
                             
    May 10-yr note 30-Apr 7-May 15-May 15.0           2.0  
    30-yr bond (r) 30-Apr 8-May 15-May 6.0 74.0 -53.0 1.0
                             
    2-yr note 22-May 28-May 2-Jun 31.0 1.0
      5-yr note 22-May 29-May 2-Jun 21.0   22.0   30.0   1.0  
                             
    Jun 10-yr note (r) 9-Jun 12-Jun 16-Jun 10.0   0.0   10.0   0.0  
                             
      2-yr note 19-Jun 24-Jun 30-Jun 31.0           0.0  
    5-yr note 19-Jun 26-Jun 30-Jun 21.0 21.1 30.9 0.0
                             
    Jul 10-yr TIPS 7-Jul 10-Jul 15-Jul 8.0 0.0 8.0 0.0
                             
    20-yr TIPS (r) 17-Jul 22-Jul 31-Jul 6.0 0.0
      2-yr note 21-Jul 23-Jul 31-Jul 31.0           0.0  
    5-yr note 21-Jul 24-Jul 31-Jul 21.0 20.0 38.0 0.0
                             
    Aug 10-yr note 30-Jul 6-Aug 15-Aug 15.0 0.0 0.0 0.0
      30-yr bond 30-Jul 7-Aug 15-Aug 10.0           1.0  
                             
      2-yr note 25-Aug 27-Aug 2-Sep 31.0           0.0  
    5-yr note 25-Aug 28-Aug 2-Sep 21.0 22.0 30.0 0.0
                             
    Sep 10-yr note (r) 8-Sep 11-Sep 15-Sep 10.0 14.5 -4.5 0.0
                             
    2-yr note 22-Sep 24-Sep 30-Sep 31.0 0.0
      5-yr note 22-Sep 25-Sep 30-Sep 21.0   19.1   32.9   0.0  

    *The "change in size from previous auction" refers to the change from the previous new issue; for reopenings, it refers to the change in size from the previous reopening in that maturity.

     

    For the Agency Bellwether Coupon Offering Schedule, please click here.
    --- page break ---

    Combined Debt Service Cash Flow

    + is a payment to Treasury; - is a payment to Market; projections in red

    Date   Type   Gross Issue Net Borrowing Interest / Discount* Net Debt Service Payment Monthly Total Net Debt Svc
    27-Mar Bills 70.0 6.0 -0.6 5.4
    27-Mar   CMB   20.0   20.0   0.0   20.0      
    31-Mar Coupons 46.0 25.7 -2.9 22.8 88.1
    1-Apr   CMB   26.0   26.0   0.0   26.0      
    3-Apr Bills 63.0 -2.0 -0.6 -2.6
    10-Apr   Bills   55.0   -10.0   -0.6   -10.6      
    10-Apr CMB 25.0 25.0 0.0 25.0
    15-Apr   CMB   -55.0   -55.0   0.0   -55.0      
    15-Apr   Coupons   6.0   6.0   -2.6   3.4      
    16-Apr   CMB   -26.0   -26.0   0.0   -26.0      
    17-Apr   Bills   52.0   -14.0   -0.5   -14.6      
    17-Apr   CMB   -4.0   -4.0   0.0   -4.0      
    21-Apr CMB -20.0 -20.0 0.0 -20.0
    22-Apr   CMB   -15.0   -15.0   0.0   -15.0      
    24-Apr Bills 48.0 -13.0 -0.5 -13.5
    30-Apr   Coupons   58.0   36.4   -3.0   33.4   -73.5  
    1-May Bills 48.0 -14.0 -0.5 -14.5
    8-May   Bills   56.0   -3.0   -0.5   -3.5      
    15-May Bills 67.0 6.0 -0.6 5.4
    15-May   Coupons   21.0   -53.0   -17.7   -70.7      
    15-May CMB 30.0 30.0 0.0 30.0
    20-May   CMB   20.0   20.0   0.0   20.0      
    22-May Bills 73.0 12.0 -0.6 11.4
    29-May   Bills   75.0   13.0   -0.6   12.4   -9.5  

    * Includes coupon interest payments excluding Fed, bill discounts, and auction premiums or discounts on reopenings.

    Jump to top.Chart of the Week

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