PremiumTreasury Refunding Preview: When Does Bessent Hike Coupon Auction Sizes Again
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Lost in the din of this week's extremely busy calendar, which sees 40% of the S&P report, together with a barrage of key macro data including US payrolls, GDP and PCE, we will also get the Q2 Treasury refunding announcement on Wednesday, preceded by the Treasury’s updated borrowing estimates at 3pm today which will provide insights into recent fiscal flows, including the closely-watched April tax receipts. On Wednesday, the refunding announcement will cover guidance on nominal coupon and TIPS sizes, along with other important debt management topics.
Below, we summarize several sellside reports to highlight some key areas of interest.
We start with guidance on nominal coupon sizes