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30Y Yields Slide After Treasury Refunding Does Not Mention Ultra-Longs; Can Fund Through September

zerohedge.com / by Tyler Durden / Aug 2, 2017 9:04 AM

Contrary to expectations that the Treasuey may address the growing financing need (with implications for curve) by announcing a higher than expected amount of near-term Treasury issuance, the US Treasury announced a $62.0 billion refunding package this morning, in line with expectations and unchanged from recent Refundings. The Refunding auctions will consist of a $24.0 billion 3-year note, a $23.0 billion 10-year note and a $15.0 billion 30-year bond.

The Refunding auctions, which will be held next Tuesday, Wednesday and Thursday, will raise a combined $14.7 billion after accounting for maturing issues excluding Fed holdings, based on SMRA calculations. The 3-year note auction will pay down $3.0 billion when the auctions settle, the 10-year note auction will raise $7.5 billion, and the 30-year bond auction will raise $10.2 billion.

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