Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets
Macro Analysis
Political Risk
Daily Brief
Daily round-up of news from the US.
March 04, 2026 13:33Weekly Brief
Crisis in Middle East dominates global politics & markets; Merz meets Trump in D.C.; 'Two Sessions' start in Beijing
March 02, 2026 14:00Central Banks
Fiscal Policy
Download Full Report Here: https://media.marketnews.com/MNI_US_Deep_Dive_Issuance_2026_02_c9b4586b77.pdf February Refunding Review: Guidance And Cash Management Twists * Treasury's February 2026 Refunding round brought unchanged nominal coupon auction sizes for the Feb-Apr quarter as anticipated, though came with some modest surprises on the guidance and cash management fronts. * Below is the updated expected issuance table - as we explain below, risks are now tilted toward nominal coupon auction sizes next increasing only in 2027, as opposed to late 2026 which had been expected by many (including MNI). * March's sales begin next week: on March 10 with $58B in 3Y Note, continuing on March 11 with $39B in 10-Year Note Reopen (CUSIP: 91282CPZ8), and March 12 with $22B in 30-Year Bond Reopen (CUSIP: 912810UR7). * March will see a total of $362B in coupon issuance, including $19B 10Y TIPS and $28B 2Y FRN. * Monthly Auction Review: February's coupon auctions were mixed, with three decent sized tails, one solid trade-through and three auctions coming in more or less on the screws.
March 04, 2026 20:43Books for the retail-only BTP Valore remain open while Germany will return to the market today to hold a Green auction.
March 04, 2026 06:54Today, Austria and Germany are likely to hold syndications, the Netherlands a DDA and Germany a conventional auction.
March 03, 2026 09:38Today, Austria and Germany are likely to hold syndications, the Netherlands a DDA and Germany a conventional auction.
March 03, 2026 06:52
