|
|
|
06.05.26 - 16:21
|
Treasury Refunding: No Changes To Auction Sizes; Bessent Keeps "At Least" In Forward Guidance (ZeroHedge)
|
|
|
Treasury Refunding: No Changes To Auction Sizes; Bessent Keeps "At Least" In Forward Guidance
In our preview to this morning's Quarterly Refunding Statement, we said that we do not expect major changes and that, at most, the treasury might adjust its statement language to soften the forward guidance on possibly futures increase in coupon auction sizes with one likely change would be dropping “at least” while retaining the expectation for unchanged coupon sizes over “the next several quarters” (recall Deutsche Bank said it expects nominal coupon increases beginning in February 2027).
Overnight, JPMorgan agreed, writing that while the current auction calendar will leave Treasury well financed through FY27, "we do not think it will be adequate to meet the widening funding gap from FY27 and onward, and we continue to project a series of coupon auction increases beginning in February 2027." Accordingly, like DB, JPM also expected the Treasury to remove “at least?...
|
|
|
21.04.26 - 08:42
|
India Bond Clearing House Said to Apply for European Recognition (Bloomberg)
|
|
|
India's sovereign debt clearinghouse sent an application to European authorities to be recognized as a permitted trading counterparty, according to people familiar with the developments, potentially paving the way for lenders like Deutsche Bank AG and BNP Paribas SA to trade bonds more easily in the country....
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20.01.26 - 15:45
|
"The US Is Basically Not A Good Credit": Danish Pension Fund To Sell US Treasuries (ZeroHedge)
|
|
|
"The US Is Basically Not A Good Credit": Danish Pension Fund To Sell US Treasuries
Over the weekend, Deutsche Bank's head of FX George Saravelos laid out one theoretical reason why in his view, Europe has leverage over the US in the latest burst of transatlatnic tensions over Greenland: or rather $8 trillion reasons why the US has leverage.
As Saravelos wrote, "European countries own $8 trillion of US bonds and equities, almost twice as much as the rest of the world combined" and added that in an environment where the geoeconomic stability of the western alliance is being disrupted existentially, "it is not clear why Europeans would be as willing to play this part. Danish pension funds were one of the first to repatriate money and reduce their dollar exposure this time last year. With USD exposure still very elevated across Europe, developments over the last few days have potential to further encourage dollar rebalancing."
Sure enough, just hours later, Europ...
|
|
|
|
|
|