美国季度再融资发债规模定为1250亿美元 长债指引不变且拟加大回购

Group 1 - The U.S. Treasury Department announced it will issue $125 billion in government bonds during the upcoming quarterly refinancing auction, maintaining the long-term bond issuance guidance unchanged [1][2] - The Treasury expects borrowing needs for the second quarter to reach $514 billion, which is $391 billion higher than previous estimates [1] - The Treasury is evaluating potential enhancements to its repurchase program to better achieve liquidity support and cash management goals, responding to recent market volatility [1][2] Group 2 - Treasury Secretary Yellen's previous strategy of suppressing long-term bond sales to lower borrowing costs is being continued by Secretary Besant, despite market turbulence reinforcing arguments against increasing medium to long-term bond issuance [2][4] - The debt ceiling has constrained the Treasury's ability to increase the total supply of government bonds, forcing the use of cash reserves and special accounting measures [2][3] - Analysts predict that the Treasury may not need to resume increasing note and bond auction sizes until late this year or early 2026, although a significant fiscal deficit suggests that an increase in issuance is likely at some point [4][5] Group 3 - The upcoming refinancing auction will consist of $125 billion, including $58 billion in 3-year notes, $42 billion in 10-year notes, and $25 billion in 30-year bonds [5] - The Treasury plans to slightly increase the sales of Treasury Inflation-Protected Securities (TIPS) to maintain its market share, with specific adjustments outlined for upcoming months [5]