US budget surpluses are great news for the politicians, but for the global bond markets they pose a problem: are US treasuries a worthy benchmark any more? Issuance is down across all maturities: the three-year auction was eliminated last year, joining the seven-year, which went a few years before; the two- and 10-year auctions have been reduced in size, five-year auctions now happen on a quarterly rather than a monthly basis, and the 30-year is now a semi-annual event.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
