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3 AUG 2020

US Treasury Issuance: Drivers, Mechanics, and Holders

By Jonathan Kronstein, Senior Director, and Eric Leininger, Executive Director,
Financial Research and Product Development

The US Government is projected to have a record federal budget deficit of $3.7 trillion for the 2020 fiscal year.

To finance this massive budget deficit, the US Treasury will need to issue massive amounts of debt.

At the quarterly refunding in May, the US Treasury announced record amounts of net issuance of $2.99T for Q2 2020 and $677B for Q3 2020.

This white paper examines the projected US Treasury issuance and its impact on futures deliverable baskets across the Treasury curve.  Download the PDF to read the findings from this research.