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2026-05-26 20:48:05
[US$89 Billion Issuance Impacts the Market, Rolling Position Strategy Shows Value] ⑴ The US Treasury announced on Tuesday that it will issue US$89 billion in 3-month Treasury bills and US$77 billion in 6-month Treasury bills, with a settlement date of Thursday. ⑵ The current implied interest rate for 3-month Treasury bills is 3.60%, 1.25 basis points lower than last week's issuance level; the implied interest rate for 6-month bills is 3.6375%, 1.25 basis points higher than last week. ⑶ The spread between 3-month and 6-month rates is 8 basis points, equivalent to approximately 0.61 basis points per week; the spread between 6-month and 1-year rates is 10 basis points, equivalent to approximately 0.38 basis points per week. ⑷ The 3-month forward rolling spread is 1.6 basis points, and the 6-month spread is 0.8 basis points, both with positive value and will attract bidders. (5) The average of the past six auctions shows: a 3-month subscription multiple of 2.93, with indirect bids accounting for 58.7% and dealers accounting for 34.2%; and a 6-month subscription multiple of 2.91, with indirect bids accounting for 59.2% and dealers accounting for 22.1%. (6) Bidders will submit bids against both sellers' offers for rolling positions and buyers' offers for long-term long positions; both strategies are in demand.
