Four Coupons Settle Today. The Issuer's Schedule Names No Amount, No Hour and No Refunding.
Four coupon securities settle today — a two-year note auctioned 26 October, a five-year on the 27th, a two-year floating rate note on the 28th and a seven-year on the 29th, all announced together on 22 October — and no bills settle at all. The only document showing those four rows together is the Treasury's own Tentative Auction Schedule, which has four columns and carries no offering amount, no auction time and no printed revision date, so a cached copy and a current copy are indistinguishable. We can price two of the four from a second reader this morning: $69B for the two-year and $30B for the FRN. The five-year and seven-year are our own carry at $70bn and $44bn, which totals $213bn against the $211bn this desk has published — a two-billion gap sitting entirely in the floating rate note, and the issuer document that would settle it is robots-blocked, so we assert neither figure. Wednesday's three announcements — a 3-year, a 10-year reopening and a 30-year — are the quarterly refunding in everything but name; the schedule never uses the word, so any row called "refunding announcement" is somebody's inference, including ours. The auction hour moved this weekend and the schedule has no hour to move: two result pages stamped 17:03 and 15:35 UTC before the change imply 18:00 and 16:30 after it, which closes most of the open item our Systems desk left seven hours ago, by arithmetic rather than at an issuer. One thing did cross-check cleanly — the two-year's 0.3bp tail, 2.59 cover and 45.7 / 41.3 / 13.0 split match our file across two publishers on four of five fields. Veterans Day on 11 November puts a hole in next week's settlement stack.