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$202 billion Treasury coupon settlement set for Sept. 30

The Treasury calendar includes reopened 10-year TIPS plus two-, five-, and seven-year notes, with $202 billion in face value and $58.4 billion of net new supply after maturities.

Reported · Written up by our desk · Market Structure

A $202 billion U.S. Treasury coupon settlement on Sept. 30 is expected to test overnight financing around quarter-end, after the New York Fed’s Federal Home Loan Bank of New York said the repo market is calm for now.

The Treasury schedule includes a reopened 10-year inflation-protected bond and two-, five-, and seven-year notes, with public face amounts of $19 billion for TIPS, $69 billion for the two-year, $70 billion for the five-year, and $44 billion for the seven-year.

Treasury estimates $143.6 billion of publicly held coupon debt matures that day, leaving $58.4 billion of net new face value, a measure of new issuance versus maturities rather than an observed cash drain or a direct move in bank reserves.

CryptoSlate also notes that whether any repo pressure reaches Bitcoin is separate from the settlement mechanics and remains an unobserved question, while auction prices, inflation adjustments, and Treasury spending could change any cash effect.

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