国際投資戦略ウィークリー

Research evidence excerpt

国際投資戦略ウィークリー

2026 年7 月27 日 Citi Research

図表 3. Supply forecasts for 2026

Net

FRN Nominal Treasuries TIPS Gross Redemption (from pvt) (B) Net Treasury Buybacks (C) Issuance

Supply to Issuance incl.

pvt (A) (A-B) buybacks

Liquidity Cash

2y 2yr 3yr 5yr 7yr 10yr 20y 30yr 5y 10y 30y Nominals TIPS FRNs (A-B-C)

2026 Support Management

Jan-26 30 69 58 70 44 39 13 22 0 21 0 366 40 56 0 270 10 0 261

Feb-26 28 69 58 70 44 42 16 25 0 0 9 361 232 0 84 45 12 0 33

Mar-26 28 69 58 70 44 39 13 22 0 19 0 362 313 0 0 49 7 30 12

Apr-26 30 69 58 70 44 39 13 22 26 0 0 371 184 31 86 70 6 45 19

May-26 28 69 58 70 44 42 16 25 0 19 0 371 83 0 0 288 9 0 279

Jun-26 28 69 58 70 44 39 13 22 24 0 0 367 314 0 0 53 7 25 21

Jul-26 30 69 58 70 44 39 13 22 0 21 0 366 173 39 86 68 11 0 57

Aug-26 28 69 58 70 44 42 16 25 0 0 8 360 229 0 0 131 12 0 119

Sep-26 28 69 58 70 44 39 13 22 0 19 0 362 187 0 0 175 10 25 141

Oct-26 30 69 58 70 44 39 13 22 26 0 0 371 42 44 0 285 18 0 267

Nov-26 28 69 58 70 44 42 16 25 0 19 0 371 378 0 86 -93 9 0 -102

Dec-26 28 69 58 70 44 39 13 22 24 0 0 367 198 0 0 169 9 25 136

Total 344 828 696 840 528 480 168 276 100 118 17 4,395 2,373 169 342 1,511 119 149 1,242

© 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.

出所: Citi Research

注: Liquidity support buybacks utilize securities of all maturities across nominals and TIPS, while cash management buybacks generally utilize one-month to two-year

maturities. We assume all Fed reserve management purchases are T-bills. If the issue date of coupons falls on weekend of month end, the supply doesn't roll over to next

month in this table for illustration purpose.