A former colleague who is a paid up subscriber to the blog questions my assertion that the year bill auction will be $15 billion. He makes the very valid point that at just $15 billion the central banks would hoover in the entire issue and the new instrument would be a repo fail from settlement day.
He suggests that the appropriate size to make the issue tradeable is $23billion to $25 billion.
I am about to visit the local deli for some sustenance but I will revisit the issue when I return. I did scour some Treasury websites but found nothing there about intended size of new issue.