I was checking the
BEP Monthly Production Reports to see if any Atlanta or San Francisco $2 series 2017A FRNs had been printed yet (FYI the San Francisco notes have been printed last Oct and Nov) and noticed that it doesn't look like the BEP printings correspond with the
Fed print orders.
The Fed ordered 153,600,000 $2 FRNs in FY19 and the BEP printed 160,000,000 in Nov 18, Aug 19 and Sep 19 in response to that order.
The next Fed order for $2 FRNs was in FY21. Due to COVID, the order was a range of 38,400,000 - 51,200,000 notes. According to the monthly production reports, the BEP printed 0 notes in response to this order.
For FY22, the Fed has again ordered $2 FRNs. This time in the range of 102,400,000 - 204,800,000 notes. In response to this order, the BEP has printed 108,800,000 notes so far during Oct-Dec 2021 (and maybe more, but the Jan 22 production report isn't available yet).
So what happened to FY21 order? Anyone, have any insight? Did the Fed cancel that order? Are the BEP monthly production reports for FY21 incomplete? or Did I just miss something?
It does seem like the Feds FY22 $2 FRN order is pretty large. So, maybe it's really a combined FY21/22 order since the BEP doesn't seem to have printed any $2 FRNs in FY21?
Posted 02/23/2022 10:15 am
