Offset Pricing Monthly Market Digest – May 2022

by Derek Six | June 7, 2022

Offset Supply Information:

All CCOs issued to date: 237.65 million

CA and General Market Commentary:

• ARB released the results of its May auction on May 26th. Current vintage allowances cleared at $30.85, $11.15 above the reserve price of $19.70. The bid-to-cover ratio was 1.62.
• The strong results of the auction propelled futures prices higher over the last few trading days in May.
• Issuances of CCOs in 2022 through the end of May totaled 6.1 million. This is the lowest total recorded in this period, and continues a trend of decreasing issuances of CCOs:
  
  

  

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