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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