Finance & Federal Budget
Treasury Sets $125 Billion Refunding With Three November Auctions
The offering will refinance about $97 billion of maturing securities and raise approximately $28 billion in new cash from private investors.
Three securities make up the offering
Treasury will offer a $58 billion three-year note, a $42 billion ten-year note and a $25 billion thirty-year bond. Together they total $125 billion. About $97 billion will refund privately held notes and bonds maturing November 15, leaving an estimated $28 billion of new cash. The securities are scheduled to settle on November 16.
The auction calendar
The three-year note is scheduled for auction at 1 p.m. Eastern on November 9, followed by the ten-year note on November 10 and the thirty-year bond on November 12. Each auction will be conducted on a yield basis. The schedule is an announced financing plan rather than an auction result; yields and investor demand will become known through the official auction records.
Coupon sizes remain steady
Treasury said current nominal coupon and floating-rate-note auction sizes leave it positioned to address projected borrowing needs and that it expects to maintain those sizes for the next several quarters. It will continue to use bills, cash-management bills, Treasury Inflation-Protected Securities and regular notes and bonds to meet the balance of financing requirements.
A change for seven-year notes
Beginning with the March 2027 issue, Treasury plans to convert the seven-year note from a monthly new issue to a quarterly new issue followed by two reopenings. Auctions would still occur near month-end. The change alters issuance structure rather than eliminating monthly seven-year supply, because reopening auctions would fill the second and third months of each cycle.
Cash and buyback plans
Treasury assumes an $850 billion cash balance at the end of December and estimates that the Treasury General Account could peak near $1.025 trillion, plus or minus $50 billion, in late November and late January. It also anticipates up to $70 billion of liquidity-support buybacks and up to $25 billion of cash-management buybacks during the quarter. Those are planning ceilings, not completed purchases.
Primary evidence
Reporting note: This independently composed article is based on the linked primary records. Publication and event dates are stated separately. Agency claims are identified as such; an allegation, charge or scheduled event is not presented as a finding, conviction or completed event. Readers should consult the official record for amendments and later action.