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Economy

Treasury Holds Quarterly Refunding at $125 Billion and Plans a New Schedule for 7-Year Notes

The Treasury Department will offer $125 billion in securities to refund about $97 billion maturing November 15, keeping auction sizes steady while changing how it sells 7-year notes starting in March 2027.

By admin Nov. 4, 2026 · 10:41 AM ET 2 min read

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The U.S. Department of the Treasury said Wednesday it will offer $125 billion of Treasury securities to refund about $97 billion of privately held notes and bonds maturing November 15, 2026. The sale will raise about $28 billion in new cash from private investors, according to the department’s quarterly refunding statement.

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The package is made up of a $58 billion 3-year note, a $42 billion 10-year note and a $25 billion 30-year bond. The 3-year note will be auctioned November 9, the 10-year note on November 10 and the 30-year bond on November 12, with all three settling November 16. The 3-year note matures November 15, 2029, the 10-year note on November 15, 2036, and the 30-year bond on November 15, 2056.

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Auction sizes held steady

Treasury said it expects to keep nominal coupon and floating-rate note auction sizes in place for the next several quarters, saying current sizes leave it well placed to handle changes in the fiscal outlook. Dow Jones reported that markets had expected a cut in long-term borrowing at some point in the next year, with more bill issuance instead.

For inflation-protected securities, Treasury plans to hold sizes at current levels: a $19 billion reopening of the 10-year note in November, a $24 billion reopening of the 5-year note in December and a $21 billion new 10-year issue in January. On bills, Treasury expects benchmark sizes to stay in place into late November, fall for shorter-dated bills in December and rise across the bill curve in January.

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7-year note moves to quarterly sales

In a change to how it sells debt, Treasury will convert the 7-year note from a monthly new issue to a quarterly new issue with two reopenings, similar to the 10-year note. New issues will be auctioned in March, June, September and December, with reopenings in the following two months of each cycle. The change takes effect with the March 2027 new issue, which will be reopened in April and May.

Treasury said it assumes an $850 billion cash balance at the end of December and estimates its general account could peak at $1.025 trillion, plus or minus $50 billion, in late November and late January. It also plans to buy back up to $70 billion in off-the-run securities for liquidity support and up to $25 billion in the 1-month to 2-year bucket for cash management over the quarter. The next quarterly refunding announcement is set for February 3, 2027.

Reporting based on coverage by the U.S. Department of the Treasury and Morningstar/Dow Jones.

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