Treasury offers $125 billion at its November refunding and will move the 7-year note to quarterly new issues
Treasury will auction 3-year, 10-year and 30-year securities on November 9, 10 and 12, keep coupon sizes steady for the next several quarters and change how it issues the 7-year note from March 2027.
The US Department of the Treasury said on November 4, 2026 that it is offering $125 billion of securities to refund about $97 billion of privately held notes and bonds maturing on November 15. The sale will raise about $28 billion in new cash from private investors.
The auctions
All three auctions start at 1:00 p.m. ET and settle on Monday, November 16:
- A $58 billion 3-year note on Monday, November 9.
- A $42 billion 10-year note on Tuesday, November 10.
- A $25 billion 30-year bond on Thursday, November 12.
Auction sizes
Treasury said it anticipates keeping nominal coupon and floating rate note auction sizes unchanged for the next several quarters, based on current projected borrowing needs. It also said it is still evaluating possible future changes and will talk to market participants about supply and demand.
TIPS sizes also stay at current levels this quarter: $19 billion for the November 10-year reopening, $24 billion for the December 5-year reopening and $21 billion for the January 10-year new issue.
The 7-year note changes
Treasury plans to 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 come in March, June, September and December, with reopenings in the following two months. The change starts with the March 2027 new issue, which will be reopened in April and May.
Bills, buybacks and cash
Treasury expects to keep benchmark bill sizes steady into late November and may issue a short-dated cash management bill around the end of that month. It expects to cut shorter-dated bill sizes during December and to raise sizes across the bill curve in January.
Over the quarter it anticipates buying back up to $70 billion of off-the-run securities for liquidity support and up to $25 billion in the 1-month to 2-year bucket for cash management.
Treasury is assuming an $850 billion cash balance at the end of December (see our brief on its borrowing estimates). It estimates the Treasury General Account could peak at $1.025 trillion, plus or minus $50 billion, in late November and late January.
What happens next
The next quarterly refunding announcement is scheduled for Wednesday, February 3, 2027.
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