Treasury keeps auction sizes steady in November refunding

The US Treasury said on 4 November 2026 that it is offering $125 billion of Treasury securities to refund about $97 billion of privately held notes and bonds maturing on 15 November, raising about $28 billion of new cash from private investors (Quarterly Refunding Statement, 4 November 2026).

The refunding auctions

• 3-year note, $58 billion: Monday 9 November, 1:00 p.m. Eastern
• 10-year note, $42 billion: Tuesday 10 November, 1:00 p.m. Eastern
• 30-year bond, $25 billion: Thursday 12 November, 1:00 p.m. Eastern

All three settle on Monday 16 November 2026.

Auction sizes

Based on its current borrowing projections, Treasury expects to keep nominal coupon and floating rate note auction sizes unchanged for the next several quarters. Its table for November 2026 to January 2027 shows monthly 2-year auctions of $69 billion, 3-year $58 billion, 5-year $70 billion and 7-year $44 billion. The 10-year is $42 billion in November and $39 billion in the two reopening months; the 20-year $16 billion and then $13 billion; the 30-year $25 billion and then $22 billion.

Inflation-protected securities (TIPS) stay at current sizes: $19 billion for the November 10-year reopening, $24 billion for the December 5-year reopening and $21 billion for the new 10-year issue in January.

Other announcements

• 7-year note: it becomes a quarterly new issue with two reopenings, like the 10-year, starting with the March 2027 new issue.
• Buybacks: over the quarter, Treasury expects to buy back up to $70 billion of older securities for liquidity support and up to $25 billion in the 1-month to 2-year range for cash management.
• Cash balance: Treasury assumes $850 billion at the end of December, with the balance possibly peaking at $1.025 trillion, plus or minus $50 billion, in late November and late January.
• Bills: shorter-dated bill auction sizes are expected to be cut in December and raised in January.

Context

The next quarterly refunding announcement is on Wednesday 3 February 2027. For how yields feed into currencies, see how the 10-year yield moves forex. Treasury yields after the 3 November elections: US midterms, Treasury yields and the dollar.