The U.S. Treasury Department said Wednesday it will sell $125 billion of notes and bonds in its November quarterly refunding, using most of the proceeds to repay maturing debt and raising about $28 billion in new cash.
The offering includes $58 billion of three-year notes, $42 billion of 10-year notes and $25 billion of 30-year bonds. Treasury said the securities will refund about $97 billion of privately held notes and bonds maturing Nov. 15.
The three-year notes are scheduled for auction Nov. 9, followed by 10-year notes on Nov. 10 and 30-year bonds on Nov. 12. All three auctions will settle Nov. 16.
Treasury said it expects to keep nominal coupon and floating-rate note auction sizes unchanged for the next several quarters, based on current borrowing projections. The department said regular bill auctions, cash-management bills and monthly note, bond and inflation-protected securities sales will cover the rest of the government’s financing needs.
The department also plans to change its seven-year note schedule beginning in March 2027. New seven-year notes will be issued quarterly in March, June, September and December, with reopening auctions in the following two months. Treasury said the notes will continue to be auctioned near the end of each month.
For cash management, Treasury expects to maintain current benchmark bill sizes into late November and may issue a short-dated cash-management bill around the end of the month. It expects to reduce shorter-dated bill sizes in December before increasing bill auctions again in January to meet seasonal spending needs.
Treasury also projected an $850 billion cash balance at the end of December. It said the Treasury General Account could peak near $1.025 trillion, plus or minus $50 billion, in late November and late January.
Sources: - U.S. Department of the Treasury, Quarterly Refunding Statement, Nov. 4, 2026