Treasury Holds Refunding at $125 Billion, Rewords Coupon Guidance

The U.S. Treasury will sell $125 billion of 3-year, 10-year and 30-year securities next week in its November quarterly refunding, unchanged from August, it said at 8:30 a.m. ET on Wednesday, Nov. 4. The sales refund about $97 billion of maturing notes and bonds and raise about $28 billion of new cash.

The bigger change was in the wording. Treasury said it "anticipates maintaining nominal coupon and FRN auction sizes for the next several quarters." In its Aug. 5 statement, the same sentence said "for at least the next several quarters." Treasury also added that it "will engage with a variety of market participants to better understand evolving Treasury supply and demand dynamics."

What will Treasury auction next week?

Security	Auction (1 p.m. ET)	Size	Matures
3-year note	Mon., Nov. 9	$58 billion	Nov. 15, 2029
10-year note	Tue., Nov. 10	$42 billion	Nov. 15, 2036
30-year bond	Thu., Nov. 12	$25 billion	Nov. 15, 2056

All three auctions settle Monday, Nov. 16, the statement said. TreasuryDirect's upcoming auctions data list the same amounts. Our Treasury auction schedule and results page has the full calendar for the next two weeks.

How does the November refunding compare with August?

Item	August refunding (Aug. 5)	November refunding (Nov. 4)
3-, 10- and 30-year sizes	$58B, $42B, $25B	$58B, $42B, $25B
Total offered	$125 billion	$125 billion
Maturing securities refunded	about $96.3 billion	about $97 billion
New cash raised	about $28.7 billion	about $28 billion
Coupon-size guidance	"for at least the next several quarters"	"for the next several quarters"
Liquidity-support buybacks, next quarter	up to $38 billion	up to $70 billion
Cash-management buybacks, next quarter	up to $25 billion	up to $25 billion
Projected TGA peak	$1.05 trillion, late October	$1.025 trillion, late November and late January

Source: Treasury quarterly refunding statements of Aug. 5 and Nov. 4, 2026. Each TGA peak estimate is plus or minus $50 billion.

Treasury's table of expected sizes for November through January shows no changes. The 2-year stays at $69 billion, the 5-year at $70 billion and the 7-year at $44 billion. The 10-year reopenings in December and January stay at $39 billion, the 20-year at $13 billion and the 30-year at $22 billion. The FRN is $28 billion in November and December and $30 billion in January.

What else changed in the statement?

7-year note: Treasury plans to turn the 7-year note into a quarterly new issue with two reopenings, like the 10-year. New issues will come in March, June, September and December, starting with the March 2027 note.
Bills: Treasury expects to keep benchmark bill sizes steady into late November and may sell a short-dated cash management bill around month-end. It expects to cut shorter-dated bill sizes in December, around mid-December tax receipts, then raise sizes across the bill curve in January.
TIPS: Sizes stay at $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.
Cash: Treasury still assumes an $850 billion cash balance at the end of December.

The statement came two days after Treasury put October–December borrowing at $618 billion; see our Treasury borrowing estimates brief. Treasury said it is "monitoring SOMA purchases of Treasury bills," the Fed's portfolio. For the Fed's next decision date, see our FOMC meeting schedule for 2026 and 2027. The next refunding announcement is Wednesday, Feb. 3, 2027.