The U.S. Department of the Treasury is offering $125 billion of Treasury securities to refund approximately $98.2 billion of privately-held Treasury notes maturing on November 15, 2025. This issuance will raise new cash from private investors of approximately $26.8 billion. The securities are:
- A 3-year note in the amount of $58 billion, maturing November 15, 2028;
- A 10-year note in the amount of $42 billion, maturing November 15, 2035; and
- A 30-year bond in the amount of $25 billion, maturing November 15, 2055.
The 3-year note will be auctioned at 1:00 p.m. ET on Monday, November 10, 2025. The 10-year note will be auctioned at 1:00 p.m. ET on Wednesday, November 12, 2025. The 30-year bond will be auctioned at 1:00 p.m. ET on Thursday, November 13, 2025. All these auctions will take place on a yield basis and will settle on Monday, November 17, 2025.
The balance of Treasury financing requirements over the quarter will be met with regular weekly bill auctions, cash management bills (CMBs), and monthly note, bond, Treasury Inflation-Protected Securities (TIPS), and 2-year Floating Rate Note (FRN) auctions.
NOMINAL COUPON AND FRN FINANCING
Treasury believes its current auction sizes leave it well positioned to address potential changes to the fiscal outlook and to the size and composition of the SOMA portfolio. Based on current projected borrowing needs, Treasury anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters. Looking ahead, Treasury has begun to preliminarily consider future increases to nominal coupon and FRN auction sizes, with a focus on evaluating trends in structural demand and assessing potential costs and risks of various issuance profiles.
The table below presents, in billions of dollars, the actual auction sizes for the August to October 2025 quarter and the anticipated auction sizes for the November 2025 to January 2026 quarter:
2-Year | 3-Year | 5-Year | 7-Year | 10-Year | 20-Year | 30-Year | FRN | |
Aug-25 | 69 | 58 | 70 | 44 | 42 | 16 | 25 | 28 |
Sep-25 | 69 | 58 | 70 | 44 | 39 | 13 | 22 | 28 |
Oct-25 | 69 | 58 | 70 | 44 | 39 | 13 | 22 | 30 |
Nov-25 | 69 | 58 | 70 | 44 | 42 | 16 | 25 | 28 |
Dec-25 | 69 | 58 | 70 | 44 | 39 | 13 | 22 | 28 |
Jan-26 | 69 | 58 | 70 | 44 | 39 | 13 | 22 | 30 |
Treasury plans to address any seasonal or unexpected variations in borrowing needs over the next quarter through changes in regular bill auction sizes and/or CMBs.
TIPS FINANCING
Over the November 2025 to January 2026 quarter, Treasury plans to maintain the November 10-year TIPS reopening auction size at $19 billion, increase the December 5-year TIPS reopening auction size by $1 billion to $24 billion, and maintain the January 10-year TIPS new issue auction size at $21 billion.
BILL ISSUANCE
Based on current fiscal forecasts, Treasury expects to maintain the offering sizes of benchmark bills into late-November. Given projections for receipts associated with the mid-month corporate and non-withheld tax date, Treasury expects to implement modest reductions to short-dated bill auction sizes during the month of December. Thereafter, by the middle of January 2026, Treasury anticipates increasing bill auction sizes based on expected fiscal outflows.
As always, Treasury will continue to evaluate near-term borrowing needs and assess additional adjustments to bill auction sizes as appropriate.
BUYBACKS
Today, Treasury is releasing a tentative buyback schedule for the upcoming refunding quarter. In both the 10- to 20-year and 20- to 30-year nominal coupon buckets, Treasury plans to conduct four operations over the refunding quarter, each for up to $2 billion. In the other nominal coupon buckets, Treasury plans to conduct one liquidity support buyback of up to $4 billion. Treasury also plans to conduct two operations in the 1- to 10-year TIPS bucket, each for up to $750 million, and one operation for up to $500 million in the 10- to 30-year TIPS bucket.
Treasury paused cash management buybacks in September and, as indicated in the tentative buyback schedule, anticipates resuming cash management buybacks in December 2025. Amounts purchased in cash management buybacks temper reductions to bill auction sizes that would otherwise occur over the same timeframe.
Treasury anticipates that over the course of the upcoming quarter it will purchase up to $38 billion in off-the-run securities across buckets for liquidity support and up to $25 billion in the 1-month to 2-year bucket for cash management purposes.