Treasury to Sell $125 Billion at November Refunding, Makes 7-Year Note a Quarterly New Issue
The U.S. Treasury will sell $125 billion of notes and bonds at next week's quarterly refunding auctions and said it will make the 7-year note a quarterly new issue starting in March 2027, according to its quarterly refunding statement released Wednesday.
The auctions will refund an estimated $97 billion of privately held Treasury notes maturing Nov. 15, raising an estimated $28 billion of new cash, the Treasury said.
The auction schedule
The Treasury will auction a $58 billion 3-year note on Nov. 9, a $42 billion 10-year note on Nov. 10 and a $25 billion 30-year bond on Nov. 12. Each auction is set for 1:00 p.m. ET, and all three will settle on Nov. 16.
Sizes on hold
The department said it anticipates keeping nominal coupon and floating-rate note auction sizes unchanged for at least the next several quarters. It plans TIPS auctions of $19 billion, $24 billion and $21 billion in the coming months.
A change for the 7-year note
The 7-year note will become a quarterly new issue beginning in March 2027, with reopenings in April and May, the statement said. The change shifts how the Treasury rolls out supply in that part of the curve.
Cash and buybacks
The Treasury expects an end-of-December cash balance of $850 billion. It said the Treasury General Account could peak at $1.025 trillion, plus or minus $50 billion, in late November and late January.
The department plans buybacks of up to $70 billion for liquidity support and up to $25 billion in the 1-month to 2-year maturity bucket over the coming quarter.
The statement was issued by Assistant Secretary for Financial Markets Hunter McMaster. The next quarterly refunding announcement is scheduled for Feb. 3, 2027.
By the numbers
- Total refunding auctions: $125 billion
- 3-year note: $58 billion
- 10-year note: $42 billion
- 30-year bond: $25 billion
- End-of-December cash balance estimate: $850 billion
Sources
- U.S. Treasury quarterly refunding statement, released Nov. 4, 2026
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