Treasury will sell $125 billion of notes and bonds next week, starting with $58 billion of 3-year notes on Monday, Nov. 9, according to its quarterly refunding statement issued Nov. 4. A $42 billion sale of 10-year notes follows Tuesday, Nov. 10, and $25 billion of 30-year bonds goes on the block Thursday, Nov. 12. The sales raise about $28 billion in new cash while paying off about $97 billion of privately held notes and bonds that mature Nov. 15.
All three auctions are held on a yield basis, which means bidders compete on the interest rate and the auction sets it. The securities settle Monday, Nov. 16. The 3-year note matures Nov. 15, 2029, the 10-year note Nov. 15, 2036 and the 30-year bond Nov. 15, 2056.
For savers and anyone who owns Treasuries, the practical question is what these auctions change. The sizes themselves are not a surprise: Treasury says it expects to keep nominal coupon and floating-rate note auction sizes unchanged for several quarters. What the auctions do set are the yields on brand-new 3-, 10- and 30-year Treasuries, the rates a saver can set against a bank account or a CD.
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What goes on sale, and on which day?
- Monday, Nov. 9: $58 billion of 3-year notes, maturing Nov. 15, 2029
- Tuesday, Nov. 10: $42 billion of 10-year notes, maturing Nov. 15, 2036
- Thursday, Nov. 12: $25 billion of 30-year bonds, maturing Nov. 15, 2056
Together the three sales add up to the $125 billion total Treasury announced. They are the quarterly refunding auctions, the ones Treasury holds each February, May, August and November to roll over maturing debt and raise new cash.
Is the size a change from the last refunding?
No. The same amounts, $58 billion, $42 billion and $25 billion, were announced for August’s refunding auctions, RTTNews reported at the time. In the mid-quarter months, the 10-year and 30-year offerings run smaller, at $39 billion and $22 billion in the July sales that RTTNews compared against.
Treasury’s statement says the goal behind the pattern is “financing the government at the lowest cost over time.” The department says it is weighing future changes to coupon sizes but expects to hold them steady for several quarters. Hunter McMaster, assistant secretary for financial markets, is the Treasury official named in the statement.
How much is Treasury borrowing this quarter?
Next week’s sales are one piece of a larger borrowing plan. In its Nov. 2 borrowing estimate, Treasury said it expects to borrow $618 billion in privately held net marketable debt in the October-December quarter, assuming an $850 billion cash balance at the end of December. For January through March 2027, the estimate is $800 billion, with an assumed $1 trillion balance at the end of March.
The October-December figure is $10 billion lower than the estimate Treasury gave in August, mainly because the starting cash balance was higher than assumed, partly offset by lower projected net cash flows. Leaving out that higher starting balance, the estimate is $24 billion higher than in August. For July through September, Treasury borrowed $742 billion and ended the quarter with a $984 billion cash balance, against an August estimate of $739 billion borrowed and a $950 billion balance.
What else is on the calendar through January?
The statement lays out the sizes Treasury anticipates for the other auctions from November 2026 through January 2027: $69 billion of 2-year notes, $70 billion of 5-year notes and $44 billion of 7-year notes. It says it will keep Treasury Inflation-Protected Securities auction sizes at current levels, including a $19 billion reopening of the 10-year TIPS in November, a $24 billion 5-year reopening in December and a $21 billion new 10-year TIPS in January.
One structural change is also in the statement. Treasury plans to convert the 7-year note from a monthly new issue to a quarterly new issue. Its forward guidance reads: “Treasury anticipates maintaining nominal coupon and FRN auction sizes for the next several quarters.”
What is Treasury doing with bills, buybacks and its cash balance?
The refunding statement covers more than the three coupon sales. Benchmark bill sizes stay the same into late November, with a possible short-dated cash management bill around month-end. Shorter-dated bill sizes will be reduced in December, around the mid-December tax date, when corporate and individual tax payments bring in cash, and increased across the curve in January.
Treasury also plans buybacks over the quarter: up to $70 billion of off-the-run securities for liquidity support, and up to $25 billion in the 1-month to 2-year range for cash management. A tentative buyback schedule was released with the statement.
Treasury assumes an $850 billion cash balance at the end of December, and it projects the balance could peak at $1.025 trillion, plus or minus $50 billion, in late November and again in late January. The cash balance is the account Treasury draws on to pay the government’s bills, so the figure shapes how much it needs to borrow from week to week.
The next refunding announcement is set for Wednesday, Feb. 3, 2027. Until then, the sizes announced this week are the plan: the three auctions next week, then regular auctions at unchanged coupon sizes and bill sizes that move with tax receipts.
Wondering where a new 3-year Treasury leaves your savings account?
Next week’s auctions set the yield on new 3-, 10- and 30-year Treasuries, and a saver deciding between a bank account, a CD and a Treasury has to weigh those on their own balances and their own timeline. Money left in an account that pays almost nothing earns almost nothing, whatever the auctions bring.
Make Your Savings Pay You compares insured high-yield savings, CDs, Treasury bills and I bonds, and it includes Treasury bills from $100, free of state and local income tax. The 11-page guide also has a ladder you can copy, so money comes due on a schedule, and a cash-map worksheet.
See the Treasury bill and savings guide with a ladder you can copy →
This article was produced with AI assistance and edited for accuracy against the sources linked above.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
