U.S. Treasury offers $125 billion in refunding securities, plans $28 billion in new cash raising

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U.S. Treasury refunding plan

Highlights

U.S. Treasury to offer $125 billion in refunding securities to refinance $97 billion maturing November 15, 2026, raising $28 billion in new cash.
Offering includes $58 billion 3-year, $42 billion 10-year, and $25 billion 30-year issuances with auctions on November 9, 10, and 12, settling November 16, 2026.
Treasury plans to keep nominals, FRN, and TIPS auction sizes steady through January 2027 and may issue a short-term cash management bill by end of November.

Refunding schedule and issuance plan

As reported by the U.S. Department of the Treasury, the department is offering $125 billion of Treasury securities to refund about $97 billion of privately held notes and bonds maturing on November 15, 2026, generating roughly $28 billion in new cash from private investors.

The offering consists of a $58 billion 3-year note maturing November 15, 2029, a $42 billion 10-year note maturing November 15, 2036, and a $25 billion 30-year bond maturing November 15, 2056. The 3-year note is scheduled for auction at 1:00 p.m. ET on November 9, the 10-year note at 1:00 p.m. ET on November 10, and the 30-year bond at 1:00 p.m. ET on November 12. All three auctions take place on a yield basis and settle on November 16, 2026.

Treasury says the rest of its financing needs for the quarter will be met through regular weekly bill auctions, cash management bills, and monthly auctions of notes, bonds, Treasury Inflation-Protected Securities and 2-year floating rate notes. Based on current projected borrowing needs, the department anticipates maintaining nominal coupon and FRN auction sizes for the next several quarters while continuing to assess structural demand, issuance costs and risks, and the size and composition of the SOMA portfolio.

For TIPS, Treasury plans to keep auction sizes unchanged over the November 2026 to January 2027 quarter, including a $19 billion November 10-year TIPS reopening, a $24 billion December 5-year TIPS reopening, and a $21 billion January 10-year TIPS new issue. Treasury also says it continues to see strong demand for bills, expects to maintain current benchmark bill auction sizes into late November, and may issue a short-dated cash management bill around the end of that month.

In our earlier article on rising long-term U.S. Treasury yields and widening deficits, we explained how borrowing costs above 5% were filtering into mortgages, federal interest expenses, and broader financial conditions. The piece highlighted that expectations of heavy Treasury issuance, limited prospects for near-term deficit reduction, and strong competing demand for capital (including AI-related spending) were adding to upward pressure on long-term rates and complicating the debt outlook.

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