U.S. Treasury offers $125 billion in securities for August refunding

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Treasury offers $125B refunding

Highlights

U.S. Treasury will auction $125 billion in securities for August refunding, including $58 billion 3-year, $42 billion 10-year, and $25 billion 30-year issues on August 11–13, 2026.
Treasury plans to maintain nominal coupon and FRN auction sizes for at least the next several quarters, with TIPS auction sizes unchanged for August–October 2026.
Treasury targets a $950 billion cash balance at September’s end and anticipates up to $38 billion in buybacks for liquidity and $25 billion for cash management in the next quarter.

Refunding plan and auction schedule

As reported by the U.S. Department of the Treasury, the offering includes a $58 billion 3-year note maturing August 15, 2029, a $42 billion 10-year note maturing August 15, 2036, and a $25 billion 30-year bond maturing August 15, 2056.

The 3-year note is auctioned at 1:00 p.m. EDT on Tuesday, August 11, 2026, the 10-year note at 1:00 p.m. EDT on Wednesday, August 12, 2026, and the 30-year bond at 1:00 p.m. EDT on Thursday, August 13, 2026. All three auctions take place on a yield basis and settle on Monday, August 17, 2026.

Treasury says the rest of its financing needs for the quarter are 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.

Auction sizes, cash balance and buybacks

Treasury says current nominal coupon and FRN auction sizes leave it positioned to respond to possible changes in the fiscal outlook and in the size and composition of the SOMA portfolio. Based on current projected borrowing needs, it anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters, while continuing to monitor private-sector demand for bills and SOMA bill purchases.

For the August to October 2026 quarter, Treasury plans to keep TIPS auction sizes unchanged, with an $8 billion August 30-year TIPS reopening, a $19 billion September 10-year TIPS reopening, and a $26 billion October 5-year TIPS new issue. It also expects to maintain current benchmark bill auction sizes in the coming weeks, may issue a short-dated cash management bill near the end of August, plans to reduce shorter-dated bill auction sizes in September around tax receipts, and anticipates increasing bill sizes in October because of seasonal fiscal outflows.

Treasury is assuming a $950 billion cash balance at the end of September and estimates the Treasury General Account could peak at $1.05 trillion, plus or minus $50 billion, in late October. It also released a tentative buyback schedule for the coming quarter, with purchases of up to $38 billion in off-the-run securities for liquidity support and up to $25 billion in the 1-month to 2-year maturity bucket for cash management purposes.

Our earlier report on India’s Treasury Bill auction results covered the Reserve Bank of India’s sale of 91-day, 182-day, and 364-day bills maturing August 5, 2026. It highlighted strong demand with bids exceeding the notified amounts across tenors and detailed the cut-off yields and non-competitive allocations as a snapshot of short-term borrowing costs and investor appetite.

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