The U.S. Department of the Treasury has announced it will offer $125 billion in Treasury securities to refund about $98.2 billion of privately-held notes maturing on November 15, 2025. This move is expected to raise approximately $26.8 billion in new cash from private investors.
The offering includes a 3-year note totaling $58 billion, a 10-year note for $42 billion, and a 30-year bond amounting to $25 billion. The auctions are scheduled for November 10, 12, and 13, respectively, all at 1:00 p.m. ET. Settlement for these securities will occur on November 17, 2025.
Deputy Assistant Secretary for Federal Finance Brian Smith stated that current auction sizes are designed to address potential changes in fiscal outlook and adjustments to the System Open Market Account (SOMA) portfolio. “Based on current projected borrowing needs, Treasury anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters,” Smith said. He also noted that Treasury is beginning to consider future increases in auction sizes by evaluating demand trends and assessing associated costs and risks.
Treasury outlined its plans for upcoming financing requirements through regular weekly bill auctions, cash management bills (CMBs), monthly note and bond offerings, Treasury Inflation-Protected Securities (TIPS), and floating rate notes (FRNs). Any seasonal or unexpected variations in borrowing needs will be managed by adjusting bill auction sizes or CMBs.
For TIPS financing between November 2025 and January 2026, the department intends to keep the November reopening size of the 10-year TIPS at $19 billion while increasing December’s reopening of the five-year TIPS by $1 billion to reach $24 billion. The January new issue size for the ten-year TIPS remains set at $21 billion.
Regarding bill issuance, Treasury expects benchmark bill offering sizes will remain steady into late-November but may see modest reductions in short-dated bills during December due to anticipated tax receipts. By mid-January 2026, an increase in bill auction sizes is anticipated as fiscal outflows rise.
Smith emphasized ongoing evaluation: “As always, Treasury will continue to evaluate near-term borrowing needs and assess additional adjustments to bill auction sizes as appropriate.”
A tentative buyback schedule was also released for the upcoming quarter. In both the ten- to twenty-year and twenty- to thirty-year nominal coupon buckets, four operations are planned per bucket with up to $2 billion each operation. Other nominal coupon buckets will see one liquidity support buyback up to $4 billion. For TIPS buckets ranging from one- to ten-years maturity, two operations up to $750 million each are planned; there will be one operation up to $500 million in the ten- to thirty-year bucket.
After pausing cash management buybacks in September, Treasury plans a resumption starting December 2025 according to its tentative schedule. Upwards of $38 billion could be purchased across various off-the-run security buckets for liquidity support this quarter; another potential purchase of up to $25 billion is targeted within one-month-to-two-year maturities specifically for cash management purposes.
Looking ahead into early 2026, direct buyback access may expand further: “As announced at the last quarterly refunding, in the first half of 2026 Treasury plans to offer direct buyback access to a limited number of additional counterparties based on their participation in Treasury auctions,” Smith said.
Additionally, over the next three months a small-value test auction using contingency infrastructure is planned as part of routine system testing practices: “This small-value test auction should not be viewed by market participants as a precursor or signal of any pending policy changes regarding Treasury’s existing auction processes,” Smith explained.
Comments or suggestions related to debt management can be sent via email at debt.management@treasury.gov.
The next quarterly refunding announcement is scheduled for February 4, 2026.
