The U.S. Department of the Treasury announced it will offer $125 billion in Treasury securities to refund approximately $98.2 billion of privately-held notes maturing on November 15, 2025. This move is expected to raise about $26.8 billion in new cash from private investors.
The upcoming offerings include a 3-year note for $58 billion, a 10-year note for $42 billion, and a 30-year bond for $25 billion. The auctions are scheduled for November 10, 12, and 13, respectively, with all securities settling on November 17.
According to the Treasury, additional financing needs over the quarter will be addressed through regular weekly bill auctions, cash management bills (CMBs), monthly note and bond auctions, Treasury Inflation-Protected Securities (TIPS), and floating rate notes.
Treasury stated that current auction sizes are adequate to manage potential changes in fiscal outlook and the size of 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. Looking ahead, Treasury has begun to preliminarily consider future increases to nominal coupon and FRN auction sizes, with a focus on evaluating trends in structural demand and assessing potential costs and risks of various issuance profiles.”
A table provided by the department outlines actual auction sizes from August to October 2025 as well as anticipated sizes through January 2026 across various maturities.
To handle seasonal or unexpected borrowing variations in the coming quarter, adjustments may be made through regular bill auction sizes or CMBs.
For TIPS financing between November 2025 and January 2026, the Treasury plans to keep the November reopening auction size for the 10-year TIPS at $19 billion while increasing December’s reopening auction size for the five-year TIPS by $1 billion to $24 billion. The January new issue for the ten-year TIPS will remain at $21 billion.
Bill issuance is expected to remain steady into late November based on fiscal forecasts. However, due to projected tax receipts mid-month in December, short-dated bill auction sizes will see modest reductions before increasing again by mid-January as outflows rise.
“Treasury will continue to evaluate near-term borrowing needs and assess additional adjustments to bill auction sizes as appropriate,” according to their statement.
The department also released a tentative buyback schedule for the upcoming refunding quarter. In both the 10-20 year and 20-30 year nominal coupon buckets, four operations up to $2 billion each are planned. One liquidity support buyback up to $4 billion is scheduled in other nominal coupon buckets. For TIPS buybacks: two operations up to $750 million each are set for one-to-ten year maturities; one operation up to $500 million is planned for ten-to-thirty year maturities.
Treasury paused cash management buybacks in September but expects these operations will resume in December. Over the next quarter, purchases could total up to $38 billion in off-the-run securities across liquidity support buckets and up to $25 billion in short-term buckets for cash management purposes.
As previously announced, direct buyback access will be extended during early 2026 “to a limited number of additional counterparties based on their participation in Treasury auctions.” Details can be found under eligibility criteria on Treasury’s buyback FAQs page.
The department also indicated plans for a small-value test auction using its contingency system within three months: “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.”
Comments 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.
