The U.S. Department of the Treasury announced it will offer $125 billion in Treasury securities to refund about $90.2 billion of privately-held notes and bonds maturing on February 15, 2026. This move is expected to raise approximately $34.8 billion in new cash from private investors.
The upcoming issuance includes a 3-year note for $58 billion maturing on February 15, 2029; a 10-year note for $42 billion maturing on February 15, 2036; and a 30-year bond for $25 billion maturing on February 15, 2056. The auctions are scheduled for February 10, 11, and 12, respectively, all at 1:00 p.m. ET. Settlement will occur on February 17.
Treasury stated that additional financing needs this quarter will be met through regular weekly bill auctions, cash management bills (CMBs), monthly note and bond offerings, Treasury Inflation-Protected Securities (TIPS), and floating rate notes (FRNs).
According to the statement: “Treasury believes its current auction sizes leave it well positioned to address potential changes to the fiscal outlook and to the size and composition of the SOMA portfolio.” The department expects to maintain nominal coupon and FRN auction sizes over the next several quarters but continues monitoring demand trends.
For TIPS financing between February and April, Treasury plans no changes: a $9 billion new issue for the February 30-year TIPS auction, a $19 billion reopening for March’s 10-year TIPS auction, and a $26 billion new issue for April’s five-year TIPS auction.
Regarding bill issuance, Treasury projects maintaining benchmark bill offering sizes into mid-March before reducing short-dated bill auctions by late March due to the approaching April tax date. This reduction could result in a net decline of up to $300 billion in total bill supply by early May.
The department estimates that its cash balance could peak around $1.025 trillion by late April before declining in May. This forecast is subject to uncertainty regarding tax receipts as well as broader economic factors.
Treasury also released a tentative buyback schedule for the quarter ahead. It plans up to $38 billion in purchases of off-the-run securities across liquidity support buckets and up to $75 billion in shorter-term securities for cash management purposes.
On January 14, Treasury issued a notice of proposed rulemaking about expanding direct buyback access based on participation in auctions. The comment period closes on February 13 at https://www.regulations.gov with final rules expected later this year.
Additionally, Treasury intends to transition its buyback operations onto FedTrade Plus—the Federal Reserve Bank of New York’s new trading platform—and will conduct a small-value test buyback before full implementation.
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 May 6, 2026.
