The U.S. Treasury Department will auction $125 billion in securities next week to refinance maturing debt and raise about $26.8 billion in new cash from private investors.
The plan reflects Treasury’s steady approach to managing federal borrowing while keeping auction sizes stable through at least early 2026.
Deputy Assistant Secretary Brian Smith outlined the department’s quarterly refunding plan on November 5. The offerings will include $58 billion in 3-year notes, $42 billion in 10-year notes, and $25 billion in 30-year bonds.
Auctions will take place over three consecutive days beginning November 10, with all securities settling on November 17.
Smith said Treasury intends to maintain current auction sizes for nominal coupon and floating-rate notes “for several quarters,” adding that the department remains “well positioned to address potential changes to the fiscal outlook.”
Monthly auction sizes for 2-year through 30-year securities will remain steady through January. Treasury will rely on weekly bill auctions and cash management bills to manage short-term borrowing fluctuations.
The department plans modest reductions in short-dated bill offerings during December, with bill auction sizes expected to rise again by mid-January.
Treasury will resume its buyback program in December after pausing in September. The department expects to purchase up to $38 billion in off-the-run securities to support market liquidity and an additional $25 billion in short-term bills for cash management purposes.
Officials also announced that Treasury will expand buyback access to additional counterparties in early 2026 based on participation levels. A small-value test auction using its contingency system is planned within the next three months — a routine exercise that does not signal policy changes.
The next quarterly refunding announcement is scheduled for February 4, 2026.