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Markets · November 4, 2026 · 2 min read

Treasury sets $125 billion refunding and plans seven-year note changes

By Econ Data Tools Editorial Team

Published November 4, 2026 • Updated November 4, 2026

The November 4 statement keeps expected coupon auction sizes steady, schedules a March 2027 change to seven-year issuance and separates liquidity-support buybacks from cash management.

The U.S. Treasury announced on November 4, 2026 that it will offer $125 billion of securities in its quarterly refunding. The package will refinance approximately $97 billion of privately held notes and bonds maturing November 15 and raise about $28 billion in new cash from private investors. The package comprises $58 billion in three-year notes, $42 billion in ten-year notes and $25 billion in thirty-year bonds. Auctions are scheduled for 1 p.m. Eastern on November 9, November 10 and November 12, respectively. All three settle November 16. These are planned auction amounts, not yields already determined at auction. Treasury anticipates maintaining nominal coupon and floating-rate note auction sizes for the next several quarters, based on its current borrowing projections. It continues to evaluate future changes and plans to handle seasonal or unexpected financing needs through regular bill auctions and cash management bills. The statement is a debt-management plan, not a Federal Reserve interest-rate decision. Treasury also plans to change seven-year notes from monthly new issues to quarterly new issues followed by two reopenings. The change starts with the March 2027 new issue, reopened in April and May. New issues will occur in March, June, September and December, while auctions continue near month end. For the upcoming quarter, Treasury anticipates buying back up to $70 billion of off-the-run securities for liquidity support and up to $25 billion in the one-month-to-two-year maturity bucket for cash management. These are separate maximum planned amounts, not completed purchases. Treasury assumes an $850 billion cash balance at the end of December and estimates that its general account could peak at $1.025 trillion, plus or minus $50 billion, in late November and late January. Those are projections subject to changing cash flows. Neither the refunding sizes nor the cash estimates alone establish the direction of bond yields or household borrowing costs.

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Treasury sets $125 billion refunding and plans seven-year note changes | Econ Data Tools