The U.S. Treasury Department has announced plans to offer $125 billion in Treasury securities to refinance about $98.2 billion of privately held Treasury notes maturing on November 15, 2025.
The issuance will also generate $26.8 billion in new cash from private investors, as part of its quarterly refunding operations.
The offering consists of three major components: a 3-year note worth $58 billion maturing on November 15, 2028, a 10-year note worth $42 billion maturing on November 15, 2035, and a 30-year bond worth $25 billion maturing on November 15, 2055.
According to the Treasury, all auctions will be conducted on a yield basis, with settlement scheduled for November 17, 2025.
Auction Schedule
The 3-year note auction will take place at 1:00 p.m. ET on Monday, November 10, 2025, followed by the 10-year note auction at 1:00 p.m. ET on Wednesday, November 12, 2025.
The 30-year bond will conclude the series with an auction at 1:00 p.m. ET on Thursday, November 13, 2025.
Treasury officials stated the department expects to meet its near-term financing requirements “through regular weekly bill auctions, cash management bills (CMBs), and monthly note, bond, Treasury Inflation-Protected Securities (TIPS), and 2-year Floating Rate Note (FRN) auctions.”
The department added that current auction sizes provide flexibility to “address potential changes to the fiscal outlook and to the size and composition of the SOMA portfolio,” referring to the Federal Reserve’s System Open Market Account.
Treasury signaled it plans to maintain nominal coupon and FRN auction sizes for the next few quarters based on current borrowing projections. However, it noted it has “begun to preliminarily consider future increases to nominal coupon and FRN auction sizes,” with attention on long-term demand trends and potential costs and risks.
In case of unexpected fiscal shifts, the department plans to adjust borrowing needs through changes in regular bill auctions or new CMBs. Treasury said this approach helps balance flexibility with predictability, ensuring smooth market operations amid changing fiscal conditions.
Focus on TIPS Issuance
For the period between November 2025 and January 2026, the Treasury will maintain the November 10-year TIPS reopening at $19 billion. The December 5-year TIPS reopening will increase by $1 billion to $24 billion, while the January 10-year TIPS new issue will remain at $21 billion.
These inflation-protected securities continue to play a key role in diversifying investor demand and hedging inflation risk in the Treasury’s borrowing strategy. Treasury officials reaffirmed their commitment to steady TIPS issuance as part of a balanced debt portfolio.
Bill Issuance Outlook
Based on the latest fiscal projections, Treasury plans to maintain benchmark bill sizes through late November 2025. Modest reductions in short-dated bill auctions are expected in December, coinciding with corporate and non-withheld tax receipts.
By mid-January 2026, the department anticipates increasing bill auction sizes again to align with projected fiscal outflows. The Treasury added, “As always, we will continue to evaluate near-term borrowing needs and assess additional adjustments to bill auction sizes as appropriate.”
Buyback Program
Treasury also released a tentative buyback schedule for the upcoming quarter to improve liquidity in the bond market. It plans to conduct four operations in each of the 10- to 20-year and 20- to 30-year nominal coupon buckets, each worth up to $2 billion.
Additionally, the Treasury will execute one liquidity support buyback of up to $4 billion in other nominal coupon buckets. It also plans two TIPS buyback operations in the 1- to 10-year range (up to $750 million each) and one in the 10- to 30-year range (up to $500 million).
Following a pause in cash management buybacks in September, the department expects to resume operations in December 2025. These purchases, totaling up to $38 billion in off-the-run securities and $25 billion in short-term securities, will help manage liquidity and reduce the need for larger bill issuance cuts.
Outlook for 2026
Treasury officials confirmed plans to expand direct buyback access to a select number of additional counterparties in the first half of 2026, based on their participation in prior Treasury auctions. This initiative aims to enhance market efficiency and improve the depth of Treasury market participation.
Overall, the department’s upcoming issuance strategy reflects a balance between maintaining liquidity, managing refinancing needs, and preparing for shifting fiscal demands in 2026. The refunding plan underscores Treasury’s cautious but flexible approach amid an evolving macroeconomic landscape.
