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EconomyAnalysisPast Article

November's Refunding Offers $125 Billion

The November 4 statement sets a $58 billion 3-year note, a $42 billion 10-year note, and a $25 billion 30-year bond.

By Arthur Lin, Economics Columnist

Washington3 min read

aerial view of city during nighttime
aerial view of city during nighttimePhoto by Denys Nevozhai on Unsplash

On November 4, 2026, the Treasury published the quarterly refunding statement of the assistant secretary for financial markets. The document says the department is offering $125 billion of Treasury securities to refund approximately $97 billion of privately held notes and bonds maturing on November 15, 2026, and that the issuance will raise approximately $28 billion of new cash from private investors.

The offering consists of a 3-year note of $58 billion, maturing November 15, 2029; a 10-year note of $42 billion, maturing November 15, 2036; and a 30-year bond of $25 billion, maturing November 15, 2056. The 3-year note will be auctioned at 1:00 p.m. Eastern time on Monday, November 9, 2026, the 10-year note at the same hour on Tuesday, November 10, and the 30-year bond at the same hour on Thursday, November 12. The statement says all three auctions will be on a yield basis and will settle on Monday, November 16.

The statement says Treasury anticipates maintaining nominal coupon and floating-rate note auction sizes for the next several quarters. The table under that sentence, in billions of dollars, shows what that means in practice. The 2-year, 3-year, 5-year, and 7-year columns do not change across the six rows from August 2026 through January 2027: they are 69, 58, 70, and 44. The 10-year, 20-year, 30-year, and floating-rate note do change, and they change by repeating an earlier month rather than by inventing a new size. November is 42, 16, 25, and 28, the same four figures as August. December is 39, 13, 22, and 28, the same four figures as September. January is 39, 13, 22, and 30, the same four figures as October. Maintaining sizes, on this table, means the refunding month repeats August and the two later months repeat the intervening months, so October's 10-year size of 39 does not carry into November.

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