finance
U.S. Treasury Sets $125 Billion Quarterly Refunding With Unchanged Coupon Sizes
The U.S. Treasury will auction $58 billion in 3-year notes on May 11, 2026, $42 billion in 10-year notes on May 12 and $25 billion in 30-year bonds on May 13. The sales will raise $41.7 billion in new cash while refunding $83.3 billion in maturing debt.
May 6, 9:24 AM·3m read2 sources
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U.S. Treasury set its quarterly refunding at $125 billion, in line with market expectations. It will sell $58 billion of 3-year notes on May 11, 2026, $42 billion of 10-year notes on May 12, 2026, and $25 billion of 30-year bonds on May 13, 2026.
3 billion. Treasury anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters. It 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.
Treasury is monitoring SOMA purchases of Treasury bills and growing demand for Treasury bills from the private sector. Treasury continues to evaluate potential future increases to nominal coupon and FRN auction sizes with a focus on trends in structural demand and potential costs and risks of various issuance profiles.
It expects to further increase offering sizes of shorter-dated benchmark bills over the coming weeks.
In late-May 2026, Treasury anticipates issuing a short-dated CMB to meet peak liquidity needs at the end of May due to maturing coupon securities. Treasury expects to implement modest reductions to short-dated bill auction sizes during the month of June 2026. In July 2026, Treasury anticipates incrementally increasing bill auction sizes across the curve.
The department boosted its estimate for net borrowing this quarter amid lower net cash flows. Treasury plans to maintain the 10-year TIPS reopening this May at $19 billion.
Treasury is modifying settlement timing for 20-year bond reopening auctions, with auctions scheduled from June 16, 2026, set to settle on the Friday of the auction week while 20-year new issues will continue to settle at month end. Treasury expects to purchase up to $38 billion in off-the-run securities across buckets for liquidity support.
