On November 4, 2026, the U.S. Treasury released its quarterly refunding statement, offering $125 billion of notes and bonds to refund approximately $97 billion of maturing debt and raise about $28 billion in new cash. Auction sizes for nominal coupons and floating-rate notes are expected to remain unchanged for the next several quarters. Finance teams should note the steady supply path and the planned conversion of the 7-year note to a quarterly new-issue format beginning in March 2027.
The November 4, 2026 quarterly refunding statement confirms that the Treasury will keep nominal coupon and FRN auction sizes steady while raising a modest amount of new cash from the mid-November refunding operation. Corporate treasury and capital-markets teams that track government supply, the shape of the yield curve, and the cost of longer-term borrowing should treat this as the operational baseline for the current quarter.
- What changed? Treasury offered $125 billion to refund ~$97 billion of privately held notes and bonds maturing November 15, raising ~$28 billion of new cash. Coupon and FRN sizes are expected to stay unchanged for several quarters.
- When? Statement released November 4, 2026. Auctions: 3-year November 9, 10-year November 10, 30-year November 12; all settle November 16.
- Who is affected? Corporate finance, treasury, and capital-markets teams monitoring Treasury supply and the cost of longer-term borrowing.
- What to do this week? Update internal supply calendars and check whether any planned issuance or hedging assumptions relied on a reduction in longer-dated coupon sizes.
What did the November 4 refunding statement set?
The Treasury is offering a $58 billion 3-year note maturing November 15, 2029; a $42 billion 10-year note maturing November 15, 2036; and a $25 billion 30-year bond maturing November 15, 2056. These amounts refinance roughly $97 billion of privately held securities coming due mid-month and raise approximately $28 billion of new cash. The auctions will be conducted on a yield basis and settle on November 16, 2026.
Assistant Secretary for Financial Markets Hunter McMaster stated that, based on current projected borrowing needs, the Treasury anticipates maintaining nominal coupon and floating-rate note auction sizes for the next several quarters. The statement also outlines plans to convert the 7-year note from a monthly new issue to a quarterly new issue with two reopenings, effective with the March 2027 cycle.
How does the size and maturity mix compare with recent practice?
The table published with the statement shows the same nominal coupon and FRN auction sizes for the November 2026–January 2027 quarter as those used in the prior August–October period for the major tenors. The 10-year and 30-year sizes in the refunding itself match the levels that have been in place. Bill issuance will continue to absorb seasonal and unexpected variations, with the Treasury noting strong private-sector demand for bills and potential adjustments around the mid-December tax date and January seasonal outflows.
The statement also released a tentative buyback schedule for the quarter, with up to $70 billion of off-the-run securities targeted for liquidity support and up to $25 billion in the 1-month to 2-year bucket for cash management. TIPS auction sizes are likewise expected to remain at current levels.
Why does the steady-size guidance matter now?
The financing estimates released on November 2 projected $618 billion of privately held net marketable borrowing for the October–December quarter. The refunding statement translates that backdrop into concrete auction sizes and forward guidance. Markets had been watching whether the longstanding language on steady nominal coupon sizes would be maintained or whether any reduction in longer-dated issuance would be signaled. The statement keeps the sizes unchanged while noting that the Treasury continues to evaluate potential future changes with a focus on structural demand and the costs and risks of different issuance profiles.
For private-sector issuers, stable Treasury coupon supply reduces one source of uncertainty around the amount of duration that will be offered into the market over the next several quarters. It does not eliminate competition from other large borrowers, including hyperscalers that have been active in the corporate bond market, but it removes an immediate shift in government supply as a near-term variable.
What should finance and treasury teams do this week?
Confirm that internal models and auction calendars reflect the November 9, 10, and 12 dates and the November 16 settlement. Review any hedging or issuance plans that assumed a near-term reduction in 10-year or 30-year sizes. Note the planned structural change to the 7-year note so that any relative-value or curve assumptions that rely on monthly new-issue 7-years are updated before the March 2027 cycle. Monitor the cash-balance assumption of $850 billion at the end of December and the potential for the Treasury General Account to peak near $1.025 trillion in late November and late January.
What should operators watch next?
The next quarterly refunding announcement is scheduled for February 3, 2027. Between now and then, the Treasury has said it will continue to engage with market participants on evolving supply and demand dynamics. Any material change in projected borrowing needs, SOMA operations, or private-sector bill demand could prompt adjustments. Finance teams should also watch the interaction between steady coupon sizes, bill supply, and the path of longer-term yields as other large corporate issuers continue to fund capital expenditure.
How much new cash will the mid-November refunding raise?
Approximately $28 billion, after refunding roughly $97 billion of maturing privately held notes and bonds.
Are coupon auction sizes changing?
The statement says the Treasury anticipates maintaining nominal coupon and FRN auction sizes for the next several quarters.
When is the 7-year note changing format?
The conversion to a quarterly new issue with two reopenings begins with the March 2027 new issue.
What is the next refunding date?
Wednesday, February 3, 2027.
Last Updated: November 5, 2026.
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