The U.S. Department of the Treasury announced a $125 billion offering of Treasury securities to refund approximately $96.3 billion of privately-held notes and bonds maturing on August 15, 2026. This issuance is also expected to raise approximately $28.7 billion in new cash from private investors.
The offering includes a $58 billion 3-year note maturing August 15, 2029; a $42 billion 10-year note maturing August 15, 2036; and a $25 billion 30-year bond maturing August 15, 2056. Auctions are scheduled for August 11, 12, and 13, 2026, respectively, all settling on August 17, 2026.
Deputy Assistant Secretary for Federal Finance Brian Smith said the Treasury believes its current auction sizes are well-positioned to address potential changes to the fiscal outlook. He added that the Treasury anticipates maintaining nominal coupon and Floating Rate Note (FRN) auction sizes for at least the next several quarters, while monitoring demand for Treasury bills.
For the August to October 2026 quarter, Treasury plans to maintain current Treasury Inflation-Protected Securities (TIPS) auction sizes, including an $8 billion 30-year TIPS reopening and a $19 billion 10-year TIPS reopening. Bill issuance will see adjustments, with potential short-dated cash management bills (CMBs) in late August, reductions in shorter-dated bill auction sizes in September, and increases across the bill curve in October.
The Treasury projects a $950 billion cash balance by the end of September, potentially peaking at $1.05 trillion in late October due to expected large outflows. Additionally, the Treasury plans buybacks of up to $38 billion in off-the-run securities for liquidity and up to $25 billion in the 1-month to 2-year maturity bucket for cash management. The next quarterly refunding announcement is set for November 4, 2026.