The U.S. Department of the Treasury is offering $125 billion of Treasury securities to refund approximately $96.3 billion of privately-held Treasury notes and bonds maturing on August 15, 2026. This issuance will raise approximately $28.7 billion in new cash from private investors.
The Auction Schedule:
8/11/26 – $58 billion – 3-year notes
8/12/26 – $42 billion – 10-year notes
8/13/26 – $25 billion – 30-year bonds
The larger 3-year allocation ($58B) relative to the 10-year ($42B) and 30-year ($25B) suggests continued reliance on shorter-duration issuance, which can be seen as an attempt to manage interest costs while term premium on long bonds remains elevated. The $28.7 billion in net new borrowing is relatively modest in this cycle, which some may interpret as less immediate pressure on the market compared to quarters with larger net cash needs.
The balance of Treasury financing requirements over the quarter will be met with 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 table below presents, in billions of dollars, the actual auction sizes for the anticipated auction sizes for the August to October 2026 quarter: