U.S. Treasury Keeps Coupon Auction Sizes Unchanged
By Paulo Trevisani
The U.S. Treasury said Wednesday that it plans to keep long-term borrowing levels unchanged in coming months.
The department released its quarterly refunding statement for the November through January period, projecting the same auction sizes for securities maturing in two years or longer as in the previous quarter.
The Treasury said it anticipates maintaining nominal coupon and floating-rate note auction sizes "for the next several quarters."
It said it is offering $125 billion to refund roughly $97 billion of maturing debt, raising $28 billion in new cash.
In a structural change the Treasury plans to convert the seven-year note from a monthly new issue to a quarterly new issue with two reopenings, similar to the ten-year note.
Markets have been expecting a decrease in long-term borrowing at some point in the next year, with higher bill issuance.
"Treasury continues to evaluate potential future changes to nominal coupon and floating rate note auction sizes, with a focus on trends in structural demand and potential costs and risks of various issuance profiles," Hunter McMaster, the Treasury's assistant secretary for financial markets, said in a statement.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
November 04, 2026 09:15 ET (14:15 GMT)
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