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Treasury Financing by Security Type

The following is the current pattern of financing for marketable Treasury bills and notes. Treasury borrowing requirements, financing policy decisions, and the timing of Congressional action on the debt limit could alter or delay the pattern. This outline is provided solely for reference, and is not intended to convey information about any particular Treasury security offering. Treasury issues a press release announcing each offering. Current information on specific upcoming Treasury auctions may be obtained from a Federal Reserve Bank or Branch, the Bureau of the Public Debt, U. S. Department of the Treasury, or the financial press.

I. Treasury Bills

  • 4-week bills are offered each week. Except for holidays or special circumstances, (1) the offering is announced on Monday, (2) the bills are auctioned the following Tuesday, and (3) they are issued on the Thursday following the auction.
  • 13-week and 26-week bills are offered each week. Except for holidays or special circumstances, (1) the offering is announced on Thursday, (2) the bills are auctioned the following Monday, and (3) they are issued on the Thursday following the auction.

  • Cash Management bills are offered from time to time, depending on borrowing needs. The time between announcement, auction, and issue is usually short (1-7 days).

II. Treasury Notes

  • 2-year notes are issued once a month. The notes are generally announced near the middle of each month and auctioned one week later. They are usually issued on the last day of each month. If the last day of the month is a Saturday, Sunday, or Federal holiday, the notes are issued on the first business day of the following month.

  • 5-year note auctions are usually announced on the first Wednesday of February, May, August, and November. They are generally auctioned during the second week of February, May, August, and November, and are issued on the 15th of the same month. If the 15th falls on a Saturday, Sunday, or Federal holiday, the securities are issued on the next business day. Note: The 5-year notes were formerly issued on a monthly cycle with the last monthly 5-year note issued June 30, 1998.

  • 10-year note auctions are usually announced on the first Wednesday of February, May, August, and November. They are generally auctioned during the second week of February, May, August, and November, and are issued on the 15th of the same month. If the 15th falls on a Saturday, Sunday, or Federal holiday, the securities are issued on the next business day.

  • Inflation-indexed notes are usually announced and auctioned at the begining of January, July and October. They are issued on the 15th of the same month. If the 15th falls on a Saturday, Sunday, or Federal holiday, the securities are issued on the next business day.

    • Updated May 3, 2026
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