General Auction Timing — TreasuryDirect (2024)

The following is the current pattern of financing for marketable U. S. Treasury bills, notes, bonds, FRNs and TIPS. Treasury borrowing requirements, financing policy decisions, and the timing of Congressional action on the debt limit could alter or delay the pattern.

1. Treasury Bills

   • 4-week and 8-week bills are offered each week. Except for holidays or special circ*mstances, the offering is announced on Tuesday, the bills are auctioned on Thursday, and they are issued on the following Tuesday.
   • 13-week and 26-week bills are offered each week. Except for holidays or special circ*mstances, the offering is announced on Thursday, the bills are auctioned the following Monday, and they are issued on the Thursday following the auction.
   • 17-week bills are offered each week. Except for holidays or special circ*mstances, the offering is announced on Tuesday, the bills are auctioned on Wednesday, and they are issued on the following Tuesday.
   • 52-week bills are offered every four weeks. Except for holidays or special circ*mstances, the offering is announced on Thursday, the bills are auctioned the following Tuesday, and 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 brief (1-7 days).

2. Treasury Notes

   • 2-year note auctions are usually announced in the second half of the month and generally auctioned a few business days later. They are issued on the last day of the month. If the last day of the month is a Saturday, Sunday, or federal holiday, the securities are issued on the first business day of the following month.
   • 3-year note auctions are usually announced in the first half of the month and generally auctioned a few business days later. They are issued on the 15th of the month. If the 15th falls on a Saturday, Sunday, or federal holiday, the securities are issued on the next business day.
   • 5-year note auctions are usually announced in the second half of each month and generally auctioned a few business days later. They are issued on the last day of the month. If the last day of the month is a Saturday, Sunday, or federal holiday, the securities are issued on the first business day of the following month.
   • 7-year note auctions are usually announced in the second half of each month and generally auctioned a few business days later. They are issued on the last day of the month. If the last day of the month is a Saturday, Sunday, or federal holiday, the securities are issued on the first business day of the following month.
   • 10-year note auctions are usually announced in the first half of February, May, August, and November. The reopenings of a 10-year note are usually announced in the first half of January, March, April, June, July, September, October, and December. All 10-year notes are generally auctioned during the second week of the above-mentioned months 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.

3. Treasury Bonds

   • 20-year bond and 30-year bond auctions are usually announced in the first half of February, May, August, and November. The reopenings of a 20-year or 30-year bond are usually announced in the first half of January, March, April, June, July, September, October, and December.
   • All 20-year bonds are generally auctioned on the next to last Wednesday of the above-mentioned months and are issued on the last calendar day of the month or the first business day thereafter. If the last calendar day of the month falls on a Saturday, Sunday, or federal holiday, the securities are issued on the next business day.
   • All 30-year bonds are generally auctioned during the second week of the above-mentioned months 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.

4. Treasury Inflation-Protected Securities (TIPS)

   • 5-year TIPS are usually announced mid-month in April and October. The reopenings of 5-year TIPS are usually announced mid-month in June and December (beginning in 2019). All 5-year TIPS are generally auctioned on the next to last Thursday of the above-mentioned months and are issued on the last business day of the month. However, these TIPS will continue to have a mid-month maturity date. Therefore, investors who purchase these securities at auction will be required to pay the interest accrued between the 15th of the month and the issue date.
   • 10-year TIPS are usually announced mid-month in January and July. The reopenings of 10-year TIPS are usually announced mid-month in March, May, September and November. All 10-year TIPS are generally auctioned on the next to last Thursday of the above-mentioned months and are issued on the last business day of the month. However, these TIPS will continue to have a mid-month maturity date. Therefore, investors who purchase these securities at auction will be required to pay the interest accrued between the 15th of the month and the issue date.
   • 30-year TIPS are usually announced mid-month in February. The reopenings of 30-year TIPS are usually announced mid-month in August. All 30-year TIPS are generally auctioned the next to last Thursday of the above-mentioned months and are issued on the last business day of the month. However, these TIPS will continue to have a mid-month maturity date. Therefore, investors who purchase these securities at auction will be required to pay the interest accrued between the 15th of the month and the issue date.

5. Treasury Floating Rate Note (FRN)

   • 2-year FRN auctions are usually announced in the second half of January, April, July, and October. The reopenings of a 2-year FRN are usually announced in the second half of February, March, May, June, August, September, November and December. All 2-year FRNs are generally auctioned during the last week of the above-mentioned months. Original issue FRNs are issued on the last day of the month. If the last day of the month is a Saturday, Sunday, or federal holiday, the securities are issued on the first business day of the following month. The reopenings are issued on the last Friday of the month.

For more details about U.S. Treasury security offerings, go to:

Table of Treasury Securities

Treasury Notes, Bonds, FRNs, and TIPS Monthly Patterns