Treasury plans $58B 3-year, $42B 10-year

The U.S. Treasury said on August 5 it will sell $125 billion of notes and bonds in its quarterly refunding, keeping the size of its benchmark coupon auctions unchanged from the prior quarter. The package includes $58 billion of 3-year notes, $42 billion of 10-year notes and $25 billion of 30-year bonds, according to the Treasury’s quarterly refunding statement. Treasury said the sales will refund about $96.3 billion of privately held notes and bonds maturing on August 15, 2026, and raise about $28.7 billion in new cash from private investors. ### Why are markets focused on these three auction sizes? The August 5 statement matters because quarterly refunding is the Treasury’s main update on how much longer-dated debt it plans to sell into the market. The 3-year note will mature on August 15, 2029, the 10-year note on August 15, 2036, and the 30-year bond on August 15, 2056, Treasury said. (home.treasury.gov) The unchanged sizes are also notable because Treasury used the same $58 billion, $42 billion and $25 billion mix in its May 2026 quarterly refunding. That means officials did not increase nominal coupon supply this quarter even as they sought new financing. ### What does “refund” maturing debt actually mean here? (home.treasury.gov) The $96.3 billion figure refers to privately held Treasury notes and bonds maturing on August 15, 2026, that the government is replacing with new securities. Treasury said the full package totals $125 billion, so the difference between the new sale amount and the maturing debt is the new cash it expects to raise. (home.treasury.gov) The Treasury put that new-cash figure at about $28.7 billion. In practice, refunding lets the government roll over old debt while covering part of its current financing need with fresh borrowing. ### Did Treasury change its broader issuance plan? The August 5 refunding statement said coupon auction sizes were held steady, and Treasury’s quarterly refunding documents show the department released its policy statement, TBAC report and recommended financing table that morning. (home.treasury.gov) Treasury’s “Most Recent Quarterly Refunding Documents” page lists the next quarterly refunding document release for November 4, 2026. The Treasury Borrowing Advisory Committee, or TBAC, said in its August 4 report to the secretary that it had discussed market conditions, funding needs and debt-management questions including market structure. Treasury describes TBAC as a statutory advisory committee made up of senior representatives from banks, broker-dealers, asset managers, hedge funds and insurers. (home.treasury.gov) ### When will these securities actually be sold? The auction calendar is set for next week. Treasury said it will auction the 3-year note at 1:00 p.m. EDT on Tuesday, August 11, the 10-year note at 1:00 p.m. EDT on Wednesday, August 12, and the 30-year bond at 1:00 p.m. EDT on Thursday, August 13. The securities themselves are scheduled to mature on the standard mid-month dates tied to the refunding cycle. (home.treasury.gov) Treasury said the new 3-year, 10-year and 30-year issues will all mature on August 15 of their respective years. ### What is the next marker investors will watch? August 11 is the first test of demand, when Treasury sells the $58 billion 3-year note at 1:00 p.m. (home.treasury.gov) EDT. August 12 and August 13 will follow with the $42 billion 10-year note and $25 billion 30-year bond auctions, and Treasury’s quarterly refunding page says the next full refunding document release is scheduled for November 4, 2026.