Treasury Reopenings
In a security reopening, the U.S. Treasury issues additional amounts of a previously issued security. The reopened security has the same maturity date and coupon interest rate or spread as the original security, but with a different issue date and usually a different purchase price.
| Security Type | Original Issue | Reopening |
|---|---|---|
| 2-year FRN | Jan / Apr / Jul / Oct | Reopened 1 month after, then again 2 months after original issuance. |
| 10-year note | Feb / May / Aug / Nov | Reopened 1 month after, then again 2 months after original issuance. |
| 5-year TIPS | April, October | Reopened 2 months after original issuance. |
| 10-year TIPS | January, July | Reopened 2 months after, then again 4 months after original issuance. |
| 30-year TIPS | February | Reopened 6 months after original issuance. |
| 20-year bond | Feb / May / Aug / Nov | Reopened 1 month after, then again 2 months after original issuance. |
| 30-year bond | Feb / May / Aug / Nov | Reopened 1 month after, then again 2 months after original issuance. |
Security Details
- The maturity date of the reopening is the same as the maturity date of the original issue.
- The coupon rate or spread of the reopening is the same as the coupon rate or spread of the original issue.
- The price of the reopened security could be greater than, less than, or equal to the price of the original issue. If the price exceeds the par value of the security, the purchaser will owe a premium.
Sometimes with a reopened security, the purchaser will have to pay accrued interest. If so, that interest is paid back with the first regular interest payment.
Notification
Refer to the offering announcements for information on reopenings and related issues.