When Auctions Happen (Schedules)
This page explains the current pattern for auctioning the five main types of Treasury marketable securities, organized by type of security.
Various situations — Treasury's needs, policy decisions, and Congressional action on the debt limit — may change these patterns. Holidays and special circumstances may also disrupt the schedule; if a security should be issued on a weekend or federal holiday, it's issued the next business day.
All securities except bills start earning interest on the Issue Date or Dated Date, whichever comes first.
Bills
| Term | Auction frequency | Announcement day |
|---|---|---|
| 4-week | Every week | Tuesday |
| 6-week | Every week | Thursday |
| 8-week | Every week | Tuesday |
| 13-week | Every week | Thursday |
| 17-week | Every week | Tuesday |
| 26-week | Every week | Tuesday |
| 52-week | Every 4 weeks | Thursday |
Cash Management Bills are offered when needed; the time between announcement, auction, and issue is usually brief (1–several days).
Notes
| Term | Auction frequency | Announcement day |
|---|---|---|
| 2, 3, 5, 7-year | Monthly | 2-year/5-year/7-year: second half of month; 3-year: first half of month |
| 10-year (initial) | Quarterly (Feb, May, Aug, Nov) | First half of month |
| 10-year (reopenings) | The other 8 months | — |
Bonds
| Term | Auction frequency | Announcement day |
|---|---|---|
| 20-year (initial) | Quarterly (Feb, May, Aug, Nov) | First half of month |
| 20-year (reopenings) | The other 8 months | — |
| 30-year (initial) | Quarterly (Feb, May, Aug, Nov) | First half of month |
| 30-year (reopenings) | The other 8 months | — |
Treasury Inflation-Protected Securities (TIPS)
| Term | Auction frequency |
|---|---|
| 5-year initial offering | April and October |
| 5-year reopenings | June and December |
| 10-year initial offering | January and July |
| 10-year reopenings | March, May, September, November |
| 30-year initial offering | February |
| 30-year reopenings | August |
Although TIPS are issued at the end of the month, their maturity date is the 15th. They earn interest between the 15th and the issue date.
Floating Rate Notes (FRNs)
| Term | Auction frequency |
|---|---|
| 2-year initial offering | January, April, July, October |
| 2-year reopenings | All other months |