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When Auctions Happen (Schedules)

On this page, we explain the current pattern for auctioning the five main types of Treasury marketable securities, organized by type of security.

These pages give you different views of the auction schedule:

Various situations, such as 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 the day the securities should be issued is a weekend or federal holiday, we issue the securities on the next business day.

All securities, except bills, earn interest from the day of the auction to the issue date. That is, the security accrues interest. We add this accrued interest to your purchase price of the security. You get the accrued interest payment back with your first regular interest payment for that security.

Bills

Term Auction frequency Announcement day Auction day Issue day
4-week
8-week
Every week Tuesday Thursday of that week Following Tuesday
13-week
26-week
Every week Thursday Following Monday Thursday
17-week Every week Tuesday Wednesday Following Tuesday
52-week Every 4 weeks Thursday Following Tuesday 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 Auction day Issue day
2-year
5-year
7-year
Monthly In the second half of the month A few business days later Last calendar day of the month
3-year Monthly In the first half of the month A few business days later 15th of the month
10-year
initial offering
10-year reopenings
Quarterly (Feb., May, Aug., Nov.)
The other 8 months
In the first half of the month During the second week of the month 15th of the month

Bonds

Term Auction frequency Announcement day Auction day Issue day
20-year
initial offering
20-year reopenings
Quarterly (Feb., May., Aug., Nov)
The other 8 months
In the first half of the month Next to the last Wed. of the month Last calendar day of the month
30-year
initial offering
30-year reopenings
Quarterly (Feb., May, Aug., Nov.)
The other 8 months
In the first half of the month During the second week of the month 15th of the month

Treasury Inflation-Protected Securities (TIPS)

Term Auction frequency Announcement day Auction day Issue day
5-year
initial offering
5-year reopenings
In April and
October
In June and December
In the middle of the month Next to the last Thursday of the month Last calendar day of the month
10-year
initial offering
10-year reopenings
In January and
July
In March, May, September, November
In the middle of the month Next to the last Thursday of the month Last calendar day of the month
30-year
initial offering
30-year reopenings
In February


In August
In the middle of the month Next to the last Thursday of the month Last calendar day of the month

Although we issue TIPS at the end of the month, their maturity date is the 15th of that month. They earn interest between the 15th and the issue date. (See the note about accrued interest above.)

Floating Rate Notes (FRNs)

Term Auction frequency Announcement day Auction day Issue day
2-year
initial offering
2-year reopenings
In January, April, July, October
In all other months
In the second half of the month In the last week of that month Last calendar day of that month
On the last Friday of that month