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, start earning interest on the Issue Date or Dated Date, whichever comes first. 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 |