General Auction Timing
The following is the current pattern of financing for marketable U. S. Treasury bills, notes, bonds, and TIPS. Treasury borrowing requirements, financing policy decisions, and the timing of Congressional action on the debt limit could alter or delay the pattern.
I. Treasury Bills
- 4-week bills are offered each week. Except for holidays or special circumstances, the offering is announced on Monday, the bills are auctioned the following Tuesday, and they are issued on the Thursday following the auction.
- 13-week and 26-week bills are offered each week. Except for holidays or special circumstances, the offering is announced on Thursday, the bills are auctioned the following Monday, and they are issued on the Thursday following the auction.
- 52-week bills are offered every four weeks. Except for holidays or special circumstances, the offering is announced on Thursday, the bills are auctioned the following Tuesday, and they are issued on the Thursday following the auction.
- Cash Management bills are offered from time to time, depending on borrowing needs. The time between announcement, auction, and issue is usually brief (1-7 days).
II. Treasury Notes
- 2-year note auctions are usually announced on the third or fourth Monday of each month and generally auctioned two days later. They are issued on the last day of the month. If the last day of the month is a Saturday, Sunday, or federal holiday, the securities are issued on the first business day of the following month.
- 5-year note auctions are usually announced on the third or fourth Monday of each month and generally auctioned three days later. They are issued on the last day of the month. If the last day of the month is a Saturday, Sunday, or federal holiday, the securities are issued on the first business day of the following month.
- 10-year note auctions are usually announced on the first Wednesday in February, May, August, and November. The reopening of 10-year note is usually announced at the beginning of March, June, September, and December. All 10-year notes are generally auctioned during the second week of the above-mentioned months and are issued on the 15th of the same month. If the 15th falls on a Saturday, Sunday, or federal holiday, the securities are issued on the next business day.
III. Treasury Bonds
- 30-year bonds are usually announced on the first Wednesday in February and August. The reopenings of 30-year bonds is usually announced on the first Wednesday in May and November. All 30-year bonds are generally auctioned during the second week of the above-mentioned months and are issued on the 15th of the same month. If the 15th falls on a Saturday, Sunday, or federal holiday, the securities are issued on the next business day.
IV. Treasury Inflation-Protected Securities (TIPS)
- 5-year TIPS are usually announced the third week of April. The reopening of 5-year TIPS is usually announced the third week of October. All 5-year TIPS are generally auctioned the last week of the above-mentioned months and are issued on the last business day of the month. However, these TIPS will continue to have a midmonth maturity date. Therefore, investors who purchase these securities at auction will be required to pay the interest accrued between the 15th of the month and the issue date.
Note: 5-year TIPS issued in October 2004 will have an initial maturity of 5-1/2 years and will be reopened in April 2005 and October 2005.
- 10-year TIPS are usually announced at the beginning of January and July. The reopening of 10-year TIPS is usually announced at the beginning of April and October. All 10-year TIPS are generally auctioned the second week of the above-mentioned months and are issued on the 15th of the same month. If the 15th falls on a Saturday, Sunday, or federal holiday, the securities are issued on the next business day.
- 20-year TIPS are usually announced the third week of January. The reopening of 20-year TIPS is usually announced the third week of July. All 20-year TIPS are generally auctioned the last week of the above-mentioned months and are issued on the last business day of the month. However, these TIPS will continue to have a mid-month maturity date. Therefore, investors who purchase these securities at auction will be required to pay the interest accrued between the 15th of the month and the issue date.
Note: The 20-year TIPS issued in July 2004 will have an initial maturity of 20-1/2 years and will be reopened in January 2005 and July 2005.
For more details about U.S. Treasury security offerings, go to:
