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 as the original security, but with a different issue date and usually a different purchase price.
Current Schedule for Treasury Reopenings:
| Security Type | Original Issue | Reopening | Comment |
|---|---|---|---|
| 10-year note | February May August November |
March, April June, July September, October December, January |
Reopened one month after original issuance and reopened a second time two months after original issuance. |
| 5-year TIPS | April | October | Reopened six months after original issuance. |
| 10-year TIPS | January July |
April October |
Reopened three months after original issuance. |
| 20-year TIPS | January | July | Reopened six 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 of the reopening is the same as the coupon rate 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 determined at the reopening 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 this is the case, the interest is paid back and included with the first semiannual interest payment.
Notification
Refer to the offering announcements for information on reopenings and related issues.
