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