The Treasury announced it will offer $125 billion of Treasury securities to refund $94.2 billion of privately-held Treasury instruments maturing on May
15, 2025. The $125 billion figure matches market expectations. The refunding will raise new cash from private investors of $30.8 billion.

The securities are:

- A 3-year note of $58 billion, maturing May 15, 2028;
- A 10-year note of $42 billion, maturing May 15, 2035; and
- A 30-year bond of $25 billion, maturing May 15, 2055.

Treasury said its current auction sizes leave it set to address potential changes to the fiscal outlook and to the pace and duration of future SOMA redemptions. Based on current projected borrowing needs, Treasury expects maintaining nominal coupon and FRN auction sizes for at least the next several quarters.

Each quarter the U.S. Treasury announces its funding needs for the next two quarters. The announcement includes which securities will be offered and the dates of their announcement, auction and settlement.

Bond market players pay attention to this release so that they know the degree of looming supply of Treasuries coming onto the market so that they can evaluate what appropriate yields might be for trading. Heavy supply coming onto the market suggests higher yields.