The US Treasury offers $125 billion of Treasury securities to refund $98.2 billion of privately-held Treasury notes maturing on November 15, 2025. The issuance raises new cash from private investors of $26.8 billion.

The securities are:

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

Treasury expects current auction sizes leave it well positioned to address potential changes to the fiscal outlook and to the size and composition of the SOMA portfolio. Based on current projected borrowing needs, Treasury expects to maintain nominal coupon and FRN auction sizes for at least the next several quarters.

Treasury says it has begun preliminary consideration of future increases to nominal coupon and FRN auction sizes, with a focus on evaluating trends in structural demand and assessing potential costs and risks of various issuance profiles.

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.