US Department Of The Treasury Is Offering $125 Billion Of Treasury Securities.

Washington DC; February 2026: The U.S. Department of the Treasury is offering $125 billion of Treasury securities to refund approximately $90.2 billion of privately-held Treasury notes and bonds maturing on February 15th, 2026. This issuance will raise new cash from private investors of approximately $34.8 billion. The securities are:

• A 3-year note in the amount of $58 billion, will be auctioned at 13:00 hours ET on Tuesday, February 10, 2026, and would be maturing on February 15th, 2029;

• A 10-year note in the amount of $42 billion, will be auctioned at 13:00 hours ET on Wednesday, February 11th, 2026, and would be maturing on February 15th, 2036;

• A 30-year bond in the amount of $25 billion, will be auctioned at 13:00 hours ET on Thursday, February 12, 2026, and would be maturing on February 15th, 2056.

All these auctions will take place on a yield basis and will settle on Tuesday, February 17th, 2026.

The balance of Treasury financing requirements over the quarter will be met with regular weekly bill auctions, cash management bills (CMBs), and monthly note, bond, Treasury Inflation Protected Securities (TIPS), and 02 years Floating Rate Note (FRN) auctions.

NOMINAL COUPON AND FRN FINANCING –

Treasury believes its 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 anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters. Treasury is monitoring SOMA purchases of Treasury bills and growing demand for Treasury bills from the private sector. Looking ahead, Treasury continues to evaluate potential future increases to nominal coupon and FRN auction sizes, with a focus on trends in structural demand and potential costs and risks of various issuance profiles.

The table below presents, in billions of dollars, the actual auction sizes for the November 2025 to January 2026 quarter and the anticipated auction sizes for the February to April 2026 quarter:

Treasury plans to address any seasonal or unexpected variations in borrowing needs over the next quarter through changes in regular bill auction sizes and/or CMBs.

TIPS FINANCING: Over the February to April 2026 quarter, Treasury plans to maintain TIPS auction sizes at current levels: the February 30-year TIPS new issue auction size at $9 billion, the March 10-year TIPS reopening auction size at $19 billion, and the April 5-year TIPS new issue auction size at $26 billion.

BILL ISSUANCE: Based on current fiscal forecasts, Treasury expects to maintain the offering sizes of benchmark bills at or near current levels into mid-March. By late March, Treasury anticipates incrementally reducing short-dated bill auction sizes in light of the April 15 tax date. These reductions will likely lead to a cumulative $250-300 billion net decline in total bill supply by early May. As always, Treasury will continue to evaluate near-term borrowing needs and assess additional adjustments to bill auction sizes as appropriate.

CASH BALANCE: Per Treasury’s recent borrowing announcement, Treasury assumes an $850 billion cash balance at the end of March. However, based on current projections for the upcoming refunding quarter, Treasury estimates that the size of the Treasury General Account (TGA) could peak around $1,025 billion (plus or minus $50 billion) by late April, before declining in May. This estimate reflects significant uncertainty regarding the size of April tax receipts, as well as macroeconomic factors and the path of fiscal and monetary policy.

BUYBACKS: Today – 04th February 2026, the Treasury is releasing a tentative buyback schedule for the upcoming refunding quarter. Treasury anticipates that, over the course of the upcoming quarter, it will purchase up to $38 billion in off-the-run securities across buckets for liquidity support and up to $75 billion in the 1- month to 2-year bucket for cash management purposes.

On January 14, 2026, Treasury has released a notice of proposed rulemaking (NPR) regarding plans to offer direct buyback access to a limited number of additional counterparties based on their participation in Treasury auctions. The NPR comment period closes on February 13, 2026. The NPR and instructions for submitting comments are available at https://www.regulations.gov.

Treasury will evaluate the comments and anticipates publishing a final rule on this matter in the first half of 2026. For information on eligibility criteria, please refer to the “Who may participate in a buyback operation?” section of Treasury’s buyback FAQs.

In the coming months, Treasury expects to transition its Treasury buyback operations to the Federal Reserve Bank of New York’s new trading platform, FedTrade Plus. To support this transition, Treasury intends to conduct a small-value test buyback. Details about this test will be announced at a later date. This small-value buyback should not be viewed by market participants as a precursor or signal of any pending policy changes regarding Treasury’s existing processes.Team Maverick