# Treasury Shifts Seven-Year Notes to Quarterly Issues Starting in March 2027 By Token Post Canonical URL: https://www.tokenpost.com/news/insights/49061 Published: 2026-11-05T05:28:14.000Z Updated: 2026-11-05T05:28:14.000Z Section: Insights & Views > The first new issue is planned for March, with reopenings in April and May. Treasury kept its November refunding at $125 billion. The U.S. Treasury will shift seven-year notes to quarterly new issues in March 2027, with two reopenings after each sale, changing its issuance cycle while keeping auctions at month-end. The new calendar starts with a March issue and reopenings in April and May. Treasury’s current schedule calls for new seven-year issues every month; under the new plan, new issues will come quarterly, while auctions, issuance and maturities all remain at month-end. The schedule change accompanied the November refunding. Treasury kept its [November refunding package]() at $125 billion, comprising $58 billion in three-year notes, $42 billion in 10-year notes and $25 billion in 30-year bonds. The sales will refinance about $97 billion in privately held notes and bonds due Nov. 15, 2026, and bring in about $28 billion in new cash from private investors. The securities will mature Nov. 15, 2029; Nov. 15, 2036; and Nov. 15, 2056, respectively. Auctions are scheduled for 1 p.m. ET Monday, Nov. 9, for the three-year notes; 1 p.m. ET Tuesday, Nov. 10, for the 10-year notes; and 1 p.m. ET Thursday, Nov. 12, for the 30-year bonds. Settlement is scheduled for Nov. 16. The $125 billion package covers those three auctions. Treasury will meet the rest of its quarterly financing needs through weekly bill auctions, cash management bills, and monthly note, bond, Treasury inflation-protected securities and floating-rate note auctions. Treasury’s Nov. 2 estimate projected $618 billion in privately held net marketable borrowing from October through December 2026, assuming an $850 billion end-December cash balance. It projected $800 billion for January through March 2027, assuming a $1 trillion end-March balance. Assistant Secretary for Financial Markets Hunter McMaster said Treasury expects to keep nominal coupon and floating-rate note auction sizes at current levels “for the next several quarters.” For November 2026 through January 2027, Treasury expects to buy back up to $70 billion in off-the-run securities to support liquidity. It also expects up to $25 billion in buybacks of securities with maturities from one month to two years for cash management. The November package’s total and maturity split match August’s refunding. The amounts of debt being refinanced and new cash differ because the two packages cover different securities. ## Links in this article - [November refunding package](https://www.tokenpost.com/news/insights/49033)