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Free AccessTreasury's quarterly Refunding announcement was largely in line with MNI's expectations:
- Expected nominal coupon sizes were left unchanged across the board for the coming quarter (see table below).
- 20Y Note sizes were maintained, though there had been some anticipation that they could be pared. (20s underperformed in the aftermath of the announcement.)
- TIPS and FRN sizes were left mostly unchanged, with the notable exception of the 5Y TIPS re-open in December which has been upsized by $1B to $19B. MNI had anticipated a potential uptick in TIPS sizes.
- Buybacks were on the agenda, but still in the early phases: ""Treasury expects to share its findings on buybacks as part of future quarterly refundings. Treasury has not made any decision on whether or how to implement a buyback program but will provide ample notice to the public on any decisions."
Updated calendar through April 2023:
| Date | Time | Amt | Security | CUSIP, Yield |
| 31-Oct | 1130ET | $57B | 13W Bill | (912796XT1), 4.07% |
| 31-Oct | 1130ET | $45B | 26W Bill | (912796YW3), 4.44% |
| 1-Nov | 1130ET | $34B | 52W Bill | (912796YT0), 4.505% |
| 2-Nov | 1130ET | $33B | 17W Bill | (912796Y86), 4.280% |
| 3-Nov | 1130ET | $65B | 4W Bill | (912796YX1) |
| 3-Nov | 1130ET | $55B | 8W Bill | (912796ZH5) |
| 7-Nov | 1130ET | TBA | 13W Bill | (912796XZ7) |
| 7-Nov | 1130ET | TBA | 26W Bill | (912796ZE2) |
| 8-Nov | 1300ET | $40B | 3Y Note | (91282CFW6) |
| 9-Nov | 1300ET | $35B | 10Y Note | (91282CFV8) |
| 10-Nov | 1300ET | $21B | 30Y Bond | (912810TL2) |
| 16-Nov | 1300ET | TBA | 20Y Bond | 10-Nov |
| 17-Nov | 1300ET | TBA | 10Y TIPS Re-open | 10-Nov |
| 21-Nov | 1130ET | TBA | 2Y Note | 17-Nov |
| 21-Nov | 1300ET | TBA | 5Y Note | 17-Nov |
| 22-Nov | 1130ET | TBA | 2Y Note FRN R/O | 17-Nov |
| 22-Nov | 1300ET | TBA | 7Y Note | 17-Nov |
| 12-Dec | 1130ET | TBA | 3Y Note | 8-Dec |
| 12-Dec | 1300ET | TBA | 10Y Note Reopen | 8-Dec |
| 13-Dec | 1300ET | TBA | 30Y Bond Reopen | 8-Dec |
| 21-Dec | 1300ET | TBA | 5Y TIPS Reopen | 15-Dec |
| 22-Dec | 1300ET | TBA | 20Y Bond Reopen | 15-Dec |
| 27-Dec | 1300ET | TBA | 2Y Note | 22-Dec |
| 28-Dec | 1130ET | TBA | 2Y Note FRN R/O | 22-Dec |
| 28-Dec | 1300ET | TBA | 5Y Note | 22-Dec |
| 29-Dec | 1300ET | TBA | 7Y Note | 22-Dec |
| 10-Jan | 1300ET | TBA | 3Y Note | 5-Jan |
| 11-Jan | 1300ET | TBA | 10Y Note Reopen | 5-Jan |
| 12-Jan | 1300ET | TBA | 30Y Bond Reopen | 5-Jan |
| 18-Jan | 1300ET | TBA | 20Y Bond Reopen | 12-Jan |
| 19-Jan | 1300ET | TBA | 10Y TIPS | 12-Jan |
| 24-Jan | 1300ET | TBA | 2Y Note | 19-Jan |
| 25-Jan | 1130ET | TBA | 2Y Note FRN | 19-Jan |
| 25-Jan | 1300ET | TBA | 5Y Note | 19-Jan |
| 26-Jan | 1300ET | TBA | 7Y Note | 19-Jan |
| 7-Feb | 1300ET | TBA | 3Y Note | 1-Feb |
| 8-Feb | 1300ET | TBA | 10Y Note | 1-Feb |
| 9-Feb | 1300ET | TBA | 30Y Bond | 1-Feb |
| 15-Feb | 1300ET | TBA | 20Y Bond | 9-Feb |
| 16-Feb | 1300ET | TBA | 30Y TIPS | 9-Feb |
| 21-Feb | 1300ET | TBA | 2Y Note | 16-Feb |
| 22-Feb | 1130ET | TBA | 2Y Note FRN R/O | 16-Feb |
| 22-Feb | 1300ET | TBA | 5Y Note | 16-Feb |
| 23-Feb | 1300ET | TBA | 7Y Note | 16-Feb |
| 7-Mar | 1300ET | TBA | 3Y Note | 2-Mar |
| 8-Mar | 1300ET | TBA | 10Y Note R/O | 2-Mar |
| 9-Mar | 1300ET | TBA | 30Y Bond R/O | 2-Mar |
| 21-Mar | 1300ET | TBA | 20Y Bond R/O | 16-Mar |
| 23-Mar | 1300ET | TBA | 10Y TIPS R/O | 16-Mar |
| 27-Mar | 1300ET | TBA | 2Y Note | 23-Mar |
| 28-Mar | 1300ET | TBA | 5Y Note | 23-Mar |
| 29-Mar | 1130ET | TBA | 2Y Note FRN R/O | 23-Mar |
| 29-Mar | 1300ET | TBA | 7Y Note | 23-Mar |
| 11-Apr | 1300ET | TBA | 3Y Note | 6-Apr |
| 12-Apr | 1300ET | TBA | 10Y Note R/O | 6-Apr |
| 13-Apr | 1300ET | TBA | 30Y Bond R/O | 6-Apr |
| 19-Apr | 1300ET | TBA | 20Y Bond R/O | 13-Apr |
| 20-Apr | 1300ET | TBA | 5Y TIPS | 13-Apr |
| 25-Apr | 1300ET | TBA | 2Y Note | 20-Apr |
| 26-Apr | 1130ET | TBA | 2Y Note FRN | 20-Apr |
| 26-Apr | 1300ET | TBA | 5Y Note | 20-Apr |
| 27-Apr | 1300ET | TBA | 7Y Note | 20-Apr |
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