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UkWhen Auctions Happen (Schedules)
On this page, we explain the current pattern for auctioning the five main types of Treasury marketable securities, organized by type of security.
These pages give you different views of the auction schedule:
Latest tentative six-month auction schedule (PDF)
A schedule that focuses on reopenings
The typical monthly pattern for auctions
A more detailed table with other information as well as the auction pattern
An overall schedule by type of security
Various situations, such as Treasury’s needs, policy decisions, and Congressional action on the debt limit may change these patterns.
Holidays and special circumstances may also disrupt the schedule. If the day the securities should be issued is a weekend or federal holiday, we issue the securities on the next business day.
All securities, except bills, start earning interest on the Issue Date or Dated Date, whichever comes first. That is, the security accrues interest. We add this accrued interest to your purchase price of the security. You get the accrued interest payment back with your first regular interest payment for that security.
Bills
| Term | Auction frequency | Announcement day | Auction day | Issue day |
|---|---|---|---|---|
| 4-week 8-week | Every week | Tuesday | Thursday of that week | Following Tuesday |
| 13-week 26-week | Every week | Thursday | Following Monday | Thursday |
| 17-week | Every week | Tuesday | Wednesday | Following Tuesday |
| 52-week | Every 4 weeks | Thursday | Following Tuesday | Thursday |
Cash Management Bills are offered when needed. The time between announcement, auction, and issue is usually brief (1 – several days).
Notes
| Term | Auction frequency | Announcement day | Auction day | Issue day |
|---|---|---|---|---|
| 2-year 5-year 7-year | Monthly | In the second half of the month | A few business days later | Last calendar day of the month |
| 3-year | Monthly | In the first half of the month | A few business days later | 15th of the month |
| 10-year initial offering 10-year reopenings |
Quarterly (Feb., May, Aug., Nov.) The other 8 months | In the first half of the month | During the second week of the month | 15th of the month |
Bonds
| Term | Auction frequency | Announcement day | Auction day | Issue day |
|---|---|---|---|---|
| 20-year initial offering 20-year reopenings |
Quarterly (Feb., May., Aug., Nov) The other 8 months | In the first half of the month | Next to the last Wed. of the month | Last calendar day of the month |
| 30-year initial offering 30-year reopenings |
Quarterly (Feb., May, Aug., Nov.) The other 8 months | In the first half of the month | During the second week of the month | 15th of the month |
Treasury Inflation-Protected Securities (TIPS)
| Term | Auction frequency | Announcement day | Auction day | Issue day |
|---|---|---|---|---|
| 5-year initial offering 5-year reopenings |
In April and October In June and December |
In the middle of the month | Next to the last Thursday of the month | Last calendar day of the month |
| 10-year initial offering 10-year reopenings |
In January and July In March, May, September, November |
In the middle of the month | Next to the last Thursday of the month | Last calendar day of the month |
| 30-year initial offering 30-year reopenings |
In February |
Although we issue TIPS at the end of the month, their maturity date is the 15th of that month. They earn interest between the 15th and the issue date. (See the note about accrued interest above.)
Floating Rate Notes (FRNs)
| Term | Auction frequency | Announcement day | Auction day | Issue day |
|---|---|---|---|---|
| 2-year initial offering 2-year reopenings |
In January, April, July, October In all other months | In the second half of the month | In the last week of that month | Last calendar day of that month On the last Friday of that month |
Back
Each year the directorate for the Public Debt publishes an issuance calendar.
Any modification to the calendar is always communicated on the Ministry of the Economy and Finance website and published in the section Calendar changes.
The calendars of the current and previous years are available on this web page.
Related Content
Auction Calendar
- Auction Calendar 2025 (PDF – 289 KB)
- Auction Calendar 2024 (PDF – 899 KB)
- Auction Calendar 2023 (PDF – 2632 KB)
- Auction Calendar 2022 (PDF – 2211 KB)
- Auction Calendar 2021 (PDF – 3044 KB)
- Auction Calendar 2020 (PDF – 2852 KB)
- Auction Calendar 2019 (PDF – 2736 KB)
- Auction Calendar 2018 (PDF – 12137 KB)
- Auction Calendar 2017 (PDF – 12957 KB)
- Auction Calendar 2016 (PDF – 2670 KB)
- Auction Calendar 2015 (PDF – 2332 KB)
- Auctions Calendar 2014 (PDF – 1165 KB)
- Auctions Calendar 2013 (PDF – 1634 KB)
- Auctions Calendar 2012 (PDF – 3611 KB)
- Auctions Calendar 2011 (PDF – 696 KB)
- Auctions Calendar 2010 (PDF – 751 KB)
- Auctions Calendar 2009 (PDF – 865 KB)
- Auctions Calendar 2008 (PDF – 707 KB)
- Auctions Calendar 2007 (PDF – 912 KB)
- Auctions Calendar 2006 (PDF – 636 KB)
- Auctions Calendar 2005 (PDF – 859 KB)
- Auctions Calendar 2004 (PDF – 2852 KB)
- Auctions Calendar 2003 (PDF – 512 KB)
- Auctions Calendar 2002 (PDF – 1189 KB)
- Auctions Calendar 2001 (PDF – 99 KB)
- Auctions Calendar 2000 (PDF – 91 KB)
- MEF – Ministry of Economy and Finance – Department of Treasury
- Via Venti Settembre, 97 00187 Roma – Italia
- Tel +39 06476111
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