财政部季度再融资1250亿美元：未来数季拍卖规模维持不变
美国财政部11月4日发布季度再融资声明，将发行总额1250亿美元的国债，置换11月15日到期的约970亿美元私人持有国债，并从私人投资者手中净筹集约280亿美元新增现金。声明由负责金融市场的助理部长 Hunter McMaster 发布，财政部总部位于华盛顿。
本轮再融资由三笔证券组成：580亿美元3年期国债（2029年11月15日到期）、420亿美元10年期国债（2036年11月15日到期）和250亿美元30年期国债（2056年11月15日到期）。3年期将于11月9日下午1时（美东时间）拍卖，10年期于11月10日拍卖，30年期于11月12日拍卖，三笔均按收益率方式拍卖，11月16日交割。本季度其余融资需求将通过每周国库券拍卖、现金管理券以及月度国债、通胀保值国债（TIPS）和2年期浮动利率国债（FRN）拍卖满足。
财政部表示，当前拍卖规模足以应对财政前景的潜在变化和美联储所持国债组合（SOMA）的规模与构成变化；按当前预计借款需求，财政部预计未来数季维持名义票面国债和浮动利率国债的拍卖规模不变。财政部同时表示正监测 SOMA 对国库券的购买和私人部门对国库券不断增长的需求，并将继续评估名义票面与浮动利率国债规模的潜在调整，重点考察结构性需求趋势和不同发行结构的风险与成本，过程将与各类市场参与者沟通，目标是以长期最低成本为政府融资。按声明附表，2026年11月至2027年1月各期限拍卖规模与上一季度大体相同：2年期690亿美元、3年期580亿美元、5年期700亿美元、7年期440亿美元、10年期420亿至390亿美元、20年期160亿至130亿美元、30年期250亿至220亿美元、浮动利率国债280亿至300亿美元。
通胀保值国债方面，财政部计划本季度维持现有规模：11月10年期 TIPS 重开拍卖190亿美元、12月5年期 TIPS 重开拍卖240亿美元、1月10年期 TIPS 新发210亿美元。国库券方面，财政部称各市场参与者对国库券需求依然强劲，预计基准国库券拍卖规模维持至11月下旬，11月底前后可能发行一笔短期现金管理券以满足现金管理需要；受12月中旬企业与非预扣税款到账影响，预计12月削减较短期限国库券拍卖规模，1月再因季节性财政支出全面上调国库券拍卖规模。
声明还宣布一项结构变化：7年期国债将由每月新发改为季度新发加两次重开，拍卖仍在每月月末附近进行、按月末发行和到期，新发安排在3月、6月、9月和12月，随后两个月重开，自2027年3月新发的一期起实施。回购方面，财政部公布本季度暂定回购安排，预计回购至多700亿美元的非当期国债用于流动性支持，并回购至多250亿美元期限在1个月至2年的国债用于现金管理。现金余额方面，财政部假设12月底现金余额为8500亿美元，但按当前预测，财政部总账户（TGA）余额可能在11月下旬和1月下旬达到约1.025万亿美元的峰值（上下浮动500亿美元）。
财政部11月2日已先行公布借款估算，预计2026年10月至12月季度私人持有净适销借款6180亿美元、2027年1月至3月季度8000亿美元，本次声明为该估算的季度再融资细则。下一次季度再融资声明定于2027年2月3日发布。
Treasury to Refund $125 Billion, Sees Coupon Auction Sizes Steady for Next Several Quarters
The U.S. Department of the Treasury on November 4 released its quarterly refunding statement, offering $125 billion of Treasury securities to refund approximately $97 billion of privately-held Treasury notes and bonds maturing on November 15, 2026, and to raise new cash of approximately $28 billion from private investors. The statement was issued by Assistant Secretary for Financial Markets Hunter McMaster. The Treasury Department is headquartered in Washington.
The refunding consists of a $58 billion 3-year note maturing November 15, 2029, a $42 billion 10-year note maturing November 15, 2036, and a $25 billion 30-year bond maturing November 15, 2056. The 3-year note will be auctioned at 1:00 p.m. Eastern on Monday, November 9, 2026, the 10-year note on Tuesday, November 10, and the 30-year bond on Thursday, November 12; all auctions will be conducted on a yield basis and settle on Monday, November 16, 2026. The balance of financing requirements over the quarter will be met with weekly bill auctions, cash management bills, and monthly note, bond, Treasury Inflation-Protected Securities (TIPS), and 2-year Floating Rate Note (FRN) auctions.
Treasury said 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, and that based on current projected borrowing needs it anticipates maintaining nominal coupon and FRN auction sizes for the next several quarters. Treasury said it is monitoring SOMA purchases of Treasury bills and growing private-sector demand for bills, and continues to evaluate potential future changes to auction sizes, focusing on structural demand trends and the costs and risks of various issuance profiles, in consultation with market participants and guided by financing the government at the lowest cost over time. Under the statement's table, anticipated auction sizes for November 2026 through January 2027 are broadly unchanged from the prior quarter: $69 billion for the 2-year, $58 billion for the 3-year, $70 billion for the 5-year, $44 billion for the 7-year, $42 billion to $39 billion for the 10-year, $16 billion to $13 billion for the 20-year, $25 billion to $22 billion for the 30-year, and $28 billion to $30 billion for FRNs.
For TIPS, Treasury plans to maintain current auction sizes over the quarter: a $19 billion November 10-year TIPS reopening, a $24 billion December 5-year TIPS reopening, and a $21 billion January 10-year TIPS new issue. On bills, Treasury said demand remains strong from a broad range of market participants; it expects to maintain current benchmark bill auction sizes into late November and may issue a short-dated cash management bill around the end of November, expects to reduce shorter-dated bill auction sizes in December amid mid-month corporate and non-withheld tax receipts, and anticipates increasing bill auction sizes across the curve in January on seasonal fiscal outflows.
Treasury also announced a structural change: the 7-year note will be converted from a monthly new issue to a quarterly new issue with two reopenings, in March, June, September and December with reopenings in the following two months, effective with the March 2027 new issue; the note will continue to be auctioned toward the end of each month and to issue and mature at month end. On buybacks, Treasury released a tentative schedule anticipating purchases of up to $70 billion of off-the-run securities for liquidity support and up to $25 billion in the 1-month to 2-year bucket for cash management over the quarter. On cash, Treasury is assuming an $850 billion balance at the end of December, while estimating the Treasury General Account could peak at about $1.025 trillion, plus or minus $50 billion, in late November and late January.
On November 2, Treasury had announced its borrowing estimates, projecting $618 billion of privately-held net marketable borrowing for the October to December 2026 quarter and $800 billion for the January to March 2027 quarter; this statement provides the quarterly refunding details for those estimates. The next quarterly refunding announcement will take place on Wednesday, February 3, 2027.
来源：美国财政部
发布：GSM·美国（发布链接）
图片来源：图：位于华盛顿的美国财政部大楼东侧柱廊。来源：Wikimedia Commons。 / Photo: The east colonnade of the U.S. Treasury Building in Washington, D.C. Source: Wikimedia Commons.
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