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Timeline of U.S. Treasury Notes

Year Event
1967 Treasury notes were redefined in statute to mature in 1 through 7 years (instead of 1 through 5 years), thus exempting Treasury securities maturing in 7 years or less from the 4-1/40  statutory ceiling on the interest rate payable on Treasury bonds.
1970 Competitive auctions were introduced for the sale of Treasury notes in which the coupon was announced in advance and bidding was in terms of price.
1972 Oct. 1972: Began regular issues of 2-year notes maturing at the end of each calendar quarter. In 1974 and 1975, securities were sold to mature in 2-year note cycle slots at the end of each month.
1975 4-year note auctions began on a regular basis at the end of each calendar quarter; to mature at the end of each calendar quarter.
1976 5-year note auctions began on a regular basis in the first month of each calendar quarter; to mature on regular mid-quarter coupon refunding dates.
1976 A fixed price subscription offering of 7-year notes was the first use of this technique in 6 years. Used three times in 1976, this sale technique has not been used since August 1976.
1976 The maximum amount that will be accepted on a noncompetitive basis from any one bidder for original issues of marketable notes and bonds was increased from $500,000 to $1 million.
1976 10-year notes were offered for the first time under new legislation defining Treasury notes as securities maturing in at least one year, but not more than 10 years, from the date of the issue. Thus, the 4-1/4% interest rate ceiling does not apply to notes maturing in 10 years or less.
1979 5-year, 2-month note auctions were regularized for settlement early in the last month of each calendar quarter, to mature on a regular mid-quarter refunding date.
1981 7-year note auctions were regularized for settlement at the beginning of the first month of each calendar quarter, to mature in the middle of the first month of each quarter.
1982 Bearer form was eliminated for new Treasury notes and bonds in connection with 1982 changes in the tax law.
1986 The TREASURY DIRECT book-entry securities system was implemented. All new issues of marketable notes and bonds were henceforward issued exclusively in book-entry form.
1991 Regular auctions of 5-year, 2-month notes were discontinued.
1991 Regular auctions of 4-year notes were discontinued.
1991 The noncompetitive award limit for Treasury notes and bonds was increased to $5 million from $1 million.
1992 Single-price auctions began for 2-year and 5-year note auctions (year-long experiment).
1997 January 29, 1997: The first inflation-indexed security auction was held. The security was a 10-year note. The issuance schedule for inflation indexed securities was announced: the 15th of January, April, July and October.
1997 June 1997: 5-year inflation-indexed notes were introduced.
1997 Offerings of 10-year notes in July and October were discontinued
1998 May 1998: 3-year notes were discontinued.
1998 Treasury announced that 5-year notes were to be issued quarterly instead of monthly. These changes were made in response to the improved budget situation, while promoting large, liquid Treasury issues, and ensuring adequate supply in the bill market.
1998 August 5, 1998: All Treasury bills, notes, and bonds will now be sold in increments of $1,000. This $1,000 also became the minimum purchase amount for all securities. Since the minimum purchase amount had been $10,000 (bills), and $5,000 (2- notes) the Administration hoped to encourage more Americans to save and invest.
1998 Auctions of 5-year inflation-indexed notes were discontinued.
2000 10-year note issuance was changed. Original issues (OI) were offered in February and August, and were later reopened in May and November.
2002 May 2002: Discontinuance of regular re-openings of 5-year notes. Previously OI 5-year notes were issued May and November with re-openings in August and February. With this change, 5-year notes continued to be issued quarterly, but all as OIs.
2002 August 2002: Discontinuance of regular re-openings of 10-year notes. Previously OI 10-year notes were issued February and August with re-openings in May and November. With this change, 10-year notes continued to be issued quarterly, but all as OIs.
2003 February 2003: 3-year note reintroduced. These securities were offered with every quarterly refunding.
2003 February 2003: Regular re-openings of 5-year notes reintroduced. Original issue auctions would take place every quarter and the re-openings would take place one month afterwards.
2003 August 2003: 5-year notes began a monthly issuance cycle. All 5-year notes were issued mid-month as original issue securities.
2003 August 2003: Intra-quarterly re-openings of the 10-year note introduced. Before this change, the 10-year note was being issued on a quarterly basis as an OI. After the change, 10-year notes were auctioned every quarter with a reopening of each security taking place one month after the original issue.
2006 February 2006: 5-year note issuance moved from middle of the month to end of the month.
2007 May 2007: 3-year note discontinued after May issuance.
2008 November 2007: 3-year note reintroduced with issuance occurring on a monthly basis.
2008 November 2008: A second reopening of the 10-year note was introduced. 10-year notes were issued as OIs every quarter with the each security being reopened the first time a month after the OI and a second reopening taking place two months after the OI issue.
2009 February 2009: 7-year note reintroduced. First auction took place February 26, 2009.