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Treasury Reopenings

In a security reopening, the U.S. Treasury issues additional amounts of a previously issued security. The reopened security has the same maturity date and coupon interest rate or spread as the original security, but with a different issue date and usually a different purchase price.

Current Schedule for Treasury Reopenings:

Security Type Original Issue Reopening Comments
2-year FRN January February, March Reopened one month after original issuance and reopened a second time two months after original issuance.
April May, June
July August, September
October November,December
10-year note February March, April Reopened one month after original issuance and reopened a second time two months after original issuance.
May June, July
August September, October
November December, January
5-year TIPS April August, December (beginning in 2011) Reopened four months after original issuance and reopened a second time eight months after original issuance.
10-year TIPS January March, May Reopened two months after original issuance and reopened a second time four months after original issuance.
July September, November
30-year TIPS February June, October Reopened four months after original issuance and reopened a second time eight months after original issuance.
30-year bond February March, April Reopened one month after original issuance and reopened a second time two months after original issuance.
May June, July
August September, October
November December, January

Security Details

  • The maturity date of the reopening is the same as the maturity date of the original issue.
  • The coupon rate or spread of the reopening is the same as the coupon rate or spread of the original issue.
  • The price of the reopened security could be greater than, less than, or equal to the price of the original issue. If the price determined at the reopening exceeds the par value of the security, the purchaser will owe a premium.

Sometimes with a reopened security, the purchaser will have to pay accrued interest. If this is the case, the interest is paid back and included with the first interest payment.

Notification

Refer to the offering announcements for information on reopenings and related issues.