FAQs about Unscheduled Reopenings

In a reopening, Treasury auctions an additional amount of an outstanding security. Treasury’s tentative auction schedule includes regularly scheduled reopenings.

An unscheduled reopening is a reopening that results when Treasury conducts an auction of a new, non-indexed note or bond, and the coupon rate determined in the auction is the same as the coupon rate of an outstanding non-indexed note or bond with the same maturity date.

Treasury Inflation Protected Securities (TIPS) are only reopened as scheduled.

Yes, a note auction can result in the unscheduled reopening of a bond.

When a note auction results in the unscheduled reopening of a note (or a bond auction results in the unscheduled reopening of a bond), the Treasury auction results would identify the security term based on the security term in the auction announcement. The security issued would have the CUSIP, corpus CUSIP, and series of the reopened security. For example, see the announcement and results of a 5-year note auction that resulted in the unscheduled reopening of a 7-year note in February 2025.

When a note auction results in the unscheduled reopening of a bond, Treasury auction results would identify the security term and type based on the term and type in the auction announcement. For example, if a 10-year note auction resulted in an unscheduled reopening of a 30-year bond, the “Term and Type of Security” field in the auction results would remain “10-year note” as indicated in the auction announcement. However, the security issued would have the CUSIP, corpus CUSIP, and series of the 30-year bond.

The additional amount of the security would be reported on the DTS and MSPD based on the reopened bond’s CUSIP, corpus CUSIP, and series.  For example, if a 10-year note auction resulted in an unscheduled reopening of a 30-year bond, the additional amount issued would be reported as a bond on the DTS and MSPD.