| 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. |
| 2022 |
August 2022: The noncompetitive award limit was changed to $10 million from $5 million. |
