A Treasury reopening is a new auction of a security that is already outstanding. Buyers receive the same CUSIP, coupon and maturity as the original issue; the yield is set at the new auction.
What stays the same
The CUSIP does not change. The coupon on a note or bond does not change. The maturity date does not change. Additional principal is added to the amount already outstanding, which is why the remaining term on a reopened 10-year note can be described as 9 years and 10 months, or another odd tenor, once some time has passed since the original issue.
What is set at the new auction
The high yield (or the high discount rate and investment rate on a bill) is set from the bids at the reopening, just as it is at a new issue. The issue price follows that yield. If the yield is different from the existing coupon, the security is issued at a premium or a discount to face value.
Why Treasury reopens securities
Reopenings concentrate trading in fewer CUSIPs, which can keep a security more liquid on the secondary market. Bills are reopened often: a 13-week bill auctioned this week may be an additional amount of a bill that first appeared as a 26-week or 52-week issue. The auction-results guide shows where the reopening flag appears on a results statement.
This week's auctions
In the week of Nov 9, 2026, the 6-week, 13-week and 26-week bill auctions were reopenings, and the 3-year and 10-year note auctions were new issues. The recap is on this week on the Docket.
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Frequently asked questions
Why do some auctions have odd terms such as 9-Year 10-Month?
That is usually a reopening of an earlier 10-year note. The original maturity is unchanged, so the remaining term is shorter than ten years. The CUSIP is the same as the original issue.
Does a reopening change the coupon?
No. The coupon and maturity stay as they were on the original issue. The yield, and therefore the price, is set at the new auction.
Were this week's bills reopenings?
Yes. The 6-week, 13-week and 26-week bills auctioned Nov 9, 2026 were reopenings. The 3-year note on Nov 9 and the 10-year note on Nov 10 were new issues.
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