What is Reopening Auction of US Treasury Note?

Reopening Auction of US Treasury Note (T-Note) is a subsequent auction of a previously issued T-Note.

In general, only 10-year T-Notes are reopened for 2 subsequent auctions. The 1st reopening is scheduled one month after the original auction. The 2nd reopening is scheduled two months after the original auction.

For example, the 10-year T-Note 91282CLW9 was reopened twice:

CUSIP: 912797MV6

Oct 30, 2024 - Original announcement date 
Nov 05, 2024 - Original auction date 
Nov 15, 2024 - Original issue date 
Dec 05, 2024 - 1st reopening announcement date 
Dec 11, 2024 - 1st reopening auction date 
Dec 15, 2024 - 1st reopening issue date 
Feb 13, 2025 - 2nd reopening announcement date 
Feb 18, 2025 - 2nd reopening auction date 
Feb 20, 2025 - 2nd reopening issue date 
Nov 15, 2034 - Maturity date 

If you purchase a T-Note at the reopening auction, you have to pay accrued interest.

For example, if you purchase $1,000.00 of the 10-year T-Note 91282CLW9 at its 1st reopening auction, you have to pay an accrued interest of $3.63950 as shown in the following auction results report:

Release Date: December 11, 2024 (the 1st reopening auction date)
Term and Type of Security: 9-Year 11-Month Note
CUSIP Number: 91282CLW9
Series: F-2034

Interest Rate: 4-1/4%
High Yield: 4.235% (the highest accepted yield)
Price: 100.114150 (the lowest accepted price)
Accrued Interest per $1,000: $3.63950 

Median Yield: 4.190% (50% accepted at or blow this yield)
Low Yield: 4.080% (5% accepted at or blow this yield)

Issue Date: December 16, 2024 (the settlement date)
Maturity Date: November 15, 2034
Original Issue Date: November 15, 2024
Dated Date: November 15, 2024 

⇒ Non-competitive Bidding of US Treasury Note

⇐ Auction Result of US Treasury Note

⇑ Introduction of US Treasury Notes

⇑⇑ US Treasury Securities