Series 3: 2.1.2.2. The Primary And Secondary Markets

2.1.2.2. The Primary and Secondary Markets

New issues of Treasury securities are sold in the primary market through an auction process. The Treasury Department will announce an upcoming auction several days in advance of a sale and describe its details. Auctions are conducted by the U.S. Treasury Department. Treasury auctions generally occur in regular cycles. Treasury bills, for example, having 4-week, 13-week, and 26-week maturities are offered weekly. Two-year and five-year Treasury notes are offered monthly. Ten-year Treasury notes are offered eight times per year, and thirty-year Treasury bonds ar