The US Treasury will sell $125 billion of 3-, 10- and 30-year debt next week, raising $28 billion in new cash, and shift the 7-year note to quarterly issues. The Black Executive Journal — Daily Edition
The US Department of the Treasury will auction $125 billion of notes and bonds next week to refund about $97 billion of privately held securities maturing on Nov 15, raising about $28 billion in new cash from private investors.
Assistant Secretary for Financial Markets Hunter McMaster set out the schedule in the Nov 4 quarterly refunding statement (US Treasury — Nov 4, 2026). All three auctions are on a yield basis and settle on Monday, Nov 16:
Supply guidance did not change.
Treasury said its current auction sizes leave it "well positioned" for changes in the fiscal outlook and in the size and composition of the Federal Reserve's SOMA portfolio, and it expects to keep nominal coupon and FRN auction sizes the same for the next several quarters.
Through January 2027, monthly auction sizes stay at $69 billion for 2-year notes, $70 billion for 5-year notes and $44 billion for 7-year notes. TIPS auctions also hold steady: $19 billion for the November 10-year reopening, $24 billion for the December 5-year reopening and $21 billion for the January 10-year new issue (US Treasury — Nov 4, 2026).
The structural change is in the 7-year note.
It moves from a monthly new issue to a quarterly new issue with two reopenings, the same pattern as the 10-year note. New 7-year notes will be auctioned in March, June, September and December, with reopenings in the two months after each, starting with the March 2027 new issue, which will be reopened in April and May (US Treasury — Nov 4, 2026).
Treasury is watching both Fed purchases of Treasury bills through SOMA and "growing demand for Treasury bills from the private sector."
It expects to keep benchmark bill sizes steady into late November, may issue a short-dated cash management bill around month-end, will cut shorter-dated bill sizes in December after mid-December tax receipts, and will increase bill sizes across the curve in January.
It assumes an $850 billion cash balance at the end of December, with the Treasury General Account possibly peaking at $1.025 trillion (plus or minus $50 billion) in late November and late January (US Treasury — Nov 4, 2026).
Treasury yields are the base rate for nearly every dollar-denominated loan, mortgage and sovereign Eurobond. Steady coupon supply for several quarters removes one source of term-premium pressure.
When the TGA builds toward $1 trillion it draws cash out of the banking system, and that can tighten short-term funding even with Fed policy unchanged.
Treasurers at African sovereigns and companies planning dollar issuance should watch the 10-year auction on Nov 10 and the 30-year on Nov 12 to judge demand for duration before they set pricing windows.
Fixed-income desks and asset managers that trade the 7-year note should plan now for fewer, larger new issues from March 2027.
US private-sector employment rose by 86,000 in October, according to the ADP National Employment Report, produced with the Stanford Digital Economy Lab. September was revised to 86,000 from 90,000. Service providers added 82,000 jobs and goods producers 4,000.
Trade, transportation and utilities led with 39,000, followed by education and health services (28,000), leisure and hospitality (19,000) and financial activities (15,000).
Professional and business services lost 27,000 jobs, its third straight monthly decline (ADP — Nov 4, 2026).
Pay rose faster for people who changed jobs. Median base pay increased 3.2% year on year for all workers: 3.0% for those who stayed and 4.8% for those who changed jobs. Gross pay for job-changers rose 7.6%.
"Earnings growth for these workers hit its fastest pace since March 2024," said ADP chief economist Nela Richardson, pointing to bonuses, overtime and extra hours.
By region, the South added 47,000 jobs, led by the West South Central division at 35,000, while the Northeast added 3,000 (ADP — Nov 4, 2026).
Service-sector activity kept growing, though more slowly. The ISM Services PMI registered 54.5% in October, down 0.4 percentage point from September and the 28th consecutive month of expansion.
The Business Activity Index was 53.8%, the New Orders Index fell to 55.9% from 59.8%, the Employment Index rose to 51.4% from 50.1%, and the Supplier Deliveries Index was 56.7% (ISM — Nov 4, 2026).
Hiring is spreading across small, medium and large employers, and the people changing jobs are getting most of the pay gains.
Black-owned firms in hospitality, logistics and health services, sectors that are still adding staff, should expect to pay more to hire and to keep people.
Continued job losses in professional and business services point to weaker demand for consultants and agencies. Founders selling into that segment should tighten their pipelines and payment terms.
The African Export-Import Bank (Afreximbank) has approved a US$28 million dual-tranche facility for DOTT Services Limited, a Uganda-based engineering, procurement and construction (EPC) contractor, and has begun disbursing.
The money supports an EPC pipeline worth more than US$550 million in contracts and near-term opportunities across Uganda, Tanzania, Kenya and the Democratic Republic of Congo (Afreximbank — Nov 3, 2026).
The facility comes under Afreximbank's EPC Contract Promotion Initiative, which is designed to help African contractors win and deliver large infrastructure projects across the continent.
Humphrey Nwugo, Director of Regional Operations at Afreximbank's Eastern Africa office, said most local commercial banks are poorly placed to absorb cross-border risk on regional projects, and international banks tend to favour non-African contractors.
"As a result, African entities were often left without adequate financial support," he said. Under the initiative, Afreximbank provides financing, twinning, matchmaking and letters of support (Afreximbank — Nov 3, 2026).
DOTT has operated for 28 years in Uganda, Tanzania, South Sudan, Zambia and the DRC, has offices in Italy and the UK, and employs more than 6,000 people.
It buys and distributes bitumen, asphalt, steel, spare parts and heavy construction equipment across African markets, which makes it a significant participant in intra-African trade (Afreximbank — Nov 3, 2026).
African contractors usually lose large regional projects because they can't get bonds and working capital, not because they lack engineering capacity. A facility of about 5% of the pipeline, at US$28 million against US$550 million in contracts, can unlock performance guarantees and mobilisation funds that local banks won't provide.
African-owned engineering, construction and supply firms should look at the EPC Contract Promotion Initiative before bidding on cross-border roads, energy and logistics work in East Africa.
Diaspora engineering firms can position themselves as twinning partners.
Goods exports from Latin America and the Caribbean grew 19.5% year on year in the first half of 2026, faster than the 14.5% growth in world trade, according to the Inter-American Development Bank's Trade and Integration Monitor 2026.
Higher prices for oil and other commodities drove the gain, along with demand for equipment linked to artificial-intelligence infrastructure (IDB — Nov 3, 2026).
Mexico led the region with 24.6% growth, on sales of AI infrastructure equipment to the United States. Caribbean exports rose 19.1%, concentrated in Guyana and Suriname, and South America grew 16.5%. In both of those subregions, higher prices for mining and energy products, especially oil, did most of the work.
The region's share of US imports reached a record 22.1% even as US purchases from the rest of the world fell (IDB — Nov 3, 2026).
The investment picture is weaker.
The region still attracts more foreign direct investment relative to the size of its economy than any other region, but it received 4.5% less FDI in 2023–2025 than in 2012–2014, and its share of the global FDI stock fell to 6.0% from 7.1%.
"The trade resilience of Latin America and the Caribbean is an opportunity to attract more investment," said Paolo Giordano, Principal Economist in the IDB's Productivity, Trade, and Innovation Sector.
He called for domestic regulatory frameworks "that give investors certainty." The report names double-taxation treaties, bilateral investment treaties and trade agreements with investment chapters as tools that make investment links between countries more likely (IDB — Nov 3, 2026).
Caribbean export growth is concentrated in two oil producers.
The rest of the region is not sharing in it at the same rate. Investors looking at the Caribbean should separate commodity-driven gains in Guyana and Suriname from the services and agribusiness economies elsewhere, where treaty coverage and regulatory certainty will decide whether capital arrives.
Diaspora-owned firms supplying the US market can benefit from LAC's record share of US imports through nearshoring partnerships with Mexican and Caribbean producers.
Disclaimer: This report is for informational purposes only and does not constitute financial advice. Consult a licensed advisor before making investment decisions.
