What a rising <1Y share means
A rising near-term share means a mounting roll-over wave. More debt is coming due and the market must absorb the supply. The <1Y share has risen meaningfully since 2022 as the Treasury shortened issuance.
Benchmark · monthly · %
Treasury maturity wall
How much marketable debt is maturing in the next year and beyond?
The Treasury maturity wall is the share of marketable debt maturing in each of five time buckets. When the short-end share swells, a large volume of debt must be refunded. The wall is a capital-markets question: how much debt must be rolled over, and when?
The Treasury maturity wall is the share of marketable debt maturing in each of five time buckets. When the short-end share swells, a large volume of debt must be refunded. The wall is a capital-markets question: how much debt must be rolled over, and when?
- <1 year share
- 33.3%
- 1Y share change
- +1.4 pp
- from 31.9
- Largest bucket
- 33.3%
- <1 year share · 2026-07-31
- Fastest-rising
- +1.4 pp
- <1 year 1Y change · 2026-07-31
- Top-two share
- 54.3%
Treasury maturity wall
<1 year share
1-3Y share
3-5Y share
5-10Y share
10Y+ share
| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| <1 year share | 26.51 | 33.33 | 22.90 | 37.02 |
| 1-3Y share | 22.76 | 21.00 | 20.14 | 25.85 |
| 3-5Y share | 18.03 | 13.63 | 13.46 | 18.41 |
| 5-10Y share | 21.57 | 13.75 | 13.65 | 21.80 |
| 10Y+ share | 11.13 | 18.28 | 11.02 | 18.43 |
How this is calculated
bucketShare = outstandingInBucket / totalMarketableOutstanding x 100; topTwo = sum of the two largest bucket sharesOutstanding marketable Treasury securities grouped by remaining term into five buckets: <1Y, 1-3Y, 3-5Y, 5-10Y, 10Y+. Each as a percentage of total marketable outstanding, from the MSPD Table 3, monthly. 1Y changes and top-two concentration are materialised for the rail only.
As of July 2026, the latest reading is 33.33%. That is up 1.4 pp over the past year and above its long-run median of 27.75%.
Source series
U.S. TreasuryPlottedmaturity:lt1y↗<1 year sharePlottedmaturity:1-3y↗1-3Y sharePlottedmaturity:3-5y↗3-5Y sharePlottedmaturity:5-10y↗5-10Y sharePlottedmaturity:gt10y↗10Y+ sharePlottedmaturity:lt1y:change↗<1 year 1Y changePlottedmaturity:1-3y:change↗1-3Y 1Y changePlottedmaturity:3-5y:change↗3-5Y 1Y changePlottedmaturity:5-10y:change↗5-10Y 1Y changePlottedmaturity:gt10y:change↗10Y+ 1Y changePlottedmaturity:top-two↗Top-two share
How to read it
Limitations
The wall is a snapshot. Securities are issued and redeemed continuously between MSPD dates. Treat the chart as context for Treasury roll-over risk, not investment advice.
How this benchmark is used
The quarterly refunding backdrop
TBAC's presentation at each refunding includes the maturity wall as a supply backdrop.
Frequently asked questions
4 answersWhat is the current treasury maturity wall?
As of July 2026, the latest reading is 33.33%. That is up 1.4 pp over the past year and above its long-run median of 27.75%.
How often is this benchmark updated?
This benchmark is built on monthly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.
What data sources does this chart use?
The chart is built from <1 year share, 1-3Y share, 3-5Y share, 5-10Y share, 10Y+ share, <1 year 1Y change, 1-3Y 1Y change, 3-5Y 1Y change, 5-10Y 1Y change, 10Y+ 1Y change and Top-two share, sourced from the U.S. Department of the Treasury, Fiscal Data.
Why is <1Y the primary line?
The under-one-year bucket is the acute roll-over. The volume the market must absorb in the next year.