# Treasury maturity wall | PIER20 benchmarks

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?

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%.

## Summary statistics (full history)

| 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 |
| <1 year 1Y change |  | 1.40 | -7.26 | 10.97 |
| 1-3Y 1Y change |  | -0.07 | -3.94 | 2.39 |
| 3-5Y 1Y change |  | -0.50 | -2.53 | 1.49 |
| 5-10Y 1Y change |  | -0.78 | -3.34 | 2.26 |
| 10Y+ 1Y change |  | -0.04 | -1.41 | 2.40 |
| Top-two share | 49.27 | 54.33 | 48.04 | 58.84 |

## Last 24 readings

| Date | <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 | Top-two share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 2024 | 33.53 | 20.56 | 14.23 | 14.01 | 17.67 | 1.98 | -0.44 | 0.07 | -2.02 | 0.42 | 54.09 |
| Sep 2024 | 32.74 | 20.89 | 14.39 | 14.29 | 17.69 | 0.62 | 0.06 | 0.25 | -1.39 | 0.45 | 53.63 |
| Oct 2024 | 33.12 | 20.70 | 14.20 | 14.33 | 17.65 | 0.90 | -0.18 | 0.27 | -1.48 | 0.48 | 53.83 |
| Nov 2024 | 33.66 | 20.71 | 13.89 | 14.07 | 17.67 | 0.66 | 0.18 | -0.01 | -1.36 | 0.52 | 54.38 |
| Dec 2024 | 32.75 | 21.06 | 14.13 | 14.32 | 17.74 | -0.26 | 0.53 | 0.05 | -0.81 | 0.49 | 53.81 |
| Jan 2025 | 33.23 | 20.85 | 13.90 | 14.29 | 17.73 | 0.35 | 0.18 | -0.07 | -0.94 | 0.48 | 54.08 |
| Feb 2025 | 33.10 | 20.59 | 14.32 | 14.14 | 17.85 | -1.01 | 0.36 | 0.27 | -0.23 | 0.61 | 53.68 |
| Mar 2025 | 32.45 | 20.85 | 14.28 | 14.41 | 18.01 | -1.79 | 0.71 | 0.37 | 0.04 | 0.67 | 53.31 |
| Apr 2025 | 32.28 | 20.87 | 14.10 | 14.61 | 18.15 | -1.08 | 0.44 | -0.18 | 0.13 | 0.70 | 53.14 |
| May 2025 | 32.27 | 20.98 | 14.07 | 14.35 | 18.34 | -0.92 | 0.43 | -0.30 | -0.00 | 0.78 | 53.25 |
| Jun 2025 | 31.38 | 21.33 | 14.30 | 14.61 | 18.39 | -1.53 | 0.66 | -0.02 | 0.21 | 0.68 | 52.70 |
| Jul 2025 | 31.93 | 21.07 | 14.14 | 14.54 | 18.32 | -0.95 | 0.40 | -0.28 | 0.12 | 0.71 | 53.00 |
| Aug 2025 | 32.99 | 20.84 | 13.91 | 13.99 | 18.26 | -0.54 | 0.28 | -0.32 | -0.03 | 0.60 | 53.83 |
| Sep 2025 | 32.72 | 21.00 | 13.94 | 14.18 | 18.15 | -0.02 | 0.12 | -0.45 | -0.11 | 0.47 | 53.73 |
| Oct 2025 | 33.25 | 20.73 | 13.72 | 14.21 | 18.09 | 0.13 | 0.02 | -0.47 | -0.11 | 0.44 | 53.98 |
| Nov 2025 | 33.74 | 20.72 | 13.57 | 13.83 | 18.14 | 0.08 | 0.00 | -0.31 | -0.24 | 0.47 | 54.46 |
| Dec 2025 | 32.93 | 21.03 | 13.81 | 14.06 | 18.18 | 0.17 | -0.03 | -0.32 | -0.26 | 0.44 | 53.95 |
| Jan 2026 | 33.33 | 20.71 | 13.56 | 14.05 | 18.35 | 0.09 | -0.14 | -0.34 | -0.24 | 0.62 | 54.04 |
| Feb 2026 | 33.67 | 20.86 | 13.59 | 13.65 | 18.22 | 0.58 | 0.27 | -0.73 | -0.48 | 0.36 | 54.54 |
| Mar 2026 | 33.30 | 21.03 | 13.66 | 13.86 | 18.15 | 0.85 | 0.18 | -0.62 | -0.55 | 0.14 | 54.33 |
| Apr 2026 | 32.75 | 21.21 | 13.56 | 14.11 | 18.37 | 0.47 | 0.34 | -0.53 | -0.50 | 0.22 | 53.95 |
| May 2026 | 33.21 | 21.16 | 13.51 | 13.69 | 18.43 | 0.94 | 0.18 | -0.56 | -0.65 | 0.09 | 54.37 |
| Jun 2026 | 32.64 | 21.35 | 13.74 | 13.87 | 18.40 | 1.27 | 0.02 | -0.55 | -0.74 | 0.01 | 53.99 |
| Jul 2026 | 33.33 | 21.00 | 13.63 | 13.75 | 18.28 | 1.40 | -0.07 | -0.50 | -0.78 | -0.04 | 54.33 |

## How to read this benchmark

**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. 

**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

**What 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. 

## Methodology

- Formula: bucketShare = outstandingInBucket / totalMarketableOutstanding x 100; topTwo = sum of the two largest bucket shares
- Frequency: Monthly
- Sources: <1 year share (maturity:lt1y) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-3-marketable; 1-3Y share (maturity:1-3y) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-3-marketable; 3-5Y share (maturity:3-5y) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-3-marketable; 5-10Y share (maturity:5-10y) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-3-marketable; 10Y+ share (maturity:gt10y) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-3-marketable; <1 year 1Y change (maturity:lt1y:change) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-3-marketable; 1-3Y 1Y change (maturity:1-3y:change) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-3-marketable; 3-5Y 1Y change (maturity:3-5y:change) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-3-marketable; 5-10Y 1Y change (maturity:5-10y:change) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-3-marketable; 10Y+ 1Y change (maturity:gt10y:change) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-3-marketable; Top-two share (maturity:top-two) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-3-marketable. Data via the U.S. Department of the Treasury, Fiscal Data.
- Data through: July 2026
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/treasury-maturity-wall
Disclaimer: research software output, not investment advice.