What is a Treasury auction tail?
On , at the auction of the 7-year note, the high yield was 6.6 basis points above the median yield and 1.5 basis points below the same day's par curve. 500metrics shows no tail.
Last updated . This page normally updates every day; the latest update is late.
High minus median
6.6 basis points
Drafted with AI assistance from official sources; checked against the sources listed below.
The tail of a Treasury auction is the high yield minus the when-issued yield just before bidding closed. An auction "tails" when Treasury has to accept a higher yield than the market was trading at, and "stops through" when it accepts a lower one.
Why 500metrics does not publish a tail
The when-issued yield is a market quote from trading platforms, not an official number. Treasury does not publish it, and the sites that show a tail take it from their own licensed feed. 500metrics shows only official figures, so it shows no tail and never calls another number one.
The two official stand-ins
Both come from Treasury's own numbers, and every note, bond and TIPS auction page shows them:
- High minus median. The high yield minus the median yield, in basis points: how far the cut-off sat above the middle of the winning bids. Both are in the auction results.
- High minus the par curve. The high yield minus the same day's Treasury par yield curve rate at the nearest maturity, in basis points. Treasury sets the curve from market quotes later that afternoon, so it is the closest official picture of where the market traded that day. TIPS are compared with the real curve.
What these stand-ins cannot tell you
- The exact market yield at the moment bidding closed. The par curve is set at the end of the day, for a standard maturity, not for the security sold.
- A tail as other sites report it. Their figures and these will differ, sometimes in sign.
High minus median and High minus the par curve, 7-year note auctions
basis points
- High minus median
- High minus the par curve
Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .
Earlier 7-year note auctions as a table
| Auction date | High minus median | High minus the par curve |
|---|---|---|
| 24 September 2026 | 6.6 basis points | 1.5 basis points |
| 27 August 2026 | 5.2 basis points | 0.8 basis points |
| 28 July 2026 | 6.8 basis points | 0.3 basis points |
| 25 June 2026 | 6.0 basis points | 0.0 basis points |
| 28 May 2026 | 5.0 basis points | 0.0 basis points |
| 28 April 2026 | 5.5 basis points | 1.5 basis points |
| 26 March 2026 | 6.5 basis points | 0.5 basis points |
| 26 February 2026 | 5.0 basis points | 1.0 basis points |
| 29 January 2026 | 5.8 basis points | 0.8 basis points |
| 24 December 2025 | 4.9 basis points | 2.0 basis points |
Show 14 more rows
| Auction date | High minus median | High minus the par curve |
|---|---|---|
| 26 November 2025 | 6.6 basis points | 3.1 basis points |
| 28 October 2025 | 5.5 basis points | 2.0 basis points |
| 25 September 2025 | 5.8 basis points | 1.3 basis points |
| 28 August 2025 | 5.5 basis points | 0.5 basis points |
| 29 July 2025 | 3.5 basis points | 0.8 basis points |
| 26 June 2025 | 6.2 basis points | 2.2 basis points |
| 29 May 2025 | 5.0 basis points | 0.6 basis points |
| 24 April 2025 | 5.8 basis points | 1.3 basis points |
| 27 March 2025 | 5.6 basis points | 0.3 basis points |
| 26 February 2025 | 4.6 basis points | 3.4 basis points |
| 25 February 2025 | 5.3 basis points | 0.3 basis points |
| 28 January 2025 | 4.7 basis points | 2.7 basis points |
| 26 December 2024 | 4.2 basis points | 4.2 basis points |
| 27 November 2024 | 4.5 basis points | 1.3 basis points |
The latest auction: 7-year note, 24 September 2026
The full result| Figure | Value |
|---|---|
| High minus median | 6.6 basis points |
| High yield | 5.085% |
| Median yield | 5.019% |
| Par curve, nominal, 7-year | 5.10% |
| High minus the par curve | 1.5 basis points |
Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .
Sources for this page (2)
- fiscaldata.treasury.gov/datasets/treasury-securities-auctions-data: every auction figure on this page, field by field, as Treasury publishes it in its auctions data (checked )
- home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView: the par yield curve rates of the auction day, nominal for notes and bonds, real for TIPS (checked )
Sources and licence
Sources and licence
- U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
- U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government
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