How did the latest 7-year Treasury note auction go?
The last 7-year note auction, on , sold at a high yield of 5.085% with a bid-to-cover of 2.42.
High yield
5.085%
Bid-to-cover
2.42
Sold
$50.62 billion
Indirect bidders
57.2%
When is the next 7-year note auction?
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| New issue | |||
| New issue | |||
| New issue | |||
| New issue |
Bid-to-cover, last 36 auctions
Bid-to-cover of the last 36 7-year note auctions; the latest was 2.42
Bid-to-cover ratio. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .
High yield of the last 36 7-year note auctions; the latest was 5.085%
High yield, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
The numbers behind this chart
The latest auction against its own history
- High yield: Highest for a 7-year note since 13 April 1993 (222 auctions in between).
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.42 | Last 12 auctions | 11 of 12 | 1 of 12 | 2.50 |
| Bid-to-cover ratio | 2.42 | Last 24 auctions | 22 of 24 | 1 of 24 | 2.51 |
| Bid-to-cover ratio | 2.42 | All 222 since 26 February 2009 | 174 of 222 | 44 of 222 | 2.53 |
| High yield | 5.085 | Last 12 auctions | 0 of 12 | 12 of 12 | 4.096 |
| High yield | 5.085 | Last 24 auctions | 0 of 24 | 24 of 24 | 4.179 |
| High yield | 5.085 | Since 26 February 2009 | 0 of 222 | 222 of 222 | 2.226 |
| High yield | 5.085 | All 271 since 6 February 1980 | 49 of 271 | 222 of 271 | 2.575 |
| Indirect bidders' share | 57.2 | Last 12 auctions | 10 of 12 | 2 of 12 | 59.9 |
| Indirect bidders' share | 57.2 | Last 24 auctions | 22 of 24 | 2 of 24 | 63.8 |
| Indirect bidders' share | 57.2 | All 222 since 26 February 2009 | 135 of 222 | 87 of 222 | 59.5 |
| Direct bidders' share | 30.3 | Last 12 auctions | 2 of 12 | 10 of 12 | 27.4 |
| Direct bidders' share | 30.3 | Last 24 auctions | 3 of 24 | 21 of 24 | 25.3 |
| Direct bidders' share | 30.3 | All 222 since 26 February 2009 | 4 of 222 | 218 of 222 | 15.7 |
| Primary dealers' share | 12.5 | Last 12 auctions | 4 of 12 | 8 of 12 | 12.1 |
| Primary dealers' share | 12.5 | Last 24 auctions | 6 of 24 | 18 of 24 | 10.8 |
| Primary dealers' share | 12.5 | All 222 since 26 February 2009 | 188 of 222 | 34 of 222 | 24.1 |
| High minus median, basis points | 6.6 | Last 12 auctions | 1 of 12 | 10 of 12 | 5.6 |
| High minus median, basis points | 6.6 | Last 24 auctions | 1 of 24 | 22 of 24 | 5.4 |
| High minus median, basis points | 6.6 | Since 26 February 2009 | 38 of 222 | 183 of 222 | 5.0 |
| High minus median, basis points | 6.6 | All 271 since 6 February 1980 | 40 of 271 | 230 of 271 | 4.6 |
The table scrolls sideways; the first column stays in place.
What this number cannot tell you
- Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
- The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
- Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
- Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.
Every 7-year note auction, page 1 of 2
Show 188 more rows
The table scrolls sideways; the first column stays in place.
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, quarterly refunding documents (source). Licence: Public domain, a work of the US federal government
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