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7-year note auction of 29 April 2010 (new issue)

The 7-year note sold $32.683 billion at a high yield of 3.210% on , with a bid-to-cover ratio of 2.82.

Coupon
3.125%
Announced
Issued
Matures

High yield

3.210%

Median yield 3.140%

Bid-to-cover

2.82

▲ +0.21 since 25 Mar

Sold

$32.68 billion

$32 billion offered

Indirect bidders

59.5%

Of competitive bids accepted

High yield at the last 36 7-year note auctions

High yield at each 7-year note auction, %

High yield at the last 36 7-year note auctions36 auctions from 12 April 1988 to 29 April 2010; the latest at 3.210%.2.0%4.0%6.0%8.0%10.0%19881989199019911992199320092010This auction, 3.210%High yield at the last 36 7-year note auctions36 auctions from 12 April 1988 to 29 April 2010; the latest at 3.210%.2.0%4.0%6.0%8.0%10.0%19921993200920103.210%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 7-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
3.2102.82
3.3742.61
3.0782.98
3.1272.85
3.3452.72
2.8352.76
3.1412.65
3.0052.79
3.0922.74
3.3692.63
3.3292.82
3.3002.26
2.6302.28
2.3842.52
2.7482.11
5.580–
6.440–
6.050–
6.450–
7.140–
6.410–
7.200–
8.260–
7.940–
7.950–
8.790–
8.580–
8.630–
8.020–
8.080–
7.900–
9.400–
9.300–
8.750–
8.920–
8.450–

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.822.732 of 129 of 12
High yield3.2103.1345 of 127 of 12
Indirect bidders' share59.555.25 of 127 of 12
Direct bidders' share12.25.01 of 1211 of 12
Primary dealers' share28.337.111 of 121 of 12
High minus median, basis points7.07.97 of 125 of 12

The table scrolls sideways; the first column stays in place.

Who bought the 7-year note?

Indirect bidders took 59.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 25 March 2010

Indirect bidders took 59.5% of the competitive bids acceptedIndirect bidders 59.5%, Direct bidders 12.2%, Primary dealers 28.3%Indirect bidders59.5%41.9%Direct bidders12.2%8.1%Primary dealers28.3%50.0%Indirect bidders took 59.5% of the competitive bids acceptedIndirect bidders 59.5%, Direct bidders 12.2%, Primary dealers 28.3%Indirect bidders59.5%41.9%Direct bidders12.2%8.1%Primary dealers28.3%50.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.541.9
Direct bidders12.28.1
Primary dealers28.350.0

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as7-Year, new issue
Offering amount$32,000,000,000
Bids received$91,009,017,700
Sold$32,682,661,900
Competitive bids accepted$31,964,144,200
Non-competitive bids accepted$35,896,800
Federal Reserve (SOMA) add-on$682,620,900
Foreign and international (FIMA) non-competitive$0
High yield, %3.210
Median rate, %3.140
Low rate, %3.096
Interest rate (coupon), %3.125
Bids at the high rate filled, %93.61
Bid-to-cover ratio2.82
Indirect bidders accepted$19,019,985,500
Direct bidders accepted$3,902,316,200
Primary dealers accepted$9,041,842,500
Indirect bidders' share, % (ours)59.5
Direct bidders' share, % (ours)12.2
Primary dealers' share, % (ours)28.3
High minus median, basis points (ours)7.0
Treasury par yield curve, 7-year point, same day, %3.19
High yield minus that point, basis points (ours)2.0

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (7-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

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.

The longer windows

Each measure against earlier 7-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.82All 14 since 26 February 20092 of 1411 of 142.68
High yield3.210Last 24 auctions15 of 249 of 243.357
High yield3.210Since 26 February 20095 of 149 of 143.110
High yield3.210All 63 since 6 February 198054 of 639 of 638.260
Indirect bidders' share59.5All 14 since 26 February 20095 of 149 of 1447.9
Direct bidders' share12.2All 14 since 26 February 20091 of 1413 of 145.0
Primary dealers' share28.3All 14 since 26 February 200913 of 141 of 1439.8
High minus median, basis points7.0Last 24 auctions9 of 2415 of 244.0
High minus median, basis points7.0Since 26 February 20099 of 145 of 147.8
High minus median, basis points7.0All 63 since 6 February 198010 of 6352 of 632.9

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 29 April 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100429_1.pdf. Compiled by 500metrics, "7-year note auction of 29 April 2010 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2010-04-29.

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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