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7-year note auction of 24 November 2010 (new issue)

The 7-year note sold $30.143 billion at a high yield of 2.253% on , with a bid-to-cover ratio of 2.63.

Coupon
2.250%
Announced
Issued
Matures

High yield

2.253%

Median yield 2.186%

Bid-to-cover

2.63

▼ −0.43 since 28 Oct

Sold

$30.14 billion

$29 billion offered

Indirect bidders

42.2%

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 10 January 1990 to 24 November 2010; the latest at 2.253%.0.0%2.0%4.0%6.0%8.0%10.0%199019911992199320092010This auction, 2.253%High yield at the last 36 7-year note auctions36 auctions from 10 January 1990 to 24 November 2010; the latest at 2.253%.0.0%2.0%4.0%6.0%8.0%200920102.253%

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
2.2532.63
1.9703.06
1.8903.04
1.9892.98
2.3942.78
2.5753.01
2.8152.88
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–

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.632.8611 of 121 of 12
High yield2.2532.8259 of 123 of 12
Indirect bidders' share42.250.610 of 122 of 12
Direct bidders' share8.59.79 of 123 of 12
Primary dealers' share49.338.41 of 1211 of 12
High minus median, basis points6.75.03 of 129 of 12

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

Who bought the 7-year note?

Primary dealers took 49.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 28 October 2010

Primary dealers took 49.3% of the competitive bids acceptedIndirect bidders 42.2%, Direct bidders 8.5%, Primary dealers 49.3%Indirect bidders42.2%50.2%Direct bidders8.5%5.5%Primary dealers49.3%44.3%Primary dealers took 49.3% of the competitive bids acceptedIndirect bidders 42.2%, Direct bidders 8.5%, Primary dealers 49.3%Indirect bidders42.2%50.2%Direct bidders8.5%5.5%Primary dealers49.3%44.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders42.250.2
Direct bidders8.55.5
Primary dealers49.344.3

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$29,000,000,000
Bids received$77,420,359,500
Sold$30,142,704,500
Competitive bids accepted$28,991,945,000
Non-competitive bids accepted$8,056,300
Federal Reserve (SOMA) add-on$1,142,703,200
Foreign and international (FIMA) non-competitive$0
High yield, %2.253
Median rate, %2.186
Low rate, %2.100
Interest rate (coupon), %2.250
Bids at the high rate filled, %40.23
Bid-to-cover ratio2.63
Indirect bidders accepted$12,235,945,000
Direct bidders accepted$2,465,000,000
Primary dealers accepted$14,291,000,000
Indirect bidders' share, % (ours)42.2
Direct bidders' share, % (ours)8.5
Primary dealers' share, % (ours)49.3
High minus median, basis points (ours)6.7
Treasury par yield curve, 7-year point, same day, %2.24
High yield minus that point, basis points (ours)1.3

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 ratio2.63All 21 since 26 February 200915 of 215 of 212.78
High yield2.253Last 24 auctions21 of 243 of 243.085
High yield2.253Since 26 February 200918 of 213 of 213.005
High yield2.253All 70 since 6 February 198067 of 703 of 707.985
Indirect bidders' share42.2All 21 since 26 February 200915 of 216 of 2151.0
Direct bidders' share8.5All 21 since 26 February 20099 of 2112 of 217.6
Primary dealers' share49.3All 21 since 26 February 20095 of 2116 of 2137.5
High minus median, basis points6.7Last 24 auctions11 of 2413 of 246.4
High minus median, basis points6.7Since 26 February 200911 of 2110 of 216.8
High minus median, basis points6.7All 70 since 6 February 198013 of 7057 of 703.0

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 24 November 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20101124_2.pdf. Compiled by 500metrics, "7-year note auction of 24 November 2010 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2010-11-24.

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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