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7-year note auction of 25 April 2013 (new issue)

The 7-year note sold $29 billion at a high yield of 1.155% on , with a bid-to-cover ratio of 2.71.

Coupon
1.125%
Announced
Issued
Matures

High yield

1.155%

Median yield 1.120%

Bid-to-cover

2.71

▲ +0.15 since 28 Mar

Sold

$29.00 billion

$29 billion offered

Indirect bidders

39.3%

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 27 May 2010 to 25 April 2013; the latest at 1.155%.0.5%1.0%1.5%2.0%2.5%3.0%2010201120122013This auction, 1.155%High yield at the last 36 7-year note auctions36 auctions from 27 May 2010 to 25 April 2013; the latest at 1.155%.0.5%1.0%1.5%2.0%2.5%2011201220131.155%

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
1.1552.71
1.2482.56
1.2602.65
1.4162.60
1.2332.72
1.0452.81
1.2672.56
1.0552.61
1.0812.80
0.9542.64
1.0752.64
1.2032.80
1.3472.83
1.5902.72
1.4183.11
1.3592.73
1.4302.68
1.4153.20
1.7912.59
1.4963.02
1.5802.76
2.2802.63
2.4302.62
2.4293.24
2.7122.63
2.8952.79
2.8542.86
2.7442.85
2.8302.86
2.2532.63
1.9703.06
1.8903.04
1.9892.98
2.3942.78
2.5753.01
2.8152.88

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.712.645 of 127 of 12
High yield1.1551.2187 of 125 of 12
Indirect bidders' share39.338.34 of 128 of 12
Direct bidders' share19.718.02 of 1210 of 12
Primary dealers' share41.043.911 of 121 of 12
High minus median, basis points3.54.09 of 123 of 12

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

Who bought the 7-year note?

Primary dealers took 41.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 28 March 2013

Primary dealers took 41.0% of the competitive bids acceptedIndirect bidders 39.3%, Direct bidders 19.7%, Primary dealers 41.0%Indirect bidders39.3%35.5%Direct bidders19.7%19.5%Primary dealers41.0%45.0%Primary dealers took 41.0% of the competitive bids acceptedIndirect bidders 39.3%, Direct bidders 19.7%, Primary dealers 41.0%Indirect bidders39.3%35.5%Direct bidders19.7%19.5%Primary dealers41.0%45.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders39.335.5
Direct bidders19.719.5
Primary dealers41.045.0

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$29,000,000,000
Bids received$78,613,749,500
Sold$29,000,051,700
Competitive bids accepted$28,988,402,200
Non-competitive bids accepted$11,649,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.155
Median rate, %1.120
Low rate, %1.069
Interest rate (coupon), %1.125
Bids at the high rate filled, %97.57
Bid-to-cover ratio2.71
Indirect bidders accepted$11,383,982,200
Direct bidders accepted$5,718,000,000
Primary dealers accepted$11,886,420,000
Indirect bidders' share, % (ours)39.3
Direct bidders' share, % (ours)19.7
Primary dealers' share, % (ours)41.0
High minus median, basis points (ours)3.5
Treasury par yield curve, 7-year point, same day, %1.15
High yield minus that point, basis points (ours)0.5

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 ratio2.71Last 24 auctions12 of 2412 of 242.70
Bid-to-cover ratio2.71All 50 since 26 February 200930 of 5020 of 502.75
High yield1.155Last 24 auctions19 of 245 of 241.387
High yield1.155Since 26 February 200945 of 505 of 502.332
High yield1.155All 99 since 6 February 198094 of 995 of 993.374
Indirect bidders' share39.3Last 24 auctions12 of 2412 of 2439.3
Indirect bidders' share39.3All 50 since 26 February 200934 of 5016 of 5042.1
Direct bidders' share19.7Last 24 auctions2 of 2422 of 2414.7
Direct bidders' share19.7All 50 since 26 February 20092 of 5048 of 509.7
Primary dealers' share41.0Last 24 auctions20 of 244 of 2444.4
Primary dealers' share41.0All 50 since 26 February 200933 of 5017 of 5043.7
High minus median, basis points3.5Last 24 auctions18 of 246 of 244.4
High minus median, basis points3.5Since 26 February 200941 of 509 of 505.6
High minus median, basis points3.5All 99 since 6 February 198050 of 9949 of 993.6

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 25 April 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130425_1.pdf. Compiled by 500metrics, "7-year note auction of 25 April 2013 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2013-04-25.

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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