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7-year note auction of 28 January 2021 (new issue)

The 7-year note sold $70.38 billion at a high yield of 0.754% on , with a bid-to-cover ratio of 2.30.

Coupon
0.750%
Announced
Issued
Matures

High yield

0.754%

Median yield 0.703%

Bid-to-cover

2.30

▼ −0.01 since 29 Dec

Sold

$70.38 billion

$62 billion offered

Indirect bidders

64.1%

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 28 June 2018 to 28 January 2021; the latest at 0.754%.0.0%1.0%2.0%3.0%4.0%2018201920202021This auction, 0.754%High yield at the last 36 7-year note auctions36 auctions from 28 June 2018 to 28 January 2021; the latest at 0.754%.0.0%0.5%1.0%1.5%2.0%2.5%2019202020210.754%

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
0.7542.30
0.6622.31
0.6532.37
0.6002.24
0.4622.42
0.5192.47
0.4462.45
0.5112.49
0.5532.55
0.5252.56
0.6802.76
1.2472.49
1.5702.37
1.8352.47
1.7192.44
1.6572.46
1.6332.49
1.4892.16
1.9672.27
1.8892.44
2.1442.30
2.0652.38
2.4262.49
2.3552.51
2.2812.54
2.1722.35
2.2612.60
2.5382.60
2.6252.54
2.6802.46
2.9742.55
3.0742.39
3.0342.45
2.8442.65
2.9302.49
2.8092.53

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.302.4611 of 121 of 12
High yield0.7540.5762 of 1210 of 12
Indirect bidders' share64.162.93 of 129 of 12
Direct bidders' share16.315.45 of 127 of 12
Primary dealers' share19.622.29 of 123 of 12
High minus median, basis points5.15.37 of 125 of 12

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

Who bought the 7-year note?

Indirect bidders took 64.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 29 December 2020

Indirect bidders took 64.1% of the competitive bids acceptedIndirect bidders 64.1%, Direct bidders 16.3%, Primary dealers 19.6%Indirect bidders64.1%60.3%Direct bidders16.3%17.0%Primary dealers19.6%22.7%Indirect bidders took 64.1% of the competitive bids acceptedIndirect bidders 64.1%, Direct bidders 16.3%, Primary dealers 19.6%Indirect bidders64.1%60.3%Direct bidders16.3%17.0%Primary dealers19.6%22.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.160.3
Direct bidders16.317.0
Primary dealers19.622.7

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$62,000,000,000
Bids received$151,283,816,400
Sold$70,379,843,400
Competitive bids accepted$61,994,272,000
Non-competitive bids accepted$5,771,500
Federal Reserve (SOMA) add-on$8,379,799,900
Foreign and international (FIMA) non-competitive$0
High yield, %0.754
Median rate, %0.703
Low rate, %0.600
Interest rate (coupon), %0.750
Bids at the high rate filled, %51.45
Bid-to-cover ratio2.30
Indirect bidders accepted$39,738,459,500
Direct bidders accepted$10,094,325,000
Primary dealers accepted$12,161,487,500
Indirect bidders' share, % (ours)64.1
Direct bidders' share, % (ours)16.3
Primary dealers' share, % (ours)19.6
High minus median, basis points (ours)5.1
Treasury par yield curve, 7-year point, same day, %0.75
High yield minus that point, basis points (ours)0.4

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 ratio2.30Last 24 auctions20 of 243 of 242.46
Bid-to-cover ratio2.30All 152 since 26 February 2009144 of 1527 of 1522.56
High yield0.754Last 24 auctions14 of 2410 of 241.530
High yield0.754Since 26 February 2009142 of 15210 of 1522.057
High yield0.754All 201 since 6 February 1980191 of 20110 of 2012.253
Indirect bidders' share64.1Last 24 auctions7 of 2417 of 2462.5
Indirect bidders' share64.1All 152 since 26 February 200929 of 152123 of 15255.9
Direct bidders' share16.3Last 24 auctions10 of 2414 of 2415.8
Direct bidders' share16.3All 152 since 26 February 200946 of 152106 of 15213.3
Primary dealers' share19.6Last 24 auctions19 of 245 of 2421.5
Primary dealers' share19.6All 152 since 26 February 2009135 of 15217 of 15232.2
High minus median, basis points5.1Last 24 auctions10 of 2414 of 244.8
High minus median, basis points5.1Since 26 February 200949 of 152102 of 1524.5
High minus median, basis points5.1All 201 since 6 February 198053 of 201147 of 2014.0

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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 28 January 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210128_3.pdf. Compiled by 500metrics, "7-year note auction of 28 January 2021 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2021-01-28.

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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