500metrics

All sources checked Checked

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

The 7-year note sold $69.467 billion at a high yield of 1.332% on , with a bid-to-cover ratio of 2.24.

Coupon
1.250%
Announced
Issued
Matures

High yield

1.332%

Median yield 1.270%

Bid-to-cover

2.24

▼ −0.10 since 26 Aug

Sold

$69.47 billion

$62 billion offered

Indirect bidders

60.1%

Of competitive bids accepted

The high yield was the highest for a 7-year note since 28 January 2020

High yield at each 7-year note auction, %

The high yield was the highest for a 7-year note since 28 January 202036 auctions from 26 February 2019 to 28 September 2021; the latest at 1.332%.0.0%1.0%2.0%3.0%201920202021This auction, 1.332%The high yield was the highest for a 7-year note since 28 January 202036 auctions from 26 February 2019 to 28 September 2021; the latest at 1.332%.0.0%0.5%1.0%1.5%2.0%202020211.332%

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
1.3322.24
1.1552.34
1.0502.23
1.2642.36
1.2852.41
1.3062.31
1.3002.23
1.1952.04
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.242.318 of 123 of 12
High yield1.3321.1020 of 1212 of 12
Indirect bidders' share60.160.26 of 126 of 12
Direct bidders' share20.918.42 of 1210 of 12
Primary dealers' share19.021.311 of 121 of 12
High minus median, basis points6.25.43 of 129 of 12

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

Who bought the 7-year note?

Indirect bidders took 60.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 26 August 2021

Indirect bidders took 60.1% of the competitive bids acceptedIndirect bidders 60.1%, Direct bidders 20.9%, Primary dealers 19.0%Indirect bidders60.1%61.1%Direct bidders20.9%18.9%Primary dealers19.0%20.1%Indirect bidders took 60.1% of the competitive bids acceptedIndirect bidders 60.1%, Direct bidders 20.9%, Primary dealers 19.0%Indirect bidders60.1%61.1%Direct bidders20.9%18.9%Primary dealers19.0%20.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.161.1
Direct bidders20.918.9
Primary dealers19.020.1

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$146,643,834,600
Sold$69,466,897,600
Competitive bids accepted$61,976,716,000
Non-competitive bids accepted$23,289,100
Federal Reserve (SOMA) add-on$7,466,892,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.332
Median rate, %1.270
Low rate, %0.880
Interest rate (coupon), %1.250
Bids at the high rate filled, %68.26
Bid-to-cover ratio2.24
Indirect bidders accepted$37,239,925,000
Direct bidders accepted$12,965,900,000
Primary dealers accepted$11,770,891,000
Indirect bidders' share, % (ours)60.1
Direct bidders' share, % (ours)20.9
Primary dealers' share, % (ours)19.0
High minus median, basis points (ours)6.2
Treasury par yield curve, 7-year point, same day, %1.34
High yield minus that point, basis points (ours)-0.8

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 ratio2.24Last 24 auctions20 of 243 of 242.42
Bid-to-cover ratio2.24All 160 since 26 February 2009154 of 1605 of 1602.54
High yield1.332Last 24 auctions5 of 2419 of 241.102
High yield1.332Since 26 February 2009129 of 16031 of 1602.020
High yield1.332All 209 since 6 February 1980178 of 20931 of 2092.230
Indirect bidders' share60.1Last 24 auctions16 of 248 of 2462.5
Indirect bidders' share60.1All 160 since 26 February 200955 of 160105 of 16056.3
Direct bidders' share20.9Last 24 auctions3 of 2421 of 2416.5
Direct bidders' share20.9All 160 since 26 February 200913 of 160147 of 16013.6
Primary dealers' share19.0Last 24 auctions21 of 243 of 2420.9
Primary dealers' share19.0All 160 since 26 February 2009144 of 16016 of 16031.4
High minus median, basis points6.2Last 24 auctions3 of 2421 of 245.3
High minus median, basis points6.2Since 26 February 200924 of 160136 of 1604.5
High minus median, basis points6.2All 209 since 6 February 198026 of 209183 of 2094.0

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 28 September 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210928_1.pdf. Compiled by 500metrics, "7-year note auction of 28 September 2021 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2021-09-28.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.