500metrics

All sources checked Checked

7-year note auction of 25 January 2022 (reopening)

The 7-year note sold $63.221 billion at a high yield of 1.533% on , with a bid-to-cover ratio of 2.50.

Coupon
1.500%
Announced
Issued
Matures

High yield

1.533%

Median yield 1.485%

Bid-to-cover

2.50

▲ +0.29 since 29 Dec

Sold

$63.22 billion

$55 billion offered

Indirect bidders

68.7%

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 23 April 2019 to 25 January 2022; the latest at 1.533%.0.0%0.5%1.0%1.5%2.0%2.5%2019202020212022This auction, 1.533%High yield at the last 36 7-year note auctions36 auctions from 23 April 2019 to 25 January 2022; the latest at 1.533%.0.0%0.5%1.0%1.5%2.0%2020202120221.533%

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
1.5332.50
1.4802.21
1.5882.42
1.4612.25
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.502.280 of 1212 of 12
High yield1.5331.2921 of 1211 of 12
Indirect bidders' share68.759.40 of 1212 of 12
Direct bidders' share16.520.111 of 121 of 12
Primary dealers' share14.819.912 of 120 of 12
High minus median, basis points4.86.012 of 120 of 12

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

  • Bid-to-cover ratio: Highest for a 7-year note since 28 May 2020 (19 auctions in between).
  • Indirect bidders' share: Highest for a 7-year note since 27 November 2019 (25 auctions in between).
  • Primary dealers' share: Lowest for a 7-year note since 28 March 2019 (35 auctions in between).
  • High minus median, basis points: Lowest for a 7-year note since 24 September 2020 (15 auctions in between).

Who bought the 7-year note?

Indirect bidders took 68.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 29 December 2021

Indirect bidders took 68.7% of the competitive bids acceptedIndirect bidders 68.7%, Direct bidders 16.5%, Primary dealers 14.8%Indirect bidders68.7%59.3%Direct bidders16.5%19.5%Primary dealers14.8%21.3%Indirect bidders took 68.7% of the competitive bids acceptedIndirect bidders 68.7%, Direct bidders 16.5%, Primary dealers 14.8%Indirect bidders68.7%59.3%Direct bidders16.5%19.5%Primary dealers14.8%21.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.759.3
Direct bidders16.519.5
Primary dealers14.821.3

About these figures

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

Treasury's published result

FieldValue
Offered as5-Year, reopening
Offering amount$55,000,000,000
Bids received$145,526,652,200
Sold$63,220,529,200
Competitive bids accepted$54,946,015,000
Non-competitive bids accepted$49,065,100
Federal Reserve (SOMA) add-on$8,220,449,100
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %1.533
Median rate, %1.485
Low rate, %1.440
Interest rate (coupon), %1.500
Bids at the high rate filled, %32.70
Bid-to-cover ratio2.50
Indirect bidders accepted$37,759,365,000
Direct bidders accepted$9,053,500,000
Primary dealers accepted$8,133,150,000
Indirect bidders' share, % (ours)68.7
Direct bidders' share, % (ours)16.5
Primary dealers' share, % (ours)14.8
High minus median, basis points (ours)4.8
Treasury par yield curve, 5-year point, same day, %1.56
High yield minus that point, basis points (ours)-2.7

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 (5-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 ratio2.50Last 24 auctions3 of 2421 of 242.36
Bid-to-cover ratio2.50All 164 since 26 February 200994 of 16469 of 1642.54
High yield1.533Last 24 auctions2 of 2422 of 241.102
High yield1.533Since 26 February 2009116 of 16448 of 1642.012
High yield1.533All 213 since 6 February 1980165 of 21348 of 2132.215
Indirect bidders' share68.7Last 24 auctions0 of 2424 of 2461.0
Indirect bidders' share68.7All 164 since 26 February 20099 of 164155 of 16456.6
Direct bidders' share16.5Last 24 auctions15 of 249 of 2417.1
Direct bidders' share16.5All 164 since 26 February 200956 of 164108 of 16413.9
Primary dealers' share14.8Last 24 auctions24 of 240 of 2421.3
Primary dealers' share14.8All 164 since 26 February 2009159 of 1645 of 16431.1
High minus median, basis points4.8Last 24 auctions20 of 243 of 245.5
High minus median, basis points4.8Since 26 February 200969 of 16492 of 1644.6
High minus median, basis points4.8All 213 since 6 February 198074 of 213136 of 2134.1

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 January 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220125_2.pdf. Compiled by 500metrics, "7-year note auction of 25 January 2022 (reopening)", https://500metrics.com/treasury/auctions/7-year-note/2022-01-25.

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

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