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7-year note auction of 29 March 2022 (new issue)

The 7-year note sold $55.75 billion at a high yield of 2.499% on , with a bid-to-cover ratio of 2.44.

Coupon
2.375%
Announced
Issued
Matures

High yield

2.499%

Median yield 2.430%

Bid-to-cover

2.44

▲ +0.08 since 24 Feb

Sold

$55.75 billion

$47 billion offered

Indirect bidders

60.9%

Of competitive bids accepted

The high yield was the highest for a 7-year note since 26 February 2019

High yield at each 7-year note auction, %

The high yield was the highest for a 7-year note since 26 February 201936 auctions from 29 May 2019 to 29 March 2022; the latest at 2.499%.0.0%1.0%2.0%3.0%2019202020212022This auction, 2.499%The high yield was the highest for a 7-year note since 26 February 201936 auctions from 29 May 2019 to 29 March 2022; the latest at 2.499%.0.0%1.0%2.0%3.0%2020202120222.499%

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
2.4992.44
1.9052.36
1.7692.36
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.442.351 of 1211 of 12
High yield2.4991.3960 of 1212 of 12
Indirect bidders' share60.960.05 of 127 of 12
Direct bidders' share28.620.60 of 1212 of 12
Primary dealers' share10.518.812 of 120 of 12
High minus median, basis points6.96.02 of 129 of 12

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

  • Direct bidders' share: Highest for a 7-year note since 27 March 2014 (103 auctions in between).
  • Primary dealers' share: Lowest for a 7-year note since 28 September 2017 (60 auctions in between).

Who bought the 7-year note?

Indirect bidders took 60.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 24 February 2022

Indirect bidders took 60.9% of the competitive bids acceptedIndirect bidders 60.9%, Direct bidders 28.6%, Primary dealers 10.5%Indirect bidders60.9%63.9%Direct bidders28.6%23.8%Primary dealers10.5%12.3%Indirect bidders took 60.9% of the competitive bids acceptedIndirect bidders 60.9%, Direct bidders 28.6%, Primary dealers 10.5%Indirect bidders60.9%63.9%Direct bidders28.6%23.8%Primary dealers10.5%12.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.963.9
Direct bidders28.623.8
Primary dealers10.512.3

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$47,000,000,000
Bids received$123,574,465,300
Sold$55,749,674,800
Competitive bids accepted$46,981,439,500
Non-competitive bids accepted$18,561,600
Federal Reserve (SOMA) add-on$8,749,673,700
Foreign and international (FIMA) non-competitive$0
High yield, %2.499
Median rate, %2.430
Low rate, %2.370
Interest rate (coupon), %2.375
Bids at the high rate filled, %36.87
Bid-to-cover ratio2.44
Indirect bidders accepted$28,627,317,000
Direct bidders accepted$13,413,600,000
Primary dealers accepted$4,940,522,500
Indirect bidders' share, % (ours)60.9
Direct bidders' share, % (ours)28.6
Primary dealers' share, % (ours)10.5
High minus median, basis points (ours)6.9
Treasury par yield curve, 7-year point, same day, %2.50
High yield minus that point, basis points (ours)-0.1

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 ratio2.44Last 24 auctions6 of 2418 of 242.36
Bid-to-cover ratio2.44All 167 since 26 February 2009120 of 16743 of 1672.54
High yield2.499Last 24 auctions0 of 2424 of 241.175
High yield2.499Since 26 February 200935 of 167132 of 1671.989
High yield2.499All 216 since 6 February 198084 of 216132 of 2162.206
Indirect bidders' share60.9Last 24 auctions13 of 2411 of 2461.8
Indirect bidders' share60.9All 167 since 26 February 200954 of 167113 of 16756.7
Direct bidders' share28.6Last 24 auctions0 of 2424 of 2418.4
Direct bidders' share28.6All 167 since 26 February 20091 of 167166 of 16714.1
Primary dealers' share10.5Last 24 auctions24 of 240 of 2419.9
Primary dealers' share10.5All 167 since 26 February 2009165 of 1672 of 16730.7
High minus median, basis points6.9Last 24 auctions4 of 2419 of 245.5
High minus median, basis points6.9Since 26 February 200918 of 167146 of 1674.6
High minus median, basis points6.9All 216 since 6 February 198020 of 216193 of 2164.2

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 29 March 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220329_1.pdf. Compiled by 500metrics, "7-year note auction of 29 March 2022 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2022-03-29.

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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