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7-year note auction of 27 March 2024 (new issue)

The 7-year note sold $43 billion at a high yield of 4.185% on , with a bid-to-cover ratio of 2.61.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.185%

Median yield 4.135%

Bid-to-cover

2.61

▲ +0.03 since 27 Feb

Sold

$43.00 billion

$43 billion offered

Indirect bidders

69.7%

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 27 May 2021 to 27 March 2024; the latest at 4.185%.1.0%2.0%3.0%4.0%5.0%2021202220232024This auction, 4.185%High yield at the last 36 7-year note auctions36 auctions from 27 May 2021 to 27 March 2024; the latest at 4.185%.2.0%3.0%4.0%5.0%2022202320244.185%

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
4.1852.61
4.3272.58
4.1092.57
3.8592.50
4.3992.44
4.9082.70
4.6732.47
4.2122.66
4.0872.48
3.8392.65
3.8272.61
3.5632.41
3.6262.39
4.0622.49
3.5172.69
3.9212.45
3.8902.33
4.0272.43
3.8982.57
3.1302.65
2.7302.60
3.2802.48
2.7772.69
2.9082.41
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.612.543 of 128 of 12
High yield4.1854.0985 of 127 of 12
Indirect bidders' share69.769.35 of 127 of 12
Direct bidders' share17.417.15 of 127 of 12
Primary dealers' share12.914.58 of 124 of 12
High minus median, basis points5.06.812 of 120 of 12

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

  • High minus median, basis points: Lowest for a 7-year note since 28 September 2022 (17 auctions in between).

Who bought the 7-year note?

Indirect bidders took 69.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 27 February 2024

Indirect bidders took 69.7% of the competitive bids acceptedIndirect bidders 69.7%, Direct bidders 17.4%, Primary dealers 12.9%Indirect bidders69.7%69.6%Direct bidders17.4%14.8%Primary dealers12.9%15.6%Indirect bidders took 69.7% of the competitive bids acceptedIndirect bidders 69.7%, Direct bidders 17.4%, Primary dealers 12.9%Indirect bidders69.7%69.6%Direct bidders17.4%14.8%Primary dealers12.9%15.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.769.6
Direct bidders17.414.8
Primary dealers12.915.6

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$43,000,000,000
Bids received$112,406,413,600
Sold$43,000,000,600
Competitive bids accepted$42,879,032,000
Non-competitive bids accepted$120,968,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.185
Median rate, %4.135
Low rate, %4.070
Interest rate (coupon), %4.125
Bids at the high rate filled, %63.66
Bid-to-cover ratio2.61
Indirect bidders accepted$29,899,535,000
Direct bidders accepted$7,465,300,000
Primary dealers accepted$5,514,197,000
Indirect bidders' share, % (ours)69.7
Direct bidders' share, % (ours)17.4
Primary dealers' share, % (ours)12.9
High minus median, basis points (ours)5.0
Treasury par yield curve, 7-year point, same day, %4.18
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 ratio2.61Last 24 auctions6 of 2417 of 242.50
Bid-to-cover ratio2.61All 191 since 26 February 200963 of 191124 of 1912.54
High yield4.185Last 24 auctions5 of 2419 of 243.874
High yield4.185Since 26 February 20095 of 191186 of 1912.084
High yield4.185All 240 since 6 February 198054 of 240186 of 2402.280
Indirect bidders' share69.7Last 24 auctions9 of 2415 of 2466.8
Indirect bidders' share69.7All 191 since 26 February 200915 of 191176 of 19158.9
Direct bidders' share17.4Last 24 auctions12 of 2412 of 2417.8
Direct bidders' share17.4All 191 since 26 February 200957 of 191134 of 19115.1
Primary dealers' share12.9Last 24 auctions14 of 2410 of 2414.0
Primary dealers' share12.9All 191 since 26 February 2009177 of 19114 of 19127.9
High minus median, basis points5.0Last 24 auctions22 of 242 of 246.8
High minus median, basis points5.0Since 26 February 200986 of 191100 of 1914.8
High minus median, basis points5.0All 240 since 6 February 198090 of 240144 of 2404.4

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 27 March 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240327_3.pdf. Compiled by 500metrics, "7-year note auction of 27 March 2024 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2024-03-27.

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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