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

The 7-year note sold $45.532 billion at a high yield of 4.276% on , with a bid-to-cover ratio of 2.58.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.276%

Median yield 4.219%

Bid-to-cover

2.58

▲ +0.15 since 29 May

Sold

$45.53 billion

$44 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 26 August 2021 to 27 June 2024; the latest at 4.276%.1.0%2.0%3.0%4.0%5.0%2021202220232024This auction, 4.276%High yield at the last 36 7-year note auctions36 auctions from 26 August 2021 to 27 June 2024; the latest at 4.276%.2.0%3.0%4.0%5.0%2022202320244.276%

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
4.2762.58
4.6502.43
4.7162.48
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.582.544 of 127 of 12
High yield4.2764.2706 of 126 of 12
Indirect bidders' share69.769.35 of 127 of 12
Direct bidders' share18.516.83 of 129 of 12
Primary dealers' share11.914.19 of 123 of 12
High minus median, basis points5.76.07 of 123 of 12

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

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, 29 May 2024

Indirect bidders took 69.7% of the competitive bids acceptedIndirect bidders 69.7%, Direct bidders 18.5%, Primary dealers 11.9%Indirect bidders69.7%66.9%Direct bidders18.5%16.1%Primary dealers11.9%17.0%Indirect bidders took 69.7% of the competitive bids acceptedIndirect bidders 69.7%, Direct bidders 18.5%, Primary dealers 11.9%Indirect bidders69.7%66.9%Direct bidders18.5%16.1%Primary dealers11.9%17.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.766.9
Direct bidders18.516.1
Primary dealers11.917.0

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$44,000,000,000
Bids received$115,108,672,600
Sold$45,532,190,200
Competitive bids accepted$43,926,227,600
Non-competitive bids accepted$73,807,400
Federal Reserve (SOMA) add-on$1,532,155,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.276
Median rate, %4.219
Low rate, %4.100
Interest rate (coupon), %4.250
Bids at the high rate filled, %87.68
Bid-to-cover ratio2.58
Indirect bidders accepted$30,595,710,000
Direct bidders accepted$8,115,517,600
Primary dealers accepted$5,215,000,000
Indirect bidders' share, % (ours)69.7
Direct bidders' share, % (ours)18.5
Primary dealers' share, % (ours)11.9
High minus median, basis points (ours)5.7
Treasury par yield curve, 7-year point, same day, %4.27
High yield minus that point, basis points (ours)0.6

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 ratio2.58Last 24 auctions8 of 2415 of 242.50
Bid-to-cover ratio2.58All 194 since 26 February 200976 of 194116 of 1942.54
High yield4.276Last 24 auctions6 of 2418 of 243.974
High yield4.276Since 26 February 20096 of 194188 of 1942.106
High yield4.276All 243 since 6 February 198055 of 243188 of 2432.284
Indirect bidders' share69.7Last 24 auctions9 of 2415 of 2467.5
Indirect bidders' share69.7All 194 since 26 February 200916 of 194178 of 19459.1
Direct bidders' share18.5Last 24 auctions9 of 2415 of 2417.3
Direct bidders' share18.5All 194 since 26 February 200949 of 194145 of 19415.2
Primary dealers' share11.9Last 24 auctions17 of 247 of 2414.0
Primary dealers' share11.9All 194 since 26 February 2009182 of 19412 of 19427.2
High minus median, basis points5.7Last 24 auctions17 of 245 of 246.4
High minus median, basis points5.7Since 26 February 200958 of 194131 of 1944.8
High minus median, basis points5.7All 243 since 6 February 198062 of 243176 of 2434.5

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 June 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240627_3.pdf. Compiled by 500metrics, "7-year note auction of 27 June 2024 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2024-06-27.

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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