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7-year note auction of 29 August 2024 (new issue)

The 7-year note sold $47.499 billion at a high yield of 3.770% on , with a bid-to-cover ratio of 2.50.

Coupon
3.750%
Announced
Issued
Matures

High yield

3.770%

Median yield 3.710%

Bid-to-cover

2.50

▼ −0.14 since 25 Jul

Sold

$47.50 billion

$44 billion offered

Indirect bidders

75.1%

Of competitive bids accepted

The high yield was the lowest for a 7-year note since 27 April 2023

High yield at each 7-year note auction, %

The high yield was the lowest for a 7-year note since 27 April 202336 auctions from 28 October 2021 to 29 August 2024; the latest at 3.770%.1.0%2.0%3.0%4.0%5.0%2021202220232024This auction, 3.770%The high yield was the lowest for a 7-year note since 27 April 202336 auctions from 28 October 2021 to 29 August 2024; the latest at 3.770%.3.5%4.0%4.5%5.0%202320243.770%

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
3.7702.50
4.1622.64
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.502.587 of 124 of 12
High yield3.7704.30212 of 120 of 12
Indirect bidders' share75.169.31 of 1211 of 12
Direct bidders' share11.217.212 of 120 of 12
Primary dealers' share13.713.97 of 125 of 12
High minus median, basis points6.05.73 of 128 of 12

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

  • Direct bidders' share: Lowest for a 7-year note since 26 March 2020 (53 auctions in between).

Who bought the 7-year note?

Indirect bidders took 75.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 25 July 2024

Indirect bidders took 75.1% of the competitive bids acceptedIndirect bidders 75.1%, Direct bidders 11.2%, Primary dealers 13.7%Indirect bidders75.1%74.4%Direct bidders11.2%16.8%Primary dealers13.7%8.9%Indirect bidders took 75.1% of the competitive bids acceptedIndirect bidders 75.1%, Direct bidders 11.2%, Primary dealers 13.7%Indirect bidders75.1%74.4%Direct bidders11.2%16.8%Primary dealers13.7%8.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders75.174.4
Direct bidders11.216.8
Primary dealers13.78.9

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$113,503,043,700
Sold$47,498,677,700
Competitive bids accepted$43,819,369,000
Non-competitive bids accepted$80,666,300
Federal Reserve (SOMA) add-on$3,498,642,400
Foreign and international (FIMA) non-competitive$100,000,000
High yield, %3.770
Median rate, %3.710
Low rate, %3.650
Interest rate (coupon), %3.750
Bids at the high rate filled, %89.55
Bid-to-cover ratio2.50
Indirect bidders accepted$32,903,696,500
Direct bidders accepted$4,903,085,000
Primary dealers accepted$6,012,587,500
Indirect bidders' share, % (ours)75.1
Direct bidders' share, % (ours)11.2
Primary dealers' share, % (ours)13.7
High minus median, basis points (ours)6.0
Treasury par yield curve, 7-year point, same day, %3.76
High yield minus that point, basis points (ours)1.0

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 ratio2.50Last 24 auctions12 of 2411 of 242.54
Bid-to-cover ratio2.50All 196 since 26 February 2009108 of 19685 of 1962.54
High yield3.770Last 24 auctions20 of 244 of 244.074
High yield3.770Since 26 February 200920 of 196176 of 1962.116
High yield3.770All 245 since 6 February 198069 of 245176 of 2452.317
Indirect bidders' share75.1Last 24 auctions4 of 2420 of 2468.6
Indirect bidders' share75.1All 196 since 26 February 20097 of 196189 of 19659.3
Direct bidders' share11.2Last 24 auctions24 of 240 of 2417.1
Direct bidders' share11.2All 196 since 26 February 2009152 of 19644 of 19615.3
Primary dealers' share13.7Last 24 auctions13 of 2411 of 2413.9
Primary dealers' share13.7All 196 since 26 February 2009178 of 19618 of 19626.8
High minus median, basis points6.0Last 24 auctions11 of 2411 of 246.0
High minus median, basis points6.0Since 26 February 200946 of 196144 of 1964.8
High minus median, basis points6.0All 245 since 6 February 198048 of 245189 of 2454.5

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 29 August 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240829_3.pdf. Compiled by 500metrics, "7-year note auction of 29 August 2024 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2024-08-29.

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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