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

The 7-year note sold $46.993 billion at a high yield of 4.183% on , with a bid-to-cover ratio of 2.71.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.183%

Median yield 4.138%

Bid-to-cover

2.71

▼ −0.03 since 29 Oct

Sold

$46.99 billion

$44 billion offered

Indirect bidders

64.1%

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 25 January 2022 to 27 November 2024; the latest at 4.183%.1.0%2.0%3.0%4.0%5.0%202220232024This auction, 4.183%High yield at the last 36 7-year note auctions36 auctions from 25 January 2022 to 27 November 2024; the latest at 4.183%.3.5%4.0%4.5%5.0%202320244.183%

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
4.1832.71
4.2152.74
3.6682.63
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.712.581 of 1211 of 12
High yield4.1834.2007 of 125 of 12
Indirect bidders' share64.169.610 of 122 of 12
Direct bidders' share25.917.20 of 1212 of 12
Primary dealers' share10.013.89 of 123 of 12
High minus median, basis points4.55.711 of 120 of 12

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

  • Direct bidders' share: Highest for a 7-year note since 29 March 2022 (31 auctions in between).

Who bought the 7-year note?

Indirect bidders took 64.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 29 October 2024

Indirect bidders took 64.1% of the competitive bids acceptedIndirect bidders 64.1%, Direct bidders 25.9%, Primary dealers 10.0%Indirect bidders64.1%72.0%Direct bidders25.9%20.6%Primary dealers10.0%7.5%Indirect bidders took 64.1% of the competitive bids acceptedIndirect bidders 64.1%, Direct bidders 25.9%, Primary dealers 10.0%Indirect bidders64.1%72.0%Direct bidders25.9%20.6%Primary dealers10.0%7.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.172.0
Direct bidders25.920.6
Primary dealers10.07.5

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$122,176,981,400
Sold$46,992,807,400
Competitive bids accepted$43,900,455,000
Non-competitive bids accepted$99,553,200
Federal Reserve (SOMA) add-on$2,992,799,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.183
Median rate, %4.138
Low rate, %3.880
Interest rate (coupon), %4.125
Bids at the high rate filled, %70.78
Bid-to-cover ratio2.71
Indirect bidders accepted$28,130,460,000
Direct bidders accepted$11,386,300,000
Primary dealers accepted$4,383,695,000
Indirect bidders' share, % (ours)64.1
Direct bidders' share, % (ours)25.9
Primary dealers' share, % (ours)10.0
High minus median, basis points (ours)4.5
Treasury par yield curve, 7-year point, same day, %4.17
High yield minus that point, basis points (ours)1.3

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 ratio2.71Last 24 auctions1 of 2423 of 242.54
Bid-to-cover ratio2.71All 199 since 26 February 200936 of 199162 of 1992.54
High yield4.183Last 24 auctions10 of 2414 of 244.098
High yield4.183Since 26 February 200910 of 199189 of 1992.126
High yield4.183All 248 since 6 February 198059 of 248189 of 2482.345
Indirect bidders' share64.1Last 24 auctions20 of 244 of 2469.6
Indirect bidders' share64.1All 199 since 26 February 200955 of 199144 of 19959.3
Direct bidders' share25.9Last 24 auctions0 of 2424 of 2417.1
Direct bidders' share25.9All 199 since 26 February 20094 of 199195 of 19915.4
Primary dealers' share10.0Last 24 auctions18 of 246 of 2413.8
Primary dealers' share10.0All 199 since 26 February 2009190 of 1999 of 19926.4
High minus median, basis points4.5Last 24 auctions23 of 240 of 246.0
High minus median, basis points4.5Since 26 February 2009116 of 19976 of 1994.9
High minus median, basis points4.5All 248 since 6 February 1980121 of 248120 of 2484.5

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 November 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241127_3.pdf. Compiled by 500metrics, "7-year note auction of 27 November 2024 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2024-11-27.

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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