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7-year note auction of 28 January 2025 (new issue)

The 7-year note sold $46.443 billion at a high yield of 4.457% on , with a bid-to-cover ratio of 2.64.

Coupon
4.375%
Announced
Issued
Matures

High yield

4.457%

Median yield 4.410%

Bid-to-cover

2.64

▼ −0.12 since 26 Dec

Sold

$46.44 billion

$44 billion offered

Indirect bidders

67.1%

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 24 February 2022 to 28 January 2025; the latest at 4.457%.1.0%2.0%3.0%4.0%5.0%2022202320242025This auction, 4.457%High yield at the last 36 7-year note auctions36 auctions from 24 February 2022 to 28 January 2025; the latest at 4.457%.3.5%4.0%4.5%5.0%2023202420254.457%

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
4.4572.64
4.5322.76
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.642.603 of 128 of 12
High yield4.4574.2003 of 129 of 12
Indirect bidders' share67.169.79 of 123 of 12
Direct bidders' share23.117.21 of 1211 of 12
Primary dealers' share9.912.48 of 124 of 12
High minus median, basis points4.75.69 of 123 of 12

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

Who bought the 7-year note?

Indirect bidders took 67.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 26 December 2024

Indirect bidders took 67.1% of the competitive bids acceptedIndirect bidders 67.1%, Direct bidders 23.1%, Primary dealers 9.9%Indirect bidders67.1%87.9%Direct bidders23.1%2.9%Primary dealers9.9%9.3%Indirect bidders took 67.1% of the competitive bids acceptedIndirect bidders 67.1%, Direct bidders 23.1%, Primary dealers 9.9%Indirect bidders67.1%87.9%Direct bidders23.1%2.9%Primary dealers9.9%9.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders67.187.9
Direct bidders23.12.9
Primary dealers9.99.3

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$44,000,000,000
Bids received$118,423,806,900
Sold$46,443,305,300
Competitive bids accepted$43,817,575,200
Non-competitive bids accepted$182,440,200
Federal Reserve (SOMA) add-on$2,443,289,900
Foreign and international (FIMA) non-competitive$0
High yield, %4.457
Median rate, %4.410
Low rate, %4.270
Interest rate (coupon), %4.375
Bids at the high rate filled, %49.84
Bid-to-cover ratio2.64
Indirect bidders accepted$29,392,776,800
Direct bidders accepted$10,105,700,000
Primary dealers accepted$4,319,098,400
Indirect bidders' share, % (ours)67.1
Direct bidders' share, % (ours)23.1
Primary dealers' share, % (ours)9.9
High minus median, basis points (ours)4.7
Treasury par yield curve, 7-year point, same day, %4.43
High yield minus that point, basis points (ours)2.7

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 ratio2.64Last 24 auctions7 of 2416 of 242.58
Bid-to-cover ratio2.64All 201 since 26 February 200956 of 201142 of 2012.54
High yield4.457Last 24 auctions5 of 2419 of 244.172
High yield4.457Since 26 February 20095 of 201196 of 2012.130
High yield4.457All 250 since 6 February 198054 of 250196 of 2502.362
Indirect bidders' share67.1Last 24 auctions15 of 249 of 2469.7
Indirect bidders' share67.1All 201 since 26 February 200933 of 201168 of 20159.4
Direct bidders' share23.1Last 24 auctions1 of 2423 of 2417.3
Direct bidders' share23.1All 201 since 26 February 200915 of 201186 of 20115.4
Primary dealers' share9.9Last 24 auctions17 of 247 of 2413.3
Primary dealers' share9.9All 201 since 26 February 2009191 of 20110 of 20126.0
High minus median, basis points4.7Last 24 auctions21 of 243 of 246.0
High minus median, basis points4.7Since 26 February 2009105 of 20192 of 2014.8
High minus median, basis points4.7All 250 since 6 February 1980110 of 250136 of 2504.5

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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 28 January 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250128_3.pdf. Compiled by 500metrics, "7-year note auction of 28 January 2025 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2025-01-28.

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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