500metrics

All sources checked Checked

7-year note auction of 26 February 2025 (new issue)

The 7-year note sold $48.435 billion at a high yield of 4.194% on , with a bid-to-cover ratio of 2.64.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.194%

Median yield 4.148%

Bid-to-cover

2.64

▲ +0.22 since 25 Feb

Sold

$48.43 billion

$44 billion offered

Indirect bidders

66.1%

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 28 April 2022 to 26 February 2025; the latest at 4.194%.2.0%3.0%4.0%5.0%2022202320242025This auction, 4.194%High yield at the last 36 7-year note auctions36 auctions from 28 April 2022 to 26 February 2025; the latest at 4.194%.3.5%4.0%4.5%5.0%2023202420254.194%

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
4.1942.64
4.1232.42
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.642.623 of 127 of 12
High yield4.1944.2006 of 126 of 12
Indirect bidders' share66.170.310 of 122 of 12
Direct bidders' share25.217.91 of 1211 of 12
Primary dealers' share8.810.311 of 121 of 12
High minus median, basis points4.65.29 of 123 of 12

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

Who bought the 7-year note?

Indirect bidders took 66.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 25 February 2025

Indirect bidders took 66.1% of the competitive bids acceptedIndirect bidders 66.1%, Direct bidders 25.2%, Primary dealers 8.8%Indirect bidders66.1%74.9%Direct bidders25.2%14.5%Primary dealers8.8%10.6%Indirect bidders took 66.1% of the competitive bids acceptedIndirect bidders 66.1%, Direct bidders 25.2%, Primary dealers 8.8%Indirect bidders66.1%74.9%Direct bidders25.2%14.5%Primary dealers8.8%10.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.174.9
Direct bidders25.214.5
Primary dealers8.810.6

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$44,000,000,000
Bids received$120,506,946,500
Sold$48,434,776,000
Competitive bids accepted$43,915,416,500
Non-competitive bids accepted$84,584,700
Federal Reserve (SOMA) add-on$4,434,774,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.194
Median rate, %4.148
Low rate, %4.000
Interest rate (coupon), %4.125
Bids at the high rate filled, %5.81
Bid-to-cover ratio2.64
Indirect bidders accepted$29,009,458,500
Direct bidders accepted$11,049,500,000
Primary dealers accepted$3,856,458,000
Indirect bidders' share, % (ours)66.1
Direct bidders' share, % (ours)25.2
Primary dealers' share, % (ours)8.8
High minus median, basis points (ours)4.6
Treasury par yield curve, 7-year point, same day, %4.16
High yield minus that point, basis points (ours)3.4

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 auctions6 of 2416 of 242.58
Bid-to-cover ratio2.64All 203 since 26 February 200956 of 203143 of 2032.54
High yield4.194Last 24 auctions11 of 2413 of 244.184
High yield4.194Since 26 February 200911 of 203192 of 2032.144
High yield4.194All 252 since 6 February 198060 of 252192 of 2522.377
Indirect bidders' share66.1Last 24 auctions17 of 247 of 2469.7
Indirect bidders' share66.1All 203 since 26 February 200937 of 203166 of 20359.4
Direct bidders' share25.2Last 24 auctions1 of 2423 of 2417.3
Direct bidders' share25.2All 203 since 26 February 20095 of 203198 of 20315.4
Primary dealers' share8.8Last 24 auctions22 of 242 of 2412.4
Primary dealers' share8.8All 203 since 26 February 2009197 of 2036 of 20325.3
High minus median, basis points4.6Last 24 auctions21 of 243 of 245.8
High minus median, basis points4.6Since 26 February 2009111 of 20385 of 2034.8
High minus median, basis points4.6All 252 since 6 February 1980116 of 252129 of 2524.5

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 26 February 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250226_3.pdf. Compiled by 500metrics, "7-year note auction of 26 February 2025 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2025-02-26.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.