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7-year note auction of 29 May 2025 (new issue)

The 7-year note sold $50.024 billion at a high yield of 4.194% on , with a bid-to-cover ratio of 2.69.

Coupon
4.125%
Announced
Issued
Matures

High yield

4.194%

Median yield 4.144%

Bid-to-cover

2.69

▲ +0.14 since 24 Apr

Sold

$50.02 billion

$44 billion offered

Indirect bidders

71.5%

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 July 2022 to 29 May 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 July 2022 to 29 May 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
4.1942.69
4.1232.55
4.2332.53
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.692.643 of 129 of 12
High yield4.1944.1885 of 126 of 12
Indirect bidders' share71.570.25 of 127 of 12
Direct bidders' share23.620.44 of 128 of 12
Primary dealers' share4.89.912 of 120 of 12
High minus median, basis points5.05.27 of 125 of 12

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

  • Primary dealers' share: Lowest of all 206 earlier 7-year note auctions we hold.

Who bought the 7-year note?

Indirect bidders took 71.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 24 April 2025

Indirect bidders took 71.5% of the competitive bids acceptedIndirect bidders 71.5%, Direct bidders 23.6%, Primary dealers 4.8%Indirect bidders71.5%59.3%Direct bidders23.6%25.4%Primary dealers4.8%15.3%Indirect bidders took 71.5% of the competitive bids acceptedIndirect bidders 71.5%, Direct bidders 23.6%, Primary dealers 4.8%Indirect bidders71.5%59.3%Direct bidders23.6%25.4%Primary dealers4.8%15.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders71.559.3
Direct bidders23.625.4
Primary dealers4.815.3

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$124,595,011,500
Sold$50,023,709,000
Competitive bids accepted$43,834,565,500
Non-competitive bids accepted$82,476,800
Federal Reserve (SOMA) add-on$6,023,666,700
Foreign and international (FIMA) non-competitive$83,000,000
High yield, %4.194
Median rate, %4.144
Low rate, %4.000
Interest rate (coupon), %4.125
Bids at the high rate filled, %55.87
Bid-to-cover ratio2.69
Indirect bidders accepted$31,350,156,700
Direct bidders accepted$10,360,571,300
Primary dealers accepted$2,123,837,500
Indirect bidders' share, % (ours)71.5
Direct bidders' share, % (ours)23.6
Primary dealers' share, % (ours)4.8
High minus median, basis points (ours)5.0
Treasury par yield curve, 7-year point, same day, %4.20
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 ratio2.69Last 24 auctions4 of 2420 of 242.58
Bid-to-cover ratio2.69All 206 since 26 February 200942 of 206162 of 2062.54
High yield4.194Last 24 auctions12 of 2411 of 244.203
High yield4.194Since 26 February 200912 of 206193 of 2062.152
High yield4.194All 255 since 6 February 198061 of 255193 of 2552.385
Indirect bidders' share71.5Last 24 auctions7 of 2417 of 2469.6
Indirect bidders' share71.5All 206 since 26 February 200915 of 206191 of 20659.4
Direct bidders' share23.6Last 24 auctions4 of 2420 of 2417.9
Direct bidders' share23.6All 206 since 26 February 200915 of 206191 of 20615.6
Primary dealers' share4.8Last 24 auctions24 of 240 of 2412.3
Primary dealers' share4.8All 206 since 26 February 2009206 of 2060 of 20625.3
High minus median, basis points5.0Last 24 auctions18 of 245 of 245.7
High minus median, basis points5.0Since 26 February 200995 of 206105 of 2064.8
High minus median, basis points5.0All 255 since 6 February 198099 of 255149 of 2554.5

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 May 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250529_3.pdf. Compiled by 500metrics, "7-year note auction of 29 May 2025 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2025-05-29.

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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