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

The 7-year note sold $46.997 billion at a high yield of 4.092% on , with a bid-to-cover ratio of 2.79.

Coupon
4.000%
Announced
Issued
Matures

High yield

4.092%

Median yield 4.057%

Bid-to-cover

2.79

▲ +0.26 since 26 Jun

Sold

$47.00 billion

$44 billion offered

Indirect bidders

62.3%

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 September 2022 to 29 July 2025; the latest at 4.092%.3.5%4.0%4.5%5.0%2022202320242025This auction, 4.092%High yield at the last 36 7-year note auctions36 auctions from 28 September 2022 to 29 July 2025; the latest at 4.092%.3.5%4.0%4.5%5.0%202420254.092%

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
4.0922.79
4.0222.53
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.792.640 of 1212 of 12
High yield4.0924.1889 of 123 of 12
Indirect bidders' share62.371.210 of 122 of 12
Direct bidders' share33.721.80 of 1212 of 12
Primary dealers' share4.19.912 of 120 of 12
High minus median, basis points3.55.212 of 120 of 12

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

  • Bid-to-cover ratio: Highest for a 7-year note since 25 April 2017 (107 auctions in between).
  • Direct bidders' share: Highest of all 208 earlier 7-year note auctions we hold.
  • Primary dealers' share: Lowest of all 208 earlier 7-year note auctions we hold.
  • High minus median, basis points: Lowest for a 7-year note since 27 June 2019 (74 auctions in between).

Who bought the 7-year note?

Indirect bidders took 62.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 26 June 2025

Indirect bidders took 62.3% of the competitive bids acceptedIndirect bidders 62.3%, Direct bidders 33.7%, Primary dealers 4.1%Indirect bidders62.3%76.7%Direct bidders33.7%11.6%Primary dealers4.1%11.6%Indirect bidders took 62.3% of the competitive bids acceptedIndirect bidders 62.3%, Direct bidders 33.7%, Primary dealers 4.1%Indirect bidders62.3%76.7%Direct bidders33.7%11.6%Primary dealers4.1%11.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.376.7
Direct bidders33.711.6
Primary dealers4.111.6

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$125,624,252,400
Sold$46,996,686,100
Competitive bids accepted$43,916,977,700
Non-competitive bids accepted$83,485,300
Federal Reserve (SOMA) add-on$2,996,223,100
Foreign and international (FIMA) non-competitive$0
High yield, %4.092
Median rate, %4.057
Low rate, %3.880
Interest rate (coupon), %4.000
Bids at the high rate filled, %75.53
Bid-to-cover ratio2.79
Indirect bidders accepted$27,343,247,200
Direct bidders accepted$14,789,730,500
Primary dealers accepted$1,784,000,000
Indirect bidders' share, % (ours)62.3
Direct bidders' share, % (ours)33.7
Primary dealers' share, % (ours)4.1
High minus median, basis points (ours)3.5
Treasury par yield curve, 7-year point, same day, %4.10
High yield minus that point, basis points (ours)-0.8

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 ratio2.79Last 24 auctions0 of 2424 of 242.58
Bid-to-cover ratio2.79All 208 since 26 February 200921 of 208185 of 2082.54
High yield4.092Last 24 auctions20 of 244 of 244.203
High yield4.092Since 26 February 200920 of 208188 of 2082.157
High yield4.092All 257 since 6 February 198069 of 257188 of 2572.394
Indirect bidders' share62.3Last 24 auctions22 of 242 of 2469.6
Indirect bidders' share62.3All 208 since 26 February 200983 of 208125 of 20859.5
Direct bidders' share33.7Last 24 auctions0 of 2424 of 2418.4
Direct bidders' share33.7All 208 since 26 February 20090 of 208208 of 20815.6
Primary dealers' share4.1Last 24 auctions24 of 240 of 2411.8
Primary dealers' share4.1All 208 since 26 February 2009208 of 2080 of 20825.2
High minus median, basis points3.5Last 24 auctions24 of 240 of 245.6
High minus median, basis points3.5Since 26 February 2009180 of 20824 of 2084.9
High minus median, basis points3.5All 257 since 6 February 1980189 of 25764 of 2574.5

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 July 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250729_3.pdf. Compiled by 500metrics, "7-year note auction of 29 July 2025 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2025-07-29.

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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