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

The 7-year note sold $49.31 billion at a high yield of 3.925% on , with a bid-to-cover ratio of 2.49.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.925%

Median yield 3.870%

Bid-to-cover

2.49

▼ −0.30 since 29 Jul

Sold

$49.31 billion

$44 billion offered

Indirect bidders

77.4%

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 27 October 2022 to 28 August 2025; the latest at 3.925%.3.5%4.0%4.5%5.0%2022202320242025This auction, 3.925%High yield at the last 36 7-year note auctions36 auctions from 27 October 2022 to 28 August 2025; the latest at 3.925%.3.5%4.0%4.5%5.0%202420253.925%

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
3.9252.49
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.492.6411 of 121 of 12
High yield3.9254.18811 of 121 of 12
Indirect bidders' share77.468.91 of 1211 of 12
Direct bidders' share12.823.310 of 122 of 12
Primary dealers' share9.89.66 of 126 of 12
High minus median, basis points5.54.84 of 128 of 12

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

Who bought the 7-year note?

Indirect bidders took 77.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 29 July 2025

Indirect bidders took 77.4% of the competitive bids acceptedIndirect bidders 77.4%, Direct bidders 12.8%, Primary dealers 9.8%Indirect bidders77.4%62.3%Direct bidders12.8%33.7%Primary dealers9.8%4.1%Indirect bidders took 77.4% of the competitive bids acceptedIndirect bidders 77.4%, Direct bidders 12.8%, Primary dealers 9.8%Indirect bidders77.4%62.3%Direct bidders12.8%33.7%Primary dealers9.8%4.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders77.462.3
Direct bidders12.833.7
Primary dealers9.84.1

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$114,814,922,900
Sold$49,310,372,900
Competitive bids accepted$43,904,285,000
Non-competitive bids accepted$95,734,600
Federal Reserve (SOMA) add-on$5,310,353,300
Foreign and international (FIMA) non-competitive$0
High yield, %3.925
Median rate, %3.870
Low rate, %2.880
Interest rate (coupon), %3.875
Bids at the high rate filled, %19.00
Bid-to-cover ratio2.49
Indirect bidders accepted$34,002,535,000
Direct bidders accepted$5,604,550,000
Primary dealers accepted$4,297,200,000
Indirect bidders' share, % (ours)77.4
Direct bidders' share, % (ours)12.8
Primary dealers' share, % (ours)9.8
High minus median, basis points (ours)5.5
Treasury par yield curve, 7-year point, same day, %3.92
High yield minus that point, basis points (ours)0.5

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 ratio2.49Last 24 auctions19 of 245 of 242.58
Bid-to-cover ratio2.49All 209 since 26 February 2009123 of 20976 of 2092.54
High yield3.925Last 24 auctions21 of 243 of 244.194
High yield3.925Since 26 February 200925 of 209184 of 2092.161
High yield3.925All 258 since 6 February 198074 of 258184 of 2582.410
Indirect bidders' share77.4Last 24 auctions1 of 2423 of 2469.3
Indirect bidders' share77.4All 209 since 26 February 20094 of 209205 of 20959.5
Direct bidders' share12.8Last 24 auctions21 of 243 of 2418.9
Direct bidders' share12.8All 209 since 26 February 2009140 of 20969 of 20915.6
Primary dealers' share9.8Last 24 auctions17 of 247 of 2411.8
Primary dealers' share9.8All 209 since 26 February 2009196 of 20913 of 20925.2
High minus median, basis points5.5Last 24 auctions13 of 2410 of 245.6
High minus median, basis points5.5Since 26 February 200974 of 209129 of 2094.9
High minus median, basis points5.5All 258 since 6 February 198078 of 258174 of 2584.5

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 28 August 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250828_3.pdf. Compiled by 500metrics, "7-year note auction of 28 August 2025 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2025-08-28.

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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