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7-year note auction of 25 September 2025 (new issue)

The 7-year note sold $46.43 billion at a high yield of 3.953% on , with a bid-to-cover ratio of 2.40.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.953%

Median yield 3.895%

Bid-to-cover

2.40

▼ −0.09 since 28 Aug

Sold

$46.43 billion

$44 billion offered

Indirect bidders

56.4%

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 22 November 2022 to 25 September 2025; the latest at 3.953%.3.5%4.0%4.5%5.0%202320242025This auction, 3.953%High yield at the last 36 7-year note auctions36 auctions from 22 November 2022 to 25 September 2025; the latest at 3.953%.3.5%4.0%4.5%5.0%202420253.953%

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
3.9532.40
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.6412 of 120 of 12
High yield3.9534.18811 of 121 of 12
Indirect bidders' share56.469.312 of 120 of 12
Direct bidders' share31.623.31 of 1211 of 12
Primary dealers' share12.09.82 of 1210 of 12
High minus median, basis points5.84.81 of 1210 of 12

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

  • Bid-to-cover ratio: Lowest for a 7-year note since 29 March 2023 (30 auctions in between).
  • Indirect bidders' share: Lowest for a 7-year note since 25 February 2021 (56 auctions in between).

Who bought the 7-year note?

Indirect bidders took 56.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 28 August 2025

Indirect bidders took 56.4% of the competitive bids acceptedIndirect bidders 56.4%, Direct bidders 31.6%, Primary dealers 12.0%Indirect bidders56.4%77.4%Direct bidders31.6%12.8%Primary dealers12.0%9.8%Indirect bidders took 56.4% of the competitive bids acceptedIndirect bidders 56.4%, Direct bidders 31.6%, Primary dealers 12.0%Indirect bidders56.4%77.4%Direct bidders31.6%12.8%Primary dealers12.0%9.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.477.4
Direct bidders31.612.8
Primary dealers12.09.8

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$107,821,711,200
Sold$46,429,614,600
Competitive bids accepted$43,943,699,400
Non-competitive bids accepted$56,306,300
Federal Reserve (SOMA) add-on$2,429,608,900
Foreign and international (FIMA) non-competitive$0
High yield, %3.953
Median rate, %3.895
Low rate, %3.800
Interest rate (coupon), %3.875
Bids at the high rate filled, %64.63
Bid-to-cover ratio2.40
Indirect bidders accepted$24,791,596,000
Direct bidders accepted$13,877,103,400
Primary dealers accepted$5,275,000,000
Indirect bidders' share, % (ours)56.4
Direct bidders' share, % (ours)31.6
Primary dealers' share, % (ours)12.0
High minus median, basis points (ours)5.8
Treasury par yield curve, 7-year point, same day, %3.94
High yield minus that point, basis points (ours)1.3

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 ratio2.40Last 24 auctions24 of 240 of 242.58
Bid-to-cover ratio2.40All 210 since 26 February 2009170 of 21040 of 2102.54
High yield3.953Last 24 auctions20 of 244 of 244.190
High yield3.953Since 26 February 200925 of 210185 of 2102.166
High yield3.953All 259 since 6 February 198074 of 259185 of 2592.426
Indirect bidders' share56.4Last 24 auctions24 of 240 of 2469.6
Indirect bidders' share56.4All 210 since 26 February 2009130 of 21080 of 21059.5
Direct bidders' share31.6Last 24 auctions1 of 2423 of 2418.4
Direct bidders' share31.6All 210 since 26 February 20092 of 210208 of 21015.6
Primary dealers' share12.0Last 24 auctions10 of 2414 of 2411.3
Primary dealers' share12.0All 210 since 26 February 2009185 of 21025 of 21025.0
High minus median, basis points5.8Last 24 auctions7 of 2416 of 245.6
High minus median, basis points5.8Since 26 February 200956 of 210148 of 2104.9
High minus median, basis points5.8All 259 since 6 February 198060 of 259193 of 2594.5

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 25 September 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250925_3.pdf. Compiled by 500metrics, "7-year note auction of 25 September 2025 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2025-09-25.

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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