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

The 7-year note sold $49.032 billion at a high yield of 3.781% on , with a bid-to-cover ratio of 2.46.

Coupon
3.750%
Announced
Issued
Matures

High yield

3.781%

Median yield 3.715%

Bid-to-cover

2.46

▬ Unchanged since 28 Oct

Sold

$49.03 billion

$44 billion offered

Indirect bidders

56.7%

Of competitive bids accepted

The high yield was the lowest for a 7-year note since 26 September 2024

High yield at each 7-year note auction, %

The high yield was the lowest for a 7-year note since 26 September 202436 auctions from 26 January 2023 to 26 November 2025; the latest at 3.781%.3.5%4.0%4.5%5.0%202320242025This auction, 3.781%The high yield was the lowest for a 7-year note since 26 September 202436 auctions from 26 January 2023 to 26 November 2025; the latest at 3.781%.3.5%4.0%4.5%5.0%202420253.781%

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
3.7812.46
3.7902.46
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.462.549 of 122 of 12
High yield3.7814.12312 of 120 of 12
Indirect bidders' share56.766.611 of 121 of 12
Direct bidders' share30.324.42 of 1210 of 12
Primary dealers' share13.110.22 of 1210 of 12
High minus median, basis points6.65.40 of 1212 of 12

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

  • High minus median, basis points: Highest for a 7-year note since 28 December 2023 (23 auctions in between).

Who bought the 7-year note?

Indirect bidders took 56.7% of the competitive bids accepted

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

Indirect bidders took 56.7% of the competitive bids acceptedIndirect bidders 56.7%, Direct bidders 30.3%, Primary dealers 13.1%Indirect bidders56.7%59.0%Direct bidders30.3%27.8%Primary dealers13.1%13.1%Indirect bidders took 56.7% of the competitive bids acceptedIndirect bidders 56.7%, Direct bidders 30.3%, Primary dealers 13.1%Indirect bidders56.7%59.0%Direct bidders30.3%27.8%Primary dealers13.1%13.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.759.0
Direct bidders30.327.8
Primary dealers13.113.1

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$113,206,066,400
Sold$49,031,521,300
Competitive bids accepted$43,940,026,900
Non-competitive bids accepted$60,006,900
Federal Reserve (SOMA) add-on$5,031,487,500
Foreign and international (FIMA) non-competitive$0
High yield, %3.781
Median rate, %3.715
Low rate, %2.880
Interest rate (coupon), %3.750
Bids at the high rate filled, %19.48
Bid-to-cover ratio2.46
Indirect bidders accepted$24,893,367,900
Direct bidders accepted$13,302,179,000
Primary dealers accepted$5,744,480,000
Indirect bidders' share, % (ours)56.7
Direct bidders' share, % (ours)30.3
Primary dealers' share, % (ours)13.1
High minus median, basis points (ours)6.6
Treasury par yield curve, 7-year point, same day, %3.75
High yield minus that point, basis points (ours)3.1

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 ratio2.46Last 24 auctions20 of 243 of 242.58
Bid-to-cover ratio2.46All 212 since 26 February 2009143 of 21262 of 2122.54
High yield3.781Last 24 auctions22 of 242 of 244.172
High yield3.781Since 26 February 200934 of 212178 of 2122.181
High yield3.781All 261 since 6 February 198083 of 261178 of 2612.429
Indirect bidders' share56.7Last 24 auctions23 of 241 of 2469.3
Indirect bidders' share56.7All 212 since 26 February 2009128 of 21284 of 21259.5
Direct bidders' share30.3Last 24 auctions2 of 2422 of 2419.8
Direct bidders' share30.3All 212 since 26 February 20093 of 212209 of 21215.7
Primary dealers' share13.1Last 24 auctions8 of 2416 of 2411.8
Primary dealers' share13.1All 212 since 26 February 2009182 of 21230 of 21224.9
High minus median, basis points6.6Last 24 auctions1 of 2423 of 245.5
High minus median, basis points6.6Since 26 February 200937 of 212175 of 2125.0
High minus median, basis points6.6All 261 since 6 February 198039 of 261222 of 2614.6

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 November 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251126_3.pdf. Compiled by 500metrics, "7-year note auction of 26 November 2025 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2025-11-26.

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

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