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7-year note auction of 24 December 2025 (new issue)

The 7-year note sold $48.689 billion at a high yield of 3.930% on , with a bid-to-cover ratio of 2.51.

Coupon
3.875%
Announced
Issued
Matures

High yield

3.930%

Median yield 3.881%

Bid-to-cover

2.51

▲ +0.05 since 26 Nov

Sold

$48.69 billion

$44 billion offered

Indirect bidders

59.0%

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 23 February 2023 to 24 December 2025; the latest at 3.930%.3.5%4.0%4.5%5.0%202320242025This auction, 3.930%High yield at the last 36 7-year note auctions36 auctions from 23 February 2023 to 24 December 2025; the latest at 3.930%.3.5%4.0%4.5%5.0%202420253.930%

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
3.9302.51
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.512.537 of 125 of 12
High yield3.9304.1089 of 123 of 12
Indirect bidders' share59.064.29 of 123 of 12
Direct bidders' share31.625.31 of 1211 of 12
Primary dealers' share9.311.19 of 123 of 12
High minus median, basis points4.95.59 of 123 of 12

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

Who bought the 7-year note?

Indirect bidders took 59.0% of the competitive bids accepted

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

Indirect bidders took 59.0% of the competitive bids acceptedIndirect bidders 59.0%, Direct bidders 31.6%, Primary dealers 9.3%Indirect bidders59.0%56.7%Direct bidders31.6%30.3%Primary dealers9.3%13.1%Indirect bidders took 59.0% of the competitive bids acceptedIndirect bidders 59.0%, Direct bidders 31.6%, Primary dealers 9.3%Indirect bidders59.0%56.7%Direct bidders31.6%30.3%Primary dealers9.3%13.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders59.056.7
Direct bidders31.630.3
Primary dealers9.313.1

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$115,101,759,100
Sold$48,689,313,800
Competitive bids accepted$43,910,962,700
Non-competitive bids accepted$89,049,700
Federal Reserve (SOMA) add-on$4,689,301,400
Foreign and international (FIMA) non-competitive$0
High yield, %3.930
Median rate, %3.881
Low rate, %3.780
Interest rate (coupon), %3.875
Bids at the high rate filled, %30.73
Bid-to-cover ratio2.51
Indirect bidders accepted$25,925,060,200
Direct bidders accepted$13,886,300,000
Primary dealers accepted$4,099,602,500
Indirect bidders' share, % (ours)59.0
Direct bidders' share, % (ours)31.6
Primary dealers' share, % (ours)9.3
High minus median, basis points (ours)4.9
Treasury par yield curve, 7-year point, same day, %3.91
High yield minus that point, basis points (ours)2.0

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 ratio2.51Last 24 auctions16 of 248 of 242.58
Bid-to-cover ratio2.51All 213 since 26 February 2009114 of 21394 of 2132.54
High yield3.930Last 24 auctions19 of 245 of 244.172
High yield3.930Since 26 February 200926 of 213187 of 2132.190
High yield3.930All 262 since 6 February 198075 of 262187 of 2622.430
Indirect bidders' share59.0Last 24 auctions21 of 243 of 2469.3
Indirect bidders' share59.0All 213 since 26 February 2009113 of 213100 of 21359.4
Direct bidders' share31.6Last 24 auctions1 of 2423 of 2420.4
Direct bidders' share31.6All 213 since 26 February 20092 of 213211 of 21315.7
Primary dealers' share9.3Last 24 auctions17 of 247 of 2411.8
Primary dealers' share9.3All 213 since 26 February 2009201 of 21312 of 21324.8
High minus median, basis points4.9Last 24 auctions18 of 246 of 245.5
High minus median, basis points4.9Since 26 February 2009107 of 213104 of 2135.0
High minus median, basis points4.9All 262 since 6 February 1980112 of 262148 of 2624.6

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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 24 December 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251224_4.pdf. Compiled by 500metrics, "7-year note auction of 24 December 2025 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2025-12-24.

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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