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7-year note auction of 26 March 2026 (new issue)

The 7-year note sold $48.546 billion at a high yield of 4.255% on , with a bid-to-cover ratio of 2.43.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.255%

Median yield 4.190%

Bid-to-cover

2.43

▼ −0.07 since 26 Feb

Sold

$48.55 billion

$44 billion offered

Indirect bidders

62.6%

Of competitive bids accepted

The high yield was the highest for a 7-year note since 28 January 2025

High yield at each 7-year note auction, %

The high yield was the highest for a 7-year note since 28 January 202536 auctions from 25 May 2023 to 26 March 2026; the latest at 4.255%.3.5%4.0%4.5%5.0%2023202420252026This auction, 4.255%The high yield was the highest for a 7-year note since 28 January 202536 auctions from 25 May 2023 to 26 March 2026; the latest at 4.255%.3.5%3.8%4.0%4.3%4.5%4.8%2024202520264.255%

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
4.2552.43
3.7902.50
4.0182.45
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.432.5011 of 121 of 12
High yield4.2553.9860 of 1212 of 12
Indirect bidders' share62.661.75 of 127 of 12
Direct bidders' share25.026.18 of 124 of 12
Primary dealers' share12.411.34 of 128 of 12
High minus median, basis points6.55.61 of 1211 of 12

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

Who bought the 7-year note?

Indirect bidders took 62.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 26 February 2026

Indirect bidders took 62.6% of the competitive bids acceptedIndirect bidders 62.6%, Direct bidders 25.0%, Primary dealers 12.4%Indirect bidders62.6%63.6%Direct bidders25.0%26.0%Primary dealers12.4%10.4%Indirect bidders took 62.6% of the competitive bids acceptedIndirect bidders 62.6%, Direct bidders 25.0%, Primary dealers 12.4%Indirect bidders62.6%63.6%Direct bidders25.0%26.0%Primary dealers12.4%10.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.663.6
Direct bidders25.026.0
Primary dealers12.410.4

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$111,552,760,200
Sold$48,546,497,200
Competitive bids accepted$43,892,441,000
Non-competitive bids accepted$107,559,000
Federal Reserve (SOMA) add-on$4,546,497,200
Foreign and international (FIMA) non-competitive$0
High yield, %4.255
Median rate, %4.190
Low rate, %2.880
Interest rate (coupon), %4.250
Bids at the high rate filled, %24.47
Bid-to-cover ratio2.43
Indirect bidders accepted$27,458,889,000
Direct bidders accepted$10,988,400,000
Primary dealers accepted$5,445,152,000
Indirect bidders' share, % (ours)62.6
Direct bidders' share, % (ours)25.0
Primary dealers' share, % (ours)12.4
High minus median, basis points (ours)6.5
Treasury par yield curve, 7-year point, same day, %4.25
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 ratio2.43Last 24 auctions21 of 242 of 242.53
Bid-to-cover ratio2.43All 216 since 26 February 2009165 of 21648 of 2162.54
High yield4.255Last 24 auctions5 of 2419 of 244.123
High yield4.255Since 26 February 20099 of 216207 of 2162.206
High yield4.255All 265 since 6 February 198058 of 265207 of 2652.499
Indirect bidders' share62.6Last 24 auctions17 of 247 of 2466.9
Indirect bidders' share62.6All 216 since 26 February 200981 of 216135 of 21659.5
Direct bidders' share25.0Last 24 auctions10 of 2414 of 2422.6
Direct bidders' share25.0All 216 since 26 February 200914 of 216202 of 21615.7
Primary dealers' share12.4Last 24 auctions7 of 2417 of 2410.5
Primary dealers' share12.4All 216 since 26 February 2009186 of 21630 of 21624.8
High minus median, basis points6.5Last 24 auctions1 of 2423 of 245.5
High minus median, basis points6.5Since 26 February 200938 of 216174 of 2165.0
High minus median, basis points6.5All 265 since 6 February 198040 of 265221 of 2654.6

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 March 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260326_3.pdf. Compiled by 500metrics, "7-year note auction of 26 March 2026 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2026-03-26.

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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