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7-year note auction of 28 July 2026 (new issue)

The 7-year note sold $48.865 billion at a high yield of 4.473% on , with a bid-to-cover ratio of 2.49.

Coupon
4.375%
Announced
Issued
Matures

High yield

4.473%

Median yield 4.405%

Bid-to-cover

2.49

▼ −0.01 since 25 Jun

Sold

$48.86 billion

$44 billion offered

Indirect bidders

70.1%

Of competitive bids accepted

The high yield was the highest for a 7-year note since 26 December 2024

High yield at each 7-year note auction, %

The high yield was the highest for a 7-year note since 26 December 202436 auctions from 28 September 2023 to 28 July 2026; the latest at 4.473%.3.5%4.0%4.5%5.0%2023202420252026This auction, 4.473%The high yield was the highest for a 7-year note since 26 December 202436 auctions from 28 September 2023 to 28 July 2026; the latest at 4.473%.3.5%3.8%4.0%4.3%4.5%4.8%202520264.473%

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
4.4732.49
4.2602.50
4.2902.52
4.1752.51
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.492.506 of 125 of 12
High yield4.4733.9860 of 1212 of 12
Indirect bidders' share70.160.72 of 1210 of 12
Direct bidders' share16.928.810 of 122 of 12
Primary dealers' share13.011.32 of 1210 of 12
High minus median, basis points6.85.50 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 (31 auctions in between).

Who bought the 7-year note?

Indirect bidders took 70.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 25 June 2026

Indirect bidders took 70.1% of the competitive bids acceptedIndirect bidders 70.1%, Direct bidders 16.9%, Primary dealers 13.0%Indirect bidders70.1%57.6%Direct bidders16.9%29.7%Primary dealers13.0%12.8%Indirect bidders took 70.1% of the competitive bids acceptedIndirect bidders 70.1%, Direct bidders 16.9%, Primary dealers 13.0%Indirect bidders70.1%57.6%Direct bidders16.9%29.7%Primary dealers13.0%12.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.157.6
Direct bidders16.929.7
Primary dealers13.012.8

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$114,269,981,000
Sold$48,864,691,000
Competitive bids accepted$43,909,474,000
Non-competitive bids accepted$90,527,200
Federal Reserve (SOMA) add-on$4,864,689,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.473
Median rate, %4.405
Low rate, %4.300
Interest rate (coupon), %4.375
Bids at the high rate filled, %95.17
Bid-to-cover ratio2.49
Indirect bidders accepted$30,801,964,000
Direct bidders accepted$7,413,000,000
Primary dealers accepted$5,694,510,000
Indirect bidders' share, % (ours)70.1
Direct bidders' share, % (ours)16.9
Primary dealers' share, % (ours)13.0
High minus median, basis points (ours)6.8
Treasury par yield curve, 7-year point, same day, %4.47
High yield minus that point, basis points (ours)0.3

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 ratio2.49Last 24 auctions17 of 246 of 242.52
Bid-to-cover ratio2.49All 220 since 26 February 2009128 of 22081 of 2202.53
High yield4.473Last 24 auctions1 of 2423 of 244.123
High yield4.473Since 26 February 20095 of 220215 of 2202.218
High yield4.473All 269 since 6 February 198054 of 269215 of 2692.565
Indirect bidders' share70.1Last 24 auctions9 of 2415 of 2465.1
Indirect bidders' share70.1All 220 since 26 February 200924 of 220196 of 22059.5
Direct bidders' share16.9Last 24 auctions18 of 246 of 2425.1
Direct bidders' share16.9All 220 since 26 February 200987 of 220133 of 22015.7
Primary dealers' share13.0Last 24 auctions4 of 2420 of 2410.5
Primary dealers' share13.0All 220 since 26 February 2009183 of 22037 of 22024.4
High minus median, basis points6.8Last 24 auctions0 of 2424 of 245.5
High minus median, basis points6.8Since 26 February 200933 of 220185 of 2205.0
High minus median, basis points6.8All 269 since 6 February 198035 of 269232 of 2694.6

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 28 July 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260728_2.pdf. Compiled by 500metrics, "7-year note auction of 28 July 2026 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2026-07-28.

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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