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7-year note auction of 27 August 2026 (new issue)

The 7-year note sold $49.657 billion at a high yield of 4.512% on , with a bid-to-cover ratio of 2.50.

Coupon
4.500%
Announced
Issued
Matures

High yield

4.512%

Median yield 4.460%

Bid-to-cover

2.50

▲ +0.01 since 28 Jul

Sold

$49.66 billion

$44 billion offered

Indirect bidders

60.8%

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 26 October 2023 to 27 August 2026; the latest at 4.512%.3.5%4.0%4.5%5.0%2023202420252026This auction, 4.512%The high yield was the highest for a 7-year note since 26 December 202436 auctions from 26 October 2023 to 27 August 2026; the latest at 4.512%.3.6%3.8%4.0%4.2%4.4%4.6%202520264.512%

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
4.5122.50
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

Against its own history

Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.502.493 of 127 of 12
High yield4.5123.9860 of 1212 of 12
Indirect bidders' share60.860.86 of 126 of 12
Direct bidders' share27.026.96 of 126 of 12
Primary dealers' share12.311.85 of 127 of 12
High minus median, basis points5.25.69 of 123 of 12

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

Who bought the 7-year note?

Indirect bidders took 60.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 7-year note auction, 28 July 2026

Indirect bidders took 60.8% of the competitive bids acceptedIndirect bidders 60.8%, Direct bidders 27.0%, Primary dealers 12.3%Indirect bidders60.8%70.1%Direct bidders27.0%16.9%Primary dealers12.3%13.0%Indirect bidders took 60.8% of the competitive bids acceptedIndirect bidders 60.8%, Direct bidders 27.0%, Primary dealers 12.3%Indirect bidders60.8%70.1%Direct bidders27.0%16.9%Primary dealers12.3%13.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders60.870.1
Direct bidders27.016.9
Primary dealers12.313.0

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$115,876,415,100
Sold$49,656,567,600
Competitive bids accepted$43,893,808,500
Non-competitive bids accepted$106,307,200
Federal Reserve (SOMA) add-on$5,656,451,900
Foreign and international (FIMA) non-competitive$0
High yield, %4.512
Median rate, %4.460
Low rate, %4.350
Interest rate (coupon), %4.500
Bids at the high rate filled, %97.63
Bid-to-cover ratio2.50
Indirect bidders accepted$26,677,491,000
Direct bidders accepted$11,833,130,000
Primary dealers accepted$5,383,187,500
Indirect bidders' share, % (ours)60.8
Direct bidders' share, % (ours)27.0
Primary dealers' share, % (ours)12.3
High minus median, basis points (ours)5.2
Treasury par yield curve, 7-year point, same day, %4.52
High yield minus that point, basis points (ours)-0.8

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 ratio2.50Last 24 auctions14 of 248 of 242.52
Bid-to-cover ratio2.50All 221 since 26 February 2009122 of 22193 of 2212.53
High yield4.512Last 24 auctions1 of 2423 of 244.149
High yield4.512Since 26 February 20095 of 221216 of 2212.221
High yield4.512All 270 since 6 February 198054 of 270216 of 2702.570
Indirect bidders' share60.8Last 24 auctions17 of 247 of 2465.1
Indirect bidders' share60.8All 221 since 26 February 2009102 of 221119 of 22159.5
Direct bidders' share27.0Last 24 auctions7 of 2417 of 2425.1
Direct bidders' share27.0All 221 since 26 February 200911 of 221210 of 22115.7
Primary dealers' share12.3Last 24 auctions7 of 2417 of 2410.5
Primary dealers' share12.3All 221 since 26 February 2009190 of 22131 of 22124.1
High minus median, basis points5.2Last 24 auctions14 of 2410 of 245.5
High minus median, basis points5.2Since 26 February 2009101 of 221119 of 2215.0
High minus median, basis points5.2All 270 since 6 February 1980105 of 270164 of 2704.6

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 27 August 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260827_3.pdf. Compiled by 500metrics, "7-year note auction of 27 August 2026 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2026-08-27.

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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