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Treasury auctions · 7-Year Note

7-year note auction of 28 April 2011 (new issue)

The 7-year note sold $30.83 billion at a high yield of 2.712% on , with a bid-to-cover ratio of 2.63.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 10 Apr 1991 to 28 Apr 2011
High yield at each 7-year note auction, 26 Feb 2009 to 28 Apr 2011
High yield at each 7-year note auction, 29 Apr 2009 to 28 Apr 2011

Bid-to-cover ratio at each 7-year note auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 7-year note auction, 10 Apr 1991 to 28 Apr 2011
Bid-to-cover ratio at each 7-year note auction, 26 Feb 2009 to 28 Apr 2011
Bid-to-cover ratio at each 7-year note auction, 29 Apr 2009 to 28 Apr 2011

Who bought the 7-year note of 28 Apr 2011

Shares of the competitive bids accepted

  • Indirect bidders 39.1%
  • Direct bidders 7.9%
  • Primary dealers 53.0%
This auction, 28 Apr 2011
  • Indirect bidders 49.4%
  • Direct bidders 8.8%
  • Primary dealers 41.8%
The 7-year note auction before, 30 Mar 2011

Each point is one 7-year note auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders39.1%
Inspect and compare dates
High yield and bid-to-cover of the last 36 7-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
2.7122.63
2.8952.79
2.8542.86
2.7442.85
2.8302.86
2.2532.63
1.9703.06
1.8903.04
1.9892.98
2.3942.78
2.5753.01
2.8152.88
3.2102.82
3.3742.61
3.0782.98
3.1272.85
3.3452.72
2.8352.76
3.1412.65
3.0052.79
3.0922.74
3.3692.63
3.3292.82
3.3002.26
2.6302.28
2.3842.52
2.7482.11
5.580–
6.440–
6.050–
6.450–
7.140–
6.410–
7.200–
8.260–
7.940–

Observed .

Right now

The high yield was 2.712% on 28 April 2011, down from 2.895% at the auction before.

The indirect bidders' share of 39.1% was the lowest for a 7-year note since 28 May 2009, with 22 auctions in between.

The primary dealers' share of 53.0% was the highest for a 7-year note since 28 May 2009, with 22 auctions in between.

Higher than 8 of the 26 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the primary dealers' share was higher than 22 of the 24.

The indirect bidders' share was higher than 2 of them.

See every measure against earlier auctions

Who bought

Primary dealers took the largest share of the competitive bids accepted.

  • Indirect bidders 39.1%
  • Direct bidders 7.9%
  • Primary dealers 53.0%

Size

Treasury sold $30.83 billion of the $29 billion offered.

Bids received came to $78.059 billion; the bid-to-cover ratio was 2.63.

Its bid-to-cover of 2.63 compares with the 24 auctions before it: lowest 2.26 on , highest 3.06 on ; 46.3% of the way from the low to the high.

2.63

Low 2.26 Midpoint 2.660 High 3.06

The security7-Year, new issue

Coupon
2.625%
Announced
Issued
Matures

It adds to the debt that matures in April 2018.

Understanding this result

Where it stands today

The high yield was 2.712% at this 7-year note auction, the median yield 2.654% and a bid-to-cover ratio of 2.63.

What do these figures measure?

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.

Read more

How does it compare with the par yield curve?

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 these figures cannot tell

  • 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 numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as7-Year, new issue
Offering amount$29,000,000,000
Bids received$78,058,793,800
Sold$30,829,673,800
Competitive bids accepted$28,989,580,000
Non-competitive bids accepted$10,428,000
Federal Reserve (SOMA) add-on$1,829,665,800
Foreign and international (FIMA) non-competitive$0
High yield, %2.712
Median rate, %2.654
Low rate, %2.566
Interest rate (coupon), %2.625
Bids at the high rate filled, %22.94
Bid-to-cover ratio2.63
Indirect bidders accepted$11,342,700,000
Direct bidders accepted$2,277,000,000
Primary dealers accepted$15,369,880,000
Indirect bidders' share, % (ours)39.1
Direct bidders' share, % (ours)7.9
Primary dealers' share, % (ours)53.0
High minus median, basis points (ours)5.8
Treasury par yield curve, 7-year point, same day, %2.69
High yield minus that point, basis points (ours)2.2
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 7-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.632.8611 of 120 of 12
High yield2.7122.6606 of 126 of 12
Indirect bidders' share39.150.612 of 120 of 12
Direct bidders' share7.98.78 of 124 of 12
Primary dealers' share53.040.50 of 1212 of 12
High minus median, basis points5.85.46 of 126 of 12

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

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 ratio2.63Last 24 auctions19 of 243 of 242.80
Bid-to-cover ratio2.63All 26 since 26 February 200919 of 265 of 262.79
High yield2.712Last 24 auctions17 of 247 of 242.874
High yield2.712Since 26 February 200918 of 268 of 262.844
High yield2.712All 75 since 6 February 198067 of 758 of 757.900
Indirect bidders' share39.1Last 24 auctions22 of 242 of 2451.0
Indirect bidders' share39.1All 26 since 26 February 200922 of 264 of 2650.6
Direct bidders' share7.9Last 24 auctions12 of 2412 of 247.4
Direct bidders' share7.9All 26 since 26 February 200912 of 2614 of 267.1
Primary dealers' share53.0Last 24 auctions2 of 2422 of 2438.4
Primary dealers' share53.0All 26 since 26 February 20094 of 2622 of 2640.5
High minus median, basis points5.8Last 24 auctions14 of 2410 of 246.4
High minus median, basis points5.8Since 26 February 200916 of 2610 of 266.6
High minus median, basis points5.8All 75 since 6 February 198020 of 7555 of 753.0

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

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 28 April 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110428_1.pdf. Compiled by 500metrics, "7-year note auction of 28 April 2011 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2011-04-28.

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