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Treasury auctions · 7-Year Note

7-year note auction of 29 June 2011 (new issue)

The 7-year note sold $29.934 billion at a high yield of 2.430% on , with a bid-to-cover ratio of 2.62.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 9 Oct 1991 to 29 Jun 2011
High yield at each 7-year note auction, 26 Feb 2009 to 29 Jun 2011
High yield at each 7-year note auction, 30 Jul 2009 to 29 Jun 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, 9 Oct 1991 to 29 Jun 2011
Bid-to-cover ratio at each 7-year note auction, 26 Feb 2009 to 29 Jun 2011
Bid-to-cover ratio at each 7-year note auction, 30 Jul 2009 to 29 Jun 2011

Who bought the 7-year note of 29 Jun 2011

Shares of the competitive bids accepted

  • Indirect bidders 32.2%
  • Direct bidders 11.8%
  • Primary dealers 56.1%
This auction, 29 Jun 2011
  • Indirect bidders 47.6%
  • Direct bidders 13.0%
  • Primary dealers 39.4%
The 7-year note auction before, 26 May 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 bidders32.2%
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
2.4302.62
2.4293.24
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–

Observed .

Right now

The high yield was 2.430% on 29 June 2011, up from 2.429% at the auction before.

The bid-to-cover ratio of 2.62 was the lowest for a 7-year note since 25 March 2010, with 14 auctions in between.

The indirect bidders' share of 32.2% was the lowest for a 7-year note since 26 March 2009, with 26 auctions in between.

Higher than 7 of the 28 since 26 February 2009

Its own history

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

The indirect bidders' share was lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 32.2%
  • Direct bidders 11.8%
  • Primary dealers 56.1%

Size

Treasury sold $29.934 billion of the $29 billion offered.

Bids received came to $76.878 billion; the bid-to-cover ratio was 2.62.

Its bid-to-cover of 2.62 compares with the 24 auctions before it: lowest 2.61 on , highest 3.24 on ; 1.6% of the way from the low to the high.

2.62

Low 2.61 Midpoint 2.925 High 3.24

The security7-Year, new issue

Coupon
2.375%
Announced
Issued
Matures

It adds to the debt that matures in June 2018.

Understanding this result

Where it stands today

The high yield was 2.430% at this 7-year note auction, the median yield 2.360% and a bid-to-cover ratio of 2.62.

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$76,878,149,700
Sold$29,933,710,700
Competitive bids accepted$28,983,461,000
Non-competitive bids accepted$16,610,300
Federal Reserve (SOMA) add-on$933,639,400
Foreign and international (FIMA) non-competitive$0
High yield, %2.430
Median rate, %2.360
Low rate, %2.285
Interest rate (coupon), %2.375
Bids at the high rate filled, %23.98
Bid-to-cover ratio2.62
Indirect bidders accepted$9,324,900,000
Direct bidders accepted$3,407,000,000
Primary dealers accepted$16,251,561,000
Indirect bidders' share, % (ours)32.2
Direct bidders' share, % (ours)11.8
Primary dealers' share, % (ours)56.1
High minus median, basis points (ours)7.0
Treasury par yield curve, 7-year point, same day, %2.44
High yield minus that point, basis points (ours)-1.0
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 ratio2.622.8612 of 120 of 12
High yield2.4302.5026 of 126 of 12
Indirect bidders' share32.249.912 of 120 of 12
Direct bidders' share11.88.52 of 1210 of 12
Primary dealers' share56.142.00 of 1212 of 12
High minus median, basis points7.04.40 of 1211 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 ratio2.62Last 24 auctions23 of 241 of 242.82
Bid-to-cover ratio2.62All 28 since 26 February 200923 of 285 of 282.79
High yield2.430Last 24 auctions18 of 246 of 242.844
High yield2.430Since 26 February 200921 of 287 of 282.832
High yield2.430All 77 since 6 February 198070 of 777 of 777.500
Indirect bidders' share32.2Last 24 auctions24 of 240 of 2451.0
Indirect bidders' share32.2All 28 since 26 February 200927 of 281 of 2850.2
Direct bidders' share11.8Last 24 auctions5 of 2419 of 248.3
Direct bidders' share11.8All 28 since 26 February 20095 of 2823 of 287.7
Primary dealers' share56.1Last 24 auctions0 of 2424 of 2438.4
Primary dealers' share56.1All 28 since 26 February 20094 of 2824 of 2840.6
High minus median, basis points7.0Last 24 auctions5 of 2417 of 246.1
High minus median, basis points7.0Since 26 February 20099 of 2817 of 286.4
High minus median, basis points7.0All 77 since 6 February 198010 of 7764 of 773.0

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 29 June 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110629_1.pdf. Compiled by 500metrics, "7-year note auction of 29 June 2011 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2011-06-29.

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