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Treasury auctions · 7-Year Note

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

The 7-year note sold $29.864 billion at a high yield of 2.280% 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, 8 Jan 1992 to 28 Jul 2011
High yield at each 7-year note auction, 26 Feb 2009 to 28 Jul 2011
High yield at each 7-year note auction, 30 Jul 2009 to 28 Jul 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, 8 Jan 1992 to 28 Jul 2011
Bid-to-cover ratio at each 7-year note auction, 26 Feb 2009 to 28 Jul 2011
Bid-to-cover ratio at each 7-year note auction, 30 Jul 2009 to 28 Jul 2011

Who bought the 7-year note of 28 Jul 2011

Shares of the competitive bids accepted

  • Indirect bidders 39.6%
  • Direct bidders 9.3%
  • Primary dealers 51.2%
This auction, 28 Jul 2011
  • Indirect bidders 32.2%
  • Direct bidders 11.8%
  • Primary dealers 56.1%
The 7-year note auction before, 29 Jun 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 bidders39.6%
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
2.2802.63
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–

Observed .

Right now

The high yield of 2.280% on 28 July 2011 was the lowest for a 7-year note since 24 November 2010.

Higher than 4 of the 29 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 39.6%
  • Direct bidders 9.3%
  • Primary dealers 51.2%

Size

Treasury sold $29.864 billion of the $29 billion offered.

Bids received came to $77.13 billion; the bid-to-cover ratio was 2.63.

Its bid-to-cover of 2.63 compares with the 24 auctions before it: lowest 2.61 on , highest 3.24 on ; 3.2% of the way from the low to the high.

2.63

Low 2.61 Midpoint 2.925 High 3.24

The security7-Year, new issue

Coupon
2.250%
Announced
Issued
Matures

It adds to the debt that matures in July 2018.

Understanding this result

Where it stands today

The high yield was 2.280% at this 7-year note auction, the median yield 2.222% 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$77,129,551,800
Sold$29,863,551,800
Competitive bids accepted$28,986,960,000
Non-competitive bids accepted$13,059,800
Federal Reserve (SOMA) add-on$863,532,000
Foreign and international (FIMA) non-competitive$0
High yield, %2.280
Median rate, %2.222
Low rate, %2.097
Interest rate (coupon), %2.250
Bids at the high rate filled, %72.00
Bid-to-cover ratio2.63
Indirect bidders accepted$11,464,960,000
Direct bidders accepted$2,685,000,000
Primary dealers accepted$14,837,000,000
Indirect bidders' share, % (ours)39.6
Direct bidders' share, % (ours)9.3
Primary dealers' share, % (ours)51.2
High minus median, basis points (ours)5.8
Treasury par yield curve, 7-year point, same day, %2.26
High yield minus that point, basis points (ours)2.0
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 ratio2.632.869 of 121 of 12
High yield2.2802.4308 of 124 of 12
Indirect bidders' share39.649.510 of 122 of 12
Direct bidders' share9.38.53 of 129 of 12
Primary dealers' share51.243.32 of 1210 of 12
High minus median, basis points5.85.15 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 242 of 242.80
Bid-to-cover ratio2.63All 29 since 26 February 200920 of 296 of 292.79
High yield2.280Last 24 auctions20 of 244 of 242.832
High yield2.280Since 26 February 200925 of 294 of 292.830
High yield2.280All 78 since 6 February 198074 of 784 of 787.430
Indirect bidders' share39.6Last 24 auctions22 of 242 of 2450.6
Indirect bidders' share39.6All 29 since 26 February 200923 of 296 of 2950.2
Direct bidders' share9.3Last 24 auctions9 of 2415 of 248.5
Direct bidders' share9.3All 29 since 26 February 20099 of 2920 of 297.9
Primary dealers' share51.2Last 24 auctions2 of 2422 of 2439.3
Primary dealers' share51.2All 29 since 26 February 20096 of 2923 of 2941.8
High minus median, basis points5.8Last 24 auctions13 of 2410 of 246.4
High minus median, basis points5.8Since 26 February 200917 of 2911 of 296.5
High minus median, basis points5.8All 78 since 6 February 198021 of 7856 of 783.0

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 July 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110728_1.pdf. Compiled by 500metrics, "7-year note auction of 28 July 2011 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2011-07-28.

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