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Treasury auctions · 7-Year Note

7-year note auction of 25 August 2011 (new issue)

The 7-year note sold $29.887 billion at a high yield of 1.580% on , with a bid-to-cover ratio of 2.76.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 8 Apr 1992 to 25 Aug 2011
High yield at each 7-year note auction, 26 Feb 2009 to 25 Aug 2011
High yield at each 7-year note auction, 27 Aug 2009 to 25 Aug 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 Apr 1992 to 25 Aug 2011
Bid-to-cover ratio at each 7-year note auction, 26 Feb 2009 to 25 Aug 2011
Bid-to-cover ratio at each 7-year note auction, 27 Aug 2009 to 25 Aug 2011

Who bought the 7-year note of 25 Aug 2011

Shares of the competitive bids accepted

  • Indirect bidders 51.7%
  • Direct bidders 7.9%
  • Primary dealers 40.4%
This auction, 25 Aug 2011
  • Indirect bidders 39.6%
  • Direct bidders 9.3%
  • Primary dealers 51.2%
The 7-year note auction before, 28 Jul 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 bidders51.7%
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
1.5802.76
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–

Observed .

Right now

The high yield of 1.580% on 25 August 2011 was the lowest of all 79 earlier 7-year note auctions we hold.

Lower than all 30 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the high yield was lower than all 24.

The indirect bidders' share was higher than 16 of them.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 51.7%
  • Direct bidders 7.9%
  • Primary dealers 40.4%

Size

Treasury sold $29.887 billion of the $29 billion offered.

Bids received came to $80.887 billion; the bid-to-cover ratio was 2.76.

Its bid-to-cover of 2.76 compares with the 24 auctions before it: lowest 2.61 on , highest 3.24 on ; 23.8% of the way from the low to the high.

2.76

Low 2.61 Midpoint 2.925 High 3.24

The security7-Year, new issue

Coupon
1.500%
Announced
Issued
Matures

It adds to the debt that matures in August 2018.

Understanding this result

Where it stands today

The high yield was 1.580% at this 7-year note auction, the median yield 1.529% and a bid-to-cover ratio of 2.76.

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$80,887,389,700
Sold$29,886,984,900
Competitive bids accepted$28,921,095,200
Non-competitive bids accepted$28,913,600
Federal Reserve (SOMA) add-on$886,976,100
Foreign and international (FIMA) non-competitive$50,000,000
High yield, %1.580
Median rate, %1.529
Low rate, %1.449
Interest rate (coupon), %1.500
Bids at the high rate filled, %79.88
Bid-to-cover ratio2.76
Indirect bidders accepted$14,957,961,200
Direct bidders accepted$2,281,440,000
Primary dealers accepted$11,681,694,000
Indirect bidders' share, % (ours)51.7
Direct bidders' share, % (ours)7.9
Primary dealers' share, % (ours)40.4
High minus median, basis points (ours)5.1
Treasury par yield curve, 7-year point, same day, %1.57
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 ratio2.762.868 of 124 of 12
High yield1.5802.43012 of 120 of 12
Indirect bidders' share51.749.53 of 129 of 12
Direct bidders' share7.98.57 of 125 of 12
Primary dealers' share40.443.38 of 124 of 12
High minus median, basis points5.15.16 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 ratio2.76Last 24 auctions15 of 248 of 242.80
Bid-to-cover ratio2.76All 30 since 26 February 200916 of 3013 of 302.78
High yield1.580Last 24 auctions24 of 240 of 242.822
High yield1.580Since 26 February 200930 of 300 of 302.822
High yield1.580All 79 since 6 February 198079 of 790 of 797.360
Indirect bidders' share51.7Last 24 auctions8 of 2416 of 2450.2
Indirect bidders' share51.7All 30 since 26 February 200910 of 3020 of 3049.9
Direct bidders' share7.9Last 24 auctions15 of 249 of 248.7
Direct bidders' share7.9All 30 since 26 February 200915 of 3015 of 308.0
Primary dealers' share40.4Last 24 auctions12 of 2412 of 2440.6
Primary dealers' share40.4All 30 since 26 February 200916 of 3014 of 3042.0
High minus median, basis points5.1Last 24 auctions15 of 249 of 246.1
High minus median, basis points5.1Since 26 February 200920 of 3010 of 306.4
High minus median, basis points5.1All 79 since 6 February 198024 of 7955 of 793.0

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 25 August 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110825_1.pdf. Compiled by 500metrics, "7-year note auction of 25 August 2011 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2011-08-25.

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