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Treasury auctions · 7-Year Note

7-year note auction of 21 December 2011 (new issue)

The 7-year note sold $29.939 billion at a high yield of 1.430% on , with a bid-to-cover ratio of 2.68.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 13 Apr 1993 to 21 Dec 2011
High yield at each 7-year note auction, 26 Feb 2009 to 21 Dec 2011
High yield at each 7-year note auction, 30 Dec 2009 to 21 Dec 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, 13 Apr 1993 to 21 Dec 2011
Bid-to-cover ratio at each 7-year note auction, 26 Feb 2009 to 21 Dec 2011
Bid-to-cover ratio at each 7-year note auction, 30 Dec 2009 to 21 Dec 2011

Who bought the 7-year note of 21 Dec 2011

Shares of the competitive bids accepted

  • Indirect bidders 42.0%
  • Direct bidders 12.9%
  • Primary dealers 45.0%
This auction, 21 Dec 2011
  • Indirect bidders 39.9%
  • Direct bidders 18.9%
  • Primary dealers 41.3%
The 7-year note auction before, 23 Nov 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 bidders42.0%
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
1.4302.68
1.4153.20
1.7912.59
1.4963.02
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–

Observed .

Right now

The high yield was 1.430% on 21 December 2011, up from 1.415% at the auction before.

Higher than 1 of the 34 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the high minus median was higher than 22 of the 24.

The high yield was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 42.0%
  • Direct bidders 12.9%
  • Primary dealers 45.0%

Size

Treasury sold $29.939 billion of the $29 billion offered.

Bids received came to $78.718 billion; the bid-to-cover ratio was 2.68.

Its bid-to-cover of 2.68 compares with the 24 auctions before it: lowest 2.59 on , highest 3.24 on ; 13.8% of the way from the low to the high.

2.68

Low 2.59 Midpoint 2.915 High 3.24

The security7-Year, new issue

Coupon
1.375%
Announced
Issued
Matures

It adds to the debt that matures in December 2018.

Understanding this result

Where it stands today

The high yield was 1.430% at this 7-year note auction, the median yield 1.359% and a bid-to-cover ratio of 2.68.

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$78,717,600,900
Sold$29,939,158,900
Competitive bids accepted$28,986,003,000
Non-competitive bids accepted$14,032,500
Federal Reserve (SOMA) add-on$939,123,400
Foreign and international (FIMA) non-competitive$0
High yield, %1.430
Median rate, %1.359
Low rate, %1.300
Interest rate (coupon), %1.375
Bids at the high rate filled, %74.67
Bid-to-cover ratio2.68
Indirect bidders accepted$12,177,117,500
Direct bidders accepted$3,752,469,500
Primary dealers accepted$13,056,416,000
Indirect bidders' share, % (ours)42.0
Direct bidders' share, % (ours)12.9
Primary dealers' share, % (ours)45.0
High minus median, basis points (ours)7.1
Treasury par yield curve, 7-year point, same day, %1.44
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 ratio2.682.828 of 124 of 12
High yield1.4302.43011 of 121 of 12
Indirect bidders' share42.044.66 of 126 of 12
Direct bidders' share12.99.03 of 129 of 12
Primary dealers' share45.043.55 of 127 of 12
High minus median, basis points7.15.81 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 ratio2.68Last 24 auctions18 of 246 of 242.85
Bid-to-cover ratio2.68All 34 since 26 February 200922 of 3412 of 342.78
High yield1.430Last 24 auctions23 of 241 of 242.502
High yield1.430Since 26 February 200933 of 341 of 342.746
High yield1.430All 83 since 6 February 198082 of 831 of 837.140
Indirect bidders' share42.0Last 24 auctions16 of 248 of 2448.5
Indirect bidders' share42.0All 34 since 26 February 200922 of 3412 of 3449.5
Direct bidders' share12.9Last 24 auctions5 of 2419 of 249.1
Direct bidders' share12.9All 34 since 26 February 20095 of 3429 of 348.3
Primary dealers' share45.0Last 24 auctions9 of 2415 of 2442.3
Primary dealers' share45.0All 34 since 26 February 200913 of 3421 of 3442.0
High minus median, basis points7.1Last 24 auctions2 of 2422 of 245.6
High minus median, basis points7.1Since 26 February 200910 of 3424 of 346.4
High minus median, basis points7.1All 83 since 6 February 198011 of 8372 of 833.0

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 21 December 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20111221_1.pdf. Compiled by 500metrics, "7-year note auction of 21 December 2011 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2011-12-21.

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