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Treasury auctions · 7-Year Note

7-year note auction of 29 March 2012 (new issue)

The 7-year note sold $29.688 billion at a high yield of 1.590% on , with a bid-to-cover ratio of 2.72.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 29 Apr 2009 to 29 Mar 2012
High yield at each 7-year note auction, 29 Apr 2010 to 29 Mar 2012

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, 29 Apr 2009 to 29 Mar 2012
Bid-to-cover ratio at each 7-year note auction, 29 Apr 2010 to 29 Mar 2012

Who bought the 7-year note of 29 Mar 2012

Shares of the competitive bids accepted

  • Indirect bidders 42.8%
  • Direct bidders 13.4%
  • Primary dealers 43.8%
This auction, 29 Mar 2012
  • Indirect bidders 41.8%
  • Direct bidders 19.3%
  • Primary dealers 38.9%
The 7-year note auction before, 23 Feb 2012

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 bidders42.8%
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
1.5902.72
1.4183.11
1.3592.73
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

Observed .

Right now

The high yield was 1.590% on 29 March 2012, up from 1.418% at the auction before.

Higher than 6 of the 37 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the direct bidders' share was higher than 21 of the 24.

The high yield was higher than 6 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 42.8%
  • Direct bidders 13.4%
  • Primary dealers 43.8%

Size

Treasury sold $29.688 billion of the $29 billion offered.

Bids received came to $79.534 billion; the bid-to-cover ratio was 2.72.

Its bid-to-cover of 2.72 compares with the 24 auctions before it: lowest 2.59 on , highest 3.24 on ; 20.0% of the way from the low to the high.

2.72

Low 2.59 Midpoint 2.915 High 3.24

The security7-Year, new issue

Coupon
1.500%
Announced
Issued
Matures

It adds to the debt that matures in March 2019.

Understanding this result

Where it stands today

The high yield was 1.590% at this 7-year note auction, the median yield 1.529% and a bid-to-cover ratio of 2.72.

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$79,534,087,400
Sold$29,688,495,400
Competitive bids accepted$28,987,303,000
Non-competitive bids accepted$12,740,700
Federal Reserve (SOMA) add-on$688,451,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.590
Median rate, %1.529
Low rate, %1.467
Interest rate (coupon), %1.500
Bids at the high rate filled, %22.14
Bid-to-cover ratio2.72
Indirect bidders accepted$12,402,430,000
Direct bidders accepted$3,885,284,000
Primary dealers accepted$12,699,589,000
Indirect bidders' share, % (ours)42.8
Direct bidders' share, % (ours)13.4
Primary dealers' share, % (ours)43.8
High minus median, basis points (ours)6.1
Treasury par yield curve, 7-year point, same day, %1.57
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 ratio2.722.747 of 125 of 12
High yield1.5901.6866 of 126 of 12
Indirect bidders' share42.840.83 of 129 of 12
Direct bidders' share13.411.93 of 129 of 12
Primary dealers' share43.844.97 of 125 of 12
High minus median, basis points6.15.85 of 127 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 ratio2.72Last 24 auctions17 of 247 of 242.84
Bid-to-cover ratio2.72All 37 since 26 February 200923 of 3713 of 372.78
High yield1.590Last 24 auctions18 of 246 of 242.337
High yield1.590Since 26 February 200931 of 376 of 372.712
High yield1.590All 86 since 6 February 198080 of 866 of 867.070
Indirect bidders' share42.8Last 24 auctions12 of 2412 of 2444.9
Indirect bidders' share42.8All 37 since 26 February 200920 of 3717 of 3747.6
Direct bidders' share13.4Last 24 auctions3 of 2421 of 249.5
Direct bidders' share13.4All 37 since 26 February 20094 of 3733 of 378.6
Primary dealers' share43.8Last 24 auctions12 of 2412 of 2443.3
Primary dealers' share43.8All 37 since 26 February 200917 of 3720 of 3742.2
High minus median, basis points6.1Last 24 auctions11 of 2413 of 245.8
High minus median, basis points6.1Since 26 February 200920 of 3717 of 376.4
High minus median, basis points6.1All 86 since 6 February 198022 of 8664 of 863.0

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 March 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120329_1.pdf. Compiled by 500metrics, "7-year note auction of 29 March 2012 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2012-03-29.

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