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Treasury auctions · 7-Year Note

7-year note auction of 27 September 2012 (new issue)

The 7-year note sold $29 billion at a high yield of 1.055% on , with a bid-to-cover ratio of 2.61.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 29 Oct 2009 to 27 Sep 2012
High yield at each 7-year note auction, 29 Sep 2010 to 27 Sep 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 Oct 2009 to 27 Sep 2012
Bid-to-cover ratio at each 7-year note auction, 29 Sep 2010 to 27 Sep 2012

Who bought the 7-year note of 27 Sep 2012

Shares of the competitive bids accepted

  • Indirect bidders 34.9%
  • Direct bidders 17.0%
  • Primary dealers 48.1%
This auction, 27 Sep 2012
  • Indirect bidders 38.4%
  • Direct bidders 17.9%
  • Primary dealers 43.8%
The 7-year note auction before, 30 Aug 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 bidders34.9%
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
1.0552.61
1.0812.80
0.9542.64
1.0752.64
1.2032.80
1.3472.83
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

Observed .

Right now

The high yield was 1.055% on 27 September 2012, down from 1.081% at the auction before.

Higher than 1 of the 43 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the direct bidders' share was higher than 20 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 34.9%
  • Direct bidders 17.0%
  • Primary dealers 48.1%

Size

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

Bids received came to $75.753 billion; the bid-to-cover ratio was 2.61.

Its bid-to-cover of 2.61 compares with the 24 auctions before it: lowest 2.59 on , highest 3.24 on ; 3.1% of the way from the low to the high.

2.61

Low 2.59 Midpoint 2.915 High 3.24

The security7-Year, new issue

Coupon
1.000%
Announced
Issued
Matures

It adds to the debt that matures in September 2019.

Understanding this result

Where it stands today

The high yield was 1.055% at this 7-year note auction, the median yield 1.023% and a bid-to-cover ratio of 2.61.

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$75,753,348,700
Sold$29,000,017,700
Competitive bids accepted$28,993,869,000
Non-competitive bids accepted$6,148,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.055
Median rate, %1.023
Low rate, %0.950
Interest rate (coupon), %1.000
Bids at the high rate filled, %82.60
Bid-to-cover ratio2.61
Indirect bidders accepted$10,112,121,000
Direct bidders accepted$4,928,898,000
Primary dealers accepted$13,952,850,000
Indirect bidders' share, % (ours)34.9
Direct bidders' share, % (ours)17.0
Primary dealers' share, % (ours)48.1
High minus median, basis points (ours)3.2
Treasury par yield curve, 7-year point, same day, %1.05
High yield minus that point, basis points (ours)0.5
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 ratio2.612.7611 of 121 of 12
High yield1.0551.38711 of 121 of 12
Indirect bidders' share34.941.710 of 122 of 12
Direct bidders' share17.013.54 of 128 of 12
Primary dealers' share48.144.43 of 129 of 12
High minus median, basis points3.25.09 of 123 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 ratio2.61Last 24 auctions23 of 241 of 242.80
Bid-to-cover ratio2.61All 43 since 26 February 200937 of 435 of 432.78
High yield1.055Last 24 auctions23 of 241 of 241.690
High yield1.055Since 26 February 200942 of 431 of 432.430
High yield1.055All 92 since 6 February 198091 of 921 of 926.425
Indirect bidders' share34.9Last 24 auctions21 of 243 of 2442.1
Indirect bidders' share34.9All 43 since 26 February 200937 of 436 of 4342.8
Direct bidders' share17.0Last 24 auctions4 of 2420 of 2411.7
Direct bidders' share17.0All 43 since 26 February 20095 of 4338 of 438.8
Primary dealers' share48.1Last 24 auctions7 of 2417 of 2444.2
Primary dealers' share48.1All 43 since 26 February 200914 of 4329 of 4343.8
High minus median, basis points3.2Last 24 auctions19 of 245 of 245.4
High minus median, basis points3.2Since 26 February 200936 of 437 of 435.8
High minus median, basis points3.2All 92 since 6 February 198045 of 9247 of 923.1

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 27 September 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120927_1.pdf. Compiled by 500metrics, "7-year note auction of 27 September 2012 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2012-09-27.

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