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Treasury auctions · 7-Year Note

7-year note auction of 26 September 2013 (new issue)

The 7-year note sold $29 billion at a high yield of 2.058% on , with a bid-to-cover ratio of 2.46.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 29 Dec 2010 to 26 Sep 2013
High yield at each 7-year note auction, 29 Sep 2011 to 26 Sep 2013

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 Dec 2010 to 26 Sep 2013
Bid-to-cover ratio at each 7-year note auction, 29 Sep 2011 to 26 Sep 2013

Who bought the 7-year note of 26 Sep 2013

Shares of the competitive bids accepted

  • Indirect bidders 42.0%
  • Direct bidders 17.8%
  • Primary dealers 40.2%
This auction, 26 Sep 2013
  • Indirect bidders 44.9%
  • Direct bidders 11.8%
  • Primary dealers 43.4%
The 7-year note auction before, 25 Sep 2013

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
2.0582.46
1.4362.67
2.2212.43
1.6242.38
2.0262.54
1.9322.61
1.4962.70
1.1552.71
1.2482.56
1.2602.65
1.4162.60
1.2332.72
1.0452.81
1.2672.56
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

Observed .

Right now

The high yield was 2.058% on 26 September 2013, up from 1.436% at the auction before.

Higher than 29 of the 57 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the high yield was higher than 23 of the 24.

The bid-to-cover ratio was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 42.0%
  • Direct bidders 17.8%
  • Primary dealers 40.2%

Size

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

Bids received came to $71.385 billion; the bid-to-cover ratio was 2.46.

Its bid-to-cover of 2.46 compares with the 24 auctions before it: lowest 2.38 on , highest 3.20 on ; 9.8% of the way from the low to the high.

2.46

Low 2.38 Midpoint 2.790 High 3.20

The security7-Year, new issue

Coupon
2.000%
Announced
Issued
Matures

It adds to the debt that matures in September 2020.

Understanding this result

Where it stands today

The high yield was 2.058% at this 7-year note auction, the median yield 2.017% and a bid-to-cover ratio of 2.46.

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$71,384,627,300
Sold$29,000,000,900
Competitive bids accepted$28,969,973,600
Non-competitive bids accepted$15,027,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$15,000,000
High yield, %2.058
Median rate, %2.017
Low rate, %1.950
Interest rate (coupon), %2.000
Bids at the high rate filled, %9.87
Bid-to-cover ratio2.46
Indirect bidders accepted$12,165,233,600
Direct bidders accepted$5,156,000,000
Primary dealers accepted$11,648,740,000
Indirect bidders' share, % (ours)42.0
Direct bidders' share, % (ours)17.8
Primary dealers' share, % (ours)40.2
High minus median, basis points (ours)4.1
Treasury par yield curve, 7-year point, same day, %2.05
High yield minus that point, basis points (ours)0.8
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 ratio2.462.6310 of 122 of 12
High yield2.0581.4261 of 1211 of 12
Indirect bidders' share42.040.13 of 129 of 12
Direct bidders' share17.819.68 of 124 of 12
Primary dealers' share40.241.17 of 125 of 12
High minus median, basis points4.13.62 of 1210 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 ratio2.46Last 24 auctions22 of 242 of 242.68
Bid-to-cover ratio2.46All 57 since 26 February 200952 of 575 of 572.72
High yield2.058Last 24 auctions1 of 2423 of 241.353
High yield2.058Since 26 February 200928 of 5729 of 572.026
High yield2.058All 106 since 6 February 198077 of 10629 of 1063.314
Indirect bidders' share42.0Last 24 auctions8 of 2416 of 2440.1
Indirect bidders' share42.0All 57 since 26 February 200930 of 5727 of 5742.0
Direct bidders' share17.8Last 24 auctions12 of 2412 of 2417.8
Direct bidders' share17.8All 57 since 26 February 200912 of 5745 of 5711.8
Primary dealers' share40.2Last 24 auctions18 of 246 of 2443.5
Primary dealers' share40.2All 57 since 26 February 200937 of 5720 of 5742.4
High minus median, basis points4.1Last 24 auctions8 of 2416 of 243.8
High minus median, basis points4.1Since 26 February 200933 of 5724 of 574.5
High minus median, basis points4.1All 106 since 6 February 198038 of 10668 of 1063.6

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 26 September 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130926_1.pdf. Compiled by 500metrics, "7-year note auction of 26 September 2013 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2013-09-26.

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