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Treasury auctions · 7-Year Note

7-year note auction of 28 May 2015 (new issue)

The 7-year note sold $29 billion at a high yield of 1.888% on , with a bid-to-cover ratio of 2.49.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 30 Aug 2012 to 28 May 2015
High yield at each 7-year note auction, 30 May 2013 to 28 May 2015

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, 30 Aug 2012 to 28 May 2015
Bid-to-cover ratio at each 7-year note auction, 30 May 2013 to 28 May 2015

Who bought the 7-year note of 28 May 2015

Shares of the competitive bids accepted

  • Indirect bidders 53.8%
  • Direct bidders 12.0%
  • Primary dealers 34.2%
This auction, 28 May 2015
  • Indirect bidders 54.1%
  • Direct bidders 12.8%
  • Primary dealers 33.0%
The 7-year note auction before, 29 Apr 2015

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 bidders53.8%
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
1.8882.49
1.8202.44
1.7922.32
1.8342.37
1.5902.50
2.1252.39
1.9602.63
2.0182.42
2.2352.48
2.0452.57
2.2502.58
2.1522.44
2.0102.60
2.3172.60
2.2582.59
2.1052.72
2.1902.65
2.3852.45
2.1062.36
1.8702.66
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

Observed .

Right now

The high yield was 1.888% on 28 May 2015, up from 1.820% at the auction before.

The high minus median of 3.0 basis points was the lowest for a 7-year note since 27 March 2014, with 13 auctions in between.

Higher than 29 of the 77 since 26 February 2009

Its own history

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

The high minus median 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 53.8%
  • Direct bidders 12.0%
  • Primary dealers 34.2%

Size

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

Bids received came to $72.294 billion; the bid-to-cover ratio was 2.49.

Its bid-to-cover of 2.49 compares with the 24 auctions before it: lowest 2.32 on , highest 2.72 on ; 42.5% of the way from the low to the high.

2.49

Low 2.32 Midpoint 2.520 High 2.72

The security7-Year, new issue

Coupon
1.875%
Announced
Issued
Matures

It adds to the debt that matures in May 2022.

Understanding this result

Where it stands today

The high yield was 1.888% at this 7-year note auction, the median yield 1.858% and a bid-to-cover ratio of 2.49.

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$72,293,726,600
Sold$29,000,021,100
Competitive bids accepted$28,985,144,500
Non-competitive bids accepted$14,876,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %1.888
Median rate, %1.858
Low rate, %1.790
Interest rate (coupon), %1.875
Bids at the high rate filled, %26.73
Bid-to-cover ratio2.49
Indirect bidders accepted$15,601,315,000
Direct bidders accepted$3,475,374,500
Primary dealers accepted$9,908,455,000
Indirect bidders' share, % (ours)53.8
Direct bidders' share, % (ours)12.0
Primary dealers' share, % (ours)34.2
High minus median, basis points (ours)3.0
Treasury par yield curve, 7-year point, same day, %1.89
High yield minus that point, basis points (ours)-0.2
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 ratio2.492.465 of 127 of 12
High yield1.8882.0148 of 124 of 12
Indirect bidders' share53.849.43 of 129 of 12
Direct bidders' share12.013.99 of 123 of 12
Primary dealers' share34.237.29 of 123 of 12
High minus median, basis points3.04.012 of 120 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 ratio2.49Last 24 auctions12 of 2412 of 242.49
Bid-to-cover ratio2.49All 77 since 26 February 200962 of 7715 of 772.65
High yield1.888Last 24 auctions17 of 247 of 242.052
High yield1.888Since 26 February 200948 of 7729 of 772.058
High yield1.888All 126 since 6 February 198097 of 12629 of 1262.832
Indirect bidders' share53.8Last 24 auctions3 of 2421 of 2447.0
Indirect bidders' share53.8All 77 since 26 February 200912 of 7765 of 7742.3
Direct bidders' share12.0Last 24 auctions20 of 244 of 2416.3
Direct bidders' share12.0All 77 since 26 February 200942 of 7735 of 7712.8
Primary dealers' share34.2Last 24 auctions17 of 247 of 2437.1
Primary dealers' share34.2All 77 since 26 February 200965 of 7712 of 7741.2
High minus median, basis points3.0Last 24 auctions22 of 242 of 243.8
High minus median, basis points3.0Since 26 February 200969 of 778 of 774.4
High minus median, basis points3.0All 126 since 6 February 198078 of 12638 of 1263.8

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 28 May 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150528_2.pdf. Compiled by 500metrics, "7-year note auction of 28 May 2015 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2015-05-28.

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