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Treasury auctions · 7-Year Note

7-year note auction of 23 February 2017 (new issue)

The 7-year note sold $31.883 billion at a high yield of 2.197% 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, 27 Mar 2014 to 23 Feb 2017
High yield at each 7-year note auction, 26 Feb 2015 to 23 Feb 2017

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, 27 Mar 2014 to 23 Feb 2017
Bid-to-cover ratio at each 7-year note auction, 26 Feb 2015 to 23 Feb 2017

Who bought the 7-year note of 23 Feb 2017

Shares of the competitive bids accepted

  • Indirect bidders 63.8%
  • Direct bidders 11.4%
  • Primary dealers 24.8%
This auction, 23 Feb 2017
  • Indirect bidders 72.8%
  • Direct bidders 6.6%
  • Primary dealers 20.7%
The 7-year note auction before, 26 Jan 2017

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 bidders63.8%
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
2.1972.49
2.3352.45
2.2842.54
2.2152.68
1.6532.49
1.3892.47
1.4232.38
1.3402.51
1.4972.56
1.6522.57
1.6342.65
1.6062.51
1.5682.25
1.7592.63
2.1612.34
2.0132.51
1.8852.55
1.8132.51
1.9302.53
2.0212.47
2.1532.38
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

Observed .

Right now

The high yield was 2.197% on 23 February 2017, down from 2.335% at the auction before.

Higher than 62 of the 98 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 primary dealers' share was higher than 7 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 63.8%
  • Direct bidders 11.4%
  • Primary dealers 24.8%

Size

Treasury sold $31.883 billion of the $28 billion offered.

Bids received came to $73.618 billion; the bid-to-cover ratio was 2.49.

Its bid-to-cover of 2.49 compares with the 24 auctions before it: lowest 2.25 on , highest 2.68 on ; 55.8% of the way from the low to the high.

2.49

Low 2.25 Midpoint 2.465 High 2.68

The security7-Year, new issue

Coupon
2.125%
Announced
Issued
Matures

It adds to the debt that matures in February 2024.

Understanding this result

Where it stands today

The high yield was 2.197% at this 7-year note auction, the median yield 2.141% 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$28,000,000,000
Bids received$73,617,542,000
Sold$31,883,241,500
Competitive bids accepted$27,992,594,500
Non-competitive bids accepted$7,409,700
Federal Reserve (SOMA) add-on$3,883,237,300
Foreign and international (FIMA) non-competitive$0
High yield, %2.197
Median rate, %2.141
Low rate, %1.888
Interest rate (coupon), %2.125
Bids at the high rate filled, %70.83
Bid-to-cover ratio2.49
Indirect bidders accepted$17,857,564,500
Direct bidders accepted$3,188,200,000
Primary dealers accepted$6,946,830,000
Indirect bidders' share, % (ours)63.8
Direct bidders' share, % (ours)11.4
Primary dealers' share, % (ours)24.8
High minus median, basis points (ours)5.6
Treasury par yield curve, 7-year point, same day, %2.20
High yield minus that point, basis points (ours)-0.3
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 ratio2.492.517 of 124 of 12
High yield2.1971.6203 of 129 of 12
Indirect bidders' share63.864.37 of 125 of 12
Direct bidders' share11.411.86 of 126 of 12
Primary dealers' share24.825.37 of 125 of 12
High minus median, basis points5.64.61 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 ratio2.49Last 24 auctions12 of 2410 of 242.50
Bid-to-cover ratio2.49All 98 since 26 February 200974 of 9822 of 982.62
High yield2.197Last 24 auctions3 of 2421 of 241.816
High yield2.197Since 26 February 200936 of 9862 of 982.012
High yield2.197All 147 since 6 February 198085 of 14762 of 1472.385
Indirect bidders' share63.8Last 24 auctions8 of 2416 of 2458.9
Indirect bidders' share63.8All 98 since 26 February 200910 of 9888 of 9847.7
Direct bidders' share11.4Last 24 auctions16 of 248 of 2412.6
Direct bidders' share11.4All 98 since 26 February 200961 of 9837 of 9812.8
Primary dealers' share24.8Last 24 auctions17 of 247 of 2429.3
Primary dealers' share24.8All 98 since 26 February 200991 of 987 of 9837.9
High minus median, basis points5.6Last 24 auctions2 of 2422 of 244.4
High minus median, basis points5.6Since 26 February 200926 of 9871 of 984.4
High minus median, basis points5.6All 147 since 6 February 198030 of 147116 of 1473.9

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 23 February 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170223_1.pdf. Compiled by 500metrics, "7-year note auction of 23 February 2017 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2017-02-23.

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