500metrics

Treasury auctions · 7-Year Note

7-year note auction of 27 July 2017 (new issue)

The 7-year note sold $30.847 billion at a high yield of 2.126% on , with a bid-to-cover ratio of 2.54.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 25 Sep 2014 to 27 Jul 2017
High yield at each 7-year note auction, 30 Jul 2015 to 27 Jul 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, 25 Sep 2014 to 27 Jul 2017
Bid-to-cover ratio at each 7-year note auction, 30 Jul 2015 to 27 Jul 2017

Who bought the 7-year note of 27 Jul 2017

Shares of the competitive bids accepted

  • Indirect bidders 67.7%
  • Direct bidders 11.6%
  • Primary dealers 20.6%
This auction, 27 Jul 2017
  • Indirect bidders 65.4%
  • Direct bidders 9.4%
  • Primary dealers 25.2%
The 7-year note auction before, 28 Jun 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 bidders67.7%
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
2.1262.54
2.0562.46
2.0602.54
2.0842.73
1.2802.85
2.2152.56
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

Observed .

Right now

The high yield was 2.126% on 27 July 2017, up from 2.056% at the auction before.

Higher than 62 of the 104 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the indirect bidders' share was higher than 19 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 67.7%
  • Direct bidders 11.6%
  • Primary dealers 20.6%

Size

Treasury sold $30.847 billion of the $28 billion offered.

Bids received came to $73.999 billion; the bid-to-cover ratio was 2.54.

Its bid-to-cover of 2.54 compares with the 24 auctions before it: lowest 2.25 on , highest 2.85 on ; 48.3% of the way from the low to the high.

2.54

Low 2.25 Midpoint 2.550 High 2.85

The security7-Year, new issue

Coupon
2.125%
Announced
Issued
Matures

It adds to the debt that matures in July 2024.

Understanding this result

Where it stands today

The high yield was 2.126% at this 7-year note auction, the median yield 2.080% and a bid-to-cover ratio of 2.54.

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$73,999,124,400
Sold$30,846,902,400
Competitive bids accepted$27,989,153,000
Non-competitive bids accepted$10,859,900
Federal Reserve (SOMA) add-on$2,846,889,500
Foreign and international (FIMA) non-competitive$0
High yield, %2.126
Median rate, %2.080
Low rate, %2.010
Interest rate (coupon), %2.125
Bids at the high rate filled, %36.46
Bid-to-cover ratio2.54
Indirect bidders accepted$18,958,605,000
Direct bidders accepted$3,258,000,000
Primary dealers accepted$5,772,548,000
Indirect bidders' share, % (ours)67.7
Direct bidders' share, % (ours)11.6
Primary dealers' share, % (ours)20.6
High minus median, basis points (ours)4.6
Treasury par yield curve, 7-year point, same day, %2.12
High yield minus that point, basis points (ours)0.6
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 ratio2.542.524 of 126 of 12
High yield2.1262.0725 of 127 of 12
Indirect bidders' share67.763.94 of 128 of 12
Direct bidders' share11.610.43 of 129 of 12
Primary dealers' share20.623.28 of 124 of 12
High minus median, basis points4.64.65 of 126 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 ratio2.54Last 24 auctions9 of 2413 of 242.52
Bid-to-cover ratio2.54All 104 since 26 February 200968 of 10433 of 1042.62
High yield2.126Last 24 auctions6 of 2418 of 241.849
High yield2.126Since 26 February 200942 of 10462 of 1042.020
High yield2.126All 153 since 6 February 198091 of 15362 of 1532.317
Indirect bidders' share67.7Last 24 auctions5 of 2419 of 2463.2
Indirect bidders' share67.7All 104 since 26 February 20095 of 10499 of 10448.7
Direct bidders' share11.6Last 24 auctions12 of 2412 of 2412.3
Direct bidders' share11.6All 104 since 26 February 200961 of 10443 of 10412.5
Primary dealers' share20.6Last 24 auctions17 of 247 of 2425.2
Primary dealers' share20.6All 104 since 26 February 200997 of 1047 of 10437.5
High minus median, basis points4.6Last 24 auctions8 of 2414 of 244.4
High minus median, basis points4.6Since 26 February 200940 of 10461 of 1044.4
High minus median, basis points4.6All 153 since 6 February 198045 of 153105 of 1533.9

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 27 July 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170727_2.pdf. Compiled by 500metrics, "7-year note auction of 27 July 2017 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2017-07-27.

Page updated