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Treasury auctions · 7-Year Note

7-year note auction of 26 February 2019 (new issue)

The 7-year note sold $33.54 billion at a high yield of 2.538% on , with a bid-to-cover ratio of 2.60.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 22 Jun 2016 to 26 Feb 2019
High yield at each 7-year note auction, 29 Mar 2017 to 26 Feb 2019

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, 22 Jun 2016 to 26 Feb 2019
Bid-to-cover ratio at each 7-year note auction, 29 Mar 2017 to 26 Feb 2019

Who bought the 7-year note of 26 Feb 2019

Shares of the competitive bids accepted

  • Indirect bidders 55.2%
  • Direct bidders 28.4%
  • Primary dealers 16.4%
This auction, 26 Feb 2019
  • Indirect bidders 58.3%
  • Direct bidders 24.9%
  • Primary dealers 16.8%
The 7-year note auction before, 29 Jan 2019

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 bidders55.2%
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
2.5382.60
2.6252.54
2.6802.46
2.9742.55
3.0742.39
3.0342.45
2.8442.65
2.9302.49
2.8092.53
2.9302.62
2.9522.56
2.7202.34
2.8392.49
2.5652.73
2.3702.55
2.2452.36
2.2302.36
2.0662.46
2.2802.39
2.1302.70
1.9412.46
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

Observed .

Right now

The high yield of 2.538% on 26 February 2019 was the lowest for a 7-year note since 28 December 2017.

The indirect bidders' share of 55.2% was the lowest for a 7-year note since 26 February 2016, with 38 auctions in between.

The direct bidders' share of 28.4% was the highest for a 7-year note since 27 March 2014, with 61 auctions in between.

Higher than 91 of the 125 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the direct bidders' share was higher than all 24.

The indirect bidders' share was lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 55.2%
  • Direct bidders 28.4%
  • Primary dealers 16.4%

Size

Treasury sold $33.54 billion of the $32 billion offered.

Bids received came to $84.676 billion; the bid-to-cover ratio was 2.60.

Its bid-to-cover of 2.60 compares with the 24 auctions before it: lowest 2.34 on , highest 2.73 on ; 66.7% of the way from the low to the high.

2.60

Low 2.34 Midpoint 2.535 High 2.73

The security7-Year, new issue

Coupon
2.500%
Announced
Issued
Matures

It adds to the debt that matures in February 2026.

Understanding this result

Where it stands today

The high yield was 2.538% at this 7-year note auction, the median yield 2.500% and a bid-to-cover ratio of 2.60.

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$32,000,000,000
Bids received$84,675,746,800
Sold$33,540,102,000
Competitive bids accepted$31,983,000,200
Non-competitive bids accepted$17,077,400
Federal Reserve (SOMA) add-on$1,540,024,400
Foreign and international (FIMA) non-competitive$0
High yield, %2.538
Median rate, %2.500
Low rate, %2.441
Interest rate (coupon), %2.500
Bids at the high rate filled, %47.52
Bid-to-cover ratio2.60
Indirect bidders accepted$17,646,765,000
Direct bidders accepted$9,090,235,200
Primary dealers accepted$5,246,000,000
Indirect bidders' share, % (ours)55.2
Direct bidders' share, % (ours)28.4
Primary dealers' share, % (ours)16.4
High minus median, basis points (ours)3.8
Treasury par yield curve, 7-year point, same day, %2.54
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 ratio2.602.512 of 1210 of 12
High yield2.5382.88712 of 120 of 12
Indirect bidders' share55.262.112 of 120 of 12
Direct bidders' share28.413.80 of 1212 of 12
Primary dealers' share16.421.911 of 121 of 12
High minus median, basis points3.84.79 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 ratio2.60Last 24 auctions5 of 2419 of 242.51
Bid-to-cover ratio2.60All 125 since 26 February 200959 of 12563 of 1252.59
High yield2.538Last 24 auctions13 of 2411 of 242.595
High yield2.538Since 26 February 200934 of 12591 of 1252.106
High yield2.538All 174 since 6 February 198083 of 17491 of 1742.384
Indirect bidders' share55.2Last 24 auctions24 of 240 of 2464.0
Indirect bidders' share55.2All 125 since 26 February 200954 of 12571 of 12551.0
Direct bidders' share28.4Last 24 auctions0 of 2424 of 2413.0
Direct bidders' share28.4All 125 since 26 February 20091 of 125124 of 12512.8
Primary dealers' share16.4Last 24 auctions19 of 245 of 2421.9
Primary dealers' share16.4All 125 since 26 February 2009119 of 1256 of 12536.0
High minus median, basis points3.8Last 24 auctions18 of 245 of 244.6
High minus median, basis points3.8Since 26 February 200987 of 12532 of 1254.4
High minus median, basis points3.8All 174 since 6 February 198096 of 17472 of 1744.0

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 February 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190226_2.pdf. Compiled by 500metrics, "7-year note auction of 26 February 2019 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2019-02-26.

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