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Treasury auctions · 2-Year Note, reopening

7-year note auction of 23 April 2019 (reopening)

The 7-year note sold $40.511 billion at a high yield of 2.355% on , with a bid-to-cover ratio of 2.51.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 27 Oct 2016 to 23 Apr 2019
High yield at each 7-year note auction, 25 Apr 2017 to 23 Apr 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, 27 Oct 2016 to 23 Apr 2019
Bid-to-cover ratio at each 7-year note auction, 25 Apr 2017 to 23 Apr 2019

Who bought the 7-year note of 23 Apr 2019

Shares of the competitive bids accepted

  • Indirect bidders 47.7%
  • Direct bidders 15.8%
  • Primary dealers 36.5%
This auction, 23 Apr 2019
  • Indirect bidders 64.5%
  • Direct bidders 20.7%
  • Primary dealers 14.8%
The 7-year note auction before, 28 Mar 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 bidders47.7%
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
2.3552.51
2.2812.54
2.1722.35
2.2612.60
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

Observed .

Right now

The high yield was 2.355% on 23 April 2019, up from 2.281% at the auction before.

The indirect bidders' share of 47.7% was the lowest for a 7-year note since 30 December 2015, with 44 auctions in between.

The primary dealers' share of 36.5% was the highest for a 7-year note since 30 December 2015, with 44 auctions in between.

Higher than 88 of the 129 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the primary dealers' 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 47.7%
  • Direct bidders 15.8%
  • Primary dealers 36.5%

Size

Treasury sold $40.511 billion of the $40 billion offered.

Bids received came to $101.048 billion; the bid-to-cover ratio was 2.51.

Its bid-to-cover of 2.51 compares with the 24 auctions before it: lowest 2.34 on , highest 2.73 on ; 43.6% of the way from the low to the high.

2.51

Low 2.34 Midpoint 2.535 High 2.73

The security2-Year, reopening

Coupon
2.250%
Announced
Issued
Matures

It adds to the debt that matures in April 2021.

Understanding this result

Where it stands today

The high yield was 2.355% at this 7-year note auction, the median yield 2.324% and a bid-to-cover ratio of 2.51.

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 (2-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 as2-Year, reopening
Offering amount$40,000,000,000
Bids received$101,048,114,000
Sold$40,510,736,100
Competitive bids accepted$39,673,507,100
Non-competitive bids accepted$219,842,700
Federal Reserve (SOMA) add-on$510,686,300
Foreign and international (FIMA) non-competitive$106,700,000
High yield, %2.355
Median rate, %2.324
Low rate, %2.250
Interest rate (coupon), %2.250
Bids at the high rate filled, %47.66
Bid-to-cover ratio2.51
Indirect bidders accepted$18,940,206,900
Direct bidders accepted$6,255,660,000
Primary dealers accepted$14,477,640,200
Indirect bidders' share, % (ours)47.7
Direct bidders' share, % (ours)15.8
Primary dealers' share, % (ours)36.5
High minus median, basis points (ours)3.1
Treasury par yield curve, 2-year point, same day, %2.36
High yield minus that point, basis points (ours)-0.5
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 ratio2.512.547 of 125 of 12
High yield2.3552.7449 of 123 of 12
Indirect bidders' share47.760.112 of 120 of 12
Direct bidders' share15.816.26 of 126 of 12
Primary dealers' share36.522.50 of 1212 of 12
High minus median, basis points3.14.011 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 ratio2.51Last 24 auctions12 of 2412 of 242.51
Bid-to-cover ratio2.51All 129 since 26 February 200986 of 12939 of 1292.59
High yield2.355Last 24 auctions15 of 249 of 242.595
High yield2.355Since 26 February 200941 of 12988 of 1292.126
High yield2.355All 178 since 6 February 198090 of 17888 of 1782.377
Indirect bidders' share47.7Last 24 auctions24 of 240 of 2462.1
Indirect bidders' share47.7All 129 since 26 February 200980 of 12949 of 12951.1
Direct bidders' share15.8Last 24 auctions8 of 2416 of 2413.5
Direct bidders' share15.8All 129 since 26 February 200938 of 12991 of 12912.9
Primary dealers' share36.5Last 24 auctions0 of 2424 of 2422.5
Primary dealers' share36.5All 129 since 26 February 200961 of 12968 of 12935.0
High minus median, basis points3.1Last 24 auctions22 of 241 of 244.3
High minus median, basis points3.1Since 26 February 2009115 of 12910 of 1294.4
High minus median, basis points3.1All 178 since 6 February 1980124 of 17850 of 1784.0

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 23 April 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190423_2.pdf. Compiled by 500metrics, "7-year note auction of 23 April 2019 (reopening)", https://500metrics.com/treasury/auctions/7-year-note/2019-04-23.

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