500metrics

Treasury auctions · 7-Year Note

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

The 7-year note sold $35.012 billion at a high yield of 1.835% on , with a bid-to-cover ratio of 2.47.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 27 Jul 2017 to 26 Dec 2019
High yield at each 7-year note auction, 27 Dec 2017 to 26 Dec 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 Jul 2017 to 26 Dec 2019
Bid-to-cover ratio at each 7-year note auction, 27 Dec 2017 to 26 Dec 2019

Who bought the 7-year note of 26 Dec 2019

Shares of the competitive bids accepted

  • Indirect bidders 59.4%
  • Direct bidders 23.4%
  • Primary dealers 17.1%
This auction, 26 Dec 2019
  • Indirect bidders 69.6%
  • Direct bidders 10.1%
  • Primary dealers 20.3%
The 7-year note auction before, 27 Nov 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 bidders59.4%
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
1.8352.47
1.7192.44
1.6572.46
1.6332.49
1.4892.16
1.9672.27
1.8892.44
2.1442.30
2.0652.38
2.4262.49
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

Observed .

Right now

The high yield was 1.835% on 26 December 2019, up from 1.719% at the auction before.

Higher than 44 of the 139 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the direct bidders' share was higher than 20 of the 24.

The primary dealers' share was higher than 4 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 59.4%
  • Direct bidders 23.4%
  • Primary dealers 17.1%

Size

Treasury sold $35.012 billion of the $32 billion offered.

Bids received came to $81.925 billion; the bid-to-cover ratio was 2.47.

Its bid-to-cover of 2.47 compares with the 24 auctions before it: lowest 2.16 on , highest 2.65 on ; 63.3% of the way from the low to the high.

2.47

Low 2.16 Midpoint 2.405 High 2.65

The security7-Year, new issue

Coupon
1.750%
Announced
Issued
Matures

It adds to the debt that matures in December 2026.

Understanding this result

Where it stands today

The high yield was 1.835% at this 7-year note auction, the median yield 1.790% and a bid-to-cover ratio of 2.47.

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$81,924,653,500
Sold$35,011,701,500
Competitive bids accepted$31,992,488,000
Non-competitive bids accepted$7,515,300
Federal Reserve (SOMA) add-on$3,011,698,200
Foreign and international (FIMA) non-competitive$0
High yield, %1.835
Median rate, %1.790
Low rate, %1.288
Interest rate (coupon), %1.750
Bids at the high rate filled, %77.17
Bid-to-cover ratio2.47
Indirect bidders accepted$19,009,717,500
Direct bidders accepted$7,496,109,500
Primary dealers accepted$5,486,661,000
Indirect bidders' share, % (ours)59.4
Direct bidders' share, % (ours)23.4
Primary dealers' share, % (ours)17.1
High minus median, basis points (ours)4.5
Treasury par yield curve, 7-year point, same day, %1.85
High yield minus that point, basis points (ours)-1.5
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 ratio2.472.444 of 128 of 12
High yield1.8352.0168 of 124 of 12
Indirect bidders' share59.459.25 of 127 of 12
Direct bidders' share23.415.91 of 1211 of 12
Primary dealers' share17.122.211 of 121 of 12
High minus median, basis points4.54.46 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 ratio2.47Last 24 auctions13 of 2411 of 242.49
Bid-to-cover ratio2.47All 139 since 26 February 2009100 of 13937 of 1392.56
High yield1.835Last 24 auctions20 of 244 of 242.390
High yield1.835Since 26 February 200995 of 13944 of 1392.106
High yield1.835All 188 since 6 February 1980144 of 18844 of 1882.300
Indirect bidders' share59.4Last 24 auctions13 of 2411 of 2459.9
Indirect bidders' share59.4All 139 since 26 February 200944 of 13995 of 13952.3
Direct bidders' share23.4Last 24 auctions4 of 2420 of 2415.5
Direct bidders' share23.4All 139 since 26 February 20098 of 139131 of 13913.1
Primary dealers' share17.1Last 24 auctions20 of 244 of 2421.6
Primary dealers' share17.1All 139 since 26 February 2009129 of 13910 of 13934.2
High minus median, basis points4.5Last 24 auctions10 of 2413 of 244.2
High minus median, basis points4.5Since 26 February 200960 of 13974 of 1394.4
High minus median, basis points4.5All 188 since 6 February 198065 of 188118 of 1884.0

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 December 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20191226_3.pdf. Compiled by 500metrics, "7-year note auction of 26 December 2019 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2019-12-26.

Page updated