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Treasury auctions · 7-Year Note

7-year note auction of 26 March 2020 (new issue)

The 7-year note sold $36.303 billion at a high yield of 0.680% on , with a bid-to-cover ratio of 2.76.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 26 Oct 2017 to 26 Mar 2020
High yield at each 7-year note auction, 28 Mar 2018 to 26 Mar 2020

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, 26 Oct 2017 to 26 Mar 2020
Bid-to-cover ratio at each 7-year note auction, 28 Mar 2018 to 26 Mar 2020

Who bought the 7-year note of 26 Mar 2020

Shares of the competitive bids accepted

  • Indirect bidders 62.4%
  • Direct bidders 9.1%
  • Primary dealers 28.6%
This auction, 26 Mar 2020
  • Indirect bidders 63.0%
  • Direct bidders 13.1%
  • Primary dealers 23.9%
The 7-year note auction before, 27 Feb 2020

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 bidders62.4%
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
0.6802.76
1.2472.49
1.5702.37
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

Observed .

Right now

The high yield of 0.680% on 26 March 2020 was the lowest of all 191 earlier 7-year note auctions we hold.

The bid-to-cover ratio of 2.76 was the highest for a 7-year note since 25 April 2017, with 41 auctions in between.

The direct bidders' share of 9.1% was the lowest for a 7-year note since 25 October 2018, with 20 auctions in between.

Lower than all 142 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the bid-to-cover ratio was higher than all 24.

The high yield 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 62.4%
  • Direct bidders 9.1%
  • Primary dealers 28.6%

Size

Treasury sold $36.303 billion of the $32 billion offered.

Bids received came to $92.562 billion; the bid-to-cover ratio was 2.76.

Its bid-to-cover of 2.76 compares with the 24 auctions before it: lowest 2.16 on , highest 2.76 on ; 100.0% of the way from the low to the high.

2.76

Low 2.16 Midpoint 2.460 High 2.76

The security7-Year, new issue

Coupon
0.625%
Announced
Issued
Matures

It adds to the debt that matures in March 2027.

Understanding this result

Where it stands today

The high yield was 0.680% at this 7-year note auction, the median yield 0.620% and a bid-to-cover ratio of 2.76.

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$92,562,393,700
Sold$36,302,504,700
Competitive bids accepted$31,994,071,000
Non-competitive bids accepted$6,171,100
Federal Reserve (SOMA) add-on$4,302,262,600
Foreign and international (FIMA) non-competitive$0
High yield, %0.680
Median rate, %0.620
Low rate, %0.080
Interest rate (coupon), %0.625
Bids at the high rate filled, %86.95
Bid-to-cover ratio2.76
Indirect bidders accepted$19,949,046,000
Direct bidders accepted$2,909,425,000
Primary dealers accepted$9,135,600,000
Indirect bidders' share, % (ours)62.4
Direct bidders' share, % (ours)9.1
Primary dealers' share, % (ours)28.6
High minus median, basis points (ours)6.0
Treasury par yield curve, 7-year point, same day, %0.72
High yield minus that point, basis points (ours)-4.0
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 ratio2.762.440 of 1212 of 12
High yield0.6801.77712 of 120 of 12
Indirect bidders' share62.459.44 of 128 of 12
Direct bidders' share9.115.912 of 120 of 12
Primary dealers' share28.622.32 of 1210 of 12
High minus median, basis points6.04.61 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 ratio2.76Last 24 auctions0 of 2424 of 242.46
Bid-to-cover ratio2.76All 142 since 26 February 200924 of 142116 of 1422.56
High yield0.680Last 24 auctions24 of 240 of 242.216
High yield0.680Since 26 February 2009142 of 1420 of 1422.094
High yield0.680All 191 since 6 February 1980191 of 1910 of 1912.281
Indirect bidders' share62.4Last 24 auctions8 of 2416 of 2459.4
Indirect bidders' share62.4All 142 since 26 February 200933 of 142109 of 14253.7
Direct bidders' share9.1Last 24 auctions23 of 241 of 2415.9
Direct bidders' share9.1All 142 since 26 February 2009112 of 14230 of 14213.2
Primary dealers' share28.6Last 24 auctions5 of 2419 of 2422.5
Primary dealers' share28.6All 142 since 26 February 200991 of 14251 of 14233.8
High minus median, basis points6.0Last 24 auctions1 of 2422 of 244.5
High minus median, basis points6.0Since 26 February 200922 of 142117 of 1424.4
High minus median, basis points6.0All 191 since 6 February 198024 of 191162 of 1914.0

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 March 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200326_3.pdf. Compiled by 500metrics, "7-year note auction of 26 March 2020 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2020-03-26.

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