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Treasury auctions · 7-Year Note

7-year note auction of 28 July 2020 (new issue)

The 7-year note sold $49 billion at a high yield of 0.446% on , with a bid-to-cover ratio of 2.45.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 28 Dec 2017 to 28 Jul 2020
High yield at each 7-year note auction, 29 Aug 2018 to 28 Jul 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, 28 Dec 2017 to 28 Jul 2020
Bid-to-cover ratio at each 7-year note auction, 29 Aug 2018 to 28 Jul 2020

Who bought the 7-year note of 28 Jul 2020

Shares of the competitive bids accepted

  • Indirect bidders 63.9%
  • Direct bidders 16.8%
  • Primary dealers 19.3%
This auction, 28 Jul 2020
  • Indirect bidders 62.6%
  • Direct bidders 15.7%
  • Primary dealers 21.7%
The 7-year note auction before, 25 Jun 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 bidders63.9%
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
0.4462.45
0.5112.49
0.5532.55
0.5252.56
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

Observed .

Right now

The high yield of 0.446% on 28 July 2020 was the lowest of all 195 earlier 7-year note auctions we hold.

Lower than all 146 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the high yield was lower than all 24.

The indirect bidders' share was higher than 18 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 63.9%
  • Direct bidders 16.8%
  • Primary dealers 19.3%

Size

Treasury sold $49 billion of the $44 billion offered.

Bids received came to $112.769 billion; the bid-to-cover ratio was 2.45.

Its bid-to-cover of 2.45 compares with the 24 auctions before it: lowest 2.16 on , highest 2.76 on ; 48.3% of the way from the low to the high.

2.45

Low 2.16 Midpoint 2.460 High 2.76

The security7-Year, new issue

Coupon
0.375%
Announced
Issued
Matures

It adds to the debt that matures in July 2027.

Understanding this result

Where it stands today

The high yield was 0.446% at this 7-year note auction, the median yield 0.400% and a bid-to-cover ratio of 2.45.

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$44,000,000,000
Bids received$112,769,376,200
Sold$49,000,106,200
Competitive bids accepted$43,998,130,000
Non-competitive bids accepted$1,883,300
Federal Reserve (SOMA) add-on$5,000,092,900
Foreign and international (FIMA) non-competitive$0
High yield, %0.446
Median rate, %0.400
Low rate, %0.080
Interest rate (coupon), %0.375
Bids at the high rate filled, %69.31
Bid-to-cover ratio2.45
Indirect bidders accepted$28,121,920,000
Direct bidders accepted$7,401,900,000
Primary dealers accepted$8,474,310,000
Indirect bidders' share, % (ours)63.9
Direct bidders' share, % (ours)16.8
Primary dealers' share, % (ours)19.3
High minus median, basis points (ours)4.6
Treasury par yield curve, 7-year point, same day, %0.44
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 ratio2.452.488 of 124 of 12
High yield0.4461.53012 of 120 of 12
Indirect bidders' share63.962.84 of 128 of 12
Direct bidders' share16.814.52 of 1210 of 12
Primary dealers' share19.322.811 of 121 of 12
High minus median, basis points4.65.28 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 ratio2.45Last 24 auctions16 of 248 of 242.49
Bid-to-cover ratio2.45All 146 since 26 February 2009114 of 14629 of 1462.56
High yield0.446Last 24 auctions24 of 240 of 241.928
High yield0.446Since 26 February 2009146 of 1460 of 1462.066
High yield0.446All 195 since 6 February 1980195 of 1950 of 1952.280
Indirect bidders' share63.9Last 24 auctions6 of 2418 of 2459.4
Indirect bidders' share63.9All 146 since 26 February 200928 of 146118 of 14654.6
Direct bidders' share16.8Last 24 auctions10 of 2414 of 2415.8
Direct bidders' share16.8All 146 since 26 February 200939 of 146107 of 14613.1
Primary dealers' share19.3Last 24 auctions18 of 246 of 2421.5
Primary dealers' share19.3All 146 since 26 February 2009132 of 14614 of 14633.4
High minus median, basis points4.6Last 24 auctions10 of 2412 of 244.6
High minus median, basis points4.6Since 26 February 200960 of 14680 of 1464.4
High minus median, basis points4.6All 195 since 6 February 198065 of 195124 of 1954.0

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 28 July 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200728_3.pdf. Compiled by 500metrics, "7-year note auction of 28 July 2020 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2020-07-28.

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