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Treasury auctions · 7-Year Note

7-year note auction of 24 November 2020 (new issue)

The 7-year note sold $63.769 billion at a high yield of 0.653% on , with a bid-to-cover ratio of 2.37.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 26 Apr 2018 to 24 Nov 2020
High yield at each 7-year note auction, 28 Nov 2018 to 24 Nov 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 Apr 2018 to 24 Nov 2020
Bid-to-cover ratio at each 7-year note auction, 28 Nov 2018 to 24 Nov 2020

Who bought the 7-year note of 24 Nov 2020

Shares of the competitive bids accepted

  • Indirect bidders 65.4%
  • Direct bidders 15.1%
  • Primary dealers 19.5%
This auction, 24 Nov 2020
  • Indirect bidders 60.9%
  • Direct bidders 14.3%
  • Primary dealers 24.9%
The 7-year note auction before, 29 Oct 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 bidders65.4%
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
0.6532.37
0.6002.24
0.4622.42
0.5192.47
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

Observed .

Right now

The high yield of 0.653% on 24 November 2020 was the highest for a 7-year note since 26 March 2020.

Higher than 7 of the 150 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the indirect 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 65.4%
  • Direct bidders 15.1%
  • Primary dealers 19.5%

Size

Treasury sold $63.769 billion of the $56 billion offered.

Bids received came to $140.691 billion; the bid-to-cover ratio was 2.37.

Its bid-to-cover of 2.37 compares with the 24 auctions before it: lowest 2.16 on , highest 2.76 on ; 35.0% of the way from the low to the high.

2.37

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 November 2027.

Understanding this result

Where it stands today

The high yield was 0.653% at this 7-year note auction, the median yield 0.600% and a bid-to-cover ratio of 2.37.

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$56,000,000,000
Bids received$140,691,461,200
Sold$63,768,886,200
Competitive bids accepted$55,996,950,000
Non-competitive bids accepted$3,072,400
Federal Reserve (SOMA) add-on$7,768,863,800
Foreign and international (FIMA) non-competitive$0
High yield, %0.653
Median rate, %0.600
Low rate, %0.080
Interest rate (coupon), %0.625
Bids at the high rate filled, %70.41
Bid-to-cover ratio2.37
Indirect bidders accepted$36,624,225,000
Direct bidders accepted$8,465,700,000
Primary dealers accepted$10,907,025,000
Indirect bidders' share, % (ours)65.4
Direct bidders' share, % (ours)15.1
Primary dealers' share, % (ours)19.5
High minus median, basis points (ours)5.3
Treasury par yield curve, 7-year point, same day, %0.65
High yield minus that point, basis points (ours)0.3
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 ratio2.372.4710 of 121 of 12
High yield0.6530.5765 of 127 of 12
Indirect bidders' share65.462.93 of 129 of 12
Direct bidders' share15.115.06 of 126 of 12
Primary dealers' share19.521.59 of 123 of 12
High minus median, basis points5.35.24 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 ratio2.37Last 24 auctions18 of 245 of 242.46
Bid-to-cover ratio2.37All 150 since 26 February 2009133 of 15015 of 1502.56
High yield0.653Last 24 auctions17 of 247 of 241.645
High yield0.653Since 26 February 2009143 of 1507 of 1502.059
High yield0.653All 199 since 6 February 1980192 of 1997 of 1992.258
Indirect bidders' share65.4Last 24 auctions4 of 2420 of 2461.6
Indirect bidders' share65.4All 150 since 26 February 200922 of 150128 of 15055.7
Direct bidders' share15.1Last 24 auctions14 of 2410 of 2415.8
Direct bidders' share15.1All 150 since 26 February 200957 of 15093 of 15013.2
Primary dealers' share19.5Last 24 auctions20 of 244 of 2422.7
Primary dealers' share19.5All 150 since 26 February 2009134 of 15016 of 15032.3
High minus median, basis points5.3Last 24 auctions6 of 2416 of 244.6
High minus median, basis points5.3Since 26 February 200941 of 150104 of 1504.4
High minus median, basis points5.3All 199 since 6 February 198045 of 199149 of 1994.0

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 24 November 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201124_3.pdf. Compiled by 500metrics, "7-year note auction of 24 November 2020 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2020-11-24.

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