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Treasury auctions · 7-Year Note

7-year note auction of 27 April 2021 (new issue)

The 7-year note sold $73.84 billion at a high yield of 1.306% on , with a bid-to-cover ratio of 2.31.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 27 Sep 2018 to 27 Apr 2021
High yield at each 7-year note auction, 28 May 2019 to 27 Apr 2021

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 Sep 2018 to 27 Apr 2021
Bid-to-cover ratio at each 7-year note auction, 28 May 2019 to 27 Apr 2021

Who bought the 7-year note of 27 Apr 2021

Shares of the competitive bids accepted

  • Indirect bidders 57.1%
  • Direct bidders 20.6%
  • Primary dealers 22.3%
This auction, 27 Apr 2021
  • Indirect bidders 57.3%
  • Direct bidders 18.0%
  • Primary dealers 24.7%
The 7-year note auction before, 25 Mar 2021

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 bidders57.1%
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
1.3062.31
1.3002.23
1.1952.04
0.7542.30
0.6622.31
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

Observed .

Right now

The high yield of 1.306% on 27 April 2021 was the highest for a 7-year note since 28 January 2020.

Higher than 26 of the 155 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the direct bidders' share was higher than 21 of the 24.

The indirect bidders' share was higher than 3 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 57.1%
  • Direct bidders 20.6%
  • Primary dealers 22.3%

Size

Treasury sold $73.84 billion of the $62 billion offered.

Bids received came to $155.289 billion; the bid-to-cover ratio was 2.31.

Its bid-to-cover of 2.31 compares with the 24 auctions before it: lowest 2.04 on , highest 2.76 on ; 37.5% of the way from the low to the high.

2.31

Low 2.04 Midpoint 2.400 High 2.76

The security7-Year, new issue

Coupon
1.250%
Announced
Issued
Matures

It adds to the debt that matures in April 2028.

Understanding this result

Where it stands today

The high yield was 1.306% at this 7-year note auction, the median yield 1.249% and a bid-to-cover ratio of 2.31.

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$62,000,000,000
Bids received$155,288,530,800
Sold$73,840,305,800
Competitive bids accepted$61,976,072,000
Non-competitive bids accepted$23,939,100
Federal Reserve (SOMA) add-on$11,840,294,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.306
Median rate, %1.249
Low rate, %0.880
Interest rate (coupon), %1.250
Bids at the high rate filled, %88.71
Bid-to-cover ratio2.31
Indirect bidders accepted$35,372,097,000
Direct bidders accepted$12,765,200,000
Primary dealers accepted$13,838,775,000
Indirect bidders' share, % (ours)57.1
Direct bidders' share, % (ours)20.6
Primary dealers' share, % (ours)22.3
High minus median, basis points (ours)5.7
Treasury par yield curve, 7-year point, same day, %1.32
High yield minus that point, basis points (ours)-1.4
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 ratio2.312.407 of 124 of 12
High yield1.3060.5760 of 1212 of 12
Indirect bidders' share57.163.211 of 121 of 12
Direct bidders' share20.616.31 of 1211 of 12
Primary dealers' share22.321.55 of 127 of 12
High minus median, basis points5.75.32 of 1210 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 ratio2.31Last 24 auctions16 of 247 of 242.43
Bid-to-cover ratio2.31All 155 since 26 February 2009143 of 15511 of 1552.55
High yield1.306Last 24 auctions10 of 2414 of 241.221
High yield1.306Since 26 February 2009129 of 15526 of 1552.045
High yield1.306All 204 since 6 February 1980178 of 20426 of 2042.248
Indirect bidders' share57.1Last 24 auctions21 of 243 of 2462.5
Indirect bidders' share57.1All 155 since 26 February 200971 of 15584 of 15555.9
Direct bidders' share20.6Last 24 auctions3 of 2421 of 2415.9
Direct bidders' share20.6All 155 since 26 February 200914 of 155141 of 15513.4
Primary dealers' share22.3Last 24 auctions12 of 2412 of 2422.2
Primary dealers' share22.3All 155 since 26 February 2009120 of 15535 of 15532.1
High minus median, basis points5.7Last 24 auctions5 of 2419 of 245.2
High minus median, basis points5.7Since 26 February 200932 of 155121 of 1554.5
High minus median, basis points5.7All 204 since 6 February 198036 of 204166 of 2044.0

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 27 April 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210427_3.pdf. Compiled by 500metrics, "7-year note auction of 27 April 2021 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2021-04-27.

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