500metrics

Treasury auctions · 7-Year Note

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

The 7-year note sold $74.034 billion at a high yield of 1.285% on , with a bid-to-cover ratio of 2.41.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 25 Oct 2018 to 27 May 2021
High yield at each 7-year note auction, 28 May 2019 to 27 May 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, 25 Oct 2018 to 27 May 2021
Bid-to-cover ratio at each 7-year note auction, 28 May 2019 to 27 May 2021

Who bought the 7-year note of 27 May 2021

Shares of the competitive bids accepted

  • Indirect bidders 59.6%
  • Direct bidders 20.7%
  • Primary dealers 19.7%
This auction, 27 May 2021
  • Indirect bidders 57.1%
  • Direct bidders 20.6%
  • Primary dealers 22.3%
The 7-year note auction before, 27 Apr 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 bidders59.6%
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
1.2852.41
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

Observed .

Right now

The high yield was 1.285% on 27 May 2021, down from 1.306% at the auction before.

Higher than 25 of the 156 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 primary dealers' share was higher than 5 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 59.6%
  • Direct bidders 20.7%
  • Primary dealers 19.7%

Size

Treasury sold $74.034 billion of the $62 billion offered.

Bids received came to $161.604 billion; the bid-to-cover ratio was 2.41.

Its bid-to-cover of 2.41 compares with the 24 auctions before it: lowest 2.04 on , highest 2.76 on ; 51.4% of the way from the low to the high.

2.41

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 May 2028.

Understanding this result

Where it stands today

The high yield was 1.285% at this 7-year note auction, the median yield 1.232% and a bid-to-cover ratio of 2.41.

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$161,604,151,900
Sold$74,034,259,400
Competitive bids accepted$61,978,474,500
Non-competitive bids accepted$21,576,400
Federal Reserve (SOMA) add-on$12,034,208,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.285
Median rate, %1.232
Low rate, %0.080
Interest rate (coupon), %1.250
Bids at the high rate filled, %19.81
Bid-to-cover ratio2.41
Indirect bidders accepted$36,921,412,000
Direct bidders accepted$12,828,300,000
Primary dealers accepted$12,228,762,500
Indirect bidders' share, % (ours)59.6
Direct bidders' share, % (ours)20.7
Primary dealers' share, % (ours)19.7
High minus median, basis points (ours)5.3
Treasury par yield curve, 7-year point, same day, %1.28
High yield minus that point, basis points (ours)0.5
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 ratio2.412.345 of 127 of 12
High yield1.2850.6262 of 1210 of 12
Indirect bidders' share59.662.79 of 123 of 12
Direct bidders' share20.716.51 of 1211 of 12
Primary dealers' share19.722.08 of 124 of 12
High minus median, basis points5.35.35 of 125 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 ratio2.41Last 24 auctions13 of 2411 of 242.43
Bid-to-cover ratio2.41All 156 since 26 February 2009126 of 15630 of 1562.55
High yield1.285Last 24 auctions11 of 2413 of 241.221
High yield1.285Since 26 February 2009131 of 15625 of 1562.036
High yield1.285All 205 since 6 February 1980180 of 20525 of 2052.245
Indirect bidders' share59.6Last 24 auctions15 of 249 of 2462.5
Indirect bidders' share59.6All 156 since 26 February 200954 of 156102 of 15656.0
Direct bidders' share20.7Last 24 auctions3 of 2421 of 2415.9
Direct bidders' share20.7All 156 since 26 February 200913 of 156143 of 15613.4
Primary dealers' share19.7Last 24 auctions19 of 245 of 2422.0
Primary dealers' share19.7All 156 since 26 February 2009138 of 15618 of 15632.1
High minus median, basis points5.3Last 24 auctions10 of 2411 of 245.3
High minus median, basis points5.3Since 26 February 200945 of 156105 of 1564.5
High minus median, basis points5.3All 205 since 6 February 198049 of 205150 of 2054.0

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 May 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210527_3.pdf. Compiled by 500metrics, "7-year note auction of 27 May 2021 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2021-05-27.

Page updated