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Treasury auctions · 7-Year Note

7-year note auction of 24 June 2021 (new issue)

The 7-year note sold $71.411 billion at a high yield of 1.264% on , with a bid-to-cover ratio of 2.36.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 28 Nov 2018 to 24 Jun 2021
High yield at each 7-year note auction, 27 Jun 2019 to 24 Jun 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, 28 Nov 2018 to 24 Jun 2021
Bid-to-cover ratio at each 7-year note auction, 27 Jun 2019 to 24 Jun 2021

Who bought the 7-year note of 24 Jun 2021

Shares of the competitive bids accepted

  • Indirect bidders 60.0%
  • Direct bidders 21.3%
  • Primary dealers 18.7%
This auction, 24 Jun 2021
  • Indirect bidders 59.6%
  • Direct bidders 20.7%
  • Primary dealers 19.7%
The 7-year note auction before, 27 May 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 bidders60.0%
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
1.2642.36
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

Observed .

Right now

The high yield was 1.264% on 24 June 2021, down from 1.285% at the auction before.

Higher than 23 of the 157 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 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 60.0%
  • Direct bidders 21.3%
  • Primary dealers 18.7%

Size

Treasury sold $71.411 billion of the $62 billion offered.

Bids received came to $155.763 billion; the bid-to-cover ratio was 2.36.

Its bid-to-cover of 2.36 compares with the 24 auctions before it: lowest 2.04 on , highest 2.76 on ; 44.4% of the way from the low to the high.

2.36

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 June 2028.

Understanding this result

Where it stands today

The high yield was 1.264% at this 7-year note auction, the median yield 1.210% and a bid-to-cover ratio of 2.36.

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$155,763,274,100
Sold$71,411,089,100
Competitive bids accepted$61,982,078,000
Non-competitive bids accepted$17,924,600
Federal Reserve (SOMA) add-on$9,411,086,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.264
Median rate, %1.210
Low rate, %0.880
Interest rate (coupon), %1.250
Bids at the high rate filled, %43.09
Bid-to-cover ratio2.36
Indirect bidders accepted$37,171,463,000
Direct bidders accepted$13,225,800,000
Primary dealers accepted$11,584,815,000
Indirect bidders' share, % (ours)60.0
Direct bidders' share, % (ours)21.3
Primary dealers' share, % (ours)18.7
High minus median, basis points (ours)5.4
Treasury par yield curve, 7-year point, same day, %1.26
High yield minus that point, basis points (ours)0.4
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 ratio2.362.346 of 126 of 12
High yield1.2640.6583 of 129 of 12
Indirect bidders' share60.061.78 of 124 of 12
Direct bidders' share21.316.71 of 1211 of 12
Primary dealers' share18.721.111 of 121 of 12
High minus median, basis points5.45.34 of 127 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 ratio2.36Last 24 auctions16 of 248 of 242.43
Bid-to-cover ratio2.36All 157 since 26 February 2009137 of 15717 of 1572.55
High yield1.264Last 24 auctions11 of 2413 of 241.221
High yield1.264Since 26 February 2009134 of 15723 of 1572.026
High yield1.264All 206 since 6 February 1980183 of 20623 of 2062.240
Indirect bidders' share60.0Last 24 auctions15 of 249 of 2462.5
Indirect bidders' share60.0All 157 since 26 February 200954 of 157103 of 15756.0
Direct bidders' share21.3Last 24 auctions3 of 2421 of 2416.2
Direct bidders' share21.3All 157 since 26 February 200912 of 157145 of 15713.4
Primary dealers' share18.7Last 24 auctions22 of 242 of 2421.5
Primary dealers' share18.7All 157 since 26 February 2009142 of 15715 of 15732.0
High minus median, basis points5.4Last 24 auctions8 of 2415 of 245.3
High minus median, basis points5.4Since 26 February 200942 of 157112 of 1574.5
High minus median, basis points5.4All 206 since 6 February 198046 of 206157 of 2064.0

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 June 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210624_3.pdf. Compiled by 500metrics, "7-year note auction of 24 June 2021 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2021-06-24.

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