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Treasury auctions · 7-Year Note

7-year note auction of 29 July 2021 (new issue)

The 7-year note sold $67.937 billion at a high yield of 1.050% on , with a bid-to-cover ratio of 2.23.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 27 Dec 2018 to 29 Jul 2021
High yield at each 7-year note auction, 29 Aug 2019 to 29 Jul 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 Dec 2018 to 29 Jul 2021
Bid-to-cover ratio at each 7-year note auction, 29 Aug 2019 to 29 Jul 2021

Who bought the 7-year note of 29 Jul 2021

Shares of the competitive bids accepted

  • Indirect bidders 58.4%
  • Direct bidders 19.4%
  • Primary dealers 22.2%
This auction, 29 Jul 2021
  • Indirect bidders 60.0%
  • Direct bidders 21.3%
  • Primary dealers 18.7%
The 7-year note auction before, 24 Jun 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 bidders58.4%
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
1.0502.23
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

Observed .

Right now

The high yield of 1.050% on 29 July 2021 was the lowest for a 7-year note since 28 January 2021.

Higher than 13 of the 158 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the high minus median was higher than 21 of the 24.

The bid-to-cover ratio 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 58.4%
  • Direct bidders 19.4%
  • Primary dealers 22.2%

Size

Treasury sold $67.937 billion of the $62 billion offered.

Bids received came to $144.253 billion; the bid-to-cover ratio was 2.23.

Its bid-to-cover of 2.23 compares with the 24 auctions before it: lowest 2.04 on , highest 2.76 on ; 26.4% of the way from the low to the high.

2.23

Low 2.04 Midpoint 2.400 High 2.76

The security7-Year, new issue

Coupon
1.000%
Announced
Issued
Matures

It adds to the debt that matures in July 2028.

Understanding this result

Where it stands today

The high yield was 1.050% at this 7-year note auction, the median yield 0.985% and a bid-to-cover ratio of 2.23.

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$144,253,083,400
Sold$67,937,363,800
Competitive bids accepted$61,991,100,400
Non-competitive bids accepted$8,958,700
Federal Reserve (SOMA) add-on$5,937,304,700
Foreign and international (FIMA) non-competitive$0
High yield, %1.050
Median rate, %0.985
Low rate, %0.080
Interest rate (coupon), %1.000
Bids at the high rate filled, %39.56
Bid-to-cover ratio2.23
Indirect bidders accepted$36,182,920,000
Direct bidders accepted$12,056,900,000
Primary dealers accepted$13,751,280,400
Indirect bidders' share, % (ours)58.4
Direct bidders' share, % (ours)19.4
Primary dealers' share, % (ours)22.2
High minus median, basis points (ours)6.5
Treasury par yield curve, 7-year point, same day, %1.04
High yield minus that point, basis points (ours)1.0
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 ratio2.232.3410 of 121 of 12
High yield1.0500.7085 of 127 of 12
Indirect bidders' share58.460.69 of 123 of 12
Direct bidders' share19.416.94 of 128 of 12
Primary dealers' share22.220.15 of 127 of 12
High minus median, basis points6.55.42 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 ratio2.23Last 24 auctions21 of 242 of 242.42
Bid-to-cover ratio2.23All 158 since 26 February 2009154 of 1583 of 1582.55
High yield1.050Last 24 auctions13 of 2411 of 241.221
High yield1.050Since 26 February 2009145 of 15813 of 1582.024
High yield1.050All 207 since 6 February 1980194 of 20713 of 2072.235
Indirect bidders' share58.4Last 24 auctions19 of 245 of 2462.5
Indirect bidders' share58.4All 158 since 26 February 200966 of 15892 of 15856.1
Direct bidders' share19.4Last 24 auctions5 of 2419 of 2416.2
Direct bidders' share19.4All 158 since 26 February 200923 of 158135 of 15813.5
Primary dealers' share22.2Last 24 auctions11 of 2413 of 2421.5
Primary dealers' share22.2All 158 since 26 February 2009121 of 15837 of 15831.7
High minus median, basis points6.5Last 24 auctions3 of 2421 of 245.3
High minus median, basis points6.5Since 26 February 200920 of 158137 of 1584.5
High minus median, basis points6.5All 207 since 6 February 198022 of 207184 of 2074.0

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 29 July 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210729_3.pdf. Compiled by 500metrics, "7-year note auction of 29 July 2021 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2021-07-29.

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