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Treasury auctions · 7-Year Note

7-year note auction of 28 October 2021 (new issue)

The 7-year note sold $68.303 billion at a high yield of 1.461% on , with a bid-to-cover ratio of 2.25.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 26 Mar 2019 to 28 Oct 2021
High yield at each 7-year note auction, 27 Nov 2019 to 28 Oct 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, 26 Mar 2019 to 28 Oct 2021
Bid-to-cover ratio at each 7-year note auction, 27 Nov 2019 to 28 Oct 2021

Who bought the 7-year note of 28 Oct 2021

Shares of the competitive bids accepted

  • Indirect bidders 63.9%
  • Direct bidders 19.5%
  • Primary dealers 16.6%
This auction, 28 Oct 2021
  • Indirect bidders 60.1%
  • Direct bidders 20.9%
  • Primary dealers 19.0%
The 7-year note auction before, 28 Sep 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 bidders63.9%
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
1.4612.25
1.3322.24
1.1552.34
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

Observed .

Right now

The high yield of 1.461% on 28 October 2021 was the highest for a 7-year note since 28 January 2020.

The primary dealers' share of 16.6% was the lowest for a 7-year note since 27 August 2020, with 13 auctions in between.

Higher than 42 of the 161 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the high minus median was higher than 23 of the 24.

The primary dealers' share was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 63.9%
  • Direct bidders 19.5%
  • Primary dealers 16.6%

Size

Treasury sold $68.303 billion of the $62 billion offered.

Bids received came to $145.518 billion; the bid-to-cover ratio was 2.25.

Its bid-to-cover of 2.25 compares with the 24 auctions before it: lowest 2.04 on , highest 2.76 on ; 29.2% of the way from the low to the high.

2.25

Low 2.04 Midpoint 2.400 High 2.76

The security7-Year, new issue

Coupon
1.375%
Announced
Issued
Matures

It adds to the debt that matures in October 2028.

Understanding this result

Where it stands today

The high yield was 1.461% at this 7-year note auction, the median yield 1.380% and a bid-to-cover ratio of 2.25.

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$145,517,544,400
Sold$68,303,284,400
Competitive bids accepted$61,980,820,000
Non-competitive bids accepted$19,187,900
Federal Reserve (SOMA) add-on$6,303,276,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.461
Median rate, %1.380
Low rate, %1.291
Interest rate (coupon), %1.375
Bids at the high rate filled, %49.74
Bid-to-cover ratio2.25
Indirect bidders accepted$39,601,380,000
Direct bidders accepted$12,111,700,000
Primary dealers accepted$10,267,740,000
Indirect bidders' share, % (ours)63.9
Direct bidders' share, % (ours)19.5
Primary dealers' share, % (ours)16.6
High minus median, basis points (ours)8.1
Treasury par yield curve, 7-year point, same day, %1.44
High yield minus that point, basis points (ours)2.1
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 ratio2.252.307 of 125 of 12
High yield1.4611.1750 of 1212 of 12
Indirect bidders' share63.960.02 of 1210 of 12
Direct bidders' share19.519.25 of 127 of 12
Primary dealers' share16.621.112 of 120 of 12
High minus median, basis points8.15.61 of 1211 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 ratio2.25Last 24 auctions19 of 245 of 242.39
Bid-to-cover ratio2.25All 161 since 26 February 2009153 of 1617 of 1612.54
High yield1.461Last 24 auctions4 of 2420 of 241.102
High yield1.461Since 26 February 2009119 of 16142 of 1612.018
High yield1.461All 210 since 6 February 1980168 of 21042 of 2102.226
Indirect bidders' share63.9Last 24 auctions7 of 2417 of 2461.7
Indirect bidders' share63.9All 161 since 26 February 200932 of 161129 of 16156.5
Direct bidders' share19.5Last 24 auctions6 of 2418 of 2416.7
Direct bidders' share19.5All 161 since 26 February 200923 of 161138 of 16113.6
Primary dealers' share16.6Last 24 auctions23 of 241 of 2420.9
Primary dealers' share16.6All 161 since 26 February 2009152 of 1619 of 16131.3
High minus median, basis points8.1Last 24 auctions1 of 2423 of 245.4
High minus median, basis points8.1Since 26 February 20097 of 161154 of 1614.5
High minus median, basis points8.1All 210 since 6 February 19808 of 210202 of 2104.0

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 28 October 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20211028_3.pdf. Compiled by 500metrics, "7-year note auction of 28 October 2021 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2021-10-28.

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