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Treasury auctions · 7-Year Note

7-year note auction of 27 January 2022 (new issue)

The 7-year note sold $60.922 billion at a high yield of 1.769% 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, 25 Apr 2019 to 27 Jan 2022
High yield at each 7-year note auction, 28 Jan 2020 to 27 Jan 2022

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 Apr 2019 to 27 Jan 2022
Bid-to-cover ratio at each 7-year note auction, 28 Jan 2020 to 27 Jan 2022

Who bought the 7-year note of 27 Jan 2022

Shares of the competitive bids accepted

  • Indirect bidders 62.6%
  • Direct bidders 22.9%
  • Primary dealers 14.5%
This auction, 27 Jan 2022
  • Indirect bidders 68.7%
  • Direct bidders 16.5%
  • Primary dealers 14.8%
The 7-year note auction before, 25 Jan 2022

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 bidders62.6%
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
1.7692.36
1.5332.50
1.4802.21
1.5882.42
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

Observed .

Right now

The high yield of 1.769% on 27 January 2022 was the highest for a 7-year note since 26 December 2019.

The primary dealers' share of 14.5% was the lowest for a 7-year note since 25 January 2018, with 52 auctions in between.

Higher than 64 of the 165 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the high yield was higher than all 24.

The primary dealers' share was lower than all 24.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 62.6%
  • Direct bidders 22.9%
  • Primary dealers 14.5%

Size

Treasury sold $60.922 billion of the $53 billion offered.

Bids received came to $133.052 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
1.750%
Announced
Issued
Matures

It adds to the debt that matures in January 2029.

Understanding this result

Where it stands today

The high yield was 1.769% at this 7-year note auction, the median yield 1.700% 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$53,000,000,000
Bids received$133,051,635,200
Sold$60,921,526,900
Competitive bids accepted$52,976,471,700
Non-competitive bids accepted$23,531,700
Federal Reserve (SOMA) add-on$7,921,523,500
Foreign and international (FIMA) non-competitive$0
High yield, %1.769
Median rate, %1.700
Low rate, %1.650
Interest rate (coupon), %1.750
Bids at the high rate filled, %91.49
Bid-to-cover ratio2.36
Indirect bidders accepted$33,188,352,500
Direct bidders accepted$12,110,756,700
Primary dealers accepted$7,677,362,500
Indirect bidders' share, % (ours)62.6
Direct bidders' share, % (ours)22.9
Primary dealers' share, % (ours)14.5
High minus median, basis points (ours)6.9
Treasury par yield curve, 7-year point, same day, %1.78
High yield minus that point, basis points (ours)-1.1
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 ratio2.362.283 of 128 of 12
High yield1.7691.3030 of 1212 of 12
Indirect bidders' share62.659.42 of 1210 of 12
Direct bidders' share22.920.11 of 1211 of 12
Primary dealers' share14.519.912 of 120 of 12
High minus median, basis points6.96.04 of 128 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 auctions12 of 2411 of 242.36
Bid-to-cover ratio2.36All 165 since 26 February 2009139 of 16522 of 1652.54
High yield1.769Last 24 auctions0 of 2424 of 241.102
High yield1.769Since 26 February 2009101 of 16564 of 1652.010
High yield1.769All 214 since 6 February 1980150 of 21464 of 2142.215
Indirect bidders' share62.6Last 24 auctions10 of 2414 of 2461.7
Indirect bidders' share62.6All 165 since 26 February 200939 of 165126 of 16556.6
Direct bidders' share22.9Last 24 auctions1 of 2423 of 2416.9
Direct bidders' share22.9All 165 since 26 February 200911 of 165154 of 16514.0
Primary dealers' share14.5Last 24 auctions24 of 240 of 2420.9
Primary dealers' share14.5All 165 since 26 February 2009162 of 1653 of 16531.0
High minus median, basis points6.9Last 24 auctions4 of 2420 of 245.5
High minus median, basis points6.9Since 26 February 200918 of 165145 of 1654.6
High minus median, basis points6.9All 214 since 6 February 198020 of 214192 of 2144.2

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 January 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220127_3.pdf. Compiled by 500metrics, "7-year note auction of 27 January 2022 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2022-01-27.

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