500metrics

Treasury auctions · 7-Year Note

7-year note auction of 26 May 2022 (new issue)

The 7-year note sold $48.314 billion at a high yield of 2.777% on , with a bid-to-cover ratio of 2.69.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 25 Jul 2019 to 26 May 2022
High yield at each 7-year note auction, 28 May 2020 to 26 May 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 Jul 2019 to 26 May 2022
Bid-to-cover ratio at each 7-year note auction, 28 May 2020 to 26 May 2022

Who bought the 7-year note of 26 May 2022

Shares of the competitive bids accepted

  • Indirect bidders 77.9%
  • Direct bidders 15.8%
  • Primary dealers 6.4%
This auction, 26 May 2022
  • Indirect bidders 65.0%
  • Direct bidders 19.8%
  • Primary dealers 15.2%
The 7-year note auction before, 28 Apr 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 bidders77.9%
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
2.7772.69
2.9082.41
2.4992.44
1.9052.36
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

Observed .

Right now

The high yield was 2.777% on 26 May 2022, down from 2.908% at the auction before.

The bid-to-cover ratio of 2.69 was the highest for a 7-year note since 26 March 2020, with 26 auctions in between.

The indirect bidders' share of 77.9% was the highest for a 7-year note since 25 January 2018, with 56 auctions in between.

Higher than 143 of the 169 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the bid-to-cover ratio and the indirect bidders' share were 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 77.9%
  • Direct bidders 15.8%
  • Primary dealers 6.4%

Size

Treasury sold $48.314 billion of the $42 billion offered.

Bids received came to $119.286 billion; the bid-to-cover ratio was 2.69.

Its bid-to-cover of 2.69 compares with the 24 auctions before it: lowest 2.04 on , highest 2.69 on ; 100.0% of the way from the low to the high.

2.69

Low 2.04 Midpoint 2.365 High 2.69

The security7-Year, new issue

Coupon
2.750%
Announced
Issued
Matures

It adds to the debt that matures in May 2029.

Understanding this result

Where it stands today

The high yield was 2.777% at this 7-year note auction, the median yield 2.712% and a bid-to-cover ratio of 2.69.

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$42,000,000,000
Bids received$119,285,975,600
Sold$48,314,150,600
Competitive bids accepted$41,982,995,000
Non-competitive bids accepted$17,009,000
Federal Reserve (SOMA) add-on$6,314,146,600
Foreign and international (FIMA) non-competitive$0
High yield, %2.777
Median rate, %2.712
Low rate, %2.650
Interest rate (coupon), %2.750
Bids at the high rate filled, %0.47
Bid-to-cover ratio2.69
Indirect bidders accepted$32,688,895,000
Direct bidders accepted$6,617,100,000
Primary dealers accepted$2,677,000,000
Indirect bidders' share, % (ours)77.9
Direct bidders' share, % (ours)15.8
Primary dealers' share, % (ours)6.4
High minus median, basis points (ours)6.5
Treasury par yield curve, 7-year point, same day, %2.75
High yield minus that point, basis points (ours)2.7
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 ratio2.692.360 of 1212 of 12
High yield2.7771.5061 of 1211 of 12
Indirect bidders' share77.961.00 of 1212 of 12
Direct bidders' share15.820.412 of 120 of 12
Primary dealers' share6.417.012 of 120 of 12
High minus median, basis points6.56.55 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 ratio2.69Last 24 auctions0 of 2424 of 242.36
Bid-to-cover ratio2.69All 169 since 26 February 200938 of 169131 of 1692.54
High yield2.777Last 24 auctions1 of 2423 of 241.274
High yield2.777Since 26 February 200926 of 169143 of 1692.010
High yield2.777All 218 since 6 February 198075 of 218143 of 2182.215
Indirect bidders' share77.9Last 24 auctions0 of 2424 of 2461.0
Indirect bidders' share77.9All 169 since 26 February 20092 of 169167 of 16957.1
Direct bidders' share15.8Last 24 auctions21 of 243 of 2419.5
Direct bidders' share15.8All 169 since 26 February 200967 of 169102 of 16914.2
Primary dealers' share6.4Last 24 auctions24 of 240 of 2419.5
Primary dealers' share6.4All 169 since 26 February 2009169 of 1690 of 16930.7
High minus median, basis points6.5Last 24 auctions7 of 2415 of 245.6
High minus median, basis points6.5Since 26 February 200925 of 169141 of 1694.6
High minus median, basis points6.5All 218 since 6 February 198027 of 218188 of 2184.2

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 26 May 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220526_3.pdf. Compiled by 500metrics, "7-year note auction of 26 May 2022 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2022-05-26.

Page updated