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Treasury auctions · 7-Year Note

7-year note auction of 28 July 2022 (new issue)

The 7-year note sold $41.297 billion at a high yield of 2.730% on , with a bid-to-cover ratio of 2.60.

High yield at each 7-year note auction

The last 36 auctions, this one last

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

Who bought the 7-year note of 28 Jul 2022

Shares of the competitive bids accepted

  • Indirect bidders 70.9%
  • Direct bidders 18.4%
  • Primary dealers 10.6%
This auction, 28 Jul 2022
  • Indirect bidders 61.9%
  • Direct bidders 20.4%
  • Primary dealers 17.7%
The 7-year note auction before, 28 Jun 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 bidders70.9%
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
2.7302.60
3.2802.48
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

Observed .

Right now

The high yield was 2.730% on 28 July 2022, down from 3.280% at the auction before.

Higher than 141 of the 171 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the bid-to-cover ratio was higher than 23 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 70.9%
  • Direct bidders 18.4%
  • Primary dealers 10.6%

Size

Treasury sold $41.297 billion of the $38 billion offered.

Bids received came to $102.247 billion; the bid-to-cover ratio was 2.60.

Its bid-to-cover of 2.60 compares with the 24 auctions before it: lowest 2.04 on , highest 2.69 on ; 86.2% of the way from the low to the high.

2.60

Low 2.04 Midpoint 2.365 High 2.69

The security7-Year, new issue

Coupon
2.625%
Announced
Issued
Matures

It adds to the debt that matures in July 2029.

Understanding this result

Where it stands today

The high yield was 2.730% at this 7-year note auction, the median yield 2.650% and a bid-to-cover ratio of 2.60.

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$38,000,000,000
Bids received$102,246,542,800
Sold$41,297,000,800
Competitive bids accepted$37,986,148,000
Non-competitive bids accepted$13,898,900
Federal Reserve (SOMA) add-on$3,296,953,900
Foreign and international (FIMA) non-competitive$0
High yield, %2.730
Median rate, %2.650
Low rate, %2.592
Interest rate (coupon), %2.625
Bids at the high rate filled, %53.12
Bid-to-cover ratio2.60
Indirect bidders accepted$26,945,388,000
Direct bidders accepted$7,003,480,000
Primary dealers accepted$4,037,280,000
Indirect bidders' share, % (ours)70.9
Direct bidders' share, % (ours)18.4
Primary dealers' share, % (ours)10.6
High minus median, basis points (ours)8.0
Treasury par yield curve, 7-year point, same day, %2.69
High yield minus that point, basis points (ours)4.0
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 ratio2.602.381 of 1211 of 12
High yield2.7301.6783 of 129 of 12
Indirect bidders' share70.962.31 of 1211 of 12
Direct bidders' share18.420.110 of 122 of 12
Primary dealers' share10.615.910 of 122 of 12
High minus median, basis points8.06.63 of 129 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 ratio2.60Last 24 auctions1 of 2423 of 242.36
Bid-to-cover ratio2.60All 171 since 26 February 200961 of 171105 of 1712.54
High yield2.730Last 24 auctions3 of 2421 of 241.303
High yield2.730Since 26 February 200930 of 171141 of 1712.013
High yield2.730All 220 since 6 February 198079 of 220141 of 2202.218
Indirect bidders' share70.9Last 24 auctions1 of 2423 of 2461.0
Indirect bidders' share70.9All 171 since 26 February 20096 of 171165 of 17157.3
Direct bidders' share18.4Last 24 auctions15 of 249 of 2419.5
Direct bidders' share18.4All 171 since 26 February 200941 of 171130 of 17114.2
Primary dealers' share10.6Last 24 auctions22 of 242 of 2419.2
Primary dealers' share10.6All 171 since 26 February 2009167 of 1714 of 17130.6
High minus median, basis points8.0Last 24 auctions4 of 2420 of 246.0
High minus median, basis points8.0Since 26 February 200910 of 171160 of 1714.6
High minus median, basis points8.0All 220 since 6 February 198011 of 220208 of 2204.2

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 28 July 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220728_3.pdf. Compiled by 500metrics, "7-year note auction of 28 July 2022 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2022-07-28.

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