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Treasury auctions · 7-Year Note

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

The 7-year note sold $36 billion at a high yield of 3.898% on , with a bid-to-cover ratio of 2.57.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 27 Nov 2019 to 28 Sep 2022
High yield at each 7-year note auction, 29 Oct 2020 to 28 Sep 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, 27 Nov 2019 to 28 Sep 2022
Bid-to-cover ratio at each 7-year note auction, 29 Oct 2020 to 28 Sep 2022

Who bought the 7-year note of 28 Sep 2022

Shares of the competitive bids accepted

  • Indirect bidders 62.5%
  • Direct bidders 24.7%
  • Primary dealers 12.8%
This auction, 28 Sep 2022
  • Indirect bidders 75.7%
  • Direct bidders 15.7%
  • Primary dealers 8.6%
The 7-year note auction before, 25 Aug 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 bidders62.5%
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
3.8982.57
3.1302.65
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

Observed .

Right now

The high yield of 3.898% on 28 September 2022 was the highest for a 7-year note since 13 April 1993.

Higher than all 173 since 26 February 2009

Its own history

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

The direct bidders' share was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 62.5%
  • Direct bidders 24.7%
  • Primary dealers 12.8%

Size

Treasury sold $36 billion of the $36 billion offered.

Bids received came to $92.485 billion; the bid-to-cover ratio was 2.57.

Its bid-to-cover of 2.57 compares with the 24 auctions before it: lowest 2.04 on , highest 2.69 on ; 81.5% of the way from the low to the high.

2.57

Low 2.04 Midpoint 2.365 High 2.69

The security7-Year, new issue

Coupon
3.875%
Announced
Issued
Matures

It adds to the debt that matures in September 2029.

Understanding this result

Where it stands today

The high yield was 3.898% at this 7-year note auction, the median yield 3.850% and a bid-to-cover ratio of 2.57.

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$36,000,000,000
Bids received$92,485,179,600
Sold$36,000,003,600
Competitive bids accepted$35,947,089,000
Non-competitive bids accepted$52,914,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.898
Median rate, %3.850
Low rate, %3.797
Interest rate (coupon), %3.875
Bids at the high rate filled, %55.60
Bid-to-cover ratio2.57
Indirect bidders accepted$22,463,689,000
Direct bidders accepted$8,865,400,000
Primary dealers accepted$4,618,000,000
Indirect bidders' share, % (ours)62.5
Direct bidders' share, % (ours)24.7
Primary dealers' share, % (ours)12.8
High minus median, basis points (ours)4.8
Treasury par yield curve, 7-year point, same day, %3.83
High yield minus that point, basis points (ours)6.8
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 ratio2.572.433 of 129 of 12
High yield3.8982.2020 of 1212 of 12
Indirect bidders' share62.563.98 of 124 of 12
Direct bidders' share24.719.71 of 1211 of 12
Primary dealers' share12.814.67 of 125 of 12
High minus median, basis points4.86.810 of 121 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 ratio2.57Last 24 auctions3 of 2421 of 242.36
Bid-to-cover ratio2.57All 173 since 26 February 200971 of 173100 of 1732.54
High yield3.898Last 24 auctions0 of 2424 of 241.396
High yield3.898Since 26 February 20090 of 173173 of 1732.018
High yield3.898All 222 since 6 February 198049 of 222173 of 2222.226
Indirect bidders' share62.5Last 24 auctions10 of 2414 of 2461.0
Indirect bidders' share62.5All 173 since 26 February 200947 of 173126 of 17357.5
Direct bidders' share24.7Last 24 auctions1 of 2423 of 2419.5
Direct bidders' share24.7All 173 since 26 February 20095 of 173168 of 17314.2
Primary dealers' share12.8Last 24 auctions19 of 245 of 2418.8
Primary dealers' share12.8All 173 since 26 February 2009165 of 1738 of 17330.5
High minus median, basis points4.8Last 24 auctions22 of 241 of 246.4
High minus median, basis points4.8Since 26 February 200976 of 17393 of 1734.6
High minus median, basis points4.8All 222 since 6 February 198081 of 222137 of 2224.2

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 September 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220928_3.pdf. Compiled by 500metrics, "7-year note auction of 28 September 2022 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2022-09-28.

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