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Treasury auctions · 7-Year Note

7-year note auction of 22 November 2022 (new issue)

The 7-year note sold $38.805 billion at a high yield of 3.890% on , with a bid-to-cover ratio of 2.33.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 28 Jan 2020 to 22 Nov 2022
High yield at each 7-year note auction, 24 Nov 2020 to 22 Nov 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, 28 Jan 2020 to 22 Nov 2022
Bid-to-cover ratio at each 7-year note auction, 24 Nov 2020 to 22 Nov 2022

Who bought the 7-year note of 22 Nov 2022

Shares of the competitive bids accepted

  • Indirect bidders 61.9%
  • Direct bidders 16.8%
  • Primary dealers 21.4%
This auction, 22 Nov 2022
  • Indirect bidders 63.2%
  • Direct bidders 22.7%
  • Primary dealers 14.1%
The 7-year note auction before, 27 Oct 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 bidders61.9%
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
3.8902.33
4.0272.43
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

Observed .

Right now

The high yield was 3.890% on 22 November 2022, down from 4.027% at the auction before.

The primary dealers' share of 21.4% was the highest for a 7-year note since 29 July 2021, with 16 auctions in between.

Higher than 173 of the 175 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the high yield was higher than 22 of the 24.

The direct bidders' share was higher than 4 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 61.9%
  • Direct bidders 16.8%
  • Primary dealers 21.4%

Size

Treasury sold $38.805 billion of the $35 billion offered.

Bids received came to $85.357 billion; the bid-to-cover ratio was 2.33.

Its bid-to-cover of 2.33 compares with the 24 auctions before it: lowest 2.04 on , highest 2.69 on ; 44.6% of the way from the low to the high.

2.33

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 November 2029.

Understanding this result

Where it stands today

The high yield was 3.890% at this 7-year note auction, the median yield 3.819% and a bid-to-cover ratio of 2.33.

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$35,000,000,000
Bids received$85,357,214,100
Sold$38,805,040,100
Competitive bids accepted$34,961,096,000
Non-competitive bids accepted$38,917,200
Federal Reserve (SOMA) add-on$3,805,026,900
Foreign and international (FIMA) non-competitive$0
High yield, %3.890
Median rate, %3.819
Low rate, %3.750
Interest rate (coupon), %3.875
Bids at the high rate filled, %64.18
Bid-to-cover ratio2.33
Indirect bidders accepted$21,638,370,000
Direct bidders accepted$5,856,990,000
Primary dealers accepted$7,465,736,000
Indirect bidders' share, % (ours)61.9
Direct bidders' share, % (ours)16.8
Primary dealers' share, % (ours)21.4
High minus median, basis points (ours)7.1
Treasury par yield curve, 7-year point, same day, %3.86
High yield minus that point, basis points (ours)3.0
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 ratio2.332.4611 of 121 of 12
High yield3.8902.7542 of 1210 of 12
Indirect bidders' share61.963.59 of 123 of 12
Direct bidders' share16.820.19 of 123 of 12
Primary dealers' share21.413.50 of 1212 of 12
High minus median, basis points7.16.84 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 ratio2.33Last 24 auctions15 of 249 of 242.36
Bid-to-cover ratio2.33All 175 since 26 February 2009157 of 17518 of 1752.54
High yield3.890Last 24 auctions2 of 2422 of 241.506
High yield3.890Since 26 February 20092 of 175173 of 1752.021
High yield3.890All 224 since 6 February 198051 of 224173 of 2242.232
Indirect bidders' share61.9Last 24 auctions11 of 2413 of 2461.5
Indirect bidders' share61.9All 175 since 26 February 200955 of 175120 of 17557.8
Direct bidders' share16.8Last 24 auctions20 of 244 of 2420.1
Direct bidders' share16.8All 175 since 26 February 200960 of 175115 of 17514.3
Primary dealers' share21.4Last 24 auctions5 of 2419 of 2417.6
Primary dealers' share21.4All 175 since 26 February 2009128 of 17547 of 17530.5
High minus median, basis points7.1Last 24 auctions7 of 2417 of 246.5
High minus median, basis points7.1Since 26 February 200917 of 175157 of 1754.6
High minus median, basis points7.1All 224 since 6 February 198018 of 224205 of 2244.2

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 22 November 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20221122_2.pdf. Compiled by 500metrics, "7-year note auction of 22 November 2022 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2022-11-22.

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