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Treasury auctions · 7-Year Note

7-year note auction of 29 March 2023 (new issue)

The 7-year note sold $35 billion at a high yield of 3.626% on , with a bid-to-cover ratio of 2.39.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 28 May 2020 to 29 Mar 2023
High yield at each 7-year note auction, 27 Apr 2021 to 29 Mar 2023

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 May 2020 to 29 Mar 2023
Bid-to-cover ratio at each 7-year note auction, 27 Apr 2021 to 29 Mar 2023

Who bought the 7-year note of 29 Mar 2023

Shares of the competitive bids accepted

  • Indirect bidders 63.2%
  • Direct bidders 21.4%
  • Primary dealers 15.4%
This auction, 29 Mar 2023
  • Indirect bidders 65.5%
  • Direct bidders 20.8%
  • Primary dealers 13.7%
The 7-year note auction before, 23 Feb 2023

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 bidders63.2%
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
3.6262.39
4.0622.49
3.5172.69
3.9212.45
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

Observed .

Right now

The high yield was 3.626% on 29 March 2023, down from 4.062% at the auction before.

Higher than 174 of the 179 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the high yield was higher than 19 of the 24.

The bid-to-cover ratio was higher than 10 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 63.2%
  • Direct bidders 21.4%
  • Primary dealers 15.4%

Size

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

Bids received came to $83.786 billion; the bid-to-cover ratio was 2.39.

Its bid-to-cover of 2.39 compares with the 24 auctions before it: lowest 2.21 on , highest 2.69 on ; 37.5% of the way from the low to the high.

2.39

Low 2.21 Midpoint 2.450 High 2.69

The security7-Year, new issue

Coupon
3.625%
Announced
Issued
Matures

It adds to the debt that matures in March 2030.

Understanding this result

Where it stands today

The high yield was 3.626% at this 7-year note auction, the median yield 3.550% and a bid-to-cover ratio of 2.39.

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$83,785,864,100
Sold$35,000,010,400
Competitive bids accepted$34,952,646,300
Non-competitive bids accepted$47,364,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.626
Median rate, %3.550
Low rate, %3.500
Interest rate (coupon), %3.625
Bids at the high rate filled, %49.91
Bid-to-cover ratio2.39
Indirect bidders accepted$22,102,316,300
Direct bidders accepted$7,468,600,000
Primary dealers accepted$5,381,730,000
Indirect bidders' share, % (ours)63.2
Direct bidders' share, % (ours)21.4
Primary dealers' share, % (ours)15.4
High minus median, basis points (ours)7.6
Treasury par yield curve, 7-year point, same day, %3.62
High yield minus that point, basis points (ours)0.6
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 ratio2.392.4811 of 121 of 12
High yield3.6263.3985 of 127 of 12
Indirect bidders' share63.265.27 of 125 of 12
Direct bidders' share21.419.13 of 129 of 12
Primary dealers' share15.413.33 of 129 of 12
High minus median, basis points7.66.84 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 ratio2.39Last 24 auctions14 of 2410 of 242.42
Bid-to-cover ratio2.39All 179 since 26 February 2009140 of 17936 of 1792.54
High yield3.626Last 24 auctions5 of 2419 of 242.202
High yield3.626Since 26 February 20095 of 179174 of 1792.045
High yield3.626All 228 since 6 February 198054 of 228174 of 2282.248
Indirect bidders' share63.2Last 24 auctions10 of 2414 of 2462.6
Indirect bidders' share63.2All 179 since 26 February 200945 of 179134 of 17958.3
Direct bidders' share21.4Last 24 auctions6 of 2418 of 2420.1
Direct bidders' share21.4All 179 since 26 February 200918 of 179161 of 17914.6
Primary dealers' share15.4Last 24 auctions12 of 2412 of 2415.5
Primary dealers' share15.4All 179 since 26 February 2009161 of 17918 of 17930.1
High minus median, basis points7.6Last 24 auctions6 of 2418 of 246.5
High minus median, basis points7.6Since 26 February 200916 of 179163 of 1794.7
High minus median, basis points7.6All 228 since 6 February 198017 of 228211 of 2284.3

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 29 March 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230329_3.pdf. Compiled by 500metrics, "7-year note auction of 29 March 2023 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2023-03-29.

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