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Treasury auctions · 7-Year Note

7-year note auction of 28 June 2023 (new issue)

The 7-year note sold $35 billion at a high yield of 3.839% on , with a bid-to-cover ratio of 2.65.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 27 Aug 2020 to 28 Jun 2023
High yield at each 7-year note auction, 29 Jul 2021 to 28 Jun 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, 27 Aug 2020 to 28 Jun 2023
Bid-to-cover ratio at each 7-year note auction, 29 Jul 2021 to 28 Jun 2023

Who bought the 7-year note of 28 Jun 2023

Shares of the competitive bids accepted

  • Indirect bidders 75.3%
  • Direct bidders 16.6%
  • Primary dealers 8.1%
This auction, 28 Jun 2023
  • Indirect bidders 72.3%
  • Direct bidders 17.3%
  • Primary dealers 10.4%
The 7-year note auction before, 25 May 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 bidders75.3%
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
3.8392.65
3.8272.61
3.5632.41
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

Observed .

Right now

The high yield was 3.839% on 28 June 2023, up from 3.827% at the auction before.

Higher than 177 of the 182 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the bid-to-cover ratio was higher than 21 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 75.3%
  • Direct bidders 16.6%
  • Primary dealers 8.1%

Size

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

Bids received came to $92.872 billion; the bid-to-cover ratio was 2.65.

Its bid-to-cover of 2.65 compares with the 24 auctions before it: lowest 2.21 on , highest 2.69 on ; 91.7% of the way from the low to the high.

2.65

Low 2.21 Midpoint 2.450 High 2.69

The security7-Year, new issue

Coupon
3.750%
Announced
Issued
Matures

It adds to the debt that matures in June 2030.

Understanding this result

Where it stands today

The high yield was 3.839% at this 7-year note auction, the median yield 3.770% and a bid-to-cover ratio of 2.65.

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$92,871,807,100
Sold$35,000,007,900
Competitive bids accepted$34,969,185,800
Non-competitive bids accepted$30,822,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %3.839
Median rate, %3.770
Low rate, %3.600
Interest rate (coupon), %3.750
Bids at the high rate filled, %53.68
Bid-to-cover ratio2.65
Indirect bidders accepted$26,334,685,000
Direct bidders accepted$5,788,500,800
Primary dealers accepted$2,846,000,000
Indirect bidders' share, % (ours)75.3
Direct bidders' share, % (ours)16.6
Primary dealers' share, % (ours)8.1
High minus median, basis points (ours)6.9
Treasury par yield curve, 7-year point, same day, %3.83
High yield minus that point, basis points (ours)0.9
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 ratio2.652.481 of 1210 of 12
High yield3.8393.7265 of 127 of 12
Indirect bidders' share75.364.82 of 1210 of 12
Direct bidders' share16.619.410 of 122 of 12
Primary dealers' share8.113.911 of 121 of 12
High minus median, basis points6.97.27 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 ratio2.65Last 24 auctions2 of 2421 of 242.42
Bid-to-cover ratio2.65All 182 since 26 February 200944 of 182132 of 1822.54
High yield3.839Last 24 auctions5 of 2419 of 242.842
High yield3.839Since 26 February 20095 of 182177 of 1822.057
High yield3.839All 231 since 6 February 198054 of 231177 of 2312.253
Indirect bidders' share75.3Last 24 auctions3 of 2421 of 2463.5
Indirect bidders' share75.3All 182 since 26 February 20095 of 182177 of 18258.3
Direct bidders' share16.6Last 24 auctions20 of 244 of 2419.7
Direct bidders' share16.6All 182 since 26 February 200970 of 182112 of 18214.7
Primary dealers' share8.1Last 24 auctions22 of 242 of 2414.8
Primary dealers' share8.1All 182 since 26 February 2009180 of 1822 of 18229.3
High minus median, basis points6.9Last 24 auctions9 of 2413 of 246.6
High minus median, basis points6.9Since 26 February 200925 of 182153 of 1824.7
High minus median, basis points6.9All 231 since 6 February 198027 of 231200 of 2314.4

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 June 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230628_3.pdf. Compiled by 500metrics, "7-year note auction of 28 June 2023 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2023-06-28.

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