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Treasury auctions · 7-Year Note

7-year note auction of 25 January 2024 (new issue)

The 7-year note sold $41 billion at a high yield of 4.109% 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, 25 Mar 2021 to 25 Jan 2024
High yield at each 7-year note auction, 25 Jan 2022 to 25 Jan 2024

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, 25 Mar 2021 to 25 Jan 2024
Bid-to-cover ratio at each 7-year note auction, 25 Jan 2022 to 25 Jan 2024

Who bought the 7-year note of 25 Jan 2024

Shares of the competitive bids accepted

  • Indirect bidders 69.1%
  • Direct bidders 17.0%
  • Primary dealers 13.9%
This auction, 25 Jan 2024
  • Indirect bidders 63.7%
  • Direct bidders 19.4%
  • Primary dealers 16.9%
The 7-year note auction before, 28 Dec 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 bidders69.1%
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
4.1092.57
3.8592.50
4.3992.44
4.9082.70
4.6732.47
4.2122.66
4.0872.48
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

Observed .

Right now

The high yield was 4.109% on 25 January 2024, up from 3.859% at the auction before.

The high minus median of 5.6 basis points was the lowest for a 7-year note since 28 September 2022, with 15 auctions in between.

Higher than 185 of the 189 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the high yield was higher than 20 of the 24.

The high minus median 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 69.1%
  • Direct bidders 17.0%
  • Primary dealers 13.9%

Size

Treasury sold $41 billion of the $41 billion offered.

Bids received came to $105.544 billion; the bid-to-cover ratio was 2.57.

Its bid-to-cover of 2.57 compares with the 24 auctions before it: lowest 2.33 on , highest 2.70 on ; 64.9% of the way from the low to the high.

2.57

Low 2.33 Midpoint 2.515 High 2.70

The security7-Year, new issue

Coupon
4.000%
Announced
Issued
Matures

It adds to the debt that matures in January 2031.

Understanding this result

Where it stands today

The high yield was 4.109% at this 7-year note auction, the median yield 4.053% 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$41,000,000,000
Bids received$105,543,904,100
Sold$41,000,041,100
Competitive bids accepted$40,839,822,000
Non-competitive bids accepted$160,219,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.109
Median rate, %4.053
Low rate, %3.990
Interest rate (coupon), %4.000
Bids at the high rate filled, %44.45
Bid-to-cover ratio2.57
Indirect bidders accepted$28,203,372,000
Direct bidders accepted$6,944,100,000
Primary dealers accepted$5,692,350,000
Indirect bidders' share, % (ours)69.1
Direct bidders' share, % (ours)17.0
Primary dealers' share, % (ours)13.9
High minus median, basis points (ours)5.6
Treasury par yield curve, 7-year point, same day, %4.07
High yield minus that point, basis points (ours)3.9
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 ratio2.572.505 of 127 of 12
High yield4.1093.9604 of 128 of 12
Indirect bidders' share69.167.66 of 126 of 12
Direct bidders' share17.017.87 of 125 of 12
Primary dealers' share13.914.06 of 126 of 12
High minus median, basis points5.67.112 of 120 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 auctions8 of 2415 of 242.48
Bid-to-cover ratio2.57All 189 since 26 February 200976 of 189110 of 1892.54
High yield4.109Last 24 auctions4 of 2420 of 243.833
High yield4.109Since 26 February 20094 of 189185 of 1892.066
High yield4.109All 238 since 6 February 198053 of 238185 of 2382.280
Indirect bidders' share69.1Last 24 auctions9 of 2415 of 2465.2
Indirect bidders' share69.1All 189 since 26 February 200917 of 189172 of 18958.6
Direct bidders' share17.0Last 24 auctions15 of 249 of 2418.9
Direct bidders' share17.0All 189 since 26 February 200963 of 189126 of 18915.1
Primary dealers' share13.9Last 24 auctions12 of 2412 of 2413.9
Primary dealers' share13.9All 189 since 26 February 2009174 of 18915 of 18928.3
High minus median, basis points5.6Last 24 auctions22 of 242 of 246.9
High minus median, basis points5.6Since 26 February 200961 of 189124 of 1894.8
High minus median, basis points5.6All 238 since 6 February 198065 of 238169 of 2384.4

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 25 January 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240125_3.pdf. Compiled by 500metrics, "7-year note auction of 25 January 2024 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2024-01-25.

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