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Treasury auctions · 7-Year Note

7-year note auction of 27 March 2024 (new issue)

The 7-year note sold $43 billion at a high yield of 4.185% on , with a bid-to-cover ratio of 2.61.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 27 May 2021 to 27 Mar 2024
High yield at each 7-year note auction, 29 Mar 2022 to 27 Mar 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, 27 May 2021 to 27 Mar 2024
Bid-to-cover ratio at each 7-year note auction, 29 Mar 2022 to 27 Mar 2024

Who bought the 7-year note of 27 Mar 2024

Shares of the competitive bids accepted

  • Indirect bidders 69.7%
  • Direct bidders 17.4%
  • Primary dealers 12.9%
This auction, 27 Mar 2024
  • Indirect bidders 69.6%
  • Direct bidders 14.8%
  • Primary dealers 15.6%
The 7-year note auction before, 27 Feb 2024

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 bidders69.7%
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
4.1852.61
4.3272.58
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

Observed .

Right now

The high yield was 4.185% on 27 March 2024, down from 4.327% at the auction before.

The high minus median of 5.0 basis points was the lowest for a 7-year note since 28 September 2022, with 17 auctions in between.

Higher than 186 of the 191 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 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 69.7%
  • Direct bidders 17.4%
  • Primary dealers 12.9%

Size

Treasury sold $43 billion of the $43 billion offered.

Bids received came to $112.406 billion; the bid-to-cover ratio was 2.61.

Its bid-to-cover of 2.61 compares with the 24 auctions before it: lowest 2.33 on , highest 2.70 on ; 75.7% of the way from the low to the high.

2.61

Low 2.33 Midpoint 2.515 High 2.70

The security7-Year, new issue

Coupon
4.125%
Announced
Issued
Matures

It adds to the debt that matures in March 2031.

Understanding this result

Where it stands today

The high yield was 4.185% at this 7-year note auction, the median yield 4.135% and a bid-to-cover ratio of 2.61.

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$43,000,000,000
Bids received$112,406,413,600
Sold$43,000,000,600
Competitive bids accepted$42,879,032,000
Non-competitive bids accepted$120,968,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
High yield, %4.185
Median rate, %4.135
Low rate, %4.070
Interest rate (coupon), %4.125
Bids at the high rate filled, %63.66
Bid-to-cover ratio2.61
Indirect bidders accepted$29,899,535,000
Direct bidders accepted$7,465,300,000
Primary dealers accepted$5,514,197,000
Indirect bidders' share, % (ours)69.7
Direct bidders' share, % (ours)17.4
Primary dealers' share, % (ours)12.9
High minus median, basis points (ours)5.0
Treasury par yield curve, 7-year point, same day, %4.18
High yield minus that point, basis points (ours)0.5
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 ratio2.612.543 of 128 of 12
High yield4.1854.0985 of 127 of 12
Indirect bidders' share69.769.35 of 127 of 12
Direct bidders' share17.417.15 of 127 of 12
Primary dealers' share12.914.58 of 124 of 12
High minus median, basis points5.06.812 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 ratio2.61Last 24 auctions6 of 2417 of 242.50
Bid-to-cover ratio2.61All 191 since 26 February 200963 of 191124 of 1912.54
High yield4.185Last 24 auctions5 of 2419 of 243.874
High yield4.185Since 26 February 20095 of 191186 of 1912.084
High yield4.185All 240 since 6 February 198054 of 240186 of 2402.280
Indirect bidders' share69.7Last 24 auctions9 of 2415 of 2466.8
Indirect bidders' share69.7All 191 since 26 February 200915 of 191176 of 19158.9
Direct bidders' share17.4Last 24 auctions12 of 2412 of 2417.8
Direct bidders' share17.4All 191 since 26 February 200957 of 191134 of 19115.1
Primary dealers' share12.9Last 24 auctions14 of 2410 of 2414.0
Primary dealers' share12.9All 191 since 26 February 2009177 of 19114 of 19127.9
High minus median, basis points5.0Last 24 auctions22 of 242 of 246.8
High minus median, basis points5.0Since 26 February 200986 of 191100 of 1914.8
High minus median, basis points5.0All 240 since 6 February 198090 of 240144 of 2404.4

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 27 March 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240327_3.pdf. Compiled by 500metrics, "7-year note auction of 27 March 2024 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2024-03-27.

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