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Treasury auctions · 7-Year Note

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

The 7-year note sold $44.21 billion at a high yield of 4.716% on , with a bid-to-cover ratio of 2.48.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 24 Jun 2021 to 25 Apr 2024
High yield at each 7-year note auction, 28 Apr 2022 to 25 Apr 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, 24 Jun 2021 to 25 Apr 2024
Bid-to-cover ratio at each 7-year note auction, 28 Apr 2022 to 25 Apr 2024

Who bought the 7-year note of 25 Apr 2024

Shares of the competitive bids accepted

  • Indirect bidders 65.1%
  • Direct bidders 21.0%
  • Primary dealers 13.9%
This auction, 25 Apr 2024
  • Indirect bidders 69.7%
  • Direct bidders 17.4%
  • Primary dealers 12.9%
The 7-year note auction before, 27 Mar 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 bidders65.1%
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
4.7162.48
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

Observed .

Right now

The high yield of 4.716% on 25 April 2024 was the highest for a 7-year note since 26 October 2023.

Higher than 191 of the 192 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the high yield was higher than 23 of the 24.

The high minus median was higher than 3 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 65.1%
  • Direct bidders 21.0%
  • Primary dealers 13.9%

Size

Treasury sold $44.21 billion of the $44 billion offered.

Bids received came to $109.368 billion; the bid-to-cover ratio was 2.48.

Its bid-to-cover of 2.48 compares with the 24 auctions before it: lowest 2.33 on , highest 2.70 on ; 40.5% of the way from the low to the high.

2.48

Low 2.33 Midpoint 2.515 High 2.70

The security7-Year, new issue

Coupon
4.625%
Announced
Issued
Matures

It adds to the debt that matures in April 2031.

Understanding this result

Where it stands today

The high yield was 4.716% at this 7-year note auction, the median yield 4.661% and a bid-to-cover ratio of 2.48.

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$44,000,000,000
Bids received$109,368,420,500
Sold$44,209,715,500
Competitive bids accepted$43,893,603,000
Non-competitive bids accepted$106,404,200
Federal Reserve (SOMA) add-on$209,708,300
Foreign and international (FIMA) non-competitive$0
High yield, %4.716
Median rate, %4.661
Low rate, %4.610
Interest rate (coupon), %4.625
Bids at the high rate filled, %35.06
Bid-to-cover ratio2.48
Indirect bidders accepted$28,579,008,000
Direct bidders accepted$9,212,500,000
Primary dealers accepted$6,102,095,000
Indirect bidders' share, % (ours)65.1
Direct bidders' share, % (ours)21.0
Primary dealers' share, % (ours)13.9
High minus median, basis points (ours)5.5
Treasury par yield curve, 7-year point, same day, %4.71
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 ratio2.482.588 of 123 of 12
High yield4.7164.1471 of 1211 of 12
Indirect bidders' share65.169.79 of 123 of 12
Direct bidders' share21.017.11 of 1211 of 12
Primary dealers' share13.914.17 of 125 of 12
High minus median, basis points5.56.311 of 121 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 ratio2.48Last 24 auctions14 of 248 of 242.54
Bid-to-cover ratio2.48All 192 since 26 February 2009119 of 19270 of 1922.54
High yield4.716Last 24 auctions1 of 2423 of 243.894
High yield4.716Since 26 February 20091 of 192191 of 1922.094
High yield4.716All 241 since 6 February 198050 of 241191 of 2412.281
Indirect bidders' share65.1Last 24 auctions15 of 249 of 2468.6
Indirect bidders' share65.1All 192 since 26 February 200940 of 192152 of 19259.0
Direct bidders' share21.0Last 24 auctions4 of 2420 of 2417.3
Direct bidders' share21.0All 192 since 26 February 200921 of 192171 of 19215.2
Primary dealers' share13.9Last 24 auctions13 of 2411 of 2414.0
Primary dealers' share13.9All 192 since 26 February 2009176 of 19216 of 19227.8
High minus median, basis points5.5Last 24 auctions21 of 243 of 246.8
High minus median, basis points5.5Since 26 February 200967 of 192120 of 1924.8
High minus median, basis points5.5All 241 since 6 February 198071 of 241165 of 2414.5

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 April 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240425_3.pdf. Compiled by 500metrics, "7-year note auction of 25 April 2024 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2024-04-25.

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