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Treasury auctions · 5-Year Note, reopening

7-year note auction of 25 February 2025 (reopening)

The 7-year note sold $77.055 billion at a high yield of 4.123% on , with a bid-to-cover ratio of 2.42.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 29 Mar 2022 to 25 Feb 2025
High yield at each 7-year note auction, 29 Mar 2023 to 25 Feb 2025

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, 29 Mar 2022 to 25 Feb 2025
Bid-to-cover ratio at each 7-year note auction, 29 Mar 2023 to 25 Feb 2025

Who bought the 7-year note of 25 Feb 2025

Shares of the competitive bids accepted

  • Indirect bidders 74.9%
  • Direct bidders 14.5%
  • Primary dealers 10.6%
This auction, 25 Feb 2025
  • Indirect bidders 67.1%
  • Direct bidders 23.1%
  • Primary dealers 9.9%
The 7-year note auction before, 28 Jan 2025

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 bidders74.9%
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
4.1232.42
4.4572.64
4.5322.76
4.1832.71
4.2152.74
3.6682.63
3.7702.50
4.1622.64
4.2762.58
4.6502.43
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

Observed .

Right now

The high yield was 4.123% on 25 February 2025, down from 4.457% at the auction before.

The bid-to-cover ratio of 2.42 was the lowest for a 7-year note since 27 April 2023, with 21 auctions in between.

Higher than 188 of the 202 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the indirect bidders' share was higher than 20 of the 24.

The direct bidders' 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 74.9%
  • Direct bidders 14.5%
  • Primary dealers 10.6%

Size

Treasury sold $77.055 billion of the $70 billion offered.

Bids received came to $176.739 billion; the bid-to-cover ratio was 2.42.

Its bid-to-cover of 2.42 compares with the 24 auctions before it: lowest 2.39 on , highest 2.76 on ; 8.1% of the way from the low to the high.

2.42

Low 2.39 Midpoint 2.575 High 2.76

The security5-Year, reopening

Coupon
4.000%
Announced
Issued
Matures

It adds to the debt that matures in February 2030.

Understanding this result

Where it stands today

The high yield was 4.123% at this 7-year note auction, the median yield 4.070% and a bid-to-cover ratio of 2.42.

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 (5-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 as5-Year, reopening
Offering amount$70,000,000,000
Bids received$176,739,464,600
Sold$77,055,354,600
Competitive bids accepted$69,797,603,000
Non-competitive bids accepted$197,428,100
Federal Reserve (SOMA) add-on$7,055,323,500
Foreign and international (FIMA) non-competitive$5,000,000
High yield, %4.123
Median rate, %4.070
Low rate, %4.020
Interest rate (coupon), %4.000
Bids at the high rate filled, %26.18
Bid-to-cover ratio2.42
Indirect bidders accepted$52,255,713,000
Direct bidders accepted$10,151,800,000
Primary dealers accepted$7,390,090,000
Indirect bidders' share, % (ours)74.9
Direct bidders' share, % (ours)14.5
Primary dealers' share, % (ours)10.6
High minus median, basis points (ours)5.3
Treasury par yield curve, 5-year point, same day, %4.12
High yield minus that point, basis points (ours)0.3
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 ratio2.422.6212 of 120 of 12
High yield4.1234.24610 of 122 of 12
Indirect bidders' share74.969.72 of 1210 of 12
Direct bidders' share14.517.910 of 122 of 12
Primary dealers' share10.610.96 of 126 of 12
High minus median, basis points5.35.36 of 126 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 ratio2.42Last 24 auctions22 of 242 of 242.58
Bid-to-cover ratio2.42All 202 since 26 February 2009156 of 20243 of 2022.54
High yield4.123Last 24 auctions14 of 2410 of 244.184
High yield4.123Since 26 February 200914 of 202188 of 2022.137
High yield4.123All 251 since 6 February 198063 of 251188 of 2512.370
Indirect bidders' share74.9Last 24 auctions4 of 2420 of 2469.6
Indirect bidders' share74.9All 202 since 26 February 20099 of 202193 of 20259.4
Direct bidders' share14.5Last 24 auctions22 of 242 of 2417.9
Direct bidders' share14.5All 202 since 26 February 2009111 of 20291 of 20215.5
Primary dealers' share10.6Last 24 auctions15 of 249 of 2413.3
Primary dealers' share10.6All 202 since 26 February 2009187 of 20215 of 20225.6
High minus median, basis points5.3Last 24 auctions18 of 246 of 245.8
High minus median, basis points5.3Since 26 February 200981 of 202114 of 2024.8
High minus median, basis points5.3All 251 since 6 February 198085 of 251159 of 2514.5

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 February 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250225_2.pdf. Compiled by 500metrics, "7-year note auction of 25 February 2025 (reopening)", https://500metrics.com/treasury/auctions/7-year-note/2025-02-25.

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