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Treasury auctions · 7-Year Note

7-year note auction of 29 May 2025 (new issue)

The 7-year note sold $50.024 billion at a high yield of 4.194% on , with a bid-to-cover ratio of 2.69.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 28 Jul 2022 to 29 May 2025
High yield at each 7-year note auction, 28 Jun 2023 to 29 May 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, 28 Jul 2022 to 29 May 2025
Bid-to-cover ratio at each 7-year note auction, 28 Jun 2023 to 29 May 2025

Who bought the 7-year note of 29 May 2025

Shares of the competitive bids accepted

  • Indirect bidders 71.5%
  • Direct bidders 23.6%
  • Primary dealers 4.8%
This auction, 29 May 2025
  • Indirect bidders 59.3%
  • Direct bidders 25.4%
  • Primary dealers 15.3%
The 7-year note auction before, 24 Apr 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 bidders71.5%
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
4.1942.69
4.1232.55
4.2332.53
4.1942.64
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

Observed .

Right now

The high yield was 4.194% on 29 May 2025, up from 4.123% at the auction before.

The primary dealers' share of 4.8% was the lowest of all 206 earlier 7-year note auctions we hold.

Higher than 193 of the 206 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the primary dealers' share was lower than all 24.

The bid-to-cover ratio was higher than 20 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 71.5%
  • Direct bidders 23.6%
  • Primary dealers 4.8%

Size

Treasury sold $50.024 billion of the $44 billion offered.

Bids received came to $124.595 billion; the bid-to-cover ratio was 2.69.

Its bid-to-cover of 2.69 compares with the 24 auctions before it: lowest 2.42 on , highest 2.76 on ; 79.4% of the way from the low to the high.

2.69

Low 2.42 Midpoint 2.590 High 2.76

The security7-Year, new issue

Coupon
4.125%
Announced
Issued
Matures

It adds to the debt that matures in May 2032.

Understanding this result

Where it stands today

The high yield was 4.194% at this 7-year note auction, the median yield 4.144% and a bid-to-cover ratio of 2.69.

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$124,595,011,500
Sold$50,023,709,000
Competitive bids accepted$43,834,565,500
Non-competitive bids accepted$82,476,800
Federal Reserve (SOMA) add-on$6,023,666,700
Foreign and international (FIMA) non-competitive$83,000,000
High yield, %4.194
Median rate, %4.144
Low rate, %4.000
Interest rate (coupon), %4.125
Bids at the high rate filled, %55.87
Bid-to-cover ratio2.69
Indirect bidders accepted$31,350,156,700
Direct bidders accepted$10,360,571,300
Primary dealers accepted$2,123,837,500
Indirect bidders' share, % (ours)71.5
Direct bidders' share, % (ours)23.6
Primary dealers' share, % (ours)4.8
High minus median, basis points (ours)5.0
Treasury par yield curve, 7-year point, same day, %4.20
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 ratio2.692.643 of 129 of 12
High yield4.1944.1885 of 126 of 12
Indirect bidders' share71.570.25 of 127 of 12
Direct bidders' share23.620.44 of 128 of 12
Primary dealers' share4.89.912 of 120 of 12
High minus median, basis points5.05.27 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 ratio2.69Last 24 auctions4 of 2420 of 242.58
Bid-to-cover ratio2.69All 206 since 26 February 200942 of 206162 of 2062.54
High yield4.194Last 24 auctions12 of 2411 of 244.203
High yield4.194Since 26 February 200912 of 206193 of 2062.152
High yield4.194All 255 since 6 February 198061 of 255193 of 2552.385
Indirect bidders' share71.5Last 24 auctions7 of 2417 of 2469.6
Indirect bidders' share71.5All 206 since 26 February 200915 of 206191 of 20659.4
Direct bidders' share23.6Last 24 auctions4 of 2420 of 2417.9
Direct bidders' share23.6All 206 since 26 February 200915 of 206191 of 20615.6
Primary dealers' share4.8Last 24 auctions24 of 240 of 2412.3
Primary dealers' share4.8All 206 since 26 February 2009206 of 2060 of 20625.3
High minus median, basis points5.0Last 24 auctions18 of 245 of 245.7
High minus median, basis points5.0Since 26 February 200995 of 206105 of 2064.8
High minus median, basis points5.0All 255 since 6 February 198099 of 255149 of 2554.5

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 29 May 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250529_3.pdf. Compiled by 500metrics, "7-year note auction of 29 May 2025 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2025-05-29.

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