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Treasury auctions · 7-Year Note

7-year note auction of 28 October 2025 (new issue)

The 7-year note sold $46.527 billion at a high yield of 3.790% on , with a bid-to-cover ratio of 2.46.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 29 Dec 2022 to 28 Oct 2025
High yield at each 7-year note auction, 28 Nov 2023 to 28 Oct 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 Dec 2022 to 28 Oct 2025
Bid-to-cover ratio at each 7-year note auction, 28 Nov 2023 to 28 Oct 2025

Who bought the 7-year note of 28 Oct 2025

Shares of the competitive bids accepted

  • Indirect bidders 59.0%
  • Direct bidders 27.8%
  • Primary dealers 13.1%
This auction, 28 Oct 2025
  • Indirect bidders 56.4%
  • Direct bidders 31.6%
  • Primary dealers 12.0%
The 7-year note auction before, 25 Sep 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 bidders59.0%
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
3.7902.46
3.9532.40
3.9252.49
4.0922.79
4.0222.53
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

Observed .

Right now

The high yield of 3.790% on 28 October 2025 was the lowest for a 7-year note since 26 September 2024.

Higher than 178 of the 211 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the direct bidders' share was higher than 22 of the 24.

The indirect bidders' share was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 59.0%
  • Direct bidders 27.8%
  • Primary dealers 13.1%

Size

Treasury sold $46.527 billion of the $44 billion offered.

Bids received came to $110.633 billion; the bid-to-cover ratio was 2.46.

Its bid-to-cover of 2.46 compares with the 24 auctions before it: lowest 2.40 on , highest 2.79 on ; 15.4% of the way from the low to the high.

2.46

Low 2.40 Midpoint 2.595 High 2.79

The security7-Year, new issue

Coupon
3.750%
Announced
Issued
Matures

It adds to the debt that matures in October 2032.

Understanding this result

Where it stands today

The high yield was 3.790% at this 7-year note auction, the median yield 3.735% and a bid-to-cover ratio of 2.46.

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$110,632,608,400
Sold$46,526,609,100
Competitive bids accepted$43,954,857,700
Non-competitive bids accepted$45,181,300
Federal Reserve (SOMA) add-on$2,526,570,100
Foreign and international (FIMA) non-competitive$0
High yield, %3.790
Median rate, %3.735
Low rate, %3.630
Interest rate (coupon), %3.750
Bids at the high rate filled, %71.90
Bid-to-cover ratio2.46
Indirect bidders accepted$25,937,729,700
Direct bidders accepted$12,239,397,000
Primary dealers accepted$5,777,731,000
Indirect bidders' share, % (ours)59.0
Direct bidders' share, % (ours)27.8
Primary dealers' share, % (ours)13.1
High minus median, basis points (ours)5.5
Treasury par yield curve, 7-year point, same day, %3.77
High yield minus that point, basis points (ours)2.0
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 ratio2.462.6010 of 122 of 12
High yield3.7904.15312 of 120 of 12
Indirect bidders' share59.066.611 of 121 of 12
Direct bidders' share27.824.42 of 1210 of 12
Primary dealers' share13.19.91 of 1211 of 12
High minus median, basis points5.55.24 of 127 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 ratio2.46Last 24 auctions20 of 244 of 242.58
Bid-to-cover ratio2.46All 211 since 26 February 2009143 of 21162 of 2112.54
High yield3.790Last 24 auctions22 of 242 of 244.184
High yield3.790Since 26 February 200933 of 211178 of 2112.172
High yield3.790All 260 since 6 February 198082 of 260178 of 2602.428
Indirect bidders' share59.0Last 24 auctions23 of 241 of 2469.3
Indirect bidders' share59.0All 211 since 26 February 2009113 of 21198 of 21159.5
Direct bidders' share27.8Last 24 auctions2 of 2422 of 2418.9
Direct bidders' share27.8All 211 since 26 February 20095 of 211206 of 21115.6
Primary dealers' share13.1Last 24 auctions8 of 2416 of 2411.8
Primary dealers' share13.1All 211 since 26 February 2009181 of 21130 of 21124.9
High minus median, basis points5.5Last 24 auctions12 of 2410 of 245.6
High minus median, basis points5.5Since 26 February 200975 of 211129 of 2114.9
High minus median, basis points5.5All 260 since 6 February 198079 of 260174 of 2604.6

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 28 October 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251028_3.pdf. Compiled by 500metrics, "7-year note auction of 28 October 2025 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2025-10-28.

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