500metrics

Treasury auctions · 7-Year Note

7-year note auction of 28 July 2026 (new issue)

The 7-year note sold $48.865 billion at a high yield of 4.473% on , with a bid-to-cover ratio of 2.49.

High yield at each 7-year note auction

The last 36 auctions, this one last

High yield at each 7-year note auction, 28 Sep 2023 to 28 Jul 2026
High yield at each 7-year note auction, 29 Aug 2024 to 28 Jul 2026

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 Sep 2023 to 28 Jul 2026
Bid-to-cover ratio at each 7-year note auction, 29 Aug 2024 to 28 Jul 2026

Who bought the 7-year note of 28 Jul 2026

Shares of the competitive bids accepted

  • Indirect bidders 70.1%
  • Direct bidders 16.9%
  • Primary dealers 13.0%
This auction, 28 Jul 2026
  • Indirect bidders 57.6%
  • Direct bidders 29.7%
  • Primary dealers 12.8%
The 7-year note auction before, 25 Jun 2026

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 bidders70.1%
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
4.4732.49
4.2602.50
4.2902.52
4.1752.51
4.2552.43
3.7902.50
4.0182.45
3.9302.51
3.7812.46
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

Observed .

Right now

The high yield of 4.473% on 28 July 2026 was the highest for a 7-year note since 26 December 2024.

The high minus median of 6.8 basis points was the highest for a 7-year note since 28 December 2023, with 31 auctions in between.

Higher than 215 of the 220 since 26 February 2009

Its own history

Against the previous 24 7-year note auctions, the high minus median was higher than all 24.

The high yield was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 70.1%
  • Direct bidders 16.9%
  • Primary dealers 13.0%

Size

Treasury sold $48.865 billion of the $44 billion offered.

Bids received came to $114.27 billion; the bid-to-cover ratio was 2.49.

Its bid-to-cover of 2.49 compares with the 24 auctions before it: lowest 2.40 on , highest 2.79 on ; 23.1% of the way from the low to the high.

2.49

Low 2.40 Midpoint 2.595 High 2.79

The security7-Year, new issue

Coupon
4.375%
Announced
Issued
Matures

It adds to the debt that matures in July 2033.

Understanding this result

Where it stands today

The high yield was 4.473% at this 7-year note auction, the median yield 4.405% and a bid-to-cover ratio of 2.49.

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$114,269,981,000
Sold$48,864,691,000
Competitive bids accepted$43,909,474,000
Non-competitive bids accepted$90,527,200
Federal Reserve (SOMA) add-on$4,864,689,800
Foreign and international (FIMA) non-competitive$0
High yield, %4.473
Median rate, %4.405
Low rate, %4.300
Interest rate (coupon), %4.375
Bids at the high rate filled, %95.17
Bid-to-cover ratio2.49
Indirect bidders accepted$30,801,964,000
Direct bidders accepted$7,413,000,000
Primary dealers accepted$5,694,510,000
Indirect bidders' share, % (ours)70.1
Direct bidders' share, % (ours)16.9
Primary dealers' share, % (ours)13.0
High minus median, basis points (ours)6.8
Treasury par yield curve, 7-year point, same day, %4.47
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 ratio2.492.506 of 125 of 12
High yield4.4733.9860 of 1212 of 12
Indirect bidders' share70.160.72 of 1210 of 12
Direct bidders' share16.928.810 of 122 of 12
Primary dealers' share13.011.32 of 1210 of 12
High minus median, basis points6.85.50 of 1212 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 ratio2.49Last 24 auctions17 of 246 of 242.52
Bid-to-cover ratio2.49All 220 since 26 February 2009128 of 22081 of 2202.53
High yield4.473Last 24 auctions1 of 2423 of 244.123
High yield4.473Since 26 February 20095 of 220215 of 2202.218
High yield4.473All 269 since 6 February 198054 of 269215 of 2692.565
Indirect bidders' share70.1Last 24 auctions9 of 2415 of 2465.1
Indirect bidders' share70.1All 220 since 26 February 200924 of 220196 of 22059.5
Direct bidders' share16.9Last 24 auctions18 of 246 of 2425.1
Direct bidders' share16.9All 220 since 26 February 200987 of 220133 of 22015.7
Primary dealers' share13.0Last 24 auctions4 of 2420 of 2410.5
Primary dealers' share13.0All 220 since 26 February 2009183 of 22037 of 22024.4
High minus median, basis points6.8Last 24 auctions0 of 2424 of 245.5
High minus median, basis points6.8Since 26 February 200933 of 220185 of 2205.0
High minus median, basis points6.8All 269 since 6 February 198035 of 269232 of 2694.6

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 July 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260728_2.pdf. Compiled by 500metrics, "7-year note auction of 28 July 2026 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2026-07-28.

Page updated