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Treasury auctions · 7-Year Note

7-year note auction of 24 September 2026 (new issue)

The 7-year note sold $50.624 billion at a high yield of 5.085% 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, 28 Nov 2023 to 24 Sep 2026
High yield at each 7-year note auction, 26 Sep 2024 to 24 Sep 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 Nov 2023 to 24 Sep 2026
Bid-to-cover ratio at each 7-year note auction, 26 Sep 2024 to 24 Sep 2026

Who bought the 7-year note of 24 Sep 2026

Shares of the competitive bids accepted

  • Indirect bidders 57.2%
  • Direct bidders 30.3%
  • Primary dealers 12.5%
This auction, 24 Sep 2026
  • Indirect bidders 60.8%
  • Direct bidders 27.0%
  • Primary dealers 12.3%
The 7-year note auction before, 27 Aug 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 bidders57.2%
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
5.0852.42
4.5122.50
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

Observed .

Right now

The high yield of 5.085% on 24 September 2026 was the highest for a 7-year note since 13 April 1993.

Higher than all 222 since 26 February 2009

Its own history

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

The high minus median was higher than 22 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 57.2%
  • Direct bidders 30.3%
  • Primary dealers 12.5%

Size

Treasury sold $50.624 billion of the $44 billion offered.

Bids received came to $113.216 billion; the bid-to-cover ratio was 2.42.

Its bid-to-cover of 2.42 compares with the 24 auctions before it: lowest 2.40 on , highest 2.79 on ; 5.1% of the way from the low to the high.

2.42

Low 2.40 Midpoint 2.595 High 2.79

The security7-Year, new issue

Coupon
5.000%
Announced
Issued
Matures

It adds to the debt that matures in September 2033.

Understanding this result

Where it stands today

The high yield was 5.085% at this 7-year note auction, the median yield 5.019% 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 (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$113,215,981,000
Sold$50,624,250,500
Competitive bids accepted$43,480,804,500
Non-competitive bids accepted$519,250,600
Federal Reserve (SOMA) add-on$6,624,195,400
Foreign and international (FIMA) non-competitive$0
High yield, %5.085
Median rate, %5.019
Low rate, %4.900
Interest rate (coupon), %5.000
Bids at the high rate filled, %91.11
Bid-to-cover ratio2.42
Indirect bidders accepted$24,869,544,500
Direct bidders accepted$13,163,710,000
Primary dealers accepted$5,447,550,000
Indirect bidders' share, % (ours)57.2
Direct bidders' share, % (ours)30.3
Primary dealers' share, % (ours)12.5
High minus median, basis points (ours)6.6
Treasury par yield curve, 7-year point, same day, %5.10
High yield minus that point, basis points (ours)-1.5
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 ratio2.422.5011 of 121 of 12
High yield5.0854.0960 of 1212 of 12
Indirect bidders' share57.259.910 of 122 of 12
Direct bidders' share30.327.42 of 1210 of 12
Primary dealers' share12.512.14 of 128 of 12
High minus median, basis points6.65.61 of 1210 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 241 of 242.51
Bid-to-cover ratio2.42All 222 since 26 February 2009174 of 22244 of 2222.53
High yield5.085Last 24 auctions0 of 2424 of 244.179
High yield5.085Since 26 February 20090 of 222222 of 2222.226
High yield5.085All 271 since 6 February 198049 of 271222 of 2712.575
Indirect bidders' share57.2Last 24 auctions22 of 242 of 2463.8
Indirect bidders' share57.2All 222 since 26 February 2009135 of 22287 of 22259.5
Direct bidders' share30.3Last 24 auctions3 of 2421 of 2425.3
Direct bidders' share30.3All 222 since 26 February 20094 of 222218 of 22215.7
Primary dealers' share12.5Last 24 auctions6 of 2418 of 2410.8
Primary dealers' share12.5All 222 since 26 February 2009188 of 22234 of 22224.1
High minus median, basis points6.6Last 24 auctions1 of 2422 of 245.4
High minus median, basis points6.6Since 26 February 200938 of 222183 of 2225.0
High minus median, basis points6.6All 271 since 6 February 198040 of 271230 of 2714.6

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 24 September 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260924_3.pdf. Compiled by 500metrics, "7-year note auction of 24 September 2026 (new issue)", https://500metrics.com/treasury/auctions/7-year-note/2026-09-24.

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