Treasury Auctions · Notes

7-Year Treasury Note Auctions

Every 7-year auction since February 2009: the yield Treasury paid, how many bids came in, and who ended up holding the debt.

Latest 7-year Auction

Thursday, Sep 24, 2026

7-Year Note

Softdemand vs previous six 7-year auctions

5.085%

stop-out yield · +57.3 bp vs prior auction · highest in the record back to February 2009

Size

$44B

7-Year

Bid-to-cover

2.42×

−0.07 vs avg 2.49×

Indirect bidders

57.2%

−7.4 pts vs avg

Dealers took

12.5%

+0.5 pts vs avg

The Sep 24, 2026 7-year note auction sold $44B at a yield of 5.085%, the highest in the record back to February 2009. Bidders put in 2.42× the amount on offer, and primary dealers were left with 12.5% of the competitive award. Measured against the previous six 7-year auctions, demand grades soft.

Source: Treasury's official results announcement (PDF)

Highest on Record

5.085%

Sep 24, 2026

Lowest on Record

0.446%

Jul 28, 2020

Last 12 Months

13 auctions

1 above their recent run, 5 below

Auctions Tracked

212

209 graded since 2009

Stop-out yield at every auction

2Y10YAll

Bid-to-cover, last 24 auctions

Each dot is one auction, colored by its demand grade. The white tick is the average of the previous six auctions; the stem shows how far above or below it the auction landed.

Demand vs the series' previous six auctions:StrongSolidAverageSoftWeak

Who bought it

Share of each competitive award. When the blue band at the top grows, the dealers were left holding debt the rest of the market passed on.

■ indirect (incl. foreign central banks) · ■ direct · ■ primary dealers

Every 7-year auction

The 24 most recent 7-Year Treasury Note auctions
Date	Size	Yield	Chg	Cover	Indirect	Direct	Dealers	Demand	Official results
Sep 24, 2026	$44B	5.085%	+57.3 bp	2.42×−0.07	57.2%−7.4 pts	30.3%	12.5%+0.5 pts	Soft	PDF
Aug 27, 2026	$44B	4.512%	+3.9 bp	2.50×+0.01	60.8%−4.3 pts	27.0%	12.3%+0.5 pts	Average	PDF
Jul 28, 2026	$44B	4.473%	+21.3 bp	2.49×+0.01	70.1%+5.6 pts	16.9%	13.0%+1.5 pts	Average	PDF
Jun 25, 2026	$44B	4.260%	−3 bp	2.50×+0.01	57.6%−7.2 pts	29.7%	12.8%+1.9 pts	Soft	PDF
May 28, 2026	$44B	4.290%	+11.5 bp	2.52×+0.04	78.4%+17.2 pts	11.2%	10.4%−0.9 pts	Solid	PDF
Apr 28, 2026	$44B	4.175%	−8 bp	2.51×+0.04	58.4%−2.9 pts	30.0%	11.6%+0.1 pts	Average	PDF
Mar 26, 2026	$44B	4.255%	+46.5 bp	2.43×−0.03	62.6%+2.3 pts	25.0%	12.4%+0.9 pts	Average	PDF
Feb 26, 2026	$44B	3.790%	−22.8 bp	2.50×+0.04	63.6%+1.0 pts	26.0%	10.4%−1.0 pts	Average	PDF
Jan 29, 2026	$44B	4.018%	+8.8 bp	2.45×−0.07	66.9%+5.1 pts	22.2%	10.9%+0.7 pts	Average	PDF
Dec 24, 2025	$44B	3.930%	+14.9 bp	2.51×−0.01	59.0%−5.7 pts	31.6%	9.3%−1.3 pts	Average	PDF
Nov 26, 2025	$44B	3.781%	−0.9 bp	2.46×−0.10	56.7%−10.6 pts	30.3%	13.1%+3.8 pts	Soft	PDF
Oct 28, 2025	$44B	3.790%	−16.3 bp	2.46×−0.11	59.0%−8.3 pts	27.8%	13.1%+3.5 pts	Soft	PDF
Sep 25, 2025	$44B	3.953%	+2.8 bp	2.40×−0.20	56.4%−11.7 pts	31.6%	12.0%+2.3 pts	Weak	PDF
Aug 28, 2025	$44B	3.925%	−16.7 bp	2.49×−0.13	77.4%+11.3 pts	12.8%	9.8%+0.2 pts	Solid	PDF
Jul 29, 2025	$44B	4.092%	+7 bp	2.79×+0.19	62.3%−4.7 pts	33.7%	4.1%−6.4 pts	Strong	PDF
Jun 26, 2025	$44B	4.022%	−17.2 bp	2.53×−0.11	76.7%+7.9 pts	11.6%	11.6%+1.5 pts	Solid	PDF
May 29, 2025	$44B	4.194%	+7.1 bp	2.69×+0.05	71.5%+3.9 pts	23.6%	4.8%−6.1 pts	Solid	PDF
Apr 24, 2025	$44B	4.123%	−11 bp	2.55×−0.12	59.3%−10.4 pts	25.4%	15.3%+5.6 pts	Weak	PDF
Mar 27, 2025	$44B	4.233%	+3.9 bp	2.53×−0.16	61.2%−10.1 pts	26.1%	12.7%+3.6 pts	Weak	PDF
Feb 26, 2025	$44B	4.194%	−26.3 bp	2.64×−0.02	66.1%−6.8 pts	25.2%	8.8%−1.1 pts	Soft	PDF
Jan 28, 2025	$44B	4.457%	−7.5 bp	2.64×−0.02	67.1%−7.0 pts	23.1%	9.9%+0.1 pts	Soft	PDF
Dec 26, 2024	$44B	4.532%	+34.9 bp	2.76×+0.13	87.9%+16.9 pts	2.9%	9.3%−0.9 pts	Solid	PDF
Nov 27, 2024	$44B	4.183%	−3.2 bp	2.71×+0.12	64.1%−7.4 pts	25.9%	10.0%−1.3 pts	Soft	PDF
Oct 29, 2024	$44B	4.215%	+54.7 bp	2.74×+0.20	72.0%+1.6 pts	20.6%	7.5%−4.9 pts	Solid	PDF

Show 188 earlier auctions, back to February 2009+

Earlier 7-Year Treasury Note auctions
Date	Size	Yield	Cover	Indirect	Dealers	Demand
Sep 26, 2024	$44B	3.668%	2.63×	70.8%	8.9%	Average
Aug 29, 2024	$44B	3.770%	2.50×	75.1%	13.7%	Average
Jul 25, 2024	$44B	4.162%	2.64×	74.4%	8.9%	Strong
Jun 27, 2024	$44B	4.276%	2.58×	69.7%	11.9%	Average
May 29, 2024	$44B	4.650%	2.43×	66.9%	17.0%	Average
Apr 25, 2024	$44B	4.716%	2.48×	65.1%	13.9%	Average
Mar 27, 2024	$43B	4.185%	2.61×	69.7%	12.9%	Average
Feb 27, 2024	$42B	4.327%	2.58×	69.6%	15.6%	Average
Jan 25, 2024	$41B	4.109%	2.57×	69.1%	13.9%	Average
Dec 28, 2023	$40B	3.859%	2.50×	63.7%	16.9%	Soft
Nov 28, 2023	$39B	4.399%	2.44×	63.9%	20.3%	Weak
Oct 26, 2023	$38B	4.908%	2.70×	70.6%	11.0%	Solid
Sep 28, 2023	$37B	4.673%	2.47×	65.5%	14.6%	Average
Aug 29, 2023	$36B	4.212%	2.66×	75.3%	9.8%	Strong
Jul 27, 2023	$35B	4.087%	2.48×	69.8%	14.3%	Average
Jun 28, 2023	$35B	3.839%	2.65×	75.3%	8.1%	Solid
May 25, 2023	$35B	3.827%	2.61×	72.3%	10.4%	Solid
Apr 27, 2023	$35B	3.563%	2.41×	64.1%	14.8%	Average
Mar 29, 2023	$35B	3.626%	2.39×	63.2%	15.4%	Average
Feb 23, 2023	$35B	4.062%	2.49×	65.5%	13.7%	Average
Jan 26, 2023	$35B	3.517%	2.69×	77.1%	6.1%	Strong
Dec 29, 2022	$35B	3.921%	2.45×	68.1%	15.8%	Average
Nov 22, 2022	$35B	3.890%	2.33×	61.9%	21.4%	Weak
Oct 27, 2022	$35B	4.027%	2.43×	63.2%	14.1%	Average
Sep 28, 2022	$36B	3.898%	2.57×	62.5%	12.8%	Soft
Aug 25, 2022	$37B	3.130%	2.65×	75.7%	8.6%	Strong
Jul 28, 2022	$38B	2.730%	2.60×	70.9%	10.6%	Average
Jun 28, 2022	$40B	3.280%	2.48×	61.9%	17.7%	Average
May 26, 2022	$42B	2.777%	2.69×	77.9%	6.4%	Strong
Apr 28, 2022	$44B	2.908%	2.41×	65.0%	15.2%	Average
Mar 29, 2022	$47B	2.499%	2.44×	60.9%	10.5%	Solid
Feb 24, 2022	$50B	1.905%	2.36×	63.9%	12.3%	Solid
Jan 27, 2022	$53B	1.769%	2.36×	62.6%	14.5%	Average
Dec 29, 2021	$56B	1.480%	2.21×	59.3%	21.3%	Average
Nov 23, 2021	$59B	1.588%	2.42×	59.3%	17.4%	Average
Oct 28, 2021	$62B	1.461%	2.25×	63.9%	16.6%	Average
Sep 28, 2021	$62B	1.332%	2.24×	60.1%	19.0%	Average
Aug 26, 2021	$62B	1.155%	2.34×	61.1%	20.1%	Solid
Jul 29, 2021	$62B	1.050%	2.23×	58.4%	22.2%	Average
Jun 24, 2021	$62B	1.264%	2.36×	60.0%	18.7%	Solid
May 27, 2021	$62B	1.285%	2.41×	59.6%	19.7%	Strong
Apr 27, 2021	$62B	1.306%	2.31×	57.1%	22.3%	Average
Mar 25, 2021	$62B	1.300%	2.23×	57.3%	24.7%	Average
Feb 25, 2021	$62B	1.195%	2.04×	38.1%	39.8%	Weak
Jan 28, 2021	$62B	0.754%	2.30×	64.1%	19.6%	Average
Dec 29, 2020	$59B	0.662%	2.31×	60.3%	22.7%	Average
Nov 24, 2020	$56B	0.653%	2.37×	65.4%	19.5%	Average
Oct 29, 2020	$53B	0.600%	2.24×	60.9%	24.9%	Soft
Sep 24, 2020	$50B	0.462%	2.42×	62.8%	20.5%	Average
Aug 27, 2020	$47B	0.519%	2.47×	68.3%	15.3%	Solid
Jul 28, 2020	$44B	0.446%	2.45×	63.9%	19.3%	Average
Jun 25, 2020	$41B	0.511%	2.49×	62.6%	21.7%	Average
May 28, 2020	$38B	0.553%	2.55×	63.6%	24.0%	Average
Apr 28, 2020	$35B	0.525%	2.56×	66.4%	21.3%	Average
Mar 26, 2020	$32B	0.680%	2.76×	62.4%	28.6%	Average
Feb 27, 2020	$32B	1.247%	2.49×	63.0%	23.9%	Average
Jan 28, 2020	$32B	1.570%	2.37×	58.0%	24.7%	Average
Dec 26, 2019	$32B	1.835%	2.47×	59.4%	17.1%	Solid
Nov 27, 2019	$32B	1.719%	2.44×	69.6%	20.3%	Solid
Oct 24, 2019	$32B	1.657%	2.46×	65.4%	20.1%	Solid
Sep 26, 2019	$32B	1.633%	2.49×	65.2%	20.2%	Solid
Aug 29, 2019	$32B	1.489%	2.16×	50.2%	33.8%	Weak
Jul 25, 2019	$32B	1.967%	2.27×	59.4%	24.8%	Soft
Jun 27, 2019	$32B	1.889%	2.44×	55.5%	20.3%	Average
May 29, 2019	$32B	2.144%	2.30×	58.3%	30.5%	Weak
Apr 25, 2019	$32B	2.426%	2.49×	60.4%	20.6%	Average
Mar 28, 2019	$32B	2.281%	2.54×	64.5%	14.8%	Solid
Feb 26, 2019	$32B	2.538%	2.60×	55.2%	16.4%	Soft
Jan 29, 2019	$32B	2.625%	2.54×	58.3%	16.8%	Solid
Dec 27, 2018	$32B	2.680%	2.46×	67.4%	18.0%	Strong
Nov 28, 2018	$32B	2.974%	2.55×	56.6%	16.3%	Average
Oct 25, 2018	$31B	3.074%	2.39×	64.6%	30.1%	Weak
Sep 27, 2018	$31B	3.034%	2.45×	62.0%	25.3%	Average
Aug 29, 2018	$31B	2.844%	2.65×	59.5%	21.5%	Average
Jul 26, 2018	$30B	2.930%	2.49×	64.6%	23.4%	Average
Jun 28, 2018	$30B	2.809%	2.53×	60.6%	24.1%	Average
May 24, 2018	$30B	2.930%	2.62×	65.5%	21.6%	Average
Apr 26, 2018	$29B	2.952%	2.56×	65.8%	21.6%	Average
Mar 28, 2018	$29B	2.720%	2.34×	55.8%	32.1%	Weak
Feb 22, 2018	$29B	2.839%	2.49×	62.2%	22.1%	Average
Jan 25, 2018	$28B	2.565%	2.73×	78.1%	11.7%	Strong
Dec 28, 2017	$28B	2.370%	2.55×	60.5%	26.4%	Soft
Nov 28, 2017	$28B	2.230%	2.36×	58.6%	27.7%	Weak
Oct 26, 2017	$28B	2.280%	2.39×	63.4%	23.2%	Weak
Sep 28, 2017	$28B	2.130%	2.70×	70.6%	10.4%	Strong
Aug 29, 2017	$28B	1.941%	2.46×	68.8%	14.6%	Solid
Jul 27, 2017	$28B	2.126%	2.54×	67.7%	20.6%	Average
Jun 28, 2017	$28B	2.056%	2.46×	65.4%	25.2%	Soft
May 25, 2017	$28B	2.060%	2.54×	61.2%	21.6%	Soft
Apr 27, 2017	$28B	2.084%	2.73×	81.7%	8.8%	Strong
Mar 29, 2017	$28B	2.215%	2.56×	71.1%	20.5%	Average
Feb 23, 2017	$28B	2.197%	2.49×	63.8%	24.8%	Average
Jan 26, 2017	$28B	2.335%	2.45×	72.8%	20.7%	Solid
Dec 29, 2016	$28B	2.284%	2.54×	64.0%	17.0%	Solid
Nov 23, 2016	$28B	2.215%	2.68×	72.7%	18.0%	Strong
Oct 27, 2016	$28B	1.653%	2.49×	61.5%	25.3%	Average
Sep 28, 2016	$28B	1.389%	2.47×	59.4%	30.2%	Soft
Aug 25, 2016	$28B	1.423%	2.38×	58.3%	31.3%	Soft
Jul 28, 2016	$28B	1.340%	2.51×	65.5%	26.8%	Average
Jun 22, 2016	$28B	1.497%	2.56×	65.6%	25.3%	Average
May 26, 2016	$28B	1.652%	2.57×	64.6%	18.5%	Strong
Apr 28, 2016	$28B	1.634%	2.65×	65.5%	20.2%	Strong
Mar 30, 2016	$28B	1.606%	2.51×	57.8%	26.7%	Average
Feb 26, 2016	$28B	1.568%	2.25×	53.5%	32.3%	Soft
Jan 28, 2016	$29B	1.759%	2.63×	69.4%	15.8%	Strong
Dec 30, 2015	$29B	2.161%	2.34×	47.1%	38.8%	Weak
Nov 25, 2015	$29B	2.013%	2.51×	55.9%	30.5%	Average
Oct 29, 2015	$29B	1.885%	2.55×	62.3%	23.7%	Strong
Sep 24, 2015	$29B	1.813%	2.51×	62.6%	28.5%	Strong
Aug 27, 2015	$29B	1.930%	2.53×	50.8%	35.0%	Average
Jul 30, 2015	$29B	2.021%	2.47×	49.1%	38.8%	Soft
Jun 25, 2015	$29B	2.153%	2.38×	56.6%	31.5%	Average
May 28, 2015	$29B	1.888%	2.49×	53.8%	34.2%	Average
Apr 29, 2015	$29B	1.820%	2.44×	54.1%	33.0%	Average
Mar 26, 2015	$29B	1.792%	2.32×	50.5%	37.2%	Average
Feb 26, 2015	$29B	1.834%	2.37×	52.3%	37.1%	Average
Jan 29, 2015	$29B	1.590%	2.50×	56.1%	29.0%	Strong
Dec 24, 2014	$29B	2.125%	2.39×	56.5%	37.6%	Solid
Nov 26, 2014	$29B	1.960%	2.63×	50.0%	37.1%	Average
Oct 30, 2014	$29B	2.018%	2.42×	46.6%	38.0%	Average
Sep 25, 2014	$29B	2.235%	2.48×	48.3%	41.7%	Soft
Aug 28, 2014	$29B	2.045%	2.57×	48.8%	30.7%	Average
Jul 30, 2014	$29B	2.250%	2.58×	47.4%	37.4%	Average
Jun 26, 2014	$29B	2.152%	2.44×	40.6%	42.7%	Weak
May 29, 2014	$29B	2.010%	2.60×	40.4%	35.6%	Average
Apr 24, 2014	$29B	2.317%	2.60×	49.9%	31.0%	Strong
Mar 27, 2014	$29B	2.258%	2.59×	41.4%	26.0%	Solid
Feb 27, 2014	$29B	2.105%	2.72×	41.1%	34.3%	Solid
Jan 30, 2014	$29B	2.190%	2.65×	47.8%	32.3%	Strong
Dec 19, 2013	$29B	2.385%	2.45×	41.7%	41.2%	Average
Nov 27, 2013	$29B	2.106%	2.36×	34.1%	49.8%	Weak
Oct 30, 2013	$29B	1.870%	2.66×	42.3%	33.8%	Average
Sep 26, 2013	$29B	2.058%	2.46×	42.0%	40.2%	Average
Aug 29, 2013	$29B	2.221%	2.43×	40.8%	36.8%	Soft
Jul 25, 2013	$29B	2.026%	2.54×	48.6%	34.9%	Strong
Jun 27, 2013	$29B	1.932%	2.61×	46.4%	37.8%	Solid
May 30, 2013	$29B	1.496%	2.70×	40.8%	38.5%	Average
Apr 25, 2013	$29B	1.155%	2.71×	39.3%	41.0%	Average
Mar 28, 2013	$29B	1.248%	2.56×	35.5%	45.0%	Average
Feb 27, 2013	$29B	1.260%	2.65×	33.4%	48.4%	Soft
Jan 30, 2013	$29B	1.416%	2.60×	38.2%	42.0%	Average
Dec 19, 2012	$29B	1.233%	2.72×	39.9%	37.0%	Solid
Nov 29, 2012	$29B	1.045%	2.81×	39.1%	41.2%	Average
Oct 25, 2012	$29B	1.267%	2.56×	38.2%	43.7%	Soft
Sep 27, 2012	$29B	1.055%	2.61×	34.9%	48.1%	Soft
Aug 30, 2012	$29B	1.081%	2.80×	38.4%	43.8%	Average
Jul 26, 2012	$29B	0.954%	2.64×	46.3%	46.6%	Average
Jun 28, 2012	$29B	1.075%	2.64×	42.0%	51.5%	Weak
May 24, 2012	$29B	1.203%	2.80×	42.7%	41.6%	Average
Apr 26, 2012	$29B	1.347%	2.83×	38.2%	44.1%	Average
Mar 29, 2012	$29B	1.590%	2.72×	42.8%	43.8%	Soft
Feb 23, 2012	$29B	1.418%	3.11×	41.8%	38.9%	Strong
Jan 26, 2012	$29B	1.359%	2.73×	31.8%	56.6%	Weak
Dec 21, 2011	$29B	1.430%	2.68×	42.0%	45.0%	Average
Nov 23, 2011	$29B	1.415%	3.20×	39.9%	41.3%	Strong
Oct 27, 2011	$29B	1.791%	2.59×	33.9%	54.2%	Weak
Sep 29, 2011	$29B	1.496%	3.02×	41.6%	44.7%	Solid
Aug 25, 2011	$29B	1.580%	2.76×	51.7%	40.4%	Strong
Jul 28, 2011	$29B	2.280%	2.63×	39.6%	51.2%	Soft
Jun 29, 2011	$29B	2.430%	2.62×	32.2%	56.1%	Weak
May 26, 2011	$29B	2.429%	3.24×	47.6%	39.4%	Solid
Apr 28, 2011	$29B	2.712%	2.63×	39.1%	53.0%	Weak
Mar 30, 2011	$29B	2.895%	2.79×	49.4%	41.8%	Average
Feb 24, 2011	$29B	2.854%	2.86×	49.7%	45.9%	Soft
Jan 27, 2011	$29B	2.744%	2.85×	52.1%	42.2%	Average
Dec 29, 2010	$29B	2.830%	2.86×	64.2%	31.2%	Strong
Nov 24, 2010	$29B	2.253%	2.63×	42.2%	49.3%	Weak
Oct 28, 2010	$29B	1.970%	3.06×	50.2%	44.3%	Soft
Sep 29, 2010	$29B	1.890%	3.04×	50.2%	36.4%	Solid
Aug 26, 2010	$29B	1.989%	2.98×	56.7%	34.8%	Strong
Jul 29, 2010	$29B	2.394%	2.78×	42.3%	48.8%	Weak
Jun 24, 2010	$30B	2.575%	3.01×	51.0%	39.2%	Solid
May 27, 2010	$31B	2.815%	2.88×	51.1%	37.5%	Average
Apr 29, 2010	$32B	3.210%	2.82×	59.5%	28.3%	Strong
Mar 25, 2010	$32B	3.374%	2.61×	41.9%	50.0%	Weak
Feb 25, 2010	$32B	3.078%	2.98×	40.3%	42.4%	Soft
Jan 28, 2010	$32B	3.127%	2.85×	51.1%	37.1%	Soft
Dec 30, 2009	$32B	3.345%	2.72×	44.7%	48.7%	Weak
Nov 25, 2009	$32B	2.835%	2.76×	62.5%	27.9%	Solid
Oct 29, 2009	$31B	3.141%	2.65×	59.3%	37.1%	Strong
Sep 24, 2009	$29B	3.005%	2.79×	61.7%	32.0%	Strong
Aug 27, 2009	$28B	3.092%	2.74×	61.2%	36.7%	Strong
Jul 30, 2009	$28B	3.369%	2.63×	62.5%	36.0%	Strong
Jun 25, 2009	$27B	3.329%	2.82×	67.2%	30.6%	Strong
May 28, 2009	$26B	3.300%	2.26×	33.0%	63.5%	Average
Apr 29, 2009	$26B	2.630%	2.28×	33.0%	63.7%	—
Mar 26, 2009	$24B	2.384%	2.52×	28.0%	64.3%	—
Feb 26, 2009	$22B	2.748%	2.11×	38.7%	57.6%	—

Yield = stop-out (high) yield; a real yield for TIPS. Chg = versus the previous auction of the same security. Cover = bid-to-cover ratio. Indirect, direct and dealer shares are of the competitive award. Small figures under a measure compare it with the previous six auctions of the same security, colored when the move is big enough to count toward the grade: orange for stronger demand, bluefor weaker. r = reopening of an existing issue. PDF = Treasury's official results.

Frequently Asked Questions

What yield did the last 7-year auction clear at?

When is the next 7-year auction?

Treasury has not announced the next 7-year auction yet; it does so about a week ahead. Treasury held 13 of these auctions in the last twelve months, each a new issue. This page lists it as soon as it is announced.

What is the highest yield at a 7-year auction since 2009?

5.085%, on Sep 24, 2026. The lowest was 0.446% on Jul 28, 2020. The record on this page starts with the February 2009 auction.

How often does Treasury auction the 7-year?

Treasury held 13 of these auctions in the last twelve months, each a new issue. A reopening sells more of an existing security, with the same maturity date and coupon, instead of creating a new one.

Data: US Department of the Treasury (Fiscal Data and TreasuryDirect). Demand grades are TFTC's calculation; the method is on the Treasury auctions tracker. Full history as open JSON (CC BY 4.0). Not investment advice.