7-Year Treasury Note Auction: Results, Schedule & History
Ask Helious about the 7-Year Treasury Note auction
{
"tenor": "7-year-note",
"date": "2026-09-24",
"offering_usd": 44000000000,
"high_yield": 5.085,
"tail_bps": 0.7,
"bid_to_cover": 2.42,
"indirect_pct": 57.2,
"verdict": "IN LINE"
}The 7-Year Treasury Note auction on Sep 24, 2026 put $44B on offer and stopped at a high yield of 5.085%, tailing 0.7bp against the when-issued yield. The bid-to-cover was 2.42, against a twelve-month average of 2.48. Indirects took 57.2%, directs 30.3% and primary dealers 12.5%. Helious captured the result live as it crossed and graded it IN LINE.
The 7-year is the orphan of the curve. No futures contract tracks it directly and the buyer base is thin, so it tails more often than any other coupon, clearing at a higher yield than the market expected, and demand fatigue tends to show up here first. The February 2021 7-year auction set off a global bond rout, and traders have read every 7s result since as a stress test of Treasury demand.
Recent auction results
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 91282CRM5 | New | $44B | 5.085% | +0.7bp | 2.42 | 57.2% | 30.3% | 12.5% | IN LINE → | |
| 91282CRJ2 | New | $44B | 4.512% | 0.0bp | 2.50 | 60.8% | 27.0% | 12.3% | IN LINE → | |
| 91282CRC7 | New | $44B | 4.473% | +0.2bp | 2.49 | 70.1% | 16.9% | 13.0% | IN LINE → | |
| 91282CQW4 | New | $44B | 4.260% | — | 2.50 | 57.6% | 29.7% | 12.8% | — | |
| 91282CQT1 | New | $44B | 4.290% | — | 2.52 | 78.4% | 11.2% | 10.4% | — | |
| 91282CQN4 | New | $44B | 4.175% | — | 2.51 | 58.4% | 30.0% | 11.6% | — | |
| 91282CQF1 | New | $44B | 4.255% | — | 2.43 | 62.6% | 25.0% | 12.4% | — | |
| 91282CQC8 | New | $44B | 3.790% | — | 2.50 | 63.6% | 26.0% | 10.4% | — | |
| 91282CPY1 | New | $44B | 4.018% | — | 2.45 | 66.9% | 22.2% | 10.9% | — | |
| 91282CPQ8 | New | $44B | 3.930% | — | 2.51 | 59.0% | 31.6% | 9.3% | — | |
| 91282CPM7 | New | $44B | 3.781% | — | 2.46 | 56.7% | 30.3% | 13.1% | — | |
| 91282CPF2 | New | $44B | 3.790% | — | 2.46 | 59.0% | 27.8% | 13.1% | — |
The issue column says which kind of auction it was. A reopening re-auctions a security that already exists, under the same CUSIP, and that is the norm for coupons outside refunding months. "New" sets a fresh coupon. Offered is the amount the Treasury announced for sale at that auction. The tail is the high yield minus the when-issued yield at the bid deadline, in basis points. A positive number means the auction had to concede yield to clear, and a negative one means it stopped through. A dash in that column means no tail exists, or none was captured. Bills never have one, because they price off a discount rate and have no when-issued market. Rows before desk coverage began in July 2026 predate tail capture, and the official records publish no when-issued yield at all. The last column, the desk recap, is the desk's live verdict, posted the moment results cross.
The desk captures each result and backfills the rest from the full auction record · download a sample (CSV, recent auctions). The full history comes through the Helious API and MCP at api.helious.io/mcp, with depth set by plan. Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.