{
"tenor": "7-year-note",
"date": "2026-07-28",
"high_yield": 4.473,
"tail_bps": 0.2,
"bid_to_cover": 2.49,
"indirect_pct": 70.1,
"verdict": "IN LINE"
}The 7-Year Treasury Note auction on Jul 28, 2026 stopped at a high yield of 4.473%, tailing 0.2bp against the when-issued yield, with a bid-to-cover of 2.49 against a 2.48 twelve-month average. Indirects took 70.1%, directs 16.9% and primary dealers 13%. Helious graded it IN LINE. Captured live by Helious as the results crossed.
The 7-year is the curve's orphan tenor: no futures contract tracks it directly and its buyer base is thin, so it tails more often than any other coupon and is the classic canary for demand fatigue. The infamous February 2021 7-year auction sparked a global bond rout; traders still treat every 7s result as a stress test of Treasury demand.
| DATE | CUSIP | ISSUE | HIGH YIELD | TAIL | BID-TO-COVER | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|
| Jul 28, 2026 | 91282CRC7 | New | 4.473% | +0.2bp | 2.49 | 70.1% | 16.9% | 13.0% | IN LINE → |
| Jun 25, 2026 | 91282CQW4 | New | 4.260% | — | 2.50 | 57.6% | 29.7% | 12.8% | — |
| May 28, 2026 | 91282CQT1 | New | 4.290% | — | 2.52 | 78.4% | 11.2% | 10.4% | — |
| Apr 28, 2026 | 91282CQN4 | New | 4.175% | — | 2.51 | 58.4% | 30.0% | 11.6% | — |
| Mar 26, 2026 | 91282CQF1 | New | 4.255% | — | 2.43 | 62.6% | 25.0% | 12.4% | — |
| Feb 26, 2026 | 91282CQC8 | New | 3.790% | — | 2.50 | 63.6% | 26.0% | 10.4% | — |
| Jan 29, 2026 | 91282CPY1 | New | 4.018% | — | 2.45 | 66.9% | 22.2% | 10.9% | — |
| Dec 24, 2025 | 91282CPQ8 | New | 3.930% | — | 2.51 | 59.0% | 31.6% | 9.3% | — |
| Nov 26, 2025 | 91282CPM7 | New | 3.781% | — | 2.46 | 56.7% | 30.3% | 13.1% | — |
| Oct 28, 2025 | 91282CPF2 | New | 3.790% | — | 2.46 | 59.0% | 27.8% | 13.1% | — |
| Sep 25, 2025 | 91282CNZ0 | New | 3.953% | — | 2.40 | 56.4% | 31.6% | 12.0% | — |
| Aug 28, 2025 | 91282CNW7 | New | 3.925% | — | 2.49 | 77.4% | 12.8% | 9.8% | — |
| Jul 29, 2025 | 91282CNR8 | New | 4.092% | — | 2.79 | 62.3% | 33.7% | 4.1% | — |
| Jun 26, 2025 | 91282CNJ6 | New | 4.022% | — | 2.53 | 76.7% | 11.6% | 11.6% | — |
| May 29, 2025 | 91282CNF4 | New | 4.194% | — | 2.69 | 71.5% | 23.6% | 4.8% | — |
| Apr 24, 2025 | 91282CNA5 | New | 4.123% | — | 2.55 | 59.3% | 25.4% | 15.3% | — |
| Mar 27, 2025 | 91282CMT5 | New | 4.233% | — | 2.53 | 61.2% | 26.1% | 12.7% | — |
| Feb 26, 2025 | 91282CMR9 | New | 4.194% | — | 2.64 | 66.1% | 25.2% | 8.8% | — |
| Feb 25, 2025 | 91282CGQ8 | Reopen | 4.123% | — | 2.42 | 74.9% | 14.5% | 10.6% | — |
| Jan 28, 2025 | 91282CMK4 | New | 4.457% | — | 2.64 | 67.1% | 23.1% | 9.9% | — |
| Dec 26, 2024 | 91282CMC2 | New | 4.532% | — | 2.76 | 87.9% | 2.9% | 9.3% | — |
| Nov 27, 2024 | 91282CLZ2 | New | 4.183% | — | 2.71 | 64.1% | 25.9% | 10.0% | — |
| Oct 29, 2024 | 91282CLU3 | New | 4.215% | — | 2.74 | 72.0% | 20.6% | 7.5% | — |
| Sep 26, 2024 | 91282CLM1 | New | 3.668% | — | 2.63 | 70.8% | 20.3% | 8.9% | — |
| Aug 29, 2024 | 91282CLJ8 | New | 3.770% | — | 2.50 | 75.1% | 11.2% | 13.7% | — |
| Jul 25, 2024 | 91282CLD1 | New | 4.162% | — | 2.64 | 74.4% | 16.8% | 8.9% | — |
| Jun 27, 2024 | 91282CKW0 | New | 4.276% | — | 2.58 | 69.7% | 18.5% | 11.9% | — |
| May 29, 2024 | 91282CKU4 | New | 4.650% | — | 2.43 | 66.9% | 16.1% | 17.0% | — |
| Apr 25, 2024 | 91282CKN0 | New | 4.716% | — | 2.48 | 65.1% | 21.0% | 13.9% | — |
| Mar 27, 2024 | 91282CKF7 | New | 4.185% | — | 2.61 | 69.7% | 17.4% | 12.9% | — |
| Feb 27, 2024 | 91282CKC4 | New | 4.327% | — | 2.58 | 69.6% | 14.8% | 15.6% | — |
| Jan 25, 2024 | 91282CJX0 | New | 4.109% | — | 2.57 | 69.1% | 17.0% | 13.9% | — |
| Dec 28, 2023 | 91282CJQ5 | New | 3.859% | — | 2.50 | 63.7% | 19.4% | 16.9% | — |
| Nov 28, 2023 | 91282CJM4 | New | 4.399% | — | 2.44 | 63.9% | 15.8% | 20.3% | — |
| Oct 26, 2023 | 91282CJG7 | New | 4.908% | — | 2.70 | 70.6% | 18.4% | 11.0% | — |
| Sep 28, 2023 | 91282CHZ7 | New | 4.673% | — | 2.47 | 65.5% | 19.9% | 14.6% | — |
| Aug 29, 2023 | 91282CHW4 | New | 4.212% | — | 2.66 | 75.3% | 15.0% | 9.8% | — |
| Jul 27, 2023 | 91282CHR5 | New | 4.087% | — | 2.48 | 69.8% | 15.9% | 14.3% | — |
| Jun 28, 2023 | 91282CHJ3 | New | 3.839% | — | 2.65 | 75.3% | 16.6% | 8.1% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Tail: the high yield minus the when-issued yield at the bid deadline, in basis points. Positive means the auction had to concede yield to clear, negative means it stopped through. A dash means no tail exists or none was captured: bills never have one (they price off a discount rate, with no when-issued market), and rows before desk coverage began in July 2026 are TreasuryDirect's own records, which do not publish a when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Source: desk-captured results enriched with TreasuryDirect auction records · download the history (CSV). Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.
| AUCTION DATE | CUSIP |
|---|---|
| Aug 27, 2026 | 91282CRJ2 |
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