--- title: "7-Year Treasury Auction Results: Sep 24, 2026" description: "7-Year Treasury Note, Sep 24, 2026: 5.085% high yield, 0.7bp tail, 2.42x cover, indirects 57.2%. Full bidder split, tails and 12-month averages." source: Helious canonical: "https://helious.io/auctions/7-year-note" --- # 7-Year Treasury Note Auction: Results, Schedule & History High yield 5.085% Sep 24, 2026 Tail +0.7bp conceded yield Bid to cover 2.42 12m avg 2.48 Indirects 57.2% 12m avg 63.0% [Ask Helious about the 7-Year Treasury Note auction](https://helious.io/?ask=How%20did%20the%20last%207-Year%20Treasury%20Note%20auction%20go%20and%20what%20does%20the%20tail%20say%3F&from=/auctions/7-year-note) High yield, last 12 auctions 5.085%4.433%3.781% 2025-10-282026-09-24 Human Agent Last result · Sep 24, 2026 5.085% tail +0.7bp · b/c 2.42 · indirects 57.2% IN LINE { "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. NEXT AUCTION Auctioned monthly: fourth week (typically thursday), closes the month-end coupon slate; results cross ~13:00 ET. LATEST RESULT: SEP 24, 2026 5.085%high yield $44Bon offer 2.42bid-to-cover-0.06 vs avg 57.2%indirects-5.81 vs avg 30.3%directs+5.05 vs avg 12.5%dealer take+0.75 vs avg IN LINEdesk verdict [Full desk recap →](https://helious.io/news/auc-91282CRM5-2026-09-24/7-year-note-auction-in-line) 12-MONTH AVERAGES · 11 AUCTIONS 2.48bid-to-cover 63.01%indirects 25.25%directs 11.75%dealer take Read a new result against these numbers. When cover, indirects and directs come in above the average, that is solid investor demand. An above-average [dealer take](https://helious.io/learn/primary-dealers) means the street absorbed the balance. The shares are percentages of *competitive* accepted, so indirects, directs and dealers add up to 100. ## Recent auction results DATECUSIPISSUEOFFEREDHIGH YIELDTAILB/CINDIRECTSDIRECTSDEALERSDESK RECAP Sep 24, 2026Sep 24 ’26 91282CRM5 New $44B 5.085% +0.7bp 2.42 57.2% 30.3% 12.5% [IN LINE →](https://helious.io/news/auc-91282CRM5-2026-09-24/7-year-note-auction-in-line) Aug 27, 2026Aug 27 ’26 91282CRJ2 New $44B 4.512% 0.0bp 2.50 60.8% 27.0% 12.3% [IN LINE →](https://helious.io/news/auc-91282CRJ2-2026-08-27/7-year-note-auction-in-line) Jul 28, 2026Jul 28 ’26 91282CRC7 New $44B 4.473% +0.2bp 2.49 70.1% 16.9% 13.0% [IN LINE →](https://helious.io/news/auc-91282CRC7-2026-07-28/7-year-note-auction-in-line) Jun 25, 2026Jun 25 ’26 91282CQW4 New $44B 4.260% — 2.50 57.6% 29.7% 12.8% — May 28, 2026May 28 ’26 91282CQT1 New $44B 4.290% — 2.52 78.4% 11.2% 10.4% — Apr 28, 2026Apr 28 ’26 91282CQN4 New $44B 4.175% — 2.51 58.4% 30.0% 11.6% — Mar 26, 2026Mar 26 ’26 91282CQF1 New $44B 4.255% — 2.43 62.6% 25.0% 12.4% — Feb 26, 2026Feb 26 ’26 91282CQC8 New $44B 3.790% — 2.50 63.6% 26.0% 10.4% — Jan 29, 2026Jan 29 ’26 91282CPY1 New $44B 4.018% — 2.45 66.9% 22.2% 10.9% — Dec 24, 2025Dec 24 ’25 91282CPQ8 New $44B 3.930% — 2.51 59.0% 31.6% 9.3% — Nov 26, 2025Nov 26 ’25 91282CPM7 New $44B 3.781% — 2.46 56.7% 30.3% 13.1% — Oct 28, 2025Oct 28 ’25 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](https://helious.io/learn/when-issued-yield) 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](https://helious.io/learn/when-issued-yield) 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)](https://helious.io/auctions/7-year-note.csv). The full history comes through the [Helious API](https://helious.io/developers/) and MCP at [api.helious.io/mcp](https://api.helious.io/mcp), with depth set by plan. Read [what a tail means](https://helious.io/learn/auction-tail) · [bid-to-cover explained](https://helious.io/learn/bid-to-cover-ratio) · [who indirect bidders are](https://helious.io/learn/indirect-bidders) · [who direct bidders are](https://helious.io/learn/direct-bidders). [Watch the next auction live →](https://helious.io/)