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Treasury Auction

7-Year Note

September 25, 2025

F

Key Metrics

Offered

$44B

Bid-to-Cover

2.40

th percentile

High Yield

3.953%

Tail

bp

Indirect

56.4%

Dealer

12.0%

Recent 7-Year Auctions

DateB/CTailIndirectGrade
August 28, 20252.49bp77.5%F
July 29, 20252.79bp62.3%F
June 26, 20252.53bp76.7%F
May 29, 20252.69bp71.5%F
April 24, 20252.55bp59.3%F

7-Year Trends

Bid-to-Cover History

Indirect Bidder Allocation History