7-Year Treasury Note Auction: Results, Schedule & History
{
"tenor": "7-year-note",
"date": "2026-08-27",
"offering_usd": 44000000000,
"high_yield": 4.512,
"tail_bps": 0,
"bid_to_cover": 2.5,
"indirect_pct": 60.8,
"verdict": "IN LINE"
}The 7-Year Treasury Note auction on Aug 27, 2026 put $44B on offer and stopped at a high yield of 4.512%, stopping on the screws against the when-issued yield, with a bid-to-cover of 2.5 against a 2.48 twelve-month average. Indirects took 60.8%, directs 27% and primary dealers 12.3%. 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.
Results history · recent auctions
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 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% | — | |
| 91282CNZ0 | New | $44B | 3.953% | — | 2.40 | 56.4% | 31.6% | 12.0% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Offered: the announced offering amount, what the Treasury put up for sale at that auction. 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 predate tail capture — the official records publish no when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Desk-captured results with full auction-record backfill · 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.