10-year TIPS auction of 10 April 2008 (reopening)
The 10-year TIPS sold $6 billion at a high real yield of 1.250% on , with a bid-to-cover ratio of 2.11.
- Coupon
- 1.625%
- Announced
- Issued
- Matures
Real yield
1.250%
Bid-to-cover
2.11
▲ +0.21 since 10 Jan
Sold
$6.00 billion
Indirect bidders
29.5%
The high real yield was the lowest for a 10-year TIPS of all 33 earlier auctions we hold
Real yield at each 10-year TIPS auction, %
Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .
The 34 auctions as a table
| Auction | Real yield, % | Bid-to-cover |
|---|---|---|
| 1.250 | 2.11 | |
| 1.655 | 1.90 | |
| 2.360 | 2.05 | |
| 2.749 | 1.97 | |
| 2.284 | 1.88 | |
| 2.449 | 1.67 | |
| 2.426 | 2.09 | |
| 2.550 | 1.76 | |
| 2.409 | 1.95 | |
| 2.025 | 1.85 | |
| 1.979 | 2.11 | |
| 1.939 | 1.68 | |
| 1.750 | 1.97 | |
| 1.725 | 1.88 | |
| 1.885 | 2.44 | |
| 2.020 | 1.89 | |
| 1.809 | 1.78 | |
| 2.019 | 1.95 | |
| 2.229 | 2.25 | |
| 1.999 | 2.18 | |
| 2.340 | 2.22 | |
| 2.260 | 1.36 | |
| 3.099 | 2.43 | |
| 3.480 | 2.39 | |
| 3.500 | 1.90 | |
| 3.522 | 1.68 | |
| 4.030 | 2.35 | |
| 4.338 | 3.07 | |
| 4.040 | – | |
| 3.898 | – | |
| 3.650 | – | |
| 3.730 | – | |
| 3.650 | – | |
| 3.449 | 5.31 |
Against its own history
| Measure | This auction | Median | Higher | Lower |
|---|---|---|---|---|
| Bid-to-cover ratio | 2.11 | 1.92 | 0 of 12 | 11 of 12 |
| High real yield | 1.250 | 2.322 | 12 of 12 | 0 of 12 |
| High minus median, basis points | 5.0 | 4.0 | 4 of 12 | 8 of 12 |
The table scrolls sideways; the first column stays in place.
Who bought the 10-year TIPS?
Primary dealers took 66.6% of the competitive bids accepted
Share of competitive bids accepted, %
The shares as a table
| Bidder | This auction |
|---|---|
| Indirect bidders | 29.5 |
| Direct bidders | 3.9 |
| Primary dealers | 66.6 |
About these figures
Treasury's full result, how to read it, its limits and sources
Treasury's published result
| Field | Value |
|---|---|
| Offered as | 9-Year 9-Month, reopening |
| Offering amount | $6,000,000,000 |
| Bids received | $12,640,384,300 |
| Sold | $6,000,031,300 |
| Competitive bids accepted | $5,842,547,000 |
| Non-competitive bids accepted | $57,484,300 |
| Federal Reserve (SOMA) add-on | $0 |
| Foreign and international (FIMA) non-competitive | $100,000,000 |
| Real yield, % | 1.250 |
| Median rate, % | 1.200 |
| Low rate, % | 1.150 |
| Interest rate (coupon), % | 1.625 |
| Bids at the high rate filled, % | 71.42 |
| Bid-to-cover ratio | 2.11 |
| Indirect bidders accepted | $1,723,130,000 |
| Direct bidders accepted | $228,000,000 |
| Primary dealers accepted | $3,891,417,000 |
| Indirect bidders' share, % (ours) | 29.5 |
| Direct bidders' share, % (ours) | 3.9 |
| Primary dealers' share, % (ours) | 66.6 |
| High minus median, basis points (ours) | 5.0 |
| Treasury real par yield curve, 10-year point, same day, % | 1.26 |
| High yield minus that point, basis points (ours) | -1.0 |
How to read this result
The high real yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.
The real par yield curve comparison sets the high yield against Treasury's own real par yield curve on the auction day, at the point nearest this security's maturity (10-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.
What this number cannot tell you
- Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
- The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
- Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
- Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.
The longer windows
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.11 | Last 24 auctions | 6 of 24 | 17 of 24 | 1.95 |
| Bid-to-cover ratio | 2.11 | All 28 since 29 January 1997 | 9 of 28 | 18 of 28 | 1.96 |
| High real yield | 1.250 | Last 24 auctions | 24 of 24 | 0 of 24 | 2.244 |
| High real yield | 1.250 | All 33 since 29 January 1997 | 33 of 33 | 0 of 33 | 2.409 |
| High minus median, basis points | 5.0 | Last 24 auctions | 8 of 24 | 15 of 24 | 4.2 |
| High minus median, basis points | 5.0 | All 33 since 29 January 1997 | 11 of 33 | 21 of 33 | 4.0 |
The table scrolls sideways; the first column stays in place.
Sources
Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .
Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 10 April 2008. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2008/R_20080410_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 10 April 2008 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2008-04-10.
Sources and licence
Sources and licence
- U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
- U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government
Our text and compilation: CC BY 4.0. How to reuse and cite this page.