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10-year TIPS auction of 5 April 2010 (reopening)

The 10-year TIPS sold $8.586 billion at a high real yield of 1.709% on , with a bid-to-cover ratio of 3.43.

Coupon
1.375%
Announced
Issued
Matures

Real yield

1.709%

Median real yield 1.650%

Bid-to-cover

3.43

▲ +0.78 since 11 Jan

Sold

$8.59 billion

$8 billion offered

Indirect bidders

37.5%

Of competitive bids accepted

Real yield at the last 36 10-year TIPS auctions

Real yield at each 10-year TIPS auction, %

Real yield at the last 36 10-year TIPS auctions36 auctions from 12 January 2000 to 5 April 2010; the latest at 1.709%.1.0%2.0%3.0%4.0%5.0%2001200220032004200520062007200820092010This auction, 1.709%Real yield at the last 36 10-year TIPS auctions36 auctions from 12 January 2000 to 5 April 2010; the latest at 1.709%.1.0%1.5%2.0%2.5%3.0%2005200620072008200920101.709%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
Real yield and bid-to-cover of the last 36 10-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
1.7093.43
1.4302.65
1.5103.12
1.9202.51
1.5892.25
2.2452.48
2.8502.22
1.4851.83
1.2502.11
1.6551.90
2.3602.05
2.7491.97
2.2841.88
2.4491.67
2.4262.09
2.5501.76
2.4091.95
2.0251.85
1.9792.11
1.9391.68
1.7501.97
1.7251.88
1.8852.44
2.0201.89
1.8091.78
2.0191.95
2.2292.25
1.9992.18
2.3402.22
2.2601.36
3.0992.43
3.4802.39
3.5001.90
3.5221.68
4.0302.35
4.3383.07

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.432.160 of 1212 of 12
High real yield1.7091.7886 of 126 of 12
Indirect bidders' share37.542.35 of 83 of 8
Direct bidders' share7.52.61 of 87 of 8
Primary dealers' share55.055.95 of 83 of 8
High minus median, basis points5.96.06 of 126 of 12

The table scrolls sideways; the first column stays in place.

  • Bid-to-cover ratio: Highest for a 10-year TIPS since 29 January 1997 (35 auctions in between).

Who bought the 10-year TIPS?

Primary dealers took 55.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 11 January 2010

Primary dealers took 55.0% of the competitive bids acceptedIndirect bidders 37.5%, Direct bidders 7.5%, Primary dealers 55.0%Indirect bidders37.5%40.7%Direct bidders7.5%3.2%Primary dealers55.0%56.2%Primary dealers took 55.0% of the competitive bids acceptedIndirect bidders 37.5%, Direct bidders 7.5%, Primary dealers 55.0%Indirect bidders37.5%40.7%Direct bidders7.5%3.2%Primary dealers55.0%56.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders37.540.7
Direct bidders7.53.2
Primary dealers55.056.2

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as9-Year 9-Month, reopening
Offering amount$8,000,000,000
Bids received$28,046,407,500
Sold$8,585,632,500
Competitive bids accepted$7,882,605,000
Non-competitive bids accepted$117,395,800
Federal Reserve (SOMA) add-on$585,631,700
Foreign and international (FIMA) non-competitive$0
Real yield, %1.709
Median rate, %1.650
Low rate, %1.571
Interest rate (coupon), %1.375
Bids at the high rate filled, %49.67
Bid-to-cover ratio3.43
Indirect bidders accepted$2,953,430,000
Direct bidders accepted$592,000,000
Primary dealers accepted$4,337,175,000
Indirect bidders' share, % (ours)37.5
Direct bidders' share, % (ours)7.5
Primary dealers' share, % (ours)55.0
High minus median, basis points (ours)5.9
Treasury real par yield curve, 10-year point, same day, %1.70
High yield minus that point, basis points (ours)0.9

Treasury's own files: announcement (PDF) · results (PDF)

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

Each measure against earlier 10-year TIPS auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio3.43Last 24 auctions0 of 2424 of 241.97
Bid-to-cover ratio3.43Since 10 April 20080 of 88 of 82.36
Bid-to-cover ratio3.43All 36 since 29 January 19971 of 3635 of 362.07
High real yield1.709Last 24 auctions18 of 246 of 241.959
High real yield1.709Since 10 April 20083 of 85 of 81.550
High real yield1.709All 41 since 29 January 199735 of 416 of 412.284
Indirect bidders' share37.5All 8 since 10 April 20085 of 83 of 842.3
Direct bidders' share7.5All 8 since 10 April 20081 of 87 of 82.6
Primary dealers' share55.0All 8 since 10 April 20085 of 83 of 855.9
High minus median, basis points5.9Last 24 auctions10 of 2413 of 245.3
High minus median, basis points5.9Since 10 April 20086 of 82 of 810.0
High minus median, basis points5.9All 41 since 29 January 199714 of 4126 of 414.9

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 .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

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 5 April 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100405_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 5 April 2010 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2010-04-05.

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

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