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10-year TIPS auction of 8 July 2010 (new issue)

The 10-year TIPS sold $12.003 billion at a high real yield of 1.295% on , with a bid-to-cover ratio of 2.88.

Coupon
1.250%
Announced
Issued
Matures

Real yield

1.295%

Median real yield 1.250%

Bid-to-cover

2.88

▼ −0.55 since 5 Apr

Sold

$12.00 billion

$12 billion offered

Indirect bidders

51.9%

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 July 2000 to 8 July 2010; the latest at 1.295%.1.0%2.0%3.0%4.0%5.0%2001200220032004200520062007200820092010This auction, 1.295%Real yield at the last 36 10-year TIPS auctions36 auctions from 12 July 2000 to 8 July 2010; the latest at 1.295%.1.0%1.5%2.0%2.5%3.0%2005200620072008200920101.295%

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
1.2952.88
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.882.242 of 1210 of 12
High real yield1.2951.68211 of 121 of 12
Indirect bidders' share51.940.70 of 99 of 9
Direct bidders' share4.23.23 of 96 of 9
Primary dealers' share43.955.68 of 91 of 9
High minus median, basis points4.56.210 of 122 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 51.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 5 April 2010

Indirect bidders took 51.9% of the competitive bids acceptedIndirect bidders 51.9%, Direct bidders 4.2%, Primary dealers 43.9%Indirect bidders51.9%37.5%Direct bidders4.2%7.5%Primary dealers43.9%55.0%Indirect bidders took 51.9% of the competitive bids acceptedIndirect bidders 51.9%, Direct bidders 4.2%, Primary dealers 43.9%Indirect bidders51.9%37.5%Direct bidders4.2%7.5%Primary dealers43.9%55.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders51.937.5
Direct bidders4.27.5
Primary dealers43.955.0

About these figures

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

Treasury's published result

FieldValue
Offered as10-Year, new issue
Offering amount$12,000,000,000
Bids received$34,575,441,300
Sold$12,003,449,100
Competitive bids accepted$11,851,727,800
Non-competitive bids accepted$148,313,900
Federal Reserve (SOMA) add-on$3,407,400
Foreign and international (FIMA) non-competitive$0
Real yield, %1.295
Median rate, %1.250
Low rate, %1.163
Interest rate (coupon), %1.250
Bids at the high rate filled, %43.46
Bid-to-cover ratio2.88
Indirect bidders accepted$6,149,477,800
Direct bidders accepted$501,000,000
Primary dealers accepted$5,201,250,000
Indirect bidders' share, % (ours)51.9
Direct bidders' share, % (ours)4.2
Primary dealers' share, % (ours)43.9
High minus median, basis points (ours)4.5
Treasury real par yield curve, 10-year point, same day, %1.25
High yield minus that point, basis points (ours)4.5

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 ratio2.88Last 24 auctions2 of 2422 of 242.01
Bid-to-cover ratio2.88Since 10 April 20082 of 97 of 92.48
Bid-to-cover ratio2.88All 37 since 29 January 19974 of 3733 of 372.09
High real yield1.295Last 24 auctions23 of 241 of 241.959
High real yield1.295Since 10 April 20088 of 91 of 91.589
High real yield1.295All 42 since 29 January 199741 of 421 of 422.272
Indirect bidders' share51.9All 9 since 10 April 20080 of 99 of 940.7
Direct bidders' share4.2All 9 since 10 April 20083 of 96 of 93.2
Primary dealers' share43.9All 9 since 10 April 20088 of 91 of 955.6
High minus median, basis points4.5Last 24 auctions15 of 249 of 245.3
High minus median, basis points4.5Since 10 April 20089 of 90 of 98.0
High minus median, basis points4.5All 42 since 29 January 199724 of 4218 of 424.9

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 8 July 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100708_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 8 July 2010 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2010-07-08.

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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