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10-year TIPS auction of 4 November 2010 (reopening)

The 10-year TIPS sold $10.268 billion at a high real yield of 0.409% on , with a bid-to-cover ratio of 2.91.

Coupon
1.250%
Announced
Issued
Matures

Real yield

0.409%

Median real yield 0.318%

Bid-to-cover

2.91

▲ +0.11 since 2 Sep

Sold

$10.27 billion

$10 billion offered

Indirect bidders

57.7%

Of competitive bids accepted

The high real yield was the lowest for a 10-year TIPS of all 44 earlier auctions we hold

Real yield at each 10-year TIPS auction, %

The high real yield was the lowest for a 10-year TIPS of all 44 earlier auctions we hold36 auctions from 11 July 2001 to 4 November 2010; the latest at 0.409%.0.0%1.0%2.0%3.0%4.0%200220032004200520062007200820092010This auction, 0.409%The high real yield was the lowest for a 10-year TIPS of all 44 earlier auctions we hold36 auctions from 11 July 2001 to 4 November 2010; the latest at 0.409%.0.0%1.0%2.0%3.0%200620072008200920100.409%

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
0.4092.91
1.0192.80
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.912.502 of 1210 of 12
High real yield0.4091.55012 of 120 of 12
Indirect bidders' share57.744.00 of 1111 of 11
Direct bidders' share2.23.27 of 114 of 11
Primary dealers' share40.055.010 of 111 of 11
High minus median, basis points9.17.24 of 128 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 57.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 2 September 2010

Indirect bidders took 57.7% of the competitive bids acceptedIndirect bidders 57.7%, Direct bidders 2.2%, Primary dealers 40.0%Indirect bidders57.7%46.6%Direct bidders2.2%2.5%Primary dealers40.0%50.9%Indirect bidders took 57.7% of the competitive bids acceptedIndirect bidders 57.7%, Direct bidders 2.2%, Primary dealers 40.0%Indirect bidders57.7%46.6%Direct bidders2.2%2.5%Primary dealers40.0%50.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.746.6
Direct bidders2.22.5
Primary dealers40.050.9

About these figures

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

Treasury's published result

FieldValue
Offered as9-Year 8-Month, reopening
Offering amount$10,000,000,000
Bids received$29,346,453,000
Sold$10,268,153,000
Competitive bids accepted$9,957,000,000
Non-competitive bids accepted$43,008,900
Federal Reserve (SOMA) add-on$268,144,100
Foreign and international (FIMA) non-competitive$0
Real yield, %0.409
Median rate, %0.318
Low rate, %0.188
Interest rate (coupon), %1.250
Bids at the high rate filled, %86.68
Bid-to-cover ratio2.91
Indirect bidders accepted$5,749,300,000
Direct bidders accepted$220,000,000
Primary dealers accepted$3,987,700,000
Indirect bidders' share, % (ours)57.7
Direct bidders' share, % (ours)2.2
Primary dealers' share, % (ours)40.0
High minus median, basis points (ours)9.1
Treasury real par yield curve, 10-year point, same day, %0.44
High yield minus that point, basis points (ours)-3.1

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 ratio2.91Last 24 auctions2 of 2422 of 242.07
Bid-to-cover ratio2.91Since 10 April 20082 of 119 of 112.51
Bid-to-cover ratio2.91All 39 since 29 January 19974 of 3935 of 392.11
High real yield0.409Last 24 auctions24 of 240 of 241.930
High real yield0.409Since 10 April 200811 of 110 of 111.510
High real yield0.409All 44 since 29 January 199744 of 440 of 442.252
Indirect bidders' share57.7All 11 since 10 April 20080 of 1111 of 1144.0
Direct bidders' share2.2All 11 since 10 April 20087 of 114 of 113.2
Primary dealers' share40.0All 11 since 10 April 200810 of 111 of 1155.0
High minus median, basis points9.1Last 24 auctions4 of 2420 of 245.3
High minus median, basis points9.1Since 10 April 20084 of 117 of 117.9
High minus median, basis points9.1All 44 since 29 January 19976 of 4437 of 444.9

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 4 November 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20101104_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 4 November 2010 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2010-11-04.

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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