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10-year TIPS auction of 22 March 2012 (reopening)

The 10-year TIPS sold $13 billion at a high real yield of -0.089% on , with a bid-to-cover ratio of 2.81.

Coupon
0.125%
Announced
Issued
Matures

Real yield

-0.089%

Median real yield -0.142%

Bid-to-cover

2.81

▼ −0.10 since 19 Jan

Sold

$13.00 billion

$13 billion offered

Indirect bidders

40.4%

Of competitive bids accepted

The high real yield was the lowest for a 10-year TIPS of all 52 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 52 earlier auctions we hold36 auctions from 7 April 2004 to 22 March 2012; the latest at -0.089%.-1.0%0.0%1.0%2.0%3.0%200420052006200720082009201020112012This auction, -0.089%The high real yield was the lowest for a 10-year TIPS of all 52 earlier auctions we hold36 auctions from 7 April 2004 to 22 March 2012; the latest at -0.089%.-1.0%0.0%1.0%2.0%3.0%20082009201020112012-0.089%

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
-0.0892.81
-0.0462.91
0.0992.64
0.0782.61
0.6392.62
0.8872.66
0.9202.97
1.1702.37
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.812.735 of 127 of 12
High real yield-0.0890.90412 of 120 of 12
Indirect bidders' share40.440.77 of 125 of 12
Direct bidders' share21.15.71 of 1211 of 12
Primary dealers' share38.550.611 of 121 of 12
High minus median, basis points5.36.89 of 123 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 40.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 19 January 2012

Indirect bidders took 40.4% of the competitive bids acceptedIndirect bidders 40.4%, Direct bidders 21.1%, Primary dealers 38.5%Indirect bidders40.4%36.3%Direct bidders21.1%13.4%Primary dealers38.5%50.3%Indirect bidders took 40.4% of the competitive bids acceptedIndirect bidders 40.4%, Direct bidders 21.1%, Primary dealers 38.5%Indirect bidders40.4%36.3%Direct bidders21.1%13.4%Primary dealers38.5%50.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders40.436.3
Direct bidders21.113.4
Primary dealers38.550.3

About these figures

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

Treasury's published result

FieldValue
Offered as9-Year 10-Month, reopening
Offering amount$13,000,000,000
Bids received$36,522,261,900
Sold$13,000,001,900
Competitive bids accepted$12,954,982,000
Non-competitive bids accepted$45,019,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %-0.089
Median rate, %-0.142
Low rate, %-0.210
Interest rate (coupon), %0.125
Bids at the high rate filled, %42.40
Bid-to-cover ratio2.81
Indirect bidders accepted$5,233,482,000
Direct bidders accepted$2,735,000,000
Primary dealers accepted$4,986,500,000
Indirect bidders' share, % (ours)40.4
Direct bidders' share, % (ours)21.1
Primary dealers' share, % (ours)38.5
High minus median, basis points (ours)5.3
Treasury real par yield curve, 10-year point, same day, %-0.08
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 ratio2.81Last 24 auctions6 of 2418 of 242.56
Bid-to-cover ratio2.81Since 10 April 20086 of 1913 of 192.64
Bid-to-cover ratio2.81All 47 since 29 January 19978 of 4739 of 472.22
High real yield-0.089Last 24 auctions24 of 240 of 241.458
High real yield-0.089Since 10 April 200819 of 190 of 191.250
High real yield-0.089All 52 since 29 January 199752 of 520 of 522.020
Indirect bidders' share40.4All 19 since 10 April 200811 of 198 of 1940.7
Direct bidders' share21.1All 19 since 10 April 20081 of 1918 of 193.9
Primary dealers' share38.5All 19 since 10 April 200818 of 191 of 1952.3
High minus median, basis points5.3Last 24 auctions15 of 249 of 246.2
High minus median, basis points5.3Since 10 April 200814 of 195 of 196.9
High minus median, basis points5.3All 52 since 29 January 199724 of 5228 of 525.0

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 .

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 22 March 2012. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2012/R_20120322_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 22 March 2012 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2012-03-22.

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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