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10-year TIPS auction of 23 May 2013 (reopening)

The 10-year TIPS sold $13 billion at a high real yield of -0.225% on , with a bid-to-cover ratio of 2.52.

Coupon
0.125%
Announced
Issued
Matures

Real yield

-0.225%

Median real yield -0.301%

Bid-to-cover

2.52

▼ −0.22 since 21 Mar

Sold

$13.00 billion

$13 billion offered

Indirect bidders

56.8%

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 2006 to 23 May 2013; the latest at -0.225%.-1.0%0.0%1.0%2.0%3.0%20062007200820092010201120122013This auction, -0.225%Real yield at the last 36 10-year TIPS auctions36 auctions from 12 January 2006 to 23 May 2013; the latest at -0.225%.-1.0%0.0%1.0%2.0%3.0%2010201120122013-0.225%

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
-0.2252.52
-0.6022.74
-0.6302.71
-0.7202.52
-0.7502.36
-0.6372.62
-0.3913.01
-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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.522.6510 of 121 of 12
High real yield-0.225-0.2406 of 126 of 12
Indirect bidders' share56.844.00 of 1212 of 12
Direct bidders' share12.412.56 of 126 of 12
Primary dealers' share30.941.712 of 120 of 12
High minus median, basis points7.66.12 of 1210 of 12

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

  • Indirect bidders' share: Highest for a 10-year TIPS since 4 November 2010 (14 auctions in between).
  • Primary dealers' share: Lowest of all 26 earlier 10-year TIPS auctions we hold.

Who bought the 10-year TIPS?

Indirect bidders took 56.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 21 March 2013

Indirect bidders took 56.8% of the competitive bids acceptedIndirect bidders 56.8%, Direct bidders 12.4%, Primary dealers 30.9%Indirect bidders56.8%51.3%Direct bidders12.4%5.7%Primary dealers30.9%43.0%Indirect bidders took 56.8% of the competitive bids acceptedIndirect bidders 56.8%, Direct bidders 12.4%, Primary dealers 30.9%Indirect bidders56.8%51.3%Direct bidders12.4%5.7%Primary dealers30.9%43.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.851.3
Direct bidders12.45.7
Primary dealers30.943.0

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$13,000,000,000
Bids received$32,732,269,400
Sold$13,000,009,400
Competitive bids accepted$12,970,210,000
Non-competitive bids accepted$29,799,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %-0.225
Median rate, %-0.301
Low rate, %-0.400
Interest rate (coupon), %0.125
Bids at the high rate filled, %27.28
Bid-to-cover ratio2.52
Indirect bidders accepted$7,362,470,000
Direct bidders accepted$1,605,000,000
Primary dealers accepted$4,002,740,000
Indirect bidders' share, % (ours)56.8
Direct bidders' share, % (ours)12.4
Primary dealers' share, % (ours)30.9
High minus median, basis points (ours)7.6
Treasury real par yield curve, 10-year point, same day, %-0.24
High yield minus that point, basis points (ours)1.5

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 ratio2.52Last 24 auctions17 of 246 of 242.66
Bid-to-cover ratio2.52Since 10 April 200817 of 268 of 262.64
Bid-to-cover ratio2.52All 54 since 29 January 199719 of 5434 of 542.36
High real yield-0.225Last 24 auctions18 of 246 of 240.763
High real yield-0.225Since 10 April 200820 of 266 of 260.904
High real yield-0.225All 59 since 29 January 199753 of 596 of 591.939
Indirect bidders' share56.8Last 24 auctions1 of 2423 of 2444.1
Indirect bidders' share56.8All 26 since 10 April 20081 of 2625 of 2643.9
Direct bidders' share12.4Last 24 auctions7 of 2417 of 247.3
Direct bidders' share12.4All 26 since 10 April 20087 of 2619 of 266.4
Primary dealers' share30.9Last 24 auctions24 of 240 of 2445.1
Primary dealers' share30.9All 26 since 10 April 200826 of 260 of 2647.1
High minus median, basis points7.6Last 24 auctions10 of 2414 of 246.8
High minus median, basis points7.6Since 10 April 200810 of 2616 of 266.8
High minus median, basis points7.6All 59 since 29 January 199715 of 5944 of 595.2

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 23 May 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20130523_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 23 May 2013 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2013-05-23.

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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