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10-year TIPS auction of 21 November 2013 (reopening)

The 10-year TIPS sold $13 billion at a high real yield of 0.560% on , with a bid-to-cover ratio of 2.59.

Coupon
0.375%
Announced
Issued
Matures

Real yield

0.560%

Median real yield 0.540%

Bid-to-cover

2.59

▲ +0.21 since 19 Sep

Sold

$13.00 billion

$13 billion offered

Indirect bidders

46.7%

Of competitive bids accepted

The high real yield was the highest for a 10-year TIPS since 21 July 2011

Real yield at each 10-year TIPS auction, %

The high real yield was the highest for a 10-year TIPS since 21 July 201136 auctions from 12 October 2006 to 21 November 2013; the latest at 0.560%.-1.0%0.0%1.0%2.0%3.0%2007200820092010201120122013This auction, 0.560%The high real yield was the highest for a 10-year TIPS since 21 July 201136 auctions from 12 October 2006 to 21 November 2013; the latest at 0.560%.-1.0%0.0%1.0%2.0%20102011201220130.560%

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
0.5602.59
0.5002.38
0.3842.44
-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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.592.637 of 125 of 12
High real yield0.560-0.3080 of 1212 of 12
Indirect bidders' share46.749.57 of 125 of 12
Direct bidders' share21.511.50 of 1212 of 12
Primary dealers' share31.840.511 of 121 of 12
High minus median, basis points2.06.812 of 120 of 12

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

  • Direct bidders' share: Highest for a 10-year TIPS since 22 September 2011 (12 auctions in between).
  • High minus median, basis points: Lowest for a 10-year TIPS since 9 July 2003 (47 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 46.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 19 September 2013

Indirect bidders took 46.7% of the competitive bids acceptedIndirect bidders 46.7%, Direct bidders 21.5%, Primary dealers 31.8%Indirect bidders46.7%53.8%Direct bidders21.5%1.6%Primary dealers31.8%44.6%Indirect bidders took 46.7% of the competitive bids acceptedIndirect bidders 46.7%, Direct bidders 21.5%, Primary dealers 31.8%Indirect bidders46.7%53.8%Direct bidders21.5%1.6%Primary dealers31.8%44.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders46.753.8
Direct bidders21.51.6
Primary dealers31.844.6

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$33,709,056,900
Sold$13,000,283,900
Competitive bids accepted$12,982,102,000
Non-competitive bids accepted$18,181,900
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.560
Median rate, %0.540
Low rate, %0.465
Interest rate (coupon), %0.375
Bids at the high rate filled, %96.89
Bid-to-cover ratio2.59
Indirect bidders accepted$6,058,299,500
Direct bidders accepted$2,791,460,000
Primary dealers accepted$4,132,342,500
Indirect bidders' share, % (ours)46.7
Direct bidders' share, % (ours)21.5
Primary dealers' share, % (ours)31.8
High minus median, basis points (ours)2.0
Treasury real par yield curve, 10-year point, same day, %0.60
High yield minus that point, basis points (ours)-4.0

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 ratio2.59Last 24 auctions17 of 247 of 242.66
Bid-to-cover ratio2.59Since 10 April 200817 of 2912 of 292.62
Bid-to-cover ratio2.59All 57 since 29 January 199719 of 5738 of 572.37
High real yield0.560Last 24 auctions10 of 2414 of 240.396
High real yield0.560Since 10 April 200815 of 2914 of 290.639
High real yield0.560All 62 since 29 January 199748 of 6214 of 621.902
Indirect bidders' share46.7Last 24 auctions10 of 2414 of 2445.3
Indirect bidders' share46.7All 29 since 10 April 200812 of 2917 of 2944.2
Direct bidders' share21.5Last 24 auctions1 of 2423 of 247.3
Direct bidders' share21.5All 29 since 10 April 20081 of 2928 of 296.9
Primary dealers' share31.8Last 24 auctions23 of 241 of 2444.3
Primary dealers' share31.8All 29 since 10 April 200828 of 291 of 2944.6
High minus median, basis points2.0Last 24 auctions24 of 240 of 247.1
High minus median, basis points2.0Since 10 April 200829 of 290 of 296.9
High minus median, basis points2.0All 62 since 29 January 199760 of 622 of 625.4

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 21 November 2013. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2013/R_20131121_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 21 November 2013 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2013-11-21.

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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