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10-year TIPS auction of 20 March 2014 (reopening)

The 10-year TIPS sold $13 billion at a high real yield of 0.659% on , with a bid-to-cover ratio of 2.48.

Coupon
0.625%
Announced
Issued
Matures

Real yield

0.659%

Median real yield 0.600%

Bid-to-cover

2.48

▲ +0.17 since 23 Jan

Sold

$13.00 billion

$13 billion offered

Indirect bidders

46.6%

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 April 2007 to 20 March 2014; the latest at 0.659%.-1.0%0.0%1.0%2.0%3.0%20072008200920102011201220132014This auction, 0.659%Real yield at the last 36 10-year TIPS auctions36 auctions from 12 April 2007 to 20 March 2014; the latest at 0.659%.-1.0%0.0%1.0%2.0%20112012201320140.659%

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
0.6592.48
0.6612.31
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.482.568 of 124 of 12
High real yield0.659-0.3081 of 1211 of 12
Indirect bidders' share46.651.09 of 123 of 12
Direct bidders' share7.910.88 of 124 of 12
Primary dealers' share45.439.11 of 1211 of 12
High minus median, basis points5.96.16 of 126 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 46.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 23 January 2014

Indirect bidders took 46.6% of the competitive bids acceptedIndirect bidders 46.6%, Direct bidders 7.9%, Primary dealers 45.4%Indirect bidders46.6%51.8%Direct bidders7.9%8.3%Primary dealers45.4%39.9%Indirect bidders took 46.6% of the competitive bids acceptedIndirect bidders 46.6%, Direct bidders 7.9%, Primary dealers 45.4%Indirect bidders46.6%51.8%Direct bidders7.9%8.3%Primary dealers45.4%39.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders46.651.8
Direct bidders7.98.3
Primary dealers45.439.9

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$32,180,194,400
Sold$13,000,005,400
Competitive bids accepted$12,982,906,000
Non-competitive bids accepted$17,099,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.659
Median rate, %0.600
Low rate, %0.500
Interest rate (coupon), %0.625
Bids at the high rate filled, %29.42
Bid-to-cover ratio2.48
Indirect bidders accepted$6,054,370,000
Direct bidders accepted$1,030,000,000
Primary dealers accepted$5,898,536,000
Indirect bidders' share, % (ours)46.6
Direct bidders' share, % (ours)7.9
Primary dealers' share, % (ours)45.4
High minus median, basis points (ours)5.9
Treasury real par yield curve, 10-year point, same day, %0.66
High yield minus that point, basis points (ours)-0.1

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 ratio2.48Last 24 auctions19 of 245 of 242.64
Bid-to-cover ratio2.48Since 10 April 200821 of 319 of 312.62
Bid-to-cover ratio2.48All 59 since 29 January 199723 of 5935 of 592.37
High real yield0.659Last 24 auctions8 of 2416 of 240.396
High real yield0.659Since 10 April 200815 of 3116 of 310.639
High real yield0.659All 64 since 29 January 199748 of 6416 of 641.847
Indirect bidders' share46.6Last 24 auctions11 of 2413 of 2446.5
Indirect bidders' share46.6All 31 since 10 April 200814 of 3117 of 3146.3
Direct bidders' share7.9Last 24 auctions12 of 2412 of 248.0
Direct bidders' share7.9All 31 since 10 April 200813 of 3118 of 317.1
Primary dealers' share45.4Last 24 auctions8 of 2416 of 2442.5
Primary dealers' share45.4All 31 since 10 April 200814 of 3117 of 3144.6
High minus median, basis points5.9Last 24 auctions13 of 2410 of 246.8
High minus median, basis points5.9Since 10 April 200818 of 3112 of 316.8
High minus median, basis points5.9All 64 since 29 January 199726 of 6436 of 645.2

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 20 March 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140320_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 20 March 2014 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2014-03-20.

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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