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10-year TIPS auction of 22 May 2014 (reopening)

The 10-year TIPS sold $13 billion at a high real yield of 0.339% on , with a bid-to-cover ratio of 2.91.

Coupon
0.625%
Announced
Issued
Matures

Real yield

0.339%

Median real yield 0.288%

Bid-to-cover

2.91

▲ +0.43 since 20 Mar

Sold

$13.00 billion

$13 billion offered

Indirect bidders

66.3%

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 July 2007 to 22 May 2014; the latest at 0.339%.-1.0%0.0%1.0%2.0%3.0%2008200920102011201220132014This auction, 0.339%Real yield at the last 36 10-year TIPS auctions36 auctions from 12 July 2007 to 22 May 2014; the latest at 0.339%.-1.0%0.0%1.0%2.0%20112012201320140.339%

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
0.3392.91
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.912.521 of 1211 of 12
High real yield0.339-0.3085 of 127 of 12
Indirect bidders' share66.351.00 of 1212 of 12
Direct bidders' share6.39.310 of 122 of 12
Primary dealers' share27.539.812 of 120 of 12
High minus median, basis points5.16.39 of 123 of 12

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

  • Indirect bidders' share: Highest of all 32 earlier 10-year TIPS auctions we hold.
  • Primary dealers' share: Lowest of all 32 earlier 10-year TIPS auctions we hold.

Who bought the 10-year TIPS?

Indirect bidders took 66.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 20 March 2014

Indirect bidders took 66.3% of the competitive bids acceptedIndirect bidders 66.3%, Direct bidders 6.3%, Primary dealers 27.5%Indirect bidders66.3%46.6%Direct bidders6.3%7.9%Primary dealers27.5%45.4%Indirect bidders took 66.3% of the competitive bids acceptedIndirect bidders 66.3%, Direct bidders 6.3%, Primary dealers 27.5%Indirect bidders66.3%46.6%Direct bidders6.3%7.9%Primary dealers27.5%45.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.346.6
Direct bidders6.37.9
Primary dealers27.545.4

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$37,828,010,200
Sold$13,000,052,600
Competitive bids accepted$12,958,280,400
Non-competitive bids accepted$41,772,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.339
Median rate, %0.288
Low rate, %0.245
Interest rate (coupon), %0.625
Bids at the high rate filled, %85.22
Bid-to-cover ratio2.91
Indirect bidders accepted$8,585,394,000
Direct bidders accepted$815,000,000
Primary dealers accepted$3,557,886,400
Indirect bidders' share, % (ours)66.3
Direct bidders' share, % (ours)6.3
Primary dealers' share, % (ours)27.5
High minus median, basis points (ours)5.1
Treasury real par yield curve, 10-year point, same day, %0.35
High yield minus that point, basis points (ours)-1.1

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 auctions3 of 2419 of 242.63
Bid-to-cover ratio2.91Since 10 April 20084 of 3226 of 322.62
Bid-to-cover ratio2.91All 60 since 29 January 19976 of 6052 of 602.38
High real yield0.339Last 24 auctions13 of 2411 of 240.396
High real yield0.339Since 10 April 200821 of 3211 of 320.649
High real yield0.339All 65 since 29 January 199754 of 6511 of 651.809
Indirect bidders' share66.3Last 24 auctions0 of 2424 of 2446.6
Indirect bidders' share66.3All 32 since 10 April 20080 of 3232 of 3246.5
Direct bidders' share6.3Last 24 auctions17 of 247 of 248.1
Direct bidders' share6.3All 32 since 10 April 200818 of 3214 of 327.3
Primary dealers' share27.5Last 24 auctions24 of 240 of 2442.5
Primary dealers' share27.5All 32 since 10 April 200832 of 320 of 3244.6
High minus median, basis points5.1Last 24 auctions18 of 246 of 246.3
High minus median, basis points5.1Since 10 April 200824 of 328 of 326.8
High minus median, basis points5.1All 65 since 29 January 199735 of 6530 of 655.3

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 May 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140522_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 22 May 2014 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2014-05-22.

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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