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10-year TIPS auction of 24 July 2014 (new issue)

The 10-year TIPS sold $15.005 billion at a high real yield of 0.249% on , with a bid-to-cover ratio of 2.49.

Coupon
0.125%
Announced
Issued
Matures

Real yield

0.249%

Median real yield 0.210%

Bid-to-cover

2.49

▼ −0.42 since 22 May

Sold

$15.00 billion

$15 billion offered

Indirect bidders

53.1%

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 11 October 2007 to 24 July 2014; the latest at 0.249%.-1.0%0.0%1.0%2.0%3.0%2008200920102011201220132014This auction, 0.249%Real yield at the last 36 10-year TIPS auctions36 auctions from 11 October 2007 to 24 July 2014; the latest at 0.249%.-1.0%-0.5%0.0%0.5%1.0%1.5%20112012201320140.249%

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
0.2492.49
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.492.527 of 125 of 12
High real yield0.2490.0576 of 126 of 12
Indirect bidders' share53.151.65 of 127 of 12
Direct bidders' share10.38.15 of 127 of 12
Primary dealers' share36.639.87 of 125 of 12
High minus median, basis points3.96.311 of 121 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 53.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 22 May 2014

Indirect bidders took 53.1% of the competitive bids acceptedIndirect bidders 53.1%, Direct bidders 10.3%, Primary dealers 36.6%Indirect bidders53.1%66.3%Direct bidders10.3%6.3%Primary dealers36.6%27.5%Indirect bidders took 53.1% of the competitive bids acceptedIndirect bidders 53.1%, Direct bidders 10.3%, Primary dealers 36.6%Indirect bidders53.1%66.3%Direct bidders10.3%6.3%Primary dealers36.6%27.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders53.166.3
Direct bidders10.36.3
Primary dealers36.627.5

About these figures

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

Treasury's published result

FieldValue
Offered as10-Year, new issue
Offering amount$15,000,000,000
Bids received$37,355,853,600
Sold$15,004,900,000
Competitive bids accepted$14,952,646,400
Non-competitive bids accepted$47,380,700
Federal Reserve (SOMA) add-on$4,872,900
Foreign and international (FIMA) non-competitive$0
Real yield, %0.249
Median rate, %0.210
Low rate, %0.150
Interest rate (coupon), %0.125
Bids at the high rate filled, %60.46
Bid-to-cover ratio2.49
Indirect bidders accepted$7,934,496,400
Direct bidders accepted$1,540,000,000
Primary dealers accepted$5,478,150,000
Indirect bidders' share, % (ours)53.1
Direct bidders' share, % (ours)10.3
Primary dealers' share, % (ours)36.6
High minus median, basis points (ours)3.9
Treasury real par yield curve, 10-year point, same day, %0.25
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 ratio2.49Last 24 auctions18 of 246 of 242.63
Bid-to-cover ratio2.49Since 10 April 200822 of 3311 of 332.62
Bid-to-cover ratio2.49All 61 since 29 January 199724 of 6137 of 612.38
High real yield0.249Last 24 auctions13 of 2411 of 240.362
High real yield0.249Since 10 April 200822 of 3311 of 330.639
High real yield0.249All 66 since 29 January 199755 of 6611 of 661.780
Indirect bidders' share53.1Last 24 auctions6 of 2418 of 2446.6
Indirect bidders' share53.1All 33 since 10 April 20086 of 3327 of 3346.6
Direct bidders' share10.3Last 24 auctions11 of 2413 of 248.1
Direct bidders' share10.3All 33 since 10 April 200812 of 3321 of 337.1
Primary dealers' share36.6Last 24 auctions17 of 247 of 2441.7
Primary dealers' share36.6All 33 since 10 April 200826 of 337 of 3344.6
High minus median, basis points3.9Last 24 auctions22 of 242 of 246.3
High minus median, basis points3.9Since 10 April 200831 of 332 of 336.7
High minus median, basis points3.9All 66 since 29 January 199751 of 6613 of 665.2

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 24 July 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140724_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 24 July 2014 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2014-07-24.

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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