500metrics

All sources checked Checked

10-year TIPS auction of 22 January 2015 (new issue)

The 10-year TIPS sold $15 billion at a high real yield of 0.315% on , with a bid-to-cover ratio of 2.39.

Coupon
0.250%
Announced
Issued
Matures

Real yield

0.315%

Median real yield 0.286%

Bid-to-cover

2.39

▼ −0.18 since 20 Nov

Sold

$15.00 billion

$15 billion offered

Indirect bidders

64.0%

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 10 July 2008 to 22 January 2015; the latest at 0.315%.-1.0%0.0%1.0%2.0%3.0%2009201020112012201320142015This auction, 0.315%Real yield at the last 36 10-year TIPS auctions36 auctions from 10 July 2008 to 22 January 2015; the latest at 0.315%.-1.0%-0.5%0.0%0.5%1.0%201120122013201420150.315%

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
0.3152.39
0.4972.57
0.6102.20
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.392.509 of 123 of 12
High real yield0.3150.4408 of 124 of 12
Indirect bidders' share64.053.21 of 1211 of 12
Direct bidders' share10.28.04 of 128 of 12
Primary dealers' share25.936.012 of 120 of 12
High minus median, basis points2.95.411 of 121 of 12

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

  • Primary dealers' share: Lowest of all 36 earlier 10-year TIPS auctions we hold.

Who bought the 10-year TIPS?

Indirect bidders took 64.0% of the competitive bids accepted

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

Indirect bidders took 64.0% of the competitive bids acceptedIndirect bidders 64.0%, Direct bidders 10.2%, Primary dealers 25.9%Indirect bidders64.0%62.4%Direct bidders10.2%8.1%Primary dealers25.9%29.5%Indirect bidders took 64.0% of the competitive bids acceptedIndirect bidders 64.0%, Direct bidders 10.2%, Primary dealers 25.9%Indirect bidders64.0%62.4%Direct bidders10.2%8.1%Primary dealers25.9%29.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.062.4
Direct bidders10.28.1
Primary dealers25.929.5

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$35,794,987,200
Sold$15,000,007,600
Competitive bids accepted$14,953,505,400
Non-competitive bids accepted$46,502,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.315
Median rate, %0.286
Low rate, %0.220
Interest rate (coupon), %0.250
Bids at the high rate filled, %74.41
Bid-to-cover ratio2.39
Indirect bidders accepted$9,562,902,900
Direct bidders accepted$1,525,000,000
Primary dealers accepted$3,865,602,500
Indirect bidders' share, % (ours)64.0
Direct bidders' share, % (ours)10.2
Primary dealers' share, % (ours)25.9
High minus median, basis points (ours)2.9
Treasury real par yield curve, 10-year point, same day, %0.29
High yield minus that point, basis points (ours)2.5

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 ratio2.39Last 24 auctions19 of 245 of 242.60
Bid-to-cover ratio2.39Since 10 April 200827 of 369 of 362.60
Bid-to-cover ratio2.39All 64 since 29 January 199731 of 6432 of 642.38
High real yield0.315Last 24 auctions12 of 2412 of 240.294
High real yield0.315Since 10 April 200824 of 3612 of 360.585
High real yield0.315All 69 since 29 January 199757 of 6912 of 691.725
Indirect bidders' share64.0Last 24 auctions1 of 2423 of 2447.5
Indirect bidders' share64.0All 36 since 10 April 20081 of 3635 of 3646.6
Direct bidders' share10.2Last 24 auctions12 of 2412 of 249.3
Direct bidders' share10.2All 36 since 10 April 200813 of 3623 of 367.3
Primary dealers' share25.9Last 24 auctions24 of 240 of 2440.6
Primary dealers' share25.9All 36 since 10 April 200836 of 360 of 3643.4
High minus median, basis points2.9Last 24 auctions22 of 241 of 245.7
High minus median, basis points2.9Since 10 April 200834 of 361 of 366.6
High minus median, basis points2.9All 69 since 29 January 199762 of 695 of 695.2

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 22 January 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150122_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 22 January 2015 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2015-01-22.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.