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10-year TIPS auction of 18 September 2015 (reopening)

The 10-year TIPS sold $13 billion at a high real yield of 0.600% on , with a bid-to-cover ratio of 2.36.

Coupon
0.375%
Announced
Issued
Matures

Real yield

0.600%

Median real yield 0.530%

Bid-to-cover

2.36

▲ +0.05 since 23 Jul

Sold

$13.00 billion

$13 billion offered

Indirect bidders

73.3%

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 6 July 2009 to 18 September 2015; the latest at 0.600%.-1.0%0.0%1.0%2.0%201020112012201320142015This auction, 0.600%Real yield at the last 36 10-year TIPS auctions36 auctions from 6 July 2009 to 18 September 2015; the latest at 0.600%.-1.0%-0.5%0.0%0.5%1.0%20122013201420150.600%

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
0.6002.36
0.4912.31
0.3582.33
0.2002.43
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.362.418 of 124 of 12
High real yield0.6000.4943 of 129 of 12
Indirect bidders' share73.358.11 of 1211 of 12
Direct bidders' share0.88.012 of 120 of 12
Primary dealers' share26.030.710 of 122 of 12
High minus median, basis points7.05.23 of 128 of 12

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

  • Direct bidders' share: Lowest for a 10-year TIPS since 5 October 2009 (33 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 73.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 23 July 2015

Indirect bidders took 73.3% of the competitive bids acceptedIndirect bidders 73.3%, Direct bidders 0.8%, Primary dealers 26.0%Indirect bidders73.3%64.8%Direct bidders0.8%8.1%Primary dealers26.0%27.0%Indirect bidders took 73.3% of the competitive bids acceptedIndirect bidders 73.3%, Direct bidders 0.8%, Primary dealers 26.0%Indirect bidders73.3%64.8%Direct bidders0.8%8.1%Primary dealers26.0%27.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders73.364.8
Direct bidders0.88.1
Primary dealers26.027.0

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$30,649,607,800
Sold$13,000,012,300
Competitive bids accepted$12,987,951,500
Non-competitive bids accepted$12,060,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.600
Median rate, %0.530
Low rate, %0.450
Interest rate (coupon), %0.375
Bids at the high rate filled, %59.17
Bid-to-cover ratio2.36
Indirect bidders accepted$9,518,196,500
Direct bidders accepted$98,000,000
Primary dealers accepted$3,371,755,000
Indirect bidders' share, % (ours)73.3
Direct bidders' share, % (ours)0.8
Primary dealers' share, % (ours)26.0
High minus median, basis points (ours)7.0
Treasury real par yield curve, 10-year point, same day, %0.58
High yield minus that point, basis points (ours)2.0

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 ratio2.36Last 24 auctions19 of 244 of 242.52
Bid-to-cover ratio2.36Since 10 April 200831 of 408 of 402.54
Bid-to-cover ratio2.36All 68 since 29 January 199736 of 6831 of 682.38
High real yield0.600Last 24 auctions3 of 2421 of 240.224
High real yield0.600Since 10 April 200818 of 4022 of 400.498
High real yield0.600All 73 since 29 January 199751 of 7322 of 731.655
Indirect bidders' share73.3Last 24 auctions1 of 2423 of 2452.2
Indirect bidders' share73.3All 40 since 10 April 20081 of 4039 of 4047.4
Direct bidders' share0.8Last 24 auctions24 of 240 of 249.2
Direct bidders' share0.8All 40 since 10 April 200837 of 403 of 407.3
Primary dealers' share26.0Last 24 auctions22 of 242 of 2436.0
Primary dealers' share26.0All 40 since 10 April 200838 of 402 of 4041.9
High minus median, basis points7.0Last 24 auctions7 of 2416 of 245.7
High minus median, basis points7.0Since 10 April 200816 of 4023 of 406.6
High minus median, basis points7.0All 73 since 29 January 199721 of 7351 of 735.2

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 18 September 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150918_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 18 September 2015 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2015-09-18.

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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