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10-year TIPS auction of 19 November 2015 (reopening)

The 10-year TIPS sold $13 billion at a high real yield of 0.664% on , with a bid-to-cover ratio of 2.38.

Coupon
0.375%
Announced
Issued
Matures

Real yield

0.664%

Median real yield 0.585%

Bid-to-cover

2.38

▲ +0.02 since 18 Sep

Sold

$13.00 billion

$13 billion offered

Indirect bidders

67.2%

Of competitive bids accepted

The high real yield was the highest for a 10-year TIPS since 19 May 2011

Real yield at each 10-year TIPS auction, %

The high real yield was the highest for a 10-year TIPS since 19 May 201136 auctions from 5 October 2009 to 19 November 2015; the latest at 0.664%.-1.0%0.0%1.0%2.0%201020112012201320142015This auction, 0.664%The high real yield was the highest for a 10-year TIPS since 19 May 201136 auctions from 5 October 2009 to 19 November 2015; the latest at 0.664%.-1.0%-0.5%0.0%0.5%1.0%20122013201420150.664%

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
0.6642.38
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.382.417 of 125 of 12
High real yield0.6640.4940 of 1212 of 12
Indirect bidders' share67.263.22 of 1210 of 12
Direct bidders' share7.58.07 of 125 of 12
Primary dealers' share25.328.911 of 121 of 12
High minus median, basis points7.95.21 of 1211 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 67.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 18 September 2015

Indirect bidders took 67.2% of the competitive bids acceptedIndirect bidders 67.2%, Direct bidders 7.5%, Primary dealers 25.3%Indirect bidders67.2%73.3%Direct bidders7.5%0.8%Primary dealers25.3%26.0%Indirect bidders took 67.2% of the competitive bids acceptedIndirect bidders 67.2%, Direct bidders 7.5%, Primary dealers 25.3%Indirect bidders67.2%73.3%Direct bidders7.5%0.8%Primary dealers25.3%26.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders67.273.3
Direct bidders7.50.8
Primary dealers25.326.0

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$30,938,044,300
Sold$13,000,001,800
Competitive bids accepted$12,986,157,500
Non-competitive bids accepted$13,844,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.664
Median rate, %0.585
Low rate, %0.388
Interest rate (coupon), %0.375
Bids at the high rate filled, %75.83
Bid-to-cover ratio2.38
Indirect bidders accepted$8,729,200,000
Direct bidders accepted$975,000,000
Primary dealers accepted$3,281,957,500
Indirect bidders' share, % (ours)67.2
Direct bidders' share, % (ours)7.5
Primary dealers' share, % (ours)25.3
High minus median, basis points (ours)7.9
Treasury real par yield curve, 10-year point, same day, %0.68
High yield minus that point, basis points (ours)-1.6

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 ratio2.38Last 24 auctions17 of 246 of 242.50
Bid-to-cover ratio2.38Since 10 April 200829 of 4111 of 412.52
Bid-to-cover ratio2.38All 69 since 29 January 199734 of 6934 of 692.38
High real yield0.664Last 24 auctions0 of 2424 of 240.282
High real yield0.664Since 10 April 200814 of 4127 of 410.500
High real yield0.664All 74 since 29 January 199747 of 7427 of 741.622
Indirect bidders' share67.2Last 24 auctions2 of 2422 of 2452.9
Indirect bidders' share67.2All 41 since 10 April 20082 of 4139 of 4147.5
Direct bidders' share7.5Last 24 auctions16 of 248 of 248.2
Direct bidders' share7.5All 41 since 10 April 200820 of 4121 of 417.1
Primary dealers' share25.3Last 24 auctions23 of 241 of 2436.0
Primary dealers' share25.3All 41 since 10 April 200840 of 411 of 4141.7
High minus median, basis points7.9Last 24 auctions3 of 2421 of 245.7
High minus median, basis points7.9Since 10 April 200811 of 4129 of 416.7
High minus median, basis points7.9All 74 since 29 January 199715 of 7457 of 745.2

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 19 November 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151119_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 19 November 2015 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2015-11-19.

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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