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10-year TIPS auction of 17 March 2016 (reopening)

The 10-year TIPS sold $13.621 billion at a high real yield of 0.315% on , with a bid-to-cover ratio of 2.25.

Coupon
0.625%
Announced
Issued
Matures

Real yield

0.315%

Median real yield 0.210%

Bid-to-cover

2.25

▲ +0.06 since 21 Jan

Sold

$13.62 billion

$11 billion offered

Indirect bidders

65.5%

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 5 April 2010 to 17 March 2016; the latest at 0.315%.-1.0%0.0%1.0%2.0%2010201120122013201420152016This auction, 0.315%Real yield at the last 36 10-year TIPS auctions36 auctions from 5 April 2010 to 17 March 2016; the latest at 0.315%.-1.0%-0.5%0.0%0.5%1.0%20132014201520160.315%

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
0.3152.25
0.7252.19
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.252.3810 of 122 of 12
High real yield0.3150.4949 of 122 of 12
Indirect bidders' share65.564.45 of 127 of 12
Direct bidders' share2.07.710 of 122 of 12
Primary dealers' share32.427.94 of 128 of 12
High minus median, basis points10.56.40 of 1212 of 12

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

  • High minus median, basis points: Highest for a 10-year TIPS since 20 September 2012 (20 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 65.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 21 January 2016

Indirect bidders took 65.5% of the competitive bids acceptedIndirect bidders 65.5%, Direct bidders 2.0%, Primary dealers 32.4%Indirect bidders65.5%56.6%Direct bidders2.0%9.9%Primary dealers32.4%33.5%Indirect bidders took 65.5% of the competitive bids acceptedIndirect bidders 65.5%, Direct bidders 2.0%, Primary dealers 32.4%Indirect bidders65.5%56.6%Direct bidders2.0%9.9%Primary dealers32.4%33.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders65.556.6
Direct bidders2.09.9
Primary dealers32.433.5

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$11,000,000,000
Bids received$27,357,569,300
Sold$13,620,798,800
Competitive bids accepted$10,983,074,500
Non-competitive bids accepted$16,926,900
Federal Reserve (SOMA) add-on$2,620,797,400
Foreign and international (FIMA) non-competitive$0
Real yield, %0.315
Median rate, %0.210
Low rate, %0.140
Interest rate (coupon), %0.625
Bids at the high rate filled, %29.53
Bid-to-cover ratio2.25
Indirect bidders accepted$7,198,074,500
Direct bidders accepted$225,000,000
Primary dealers accepted$3,560,000,000
Indirect bidders' share, % (ours)65.5
Direct bidders' share, % (ours)2.0
Primary dealers' share, % (ours)32.4
High minus median, basis points (ours)10.5
Treasury real par yield curve, 10-year point, same day, %0.34
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 ratio2.25Last 24 auctions22 of 242 of 242.46
Bid-to-cover ratio2.25Since 10 April 200837 of 435 of 432.52
Bid-to-cover ratio2.25All 71 since 29 January 199743 of 7126 of 712.38
High real yield0.315Last 24 auctions13 of 2410 of 240.348
High real yield0.315Since 10 April 200829 of 4313 of 430.560
High real yield0.315All 76 since 29 January 199762 of 7613 of 761.550
Indirect bidders' share65.5Last 24 auctions5 of 2419 of 2453.5
Indirect bidders' share65.5All 43 since 10 April 20085 of 4338 of 4348.3
Direct bidders' share2.0Last 24 auctions21 of 243 of 248.1
Direct bidders' share2.0All 43 since 10 April 200836 of 437 of 437.5
Primary dealers' share32.4Last 24 auctions14 of 2410 of 2434.9
Primary dealers' share32.4All 43 since 10 April 200833 of 4310 of 4341.3
High minus median, basis points10.5Last 24 auctions0 of 2423 of 246.3
High minus median, basis points10.5Since 10 April 20085 of 4337 of 436.8
High minus median, basis points10.5All 76 since 29 January 19976 of 7669 of 765.4

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 17 March 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160317_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 17 March 2016 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2016-03-17.

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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