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10-year TIPS auction of 19 May 2016 (reopening)

The 10-year TIPS sold $13.805 billion at a high real yield of 0.275% on , with a bid-to-cover ratio of 2.27.

Coupon
0.625%
Announced
Issued
Matures

Real yield

0.275%

Median real yield 0.210%

Bid-to-cover

2.27

▲ +0.02 since 17 Mar

Sold

$13.81 billion

$11 billion offered

Indirect bidders

63.4%

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 8 July 2010 to 19 May 2016; the latest at 0.275%.-1.0%0.0%1.0%2.0%2010201120122013201420152016This auction, 0.275%Real yield at the last 36 10-year TIPS auctions36 auctions from 8 July 2010 to 19 May 2016; the latest at 0.275%.-1.0%-0.5%0.0%0.5%1.0%20132014201520160.275%

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
0.2752.27
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.272.379 of 123 of 12
High real yield0.2750.42410 of 122 of 12
Indirect bidders' share63.465.28 of 124 of 12
Direct bidders' share4.16.99 of 123 of 12
Primary dealers' share32.527.93 of 129 of 12
High minus median, basis points6.57.07 of 125 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 63.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 17 March 2016

Indirect bidders took 63.4% of the competitive bids acceptedIndirect bidders 63.4%, Direct bidders 4.1%, Primary dealers 32.5%Indirect bidders63.4%65.5%Direct bidders4.1%2.0%Primary dealers32.5%32.4%Indirect bidders took 63.4% of the competitive bids acceptedIndirect bidders 63.4%, Direct bidders 4.1%, Primary dealers 32.5%Indirect bidders63.4%65.5%Direct bidders4.1%2.0%Primary dealers32.5%32.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders63.465.5
Direct bidders4.12.0
Primary dealers32.532.4

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$11,000,000,000
Bids received$27,807,380,400
Sold$13,805,333,100
Competitive bids accepted$10,968,824,700
Non-competitive bids accepted$31,200,400
Federal Reserve (SOMA) add-on$2,805,308,000
Foreign and international (FIMA) non-competitive$0
Real yield, %0.275
Median rate, %0.210
Low rate, %0.120
Interest rate (coupon), %0.625
Bids at the high rate filled, %33.31
Bid-to-cover ratio2.27
Indirect bidders accepted$6,958,859,700
Direct bidders accepted$445,000,000
Primary dealers accepted$3,564,965,000
Indirect bidders' share, % (ours)63.4
Direct bidders' share, % (ours)4.1
Primary dealers' share, % (ours)32.5
High minus median, basis points (ours)6.5
Treasury real par yield curve, 10-year point, same day, %0.29
High yield minus that point, basis points (ours)-1.5

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 ratio2.27Last 24 auctions21 of 243 of 242.44
Bid-to-cover ratio2.27Since 10 April 200837 of 447 of 442.52
Bid-to-cover ratio2.27All 72 since 29 January 199743 of 7229 of 722.38
High real yield0.275Last 24 auctions15 of 249 of 240.348
High real yield0.275Since 10 April 200831 of 4413 of 440.530
High real yield0.275All 77 since 29 January 199764 of 7713 of 771.510
Indirect bidders' share63.4Last 24 auctions8 of 2416 of 2455.2
Indirect bidders' share63.4All 44 since 10 April 20088 of 4436 of 4449.0
Direct bidders' share4.1Last 24 auctions20 of 244 of 248.0
Direct bidders' share4.1All 44 since 10 April 200830 of 4414 of 447.3
Primary dealers' share32.5Last 24 auctions13 of 2411 of 2434.0
Primary dealers' share32.5All 44 since 10 April 200833 of 4411 of 4440.7
High minus median, basis points6.5Last 24 auctions13 of 2411 of 246.8
High minus median, basis points6.5Since 10 April 200824 of 4419 of 446.8
High minus median, basis points6.5All 77 since 29 January 199729 of 7747 of 775.4

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 19 May 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160519_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 19 May 2016 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2016-05-19.

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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