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10-year TIPS auction of 23 March 2017 (reopening)

The 10-year TIPS sold $12.332 billion at a high real yield of 0.466% on , with a bid-to-cover ratio of 2.23.

Coupon
0.375%
Announced
Issued
Matures

Real yield

0.466%

Median real yield 0.408%

Bid-to-cover

2.23

▼ −0.22 since 19 Jan

Sold

$12.33 billion

$11 billion offered

Indirect bidders

64.1%

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 19 May 2011 to 23 March 2017; the latest at 0.466%.-1.0%-0.5%0.0%0.5%1.0%2011201220132014201520162017This auction, 0.466%Real yield at the last 36 10-year TIPS auctions36 auctions from 19 May 2011 to 23 March 2017; the latest at 0.466%.-0.3%0.0%0.3%0.5%0.8%20142015201620170.466%

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
0.4662.23
0.4362.45
0.3692.39
0.0522.59
0.0452.39
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.232.3711 of 121 of 12
High real yield0.4660.3644 of 128 of 12
Indirect bidders' share64.167.810 of 122 of 12
Direct bidders' share15.65.80 of 1212 of 12
Primary dealers' share20.426.510 of 122 of 12
High minus median, basis points5.87.28 of 124 of 12

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

  • Direct bidders' share: Highest for a 10-year TIPS since 21 November 2013 (19 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 64.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 19 January 2017

Indirect bidders took 64.1% of the competitive bids acceptedIndirect bidders 64.1%, Direct bidders 15.6%, Primary dealers 20.4%Indirect bidders64.1%77.1%Direct bidders15.6%7.0%Primary dealers20.4%15.9%Indirect bidders took 64.1% of the competitive bids acceptedIndirect bidders 64.1%, Direct bidders 15.6%, Primary dealers 20.4%Indirect bidders64.1%77.1%Direct bidders15.6%7.0%Primary dealers20.4%15.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.177.1
Direct bidders15.67.0
Primary dealers20.415.9

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$25,821,321,600
Sold$12,331,743,000
Competitive bids accepted$10,978,393,400
Non-competitive bids accepted$21,627,000
Federal Reserve (SOMA) add-on$1,331,722,600
Foreign and international (FIMA) non-competitive$0
Real yield, %0.466
Median rate, %0.408
Low rate, %0.340
Interest rate (coupon), %0.375
Bids at the high rate filled, %82.01
Bid-to-cover ratio2.23
Indirect bidders accepted$7,033,393,400
Direct bidders accepted$1,710,000,000
Primary dealers accepted$2,235,000,000
Indirect bidders' share, % (ours)64.1
Direct bidders' share, % (ours)15.6
Primary dealers' share, % (ours)20.4
High minus median, basis points (ours)5.8
Treasury real par yield curve, 10-year point, same day, %0.46
High yield minus that point, basis points (ours)0.6

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 ratio2.23Last 24 auctions22 of 242 of 242.39
Bid-to-cover ratio2.23Since 10 April 200844 of 495 of 492.49
Bid-to-cover ratio2.23All 77 since 29 January 199751 of 7726 of 772.38
High real yield0.466Last 24 auctions10 of 2414 of 240.376
High real yield0.466Since 10 April 200825 of 4924 of 490.491
High real yield0.466All 82 since 29 January 199758 of 8224 of 821.362
Indirect bidders' share64.1Last 24 auctions11 of 2413 of 2463.7
Indirect bidders' share64.1All 49 since 10 April 200811 of 4938 of 4951.3
Direct bidders' share15.6Last 24 auctions1 of 2423 of 247.3
Direct bidders' share15.6All 49 since 10 April 20084 of 4945 of 497.1
Primary dealers' share20.4Last 24 auctions22 of 242 of 2430.4
Primary dealers' share20.4All 49 since 10 April 200847 of 492 of 4939.8
High minus median, basis points5.8Last 24 auctions13 of 2411 of 246.2
High minus median, basis points5.8Since 10 April 200829 of 4920 of 496.7
High minus median, basis points5.8All 82 since 29 January 199738 of 8244 of 825.4

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 23 March 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170323_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 23 March 2017 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2017-03-23.

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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