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10-year TIPS auction of 18 May 2017 (reopening)

The 10-year TIPS sold $12.323 billion at a high real yield of 0.420% on , with a bid-to-cover ratio of 2.56.

Coupon
0.375%
Announced
Issued
Matures

Real yield

0.420%

Median real yield 0.389%

Bid-to-cover

2.56

▲ +0.33 since 23 Mar

Sold

$12.32 billion

$11 billion offered

Indirect bidders

80.3%

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 21 July 2011 to 18 May 2017; the latest at 0.420%.-1.0%-0.5%0.0%0.5%1.0%2011201220132014201520162017This auction, 0.420%Real yield at the last 36 10-year TIPS auctions36 auctions from 21 July 2011 to 18 May 2017; the latest at 0.420%.0.0%0.2%0.4%0.6%0.8%20142015201620170.420%

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
0.4202.56
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.341 of 1211 of 12
High real yield0.4200.4026 of 126 of 12
Indirect bidders' share80.367.20 of 1212 of 12
Direct bidders' share8.47.33 of 129 of 12
Primary dealers' share11.326.512 of 120 of 12
High minus median, basis points3.17.212 of 120 of 12

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

  • Indirect bidders' share: Highest of all 50 earlier 10-year TIPS auctions we hold.
  • Primary dealers' share: Lowest of all 50 earlier 10-year TIPS auctions we hold.
  • High minus median, basis points: Lowest for a 10-year TIPS since 22 January 2015 (13 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 80.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 23 March 2017

Indirect bidders took 80.3% of the competitive bids acceptedIndirect bidders 80.3%, Direct bidders 8.4%, Primary dealers 11.3%Indirect bidders80.3%64.1%Direct bidders8.4%15.6%Primary dealers11.3%20.4%Indirect bidders took 80.3% of the competitive bids acceptedIndirect bidders 80.3%, Direct bidders 8.4%, Primary dealers 11.3%Indirect bidders80.3%64.1%Direct bidders8.4%15.6%Primary dealers11.3%20.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders80.364.1
Direct bidders8.415.6
Primary dealers11.320.4

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$29,488,116,600
Sold$12,323,383,200
Competitive bids accepted$10,971,200,000
Non-competitive bids accepted$28,838,700
Federal Reserve (SOMA) add-on$1,323,344,500
Foreign and international (FIMA) non-competitive$0
Real yield, %0.420
Median rate, %0.389
Low rate, %0.311
Interest rate (coupon), %0.375
Bids at the high rate filled, %73.08
Bid-to-cover ratio2.56
Indirect bidders accepted$8,810,200,000
Direct bidders accepted$918,000,000
Primary dealers accepted$1,243,000,000
Indirect bidders' share, % (ours)80.3
Direct bidders' share, % (ours)8.4
Primary dealers' share, % (ours)11.3
High minus median, basis points (ours)3.1
Treasury real par yield curve, 10-year point, same day, %0.43
High yield minus that point, basis points (ours)-1.0

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 ratio2.56Last 24 auctions4 of 2420 of 242.39
Bid-to-cover ratio2.56Since 10 April 200821 of 5029 of 502.48
Bid-to-cover ratio2.56All 78 since 29 January 199723 of 7855 of 782.38
High real yield0.420Last 24 auctions12 of 2412 of 240.410
High real yield0.420Since 10 April 200827 of 5023 of 500.478
High real yield0.420All 83 since 29 January 199760 of 8323 of 831.295
Indirect bidders' share80.3Last 24 auctions0 of 2424 of 2464.0
Indirect bidders' share80.3All 50 since 10 April 20080 of 5050 of 5051.6
Direct bidders' share8.4Last 24 auctions7 of 2417 of 247.6
Direct bidders' share8.4All 50 since 10 April 200817 of 5033 of 507.3
Primary dealers' share11.3Last 24 auctions24 of 240 of 2429.7
Primary dealers' share11.3All 50 since 10 April 200850 of 500 of 5039.8
High minus median, basis points3.1Last 24 auctions22 of 242 of 246.2
High minus median, basis points3.1Since 10 April 200847 of 503 of 506.6
High minus median, basis points3.1All 83 since 29 January 199773 of 838 of 835.5

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 May 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170518_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 18 May 2017 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2017-05-18.

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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