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10-year TIPS auction of 20 September 2018 (reopening)

The 10-year TIPS sold $11 billion at a high real yield of 0.910% on , with a bid-to-cover ratio of 2.57.

Coupon
0.750%
Announced
Issued
Matures

Real yield

0.910%

Median real yield 0.855%

Bid-to-cover

2.57

▲ +0.35 since 19 Jul

Sold

$11.00 billion

$11 billion offered

Indirect bidders

69.5%

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 21 November 2012 to 20 September 2018; the latest at 0.910%.-1.0%-0.5%0.0%0.5%1.0%201320142015201620172018This auction, 0.910%Real yield at the last 36 10-year TIPS auctions36 auctions from 21 November 2012 to 20 September 2018; the latest at 0.910%.0.0%0.3%0.5%0.8%1.0%20152016201720180.910%

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
0.9102.57
0.7622.22
0.9342.42
0.7642.56
0.5482.69
0.5122.43
0.4502.32
0.4891.98
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.572.422 of 1210 of 12
High real yield0.9100.4781 of 1211 of 12
Indirect bidders' share69.569.46 of 126 of 12
Direct bidders' share8.98.25 of 127 of 12
Primary dealers' share21.722.37 of 125 of 12
High minus median, basis points5.55.66 of 125 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 69.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 19 July 2018

Indirect bidders took 69.5% of the competitive bids acceptedIndirect bidders 69.5%, Direct bidders 8.9%, Primary dealers 21.7%Indirect bidders69.5%62.1%Direct bidders8.9%15.3%Primary dealers21.7%22.6%Indirect bidders took 69.5% of the competitive bids acceptedIndirect bidders 69.5%, Direct bidders 8.9%, Primary dealers 21.7%Indirect bidders69.5%62.1%Direct bidders8.9%15.3%Primary dealers21.7%22.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.562.1
Direct bidders8.915.3
Primary dealers21.722.6

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$28,282,243,500
Sold$11,000,007,500
Competitive bids accepted$10,986,204,000
Non-competitive bids accepted$13,803,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.910
Median rate, %0.855
Low rate, %0.800
Interest rate (coupon), %0.750
Bids at the high rate filled, %13.36
Bid-to-cover ratio2.57
Indirect bidders accepted$7,632,440,000
Direct bidders accepted$974,668,000
Primary dealers accepted$2,379,096,000
Indirect bidders' share, % (ours)69.5
Direct bidders' share, % (ours)8.9
Primary dealers' share, % (ours)21.7
High minus median, basis points (ours)5.5
Treasury real par yield curve, 10-year point, same day, %0.92
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 ratio2.57Last 24 auctions2 of 2421 of 242.38
Bid-to-cover ratio2.57Since 10 April 200821 of 5836 of 582.48
Bid-to-cover ratio2.57All 86 since 29 January 199723 of 8662 of 862.38
High real yield0.910Last 24 auctions1 of 2423 of 240.478
High real yield0.910Since 10 April 200814 of 5844 of 580.494
High real yield0.910All 91 since 29 January 199747 of 9144 of 910.934
Indirect bidders' share69.5Last 24 auctions8 of 2416 of 2466.3
Indirect bidders' share69.5All 58 since 10 April 20088 of 5850 of 5852.9
Direct bidders' share8.9Last 24 auctions7 of 2417 of 247.6
Direct bidders' share8.9All 58 since 10 April 200820 of 5838 of 587.5
Primary dealers' share21.7Last 24 auctions19 of 245 of 2426.1
Primary dealers' share21.7All 58 since 10 April 200853 of 585 of 5836.0
High minus median, basis points5.5Last 24 auctions15 of 248 of 246.4
High minus median, basis points5.5Since 10 April 200835 of 5821 of 586.5
High minus median, basis points5.5All 91 since 29 January 199745 of 9144 of 915.5

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 20 September 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180920_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 20 September 2018 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2018-09-20.

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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