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10-year TIPS auction of 21 November 2018 (reopening)

The 10-year TIPS sold $11.966 billion at a high real yield of 1.109% on , with a bid-to-cover ratio of 2.59.

Coupon
0.750%
Announced
Issued
Matures

Real yield

1.109%

Median real yield 1.070%

Bid-to-cover

2.59

▲ +0.02 since 20 Sep

Sold

$11.97 billion

$11 billion offered

Indirect bidders

68.1%

Of competitive bids accepted

The high real yield was the highest for a 10-year TIPS since 20 January 2011

Real yield at each 10-year TIPS auction, %

The high real yield was the highest for a 10-year TIPS since 20 January 201136 auctions from 24 January 2013 to 21 November 2018; the latest at 1.109%.-1.0%-0.5%0.0%0.5%1.0%1.5%201320142015201620172018This auction, 1.109%The high real yield was the highest for a 10-year TIPS since 20 January 201136 auctions from 24 January 2013 to 21 November 2018; the latest at 1.109%.0.0%0.5%1.0%1.5%20152016201720181.109%

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
1.1092.59
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.592.421 of 1211 of 12
High real yield1.1090.5000 of 1212 of 12
Indirect bidders' share68.169.37 of 125 of 12
Direct bidders' share12.18.63 of 129 of 12
Primary dealers' share19.821.88 of 124 of 12
High minus median, basis points3.95.610 of 122 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 68.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 20 September 2018

Indirect bidders took 68.1% of the competitive bids acceptedIndirect bidders 68.1%, Direct bidders 12.1%, Primary dealers 19.8%Indirect bidders68.1%69.5%Direct bidders12.1%8.9%Primary dealers19.8%21.7%Indirect bidders took 68.1% of the competitive bids acceptedIndirect bidders 68.1%, Direct bidders 12.1%, Primary dealers 19.8%Indirect bidders68.1%69.5%Direct bidders12.1%8.9%Primary dealers19.8%21.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.169.5
Direct bidders12.18.9
Primary dealers19.821.7

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$29,485,524,700
Sold$11,965,978,500
Competitive bids accepted$10,989,087,900
Non-competitive bids accepted$10,927,100
Federal Reserve (SOMA) add-on$965,963,500
Foreign and international (FIMA) non-competitive$0
Real yield, %1.109
Median rate, %1.070
Low rate, %1.000
Interest rate (coupon), %0.750
Bids at the high rate filled, %80.47
Bid-to-cover ratio2.59
Indirect bidders accepted$7,483,835,400
Direct bidders accepted$1,326,900,000
Primary dealers accepted$2,178,352,500
Indirect bidders' share, % (ours)68.1
Direct bidders' share, % (ours)12.1
Primary dealers' share, % (ours)19.8
High minus median, basis points (ours)3.9
Treasury real par yield curve, 10-year point, same day, %1.09
High yield minus that point, basis points (ours)1.9

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 ratio2.59Last 24 auctions1 of 2422 of 242.39
Bid-to-cover ratio2.59Since 10 April 200819 of 5938 of 592.48
Bid-to-cover ratio2.59All 87 since 29 January 199721 of 8764 of 872.39
High real yield1.109Last 24 auctions0 of 2424 of 240.478
High real yield1.109Since 10 April 200811 of 5948 of 590.497
High real yield1.109All 92 since 29 January 199744 of 9248 of 920.927
Indirect bidders' share68.1Last 24 auctions11 of 2413 of 2467.2
Indirect bidders' share68.1All 59 since 10 April 200811 of 5948 of 5953.1
Direct bidders' share12.1Last 24 auctions3 of 2421 of 247.9
Direct bidders' share12.1All 59 since 10 April 200812 of 5947 of 597.5
Primary dealers' share19.8Last 24 auctions20 of 244 of 2425.9
Primary dealers' share19.8All 59 since 10 April 200855 of 594 of 5935.4
High minus median, basis points3.9Last 24 auctions21 of 243 of 246.1
High minus median, basis points3.9Since 10 April 200853 of 595 of 596.5
High minus median, basis points3.9All 92 since 29 January 199773 of 9216 of 925.5

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 21 November 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20181121_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 21 November 2018 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2018-11-21.

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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