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10-year TIPS auction of 23 May 2019 (reopening)

The 10-year TIPS sold $12.156 billion at a high real yield of 0.567% on , with a bid-to-cover ratio of 3.07.

Coupon
0.875%
Announced
Issued
Matures

Real yield

0.567%

Median real yield 0.522%

Bid-to-cover

3.07

▲ +0.64 since 21 Mar

Sold

$12.16 billion

$11 billion offered

Indirect bidders

57.0%

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 18 July 2013 to 23 May 2019; the latest at 0.567%.0.0%0.5%1.0%1.5%2013201420152016201720182019This auction, 0.567%Real yield at the last 36 10-year TIPS auctions36 auctions from 18 July 2013 to 23 May 2019; the latest at 0.567%.0.0%0.5%1.0%1.5%20162017201820190.567%

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
0.5673.07
0.5782.43
0.9192.42
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.072.430 of 1212 of 12
High real yield0.5670.6707 of 125 of 12
Indirect bidders' share57.069.111 of 121 of 12
Direct bidders' share29.18.60 of 1212 of 12
Primary dealers' share13.921.810 of 122 of 12
High minus median, basis points4.55.59 of 123 of 12

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

  • Bid-to-cover ratio: Highest for a 10-year TIPS since 5 April 2010 (53 auctions in between).
  • Direct bidders' share: Highest for a 10-year TIPS since 22 September 2011 (45 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 57.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 21 March 2019

Indirect bidders took 57.0% of the competitive bids acceptedIndirect bidders 57.0%, Direct bidders 29.1%, Primary dealers 13.9%Indirect bidders57.0%77.0%Direct bidders29.1%5.6%Primary dealers13.9%17.4%Indirect bidders took 57.0% of the competitive bids acceptedIndirect bidders 57.0%, Direct bidders 29.1%, Primary dealers 13.9%Indirect bidders57.0%77.0%Direct bidders29.1%5.6%Primary dealers13.9%17.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders57.077.0
Direct bidders29.15.6
Primary dealers13.917.4

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$34,980,392,800
Sold$12,155,529,400
Competitive bids accepted$10,992,136,600
Non-competitive bids accepted$7,864,800
Federal Reserve (SOMA) add-on$1,155,528,000
Foreign and international (FIMA) non-competitive$0
Real yield, %0.567
Median rate, %0.522
Low rate, %0.188
Interest rate (coupon), %0.875
Bids at the high rate filled, %55.24
Bid-to-cover ratio3.07
Indirect bidders accepted$6,269,136,600
Direct bidders accepted$3,198,000,000
Primary dealers accepted$1,525,000,000
Indirect bidders' share, % (ours)57.0
Direct bidders' share, % (ours)29.1
Primary dealers' share, % (ours)13.9
High minus median, basis points (ours)4.5
Treasury real par yield curve, 10-year point, same day, %0.58
High yield minus that point, basis points (ours)-1.3

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 ratio3.07Last 24 auctions0 of 2424 of 242.39
Bid-to-cover ratio3.07Since 10 April 20082 of 6260 of 622.48
Bid-to-cover ratio3.07All 90 since 29 January 19973 of 9086 of 902.39
High real yield0.567Last 24 auctions10 of 2414 of 240.502
High real yield0.567Since 10 April 200828 of 6234 of 620.506
High real yield0.567All 95 since 29 January 199761 of 9534 of 950.920
Indirect bidders' share57.0Last 24 auctions22 of 242 of 2468.2
Indirect bidders' share57.0All 62 since 10 April 200828 of 6234 of 6253.5
Direct bidders' share29.1Last 24 auctions0 of 2424 of 247.9
Direct bidders' share29.1All 62 since 10 April 20081 of 6261 of 627.6
Primary dealers' share13.9Last 24 auctions22 of 242 of 2424.6
Primary dealers' share13.9All 62 since 10 April 200860 of 622 of 6234.9
High minus median, basis points4.5Last 24 auctions19 of 245 of 246.2
High minus median, basis points4.5Since 10 April 200849 of 6211 of 626.2
High minus median, basis points4.5All 95 since 29 January 199764 of 9529 of 955.5

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 23 May 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190523_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 23 May 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2019-05-23.

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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