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10-year TIPS auction of 19 September 2019 (reopening)

The 10-year TIPS sold $13.247 billion at a high real yield of 0.174% on , with a bid-to-cover ratio of 2.41.

Coupon
0.250%
Announced
Issued
Matures

Real yield

0.174%

Median real yield 0.128%

Bid-to-cover

2.41

▲ +0.13 since 18 Jul

Sold

$13.25 billion

$12 billion offered

Indirect bidders

66.4%

Of competitive bids accepted

The high real yield was the lowest for a 10-year TIPS since 22 September 2016

Real yield at each 10-year TIPS auction, %

The high real yield was the lowest for a 10-year TIPS since 22 September 201636 auctions from 21 November 2013 to 19 September 2019; the latest at 0.174%.0.0%0.5%1.0%1.5%201420152016201720182019This auction, 0.174%The high real yield was the lowest for a 10-year TIPS since 22 September 201636 auctions from 21 November 2013 to 19 September 2019; the latest at 0.174%.0.0%0.5%1.0%1.5%20162017201820190.174%

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
0.1742.41
0.2822.28
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.412.439 of 123 of 12
High real yield0.1740.67012 of 120 of 12
Indirect bidders' share66.468.67 of 125 of 12
Direct bidders' share16.311.03 of 129 of 12
Primary dealers' share17.320.78 of 124 of 12
High minus median, basis points4.65.59 of 123 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 66.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 18 July 2019

Indirect bidders took 66.4% of the competitive bids acceptedIndirect bidders 66.4%, Direct bidders 16.3%, Primary dealers 17.3%Indirect bidders66.4%64.3%Direct bidders16.3%18.6%Primary dealers17.3%17.1%Indirect bidders took 66.4% of the competitive bids acceptedIndirect bidders 66.4%, Direct bidders 16.3%, Primary dealers 17.3%Indirect bidders66.4%64.3%Direct bidders16.3%18.6%Primary dealers17.3%17.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.464.3
Direct bidders16.318.6
Primary dealers17.317.1

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$12,000,000,000
Bids received$30,217,697,400
Sold$13,246,585,400
Competitive bids accepted$11,990,950,000
Non-competitive bids accepted$9,053,200
Federal Reserve (SOMA) add-on$1,246,582,200
Foreign and international (FIMA) non-competitive$0
Real yield, %0.174
Median rate, %0.128
Low rate, %0.075
Interest rate (coupon), %0.250
Bids at the high rate filled, %52.36
Bid-to-cover ratio2.41
Indirect bidders accepted$7,964,950,000
Direct bidders accepted$1,953,000,000
Primary dealers accepted$2,073,000,000
Indirect bidders' share, % (ours)66.4
Direct bidders' share, % (ours)16.3
Primary dealers' share, % (ours)17.3
High minus median, basis points (ours)4.6
Treasury real par yield curve, 10-year point, same day, %0.18
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 ratio2.41Last 24 auctions12 of 2412 of 242.40
Bid-to-cover ratio2.41Since 10 April 200840 of 6424 of 642.48
Bid-to-cover ratio2.41All 92 since 29 January 199744 of 9248 of 922.39
High real yield0.174Last 24 auctions22 of 242 of 240.530
High real yield0.174Since 10 April 200851 of 6413 of 640.506
High real yield0.174All 97 since 29 January 199784 of 9713 of 970.919
Indirect bidders' share66.4Last 24 auctions14 of 2410 of 2468.2
Indirect bidders' share66.4All 64 since 10 April 200816 of 6448 of 6455.2
Direct bidders' share16.3Last 24 auctions3 of 2421 of 248.2
Direct bidders' share16.3All 64 since 10 April 20086 of 6458 of 647.7
Primary dealers' share17.3Last 24 auctions18 of 246 of 2422.3
Primary dealers' share17.3All 64 since 10 April 200858 of 646 of 6434.2
High minus median, basis points4.6Last 24 auctions18 of 246 of 245.9
High minus median, basis points4.6Since 10 April 200849 of 6414 of 646.2
High minus median, basis points4.6All 97 since 29 January 199764 of 9732 of 975.5

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 19 September 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190919_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 19 September 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2019-09-19.

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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