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10-year TIPS auction of 23 January 2020 (new issue)

The 10-year TIPS sold $15.446 billion at a high real yield of 0.036% on , with a bid-to-cover ratio of 2.33.

Coupon
0.125%
Announced
Issued
Matures

Real yield

0.036%

Median real yield -0.020%

Bid-to-cover

2.33

▼ −0.07 since 21 Nov

Sold

$15.45 billion

$14 billion offered

Indirect bidders

73.2%

Of competitive bids accepted

The high real yield was the lowest for a 10-year TIPS since 23 May 2013

Real yield at each 10-year TIPS auction, %

The high real yield was the lowest for a 10-year TIPS since 23 May 201336 auctions from 20 March 2014 to 23 January 2020; the latest at 0.036%.0.0%0.5%1.0%1.5%2014201520162017201820192020This auction, 0.036%The high real yield was the lowest for a 10-year TIPS since 23 May 201336 auctions from 20 March 2014 to 23 January 2020; the latest at 0.036%.0.0%0.5%1.0%1.5%201620172018201920200.036%

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
0.0362.33
0.1492.40
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.332.4210 of 122 of 12
High real yield0.0360.67012 of 120 of 12
Indirect bidders' share73.265.42 of 1210 of 12
Direct bidders' share11.414.88 of 124 of 12
Primary dealers' share15.417.410 of 122 of 12
High minus median, basis points5.65.24 of 128 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 73.2% of the competitive bids accepted

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

Indirect bidders took 73.2% of the competitive bids acceptedIndirect bidders 73.2%, Direct bidders 11.4%, Primary dealers 15.4%Indirect bidders73.2%58.8%Direct bidders11.4%25.8%Primary dealers15.4%15.4%Indirect bidders took 73.2% of the competitive bids acceptedIndirect bidders 73.2%, Direct bidders 11.4%, Primary dealers 15.4%Indirect bidders73.2%58.8%Direct bidders11.4%25.8%Primary dealers15.4%15.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders73.258.8
Direct bidders11.425.8
Primary dealers15.415.4

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as10-Year, new issue
Offering amount$14,000,000,000
Bids received$34,055,040,100
Sold$15,445,660,100
Competitive bids accepted$13,960,090,000
Non-competitive bids accepted$39,939,600
Federal Reserve (SOMA) add-on$1,445,630,500
Foreign and international (FIMA) non-competitive$0
Real yield, %0.036
Median rate, %-0.020
Low rate, %-0.880
Interest rate (coupon), %0.125
Bids at the high rate filled, %87.40
Bid-to-cover ratio2.33
Indirect bidders accepted$10,216,090,000
Direct bidders accepted$1,598,000,000
Primary dealers accepted$2,146,000,000
Indirect bidders' share, % (ours)73.2
Direct bidders' share, % (ours)11.4
Primary dealers' share, % (ours)15.4
High minus median, basis points (ours)5.6
Treasury real par yield curve, 10-year point, same day, %0.04
High yield minus that point, basis points (ours)-0.4

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 ratio2.33Last 24 auctions16 of 248 of 242.42
Bid-to-cover ratio2.33Since 10 April 200850 of 6615 of 662.46
Bid-to-cover ratio2.33All 94 since 29 January 199756 of 9437 of 942.39
High real yield0.036Last 24 auctions24 of 240 of 240.478
High real yield0.036Since 10 April 200857 of 669 of 660.498
High real yield0.036All 99 since 29 January 199790 of 999 of 990.910
Indirect bidders' share73.2Last 24 auctions4 of 2420 of 2467.3
Indirect bidders' share73.2All 66 since 10 April 20086 of 6660 of 6656.7
Direct bidders' share11.4Last 24 auctions9 of 2415 of 249.1
Direct bidders' share11.4All 66 since 10 April 200819 of 6647 of 667.8
Primary dealers' share15.4Last 24 auctions21 of 243 of 2421.0
Primary dealers' share15.4All 66 since 10 April 200863 of 663 of 6633.7
High minus median, basis points5.6Last 24 auctions12 of 2412 of 245.6
High minus median, basis points5.6Since 10 April 200837 of 6629 of 666.0
High minus median, basis points5.6All 99 since 29 January 199746 of 9952 of 995.5

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 January 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200123_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 23 January 2020 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2020-01-23.

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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