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

The 10-year TIPS sold $15.591 billion at a high real yield of -0.930% on , with a bid-to-cover ratio of 2.24.

Coupon
0.125%
Announced
Issued
Matures

Real yield

-0.930%

Median real yield -0.995%

Bid-to-cover

2.24

▼ −0.15 since 21 May

Sold

$15.59 billion

$14 billion offered

Indirect bidders

72.3%

Of competitive bids accepted

The high real yield was the lowest for a 10-year TIPS of all 102 earlier auctions we hold

Real yield at each 10-year TIPS auction, %

The high real yield was the lowest for a 10-year TIPS of all 102 earlier auctions we hold36 auctions from 18 September 2014 to 23 July 2020; the latest at -0.930%.-1.0%0.0%1.0%2.0%201520162017201820192020This auction, -0.930%The high real yield was the lowest for a 10-year TIPS of all 102 earlier auctions we hold36 auctions from 18 September 2014 to 23 July 2020; the latest at -0.930%.-1.0%0.0%1.0%2.0%2017201820192020-0.930%

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
-0.9302.24
-0.4702.39
0.6802.32
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.242.4011 of 121 of 12
High real yield-0.9300.57212 of 120 of 12
Indirect bidders' share72.365.42 of 1210 of 12
Direct bidders' share9.914.89 of 123 of 12
Primary dealers' share17.817.45 of 127 of 12
High minus median, basis points6.55.63 of 129 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 72.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 21 May 2020

Indirect bidders took 72.3% of the competitive bids acceptedIndirect bidders 72.3%, Direct bidders 9.9%, Primary dealers 17.8%Indirect bidders72.3%62.1%Direct bidders9.9%7.8%Primary dealers17.8%30.1%Indirect bidders took 72.3% of the competitive bids acceptedIndirect bidders 72.3%, Direct bidders 9.9%, Primary dealers 17.8%Indirect bidders72.3%62.1%Direct bidders9.9%7.8%Primary dealers17.8%30.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders72.362.1
Direct bidders9.97.8
Primary dealers17.830.1

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$32,932,636,100
Sold$15,590,943,600
Competitive bids accepted$13,953,053,500
Non-competitive bids accepted$46,951,500
Federal Reserve (SOMA) add-on$1,590,938,600
Foreign and international (FIMA) non-competitive$0
Real yield, %-0.930
Median rate, %-0.995
Low rate, %-1.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %51.09
Bid-to-cover ratio2.24
Indirect bidders accepted$10,091,736,000
Direct bidders accepted$1,381,000,000
Primary dealers accepted$2,480,317,500
Indirect bidders' share, % (ours)72.3
Direct bidders' share, % (ours)9.9
Primary dealers' share, % (ours)17.8
High minus median, basis points (ours)6.5
Treasury real par yield curve, 10-year point, same day, %-0.90
High yield minus that point, basis points (ours)-3.0

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 ratio2.24Last 24 auctions21 of 243 of 242.42
Bid-to-cover ratio2.24Since 10 April 200861 of 698 of 692.44
Bid-to-cover ratio2.24All 97 since 29 January 199768 of 9729 of 972.39
High real yield-0.930Last 24 auctions24 of 240 of 240.478
High real yield-0.930Since 10 April 200869 of 690 of 690.497
High real yield-0.930All 102 since 29 January 1997102 of 1020 of 1020.826
Indirect bidders' share72.3Last 24 auctions6 of 2418 of 2468.2
Indirect bidders' share72.3All 69 since 10 April 20088 of 6961 of 6957.0
Direct bidders' share9.9Last 24 auctions12 of 2412 of 249.7
Direct bidders' share9.9All 69 since 10 April 200826 of 6943 of 697.9
Primary dealers' share17.8Last 24 auctions14 of 2410 of 2419.7
Primary dealers' share17.8All 69 since 10 April 200859 of 6910 of 6932.5
High minus median, basis points6.5Last 24 auctions6 of 2418 of 245.6
High minus median, basis points6.5Since 10 April 200830 of 6937 of 696.0
High minus median, basis points6.5All 102 since 29 January 199735 of 10265 of 1025.5

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 July 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200723_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 23 July 2020 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2020-07-23.

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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