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10-year TIPS auction of 19 November 2020 (reopening)

The 10-year TIPS sold $13.665 billion at a high real yield of -0.867% on , with a bid-to-cover ratio of 2.71.

Coupon
0.125%
Announced
Issued
Matures

Real yield

-0.867%

Median real yield -0.915%

Bid-to-cover

2.71

▲ +0.06 since 17 Sep

Sold

$13.66 billion

$12 billion offered

Indirect bidders

69.3%

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 22 January 2015 to 19 November 2020; the latest at -0.867%.-1.0%0.0%1.0%2.0%201520162017201820192020This auction, -0.867%Real yield at the last 36 10-year TIPS auctions36 auctions from 22 January 2015 to 19 November 2020; the latest at -0.867%.-1.0%0.0%1.0%2.0%2017201820192020-0.867%

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
-0.8672.71
-0.9662.65
-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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.712.401 of 1211 of 12
High real yield-0.8670.22810 of 122 of 12
Indirect bidders' share69.367.33 of 129 of 12
Direct bidders' share16.514.74 of 128 of 12
Primary dealers' share14.117.211 of 121 of 12
High minus median, basis points4.85.59 of 123 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 69.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 17 September 2020

Indirect bidders took 69.3% of the competitive bids acceptedIndirect bidders 69.3%, Direct bidders 16.5%, Primary dealers 14.1%Indirect bidders69.3%68.7%Direct bidders16.5%15.0%Primary dealers14.1%16.3%Indirect bidders took 69.3% of the competitive bids acceptedIndirect bidders 69.3%, Direct bidders 16.5%, Primary dealers 14.1%Indirect bidders69.3%68.7%Direct bidders16.5%15.0%Primary dealers14.1%16.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.368.7
Direct bidders16.515.0
Primary dealers14.116.3

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$12,000,000,000
Bids received$34,160,831,400
Sold$13,664,774,800
Competitive bids accepted$11,989,498,400
Non-competitive bids accepted$10,519,900
Federal Reserve (SOMA) add-on$1,664,756,500
Foreign and international (FIMA) non-competitive$0
Real yield, %-0.867
Median rate, %-0.915
Low rate, %-1.080
Interest rate (coupon), %0.125
Bids at the high rate filled, %72.22
Bid-to-cover ratio2.71
Indirect bidders accepted$8,312,398,400
Direct bidders accepted$1,982,100,000
Primary dealers accepted$1,695,000,000
Indirect bidders' share, % (ours)69.3
Direct bidders' share, % (ours)16.5
Primary dealers' share, % (ours)14.1
High minus median, basis points (ours)4.8
Treasury real par yield curve, 10-year point, same day, %-0.84
High yield minus that point, basis points (ours)-2.7

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 ratio2.71Last 24 auctions1 of 2423 of 242.42
Bid-to-cover ratio2.71Since 10 April 200812 of 7158 of 712.44
Bid-to-cover ratio2.71All 99 since 29 January 199714 of 9984 of 992.39
High real yield-0.867Last 24 auctions22 of 242 of 240.478
High real yield-0.867Since 10 April 200869 of 712 of 710.491
High real yield-0.867All 104 since 29 January 1997102 of 1042 of 1040.763
Indirect bidders' share69.3Last 24 auctions9 of 2415 of 2468.4
Indirect bidders' share69.3All 71 since 10 April 200812 of 7159 of 7157.7
Direct bidders' share16.5Last 24 auctions5 of 2419 of 2410.7
Direct bidders' share16.5All 71 since 10 April 20088 of 7163 of 718.0
Primary dealers' share14.1Last 24 auctions21 of 243 of 2418.0
Primary dealers' share14.1All 71 since 10 April 200868 of 713 of 7132.4
High minus median, basis points4.8Last 24 auctions18 of 246 of 245.6
High minus median, basis points4.8Since 10 April 200854 of 7116 of 716.0
High minus median, basis points4.8All 104 since 29 January 199769 of 10434 of 1045.5

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 November 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201119_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 19 November 2020 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2020-11-19.

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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