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10-year TIPS auction of 20 January 2022 (new issue)

The 10-year TIPS sold $18.391 billion at a high real yield of -0.540% on , with a bid-to-cover ratio of 2.30.

Coupon
0.125%
Announced
Issued
Matures

Real yield

-0.540%

Median real yield -0.631%

Bid-to-cover

2.30

▼ −0.13 since 18 Nov

Sold

$18.39 billion

$16 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 17 March 2016 to 20 January 2022; the latest at -0.540%.-2.0%-1.0%0.0%1.0%2.0%2016201720182019202020212022This auction, -0.540%Real yield at the last 36 10-year TIPS auctions36 auctions from 17 March 2016 to 20 January 2022; the latest at -0.540%.-2.0%-1.0%0.0%1.0%2.0%20182019202020212022-0.540%

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
-0.5402.30
-1.1452.43
-0.9392.55
-1.0162.50
-0.8052.50
-0.5802.42
-0.9872.68
-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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.302.4611 of 121 of 12
High real yield-0.540-0.8983 of 129 of 12
Indirect bidders' share69.369.77 of 125 of 12
Direct bidders' share15.715.45 of 127 of 12
Primary dealers' share15.015.57 of 125 of 12
High minus median, basis points9.16.12 of 1210 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, 18 November 2021

Indirect bidders took 69.3% of the competitive bids acceptedIndirect bidders 69.3%, Direct bidders 15.7%, Primary dealers 15.0%Indirect bidders69.3%76.8%Direct bidders15.7%13.0%Primary dealers15.0%10.2%Indirect bidders took 69.3% of the competitive bids acceptedIndirect bidders 69.3%, Direct bidders 15.7%, Primary dealers 15.0%Indirect bidders69.3%76.8%Direct bidders15.7%13.0%Primary dealers15.0%10.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.376.8
Direct bidders15.713.0
Primary dealers15.010.2

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$16,000,000,000
Bids received$39,126,990,900
Sold$18,391,416,900
Competitive bids accepted$15,951,431,500
Non-competitive bids accepted$48,582,100
Federal Reserve (SOMA) add-on$2,391,403,300
Foreign and international (FIMA) non-competitive$0
Real yield, %-0.540
Median rate, %-0.631
Low rate, %-0.710
Interest rate (coupon), %0.125
Bids at the high rate filled, %39.08
Bid-to-cover ratio2.30
Indirect bidders accepted$11,054,673,500
Direct bidders accepted$2,508,080,000
Primary dealers accepted$2,388,678,000
Indirect bidders' share, % (ours)69.3
Direct bidders' share, % (ours)15.7
Primary dealers' share, % (ours)15.0
High minus median, basis points (ours)9.1
Treasury real par yield curve, 10-year point, same day, %-0.50
High yield minus that point, basis points (ours)-4.0

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 ratio2.30Last 24 auctions21 of 243 of 242.43
Bid-to-cover ratio2.30Since 10 April 200865 of 7813 of 782.46
Bid-to-cover ratio2.30All 106 since 29 January 199771 of 10635 of 1062.40
High real yield-0.540Last 24 auctions15 of 249 of 240.162
High real yield-0.540Since 10 April 200864 of 7814 of 780.443
High real yield-0.540All 111 since 29 January 199797 of 11114 of 1110.664
Indirect bidders' share69.3Last 24 auctions10 of 2414 of 2468.6
Indirect bidders' share69.3All 78 since 10 April 200817 of 7861 of 7861.7
Direct bidders' share15.7Last 24 auctions10 of 2414 of 2415.3
Direct bidders' share15.7All 78 since 10 April 200814 of 7864 of 788.3
Primary dealers' share15.0Last 24 auctions17 of 247 of 2416.9
Primary dealers' share15.0All 78 since 10 April 200870 of 788 of 7830.0
High minus median, basis points9.1Last 24 auctions2 of 2422 of 245.6
High minus median, basis points9.1Since 10 April 200811 of 7865 of 786.0
High minus median, basis points9.1All 111 since 29 January 199713 of 11195 of 1115.5

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 20 January 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220120_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 20 January 2022 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2022-01-20.

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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