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10-year TIPS auction of 24 March 2022 (reopening)

The 10-year TIPS sold $16.606 billion at a high real yield of -0.589% on , with a bid-to-cover ratio of 2.43.

Coupon
0.125%
Announced
Issued
Matures

Real yield

-0.589%

Median real yield -0.700%

Bid-to-cover

2.43

▲ +0.13 since 20 Jan

Sold

$16.61 billion

$14 billion offered

Indirect bidders

67.9%

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 19 May 2016 to 24 March 2022; the latest at -0.589%.-2.0%-1.0%0.0%1.0%2.0%2016201720182019202020212022This auction, -0.589%Real yield at the last 36 10-year TIPS auctions36 auctions from 19 May 2016 to 24 March 2022; the latest at -0.589%.-2.0%-1.0%0.0%1.0%2.0%2019202020212022-0.589%

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
-0.5892.43
-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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.432.466 of 125 of 12
High real yield-0.589-0.8984 of 128 of 12
Indirect bidders' share67.969.39 of 123 of 12
Direct bidders' share21.515.60 of 1212 of 12
Primary dealers' share10.615.311 of 121 of 12
High minus median, basis points11.16.31 of 1211 of 12

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

  • Direct bidders' share: Highest for a 10-year TIPS since 21 November 2019 (13 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 67.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 20 January 2022

Indirect bidders took 67.9% of the competitive bids acceptedIndirect bidders 67.9%, Direct bidders 21.5%, Primary dealers 10.6%Indirect bidders67.9%69.3%Direct bidders21.5%15.7%Primary dealers10.6%15.0%Indirect bidders took 67.9% of the competitive bids acceptedIndirect bidders 67.9%, Direct bidders 21.5%, Primary dealers 10.6%Indirect bidders67.9%69.3%Direct bidders21.5%15.7%Primary dealers10.6%15.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders67.969.3
Direct bidders21.515.7
Primary dealers10.615.0

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$14,000,000,000
Bids received$36,582,857,800
Sold$16,606,322,800
Competitive bids accepted$13,972,685,000
Non-competitive bids accepted$27,352,100
Federal Reserve (SOMA) add-on$2,606,285,700
Foreign and international (FIMA) non-competitive$0
Real yield, %-0.589
Median rate, %-0.700
Low rate, %-0.750
Interest rate (coupon), %0.125
Bids at the high rate filled, %0.94
Bid-to-cover ratio2.43
Indirect bidders accepted$9,480,638,000
Direct bidders accepted$3,009,000,000
Primary dealers accepted$1,483,047,000
Indirect bidders' share, % (ours)67.9
Direct bidders' share, % (ours)21.5
Primary dealers' share, % (ours)10.6
High minus median, basis points (ours)11.1
Treasury real par yield curve, 10-year point, same day, %-0.58
High yield minus that point, basis points (ours)-0.9

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 ratio2.43Last 24 auctions10 of 2412 of 242.42
Bid-to-cover ratio2.43Since 10 April 200841 of 7934 of 792.45
Bid-to-cover ratio2.43All 107 since 29 January 199744 of 10758 of 1072.40
High real yield-0.589Last 24 auctions16 of 248 of 240.092
High real yield-0.589Since 10 April 200866 of 7913 of 790.436
High real yield-0.589All 112 since 29 January 199799 of 11213 of 1120.662
Indirect bidders' share67.9Last 24 auctions14 of 2410 of 2468.6
Indirect bidders' share67.9All 79 since 10 April 200824 of 7955 of 7962.1
Direct bidders' share21.5Last 24 auctions2 of 2422 of 2415.4
Direct bidders' share21.5All 79 since 10 April 20083 of 7976 of 798.4
Primary dealers' share10.6Last 24 auctions23 of 241 of 2416.9
Primary dealers' share10.6All 79 since 10 April 200878 of 791 of 7929.9
High minus median, basis points11.1Last 24 auctions1 of 2423 of 245.8
High minus median, basis points11.1Since 10 April 20086 of 7973 of 796.1
High minus median, basis points11.1All 112 since 29 January 19976 of 112106 of 1125.6

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 24 March 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220324_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 24 March 2022 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2022-03-24.

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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