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10-year TIPS auction of 19 May 2022 (reopening)

The 10-year TIPS sold $16.105 billion at a high real yield of 0.232% on , with a bid-to-cover ratio of 2.24.

Coupon
0.125%
Announced
Issued
Matures

Real yield

0.232%

Median real yield 0.080%

Bid-to-cover

2.24

▼ −0.19 since 24 Mar

Sold

$16.10 billion

$14 billion offered

Indirect bidders

70.7%

Of competitive bids accepted

The high real yield was the highest for a 10-year TIPS since 19 March 2020

Real yield at each 10-year TIPS auction, %

The high real yield was the highest for a 10-year TIPS since 19 March 202036 auctions from 21 July 2016 to 19 May 2022; the latest at 0.232%.-2.0%-1.0%0.0%1.0%2.0%2016201720182019202020212022This auction, 0.232%The high real yield was the highest for a 10-year TIPS since 19 March 202036 auctions from 21 July 2016 to 19 May 2022; the latest at 0.232%.-2.0%-1.0%0.0%1.0%2.0%20192020202120220.232%

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
0.2322.24
-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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.242.4611 of 120 of 12
High real yield0.232-0.8980 of 1212 of 12
Indirect bidders' share70.769.34 of 128 of 12
Direct bidders' share11.415.610 of 122 of 12
Primary dealers' share17.914.61 of 1211 of 12
High minus median, basis points15.26.30 of 1212 of 12

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

  • High minus median, basis points: Highest for a 10-year TIPS since 19 March 2020 (12 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 70.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 24 March 2022

Indirect bidders took 70.7% of the competitive bids acceptedIndirect bidders 70.7%, Direct bidders 11.4%, Primary dealers 17.9%Indirect bidders70.7%67.9%Direct bidders11.4%21.5%Primary dealers17.9%10.6%Indirect bidders took 70.7% of the competitive bids acceptedIndirect bidders 70.7%, Direct bidders 11.4%, Primary dealers 17.9%Indirect bidders70.7%67.9%Direct bidders11.4%21.5%Primary dealers17.9%10.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.767.9
Direct bidders11.421.5
Primary dealers17.910.6

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$14,000,000,000
Bids received$33,473,038,800
Sold$16,104,716,300
Competitive bids accepted$13,968,922,500
Non-competitive bids accepted$31,078,300
Federal Reserve (SOMA) add-on$2,104,715,500
Foreign and international (FIMA) non-competitive$0
Real yield, %0.232
Median rate, %0.080
Low rate, %0.000
Interest rate (coupon), %0.125
Bids at the high rate filled, %22.71
Bid-to-cover ratio2.24
Indirect bidders accepted$9,880,245,000
Direct bidders accepted$1,595,000,000
Primary dealers accepted$2,493,677,500
Indirect bidders' share, % (ours)70.7
Direct bidders' share, % (ours)11.4
Primary dealers' share, % (ours)17.9
High minus median, basis points (ours)15.2
Treasury real par yield curve, 10-year point, same day, %0.25
High yield minus that point, basis points (ours)-1.8

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 auctions22 of 241 of 242.42
Bid-to-cover ratio2.24Since 10 April 200871 of 808 of 802.44
Bid-to-cover ratio2.24All 108 since 29 January 199778 of 10829 of 1082.40
High real yield0.232Last 24 auctions9 of 2415 of 24-0.217
High real yield0.232Since 10 April 200851 of 8029 of 800.428
High real yield0.232All 113 since 29 January 199784 of 11329 of 1130.661
Indirect bidders' share70.7Last 24 auctions6 of 2418 of 2468.6
Indirect bidders' share70.7All 80 since 10 April 200812 of 8068 of 8062.1
Direct bidders' share11.4Last 24 auctions19 of 245 of 2415.4
Direct bidders' share11.4All 80 since 10 April 200831 of 8049 of 808.6
Primary dealers' share17.9Last 24 auctions6 of 2418 of 2416.5
Primary dealers' share17.9All 80 since 10 April 200859 of 8021 of 8029.7
High minus median, basis points15.2Last 24 auctions1 of 2423 of 246.0
High minus median, basis points15.2Since 10 April 20083 of 8077 of 806.1
High minus median, basis points15.2All 113 since 29 January 19973 of 113110 of 1135.6

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 19 May 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220519_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 19 May 2022 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2022-05-19.

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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