500metrics

All sources checked Checked

10-year TIPS auction of 22 September 2022 (reopening)

The 10-year TIPS sold $15 billion at a high real yield of 1.248% on , with a bid-to-cover ratio of 2.54.

Coupon
0.625%
Announced
Issued
Matures

Real yield

1.248%

Median real yield 1.180%

Bid-to-cover

2.54

▲ +0.36 since 21 Jul

Sold

$15.00 billion

$15 billion offered

Indirect bidders

70.8%

Of competitive bids accepted

The high real yield was the highest for a 10-year TIPS since 8 July 2010

Real yield at each 10-year TIPS auction, %

The high real yield was the highest for a 10-year TIPS since 8 July 201036 auctions from 17 November 2016 to 22 September 2022; the latest at 1.248%.-2.0%-1.0%0.0%1.0%2.0%201720182019202020212022This auction, 1.248%The high real yield was the highest for a 10-year TIPS since 8 July 201036 auctions from 17 November 2016 to 22 September 2022; the latest at 1.248%.-2.0%-1.0%0.0%1.0%2.0%20192020202120221.248%

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
1.2482.54
0.6302.18
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.542.464 of 128 of 12
High real yield1.248-0.8360 of 1212 of 12
Indirect bidders' share70.869.33 of 129 of 12
Direct bidders' share21.315.81 of 1211 of 12
Primary dealers' share7.914.612 of 120 of 12
High minus median, basis points6.87.66 of 126 of 12

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

  • Primary dealers' share: Lowest of all 82 earlier 10-year TIPS auctions we hold.

Who bought the 10-year TIPS?

Indirect bidders took 70.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 21 July 2022

Indirect bidders took 70.8% of the competitive bids acceptedIndirect bidders 70.8%, Direct bidders 21.3%, Primary dealers 7.9%Indirect bidders70.8%67.1%Direct bidders21.3%17.1%Primary dealers7.9%15.8%Indirect bidders took 70.8% of the competitive bids acceptedIndirect bidders 70.8%, Direct bidders 21.3%, Primary dealers 7.9%Indirect bidders70.8%67.1%Direct bidders21.3%17.1%Primary dealers7.9%15.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.867.1
Direct bidders21.317.1
Primary dealers7.915.8

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$15,000,000,000
Bids received$38,092,394,700
Sold$15,000,099,700
Competitive bids accepted$14,951,115,000
Non-competitive bids accepted$48,984,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %1.248
Median rate, %1.180
Low rate, %1.080
Interest rate (coupon), %0.625
Bids at the high rate filled, %70.66
Bid-to-cover ratio2.54
Indirect bidders accepted$10,583,815,000
Direct bidders accepted$3,188,300,000
Primary dealers accepted$1,179,000,000
Indirect bidders' share, % (ours)70.8
Direct bidders' share, % (ours)21.3
Primary dealers' share, % (ours)7.9
High minus median, basis points (ours)6.8
Treasury real par yield curve, 10-year point, same day, %1.29
High yield minus that point, basis points (ours)-4.2

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 ratio2.54Last 24 auctions7 of 2417 of 242.42
Bid-to-cover ratio2.54Since 10 April 200831 of 8251 of 822.44
Bid-to-cover ratio2.54All 110 since 29 January 199733 of 11077 of 1102.40
High real yield1.248Last 24 auctions0 of 2424 of 24-0.217
High real yield1.248Since 10 April 200810 of 8272 of 820.428
High real yield1.248All 115 since 29 January 199743 of 11572 of 1150.659
Indirect bidders' share70.8Last 24 auctions6 of 2418 of 2468.9
Indirect bidders' share70.8All 82 since 10 April 200812 of 8270 of 8262.2
Direct bidders' share21.3Last 24 auctions3 of 2421 of 2415.6
Direct bidders' share21.3All 82 since 10 April 20085 of 8277 of 829.1
Primary dealers' share7.9Last 24 auctions24 of 240 of 2416.1
Primary dealers' share7.9All 82 since 10 April 200882 of 820 of 8229.3
High minus median, basis points6.8Last 24 auctions8 of 2416 of 246.0
High minus median, basis points6.8Since 10 April 200833 of 8248 of 826.2
High minus median, basis points6.8All 115 since 29 January 199738 of 11576 of 1155.6

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 22 September 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220922_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 22 September 2022 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2022-09-22.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.