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10-year TIPS auction of 18 May 2023 (reopening)

The 10-year TIPS sold $17.817 billion at a high real yield of 1.395% on , with a bid-to-cover ratio of 2.31.

Coupon
1.125%
Announced
Issued
Matures

Real yield

1.395%

Median real yield 1.335%

Bid-to-cover

2.31

▲ +0.03 since 23 Mar

Sold

$17.82 billion

$15 billion offered

Indirect bidders

76.4%

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 20 July 2017 to 18 May 2023; the latest at 1.395%.-2.0%-1.0%0.0%1.0%2.0%2017201820192020202120222023This auction, 1.395%Real yield at the last 36 10-year TIPS auctions36 auctions from 20 July 2017 to 18 May 2023; the latest at 1.395%.-2.0%-1.0%0.0%1.0%2.0%20202021202220231.395%

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
1.3952.31
1.1822.28
1.2202.79
1.4852.25
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.312.437 of 125 of 12
High real yield1.395-0.1541 of 1211 of 12
Indirect bidders' share76.470.82 of 1210 of 12
Direct bidders' share15.915.85 of 127 of 12
Primary dealers' share7.711.811 of 121 of 12
High minus median, basis points6.09.211 of 121 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 76.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 23 March 2023

Indirect bidders took 76.4% of the competitive bids acceptedIndirect bidders 76.4%, Direct bidders 15.9%, Primary dealers 7.7%Indirect bidders76.4%73.1%Direct bidders15.9%16.0%Primary dealers7.7%10.9%Indirect bidders took 76.4% of the competitive bids acceptedIndirect bidders 76.4%, Direct bidders 15.9%, Primary dealers 7.7%Indirect bidders76.4%73.1%Direct bidders15.9%16.0%Primary dealers7.7%10.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders76.473.1
Direct bidders15.916.0
Primary dealers7.710.9

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$15,000,000,000
Bids received$37,443,741,400
Sold$17,816,978,800
Competitive bids accepted$14,975,177,400
Non-competitive bids accepted$24,842,500
Federal Reserve (SOMA) add-on$2,816,958,900
Foreign and international (FIMA) non-competitive$0
Real yield, %1.395
Median rate, %1.335
Low rate, %1.250
Interest rate (coupon), %1.125
Bids at the high rate filled, %9.70
Bid-to-cover ratio2.31
Indirect bidders accepted$11,445,177,400
Direct bidders accepted$2,375,000,000
Primary dealers accepted$1,155,000,000
Indirect bidders' share, % (ours)76.4
Direct bidders' share, % (ours)15.9
Primary dealers' share, % (ours)7.7
High minus median, basis points (ours)6.0
Treasury real par yield curve, 10-year point, same day, %1.42
High yield minus that point, basis points (ours)-2.5

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 ratio2.31Last 24 auctions17 of 247 of 242.42
Bid-to-cover ratio2.31Since 10 April 200866 of 8618 of 862.44
Bid-to-cover ratio2.31All 114 since 29 January 199772 of 11440 of 1142.40
High real yield1.395Last 24 auctions1 of 2423 of 24-0.217
High real yield1.395Since 10 April 20089 of 8677 of 860.458
High real yield1.395All 119 since 29 January 199742 of 11977 of 1190.664
Indirect bidders' share76.4Last 24 auctions2 of 2422 of 2469.3
Indirect bidders' share76.4All 86 since 10 April 20086 of 8680 of 8663.0
Direct bidders' share15.9Last 24 auctions12 of 2412 of 2415.9
Direct bidders' share15.9All 86 since 10 April 200817 of 8669 of 869.9
Primary dealers' share7.7Last 24 auctions23 of 241 of 2415.2
Primary dealers' share7.7All 86 since 10 April 200885 of 861 of 8627.9
High minus median, basis points6.0Last 24 auctions15 of 249 of 246.4
High minus median, basis points6.0Since 10 April 200846 of 8639 of 866.4
High minus median, basis points6.0All 119 since 29 January 199751 of 11964 of 1195.7

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 18 May 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230518_4.pdf. Compiled by 500metrics, "10-year TIPS auction of 18 May 2023 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2023-05-18.

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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