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10-year TIPS auction of 21 September 2023 (reopening)

The 10-year TIPS sold $15 billion at a high real yield of 2.094% on , with a bid-to-cover ratio of 2.44.

Coupon
1.375%
Announced
Issued
Matures

Real yield

2.094%

Median real yield 2.018%

Bid-to-cover

2.44

▼ −0.07 since 20 Jul

Sold

$15.00 billion

$15 billion offered

Indirect bidders

71.3%

Of competitive bids accepted

The high real yield was the highest for a 10-year TIPS since 6 January 2009

Real yield at each 10-year TIPS auction, %

The high real yield was the highest for a 10-year TIPS since 6 January 200936 auctions from 16 November 2017 to 21 September 2023; the latest at 2.094%.-2.0%-1.0%0.0%1.0%2.0%3.0%201820192020202120222023This auction, 2.094%The high real yield was the highest for a 10-year TIPS since 6 January 200936 auctions from 16 November 2017 to 21 September 2023; the latest at 2.094%.-2.0%-1.0%0.0%1.0%2.0%3.0%20202021202220232.094%

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
2.0942.44
1.4952.51
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.442.374 of 128 of 12
High real yield2.0940.9060 of 1212 of 12
Indirect bidders' share71.372.37 of 125 of 12
Direct bidders' share21.915.80 of 1212 of 12
Primary dealers' share6.810.411 of 121 of 12
High minus median, basis points7.69.07 of 125 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 (22 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 71.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 20 July 2023

Indirect bidders took 71.3% of the competitive bids acceptedIndirect bidders 71.3%, Direct bidders 21.9%, Primary dealers 6.8%Indirect bidders71.3%85.8%Direct bidders21.9%12.7%Primary dealers6.8%1.5%Indirect bidders took 71.3% of the competitive bids acceptedIndirect bidders 71.3%, Direct bidders 21.9%, Primary dealers 6.8%Indirect bidders71.3%85.8%Direct bidders21.9%12.7%Primary dealers6.8%1.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders71.385.8
Direct bidders21.912.7
Primary dealers6.81.5

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$36,526,642,300
Sold$15,000,019,800
Competitive bids accepted$14,937,082,500
Non-competitive bids accepted$62,937,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %2.094
Median rate, %2.018
Low rate, %1.980
Interest rate (coupon), %1.375
Bids at the high rate filled, %92.75
Bid-to-cover ratio2.44
Indirect bidders accepted$10,657,482,500
Direct bidders accepted$3,266,312,500
Primary dealers accepted$1,013,287,500
Indirect bidders' share, % (ours)71.3
Direct bidders' share, % (ours)21.9
Primary dealers' share, % (ours)6.8
High minus median, basis points (ours)7.6
Treasury real par yield curve, 10-year point, same day, %2.11
High yield minus that point, basis points (ours)-1.6

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 ratio2.44Last 24 auctions9 of 2415 of 242.42
Bid-to-cover ratio2.44Since 10 April 200843 of 8844 of 882.44
Bid-to-cover ratio2.44All 116 since 29 January 199745 of 11669 of 1162.40
High real yield2.094Last 24 auctions0 of 2424 of 24-0.217
High real yield2.094Since 10 April 20082 of 8886 of 880.478
High real yield2.094All 121 since 29 January 199724 of 12197 of 1210.680
Indirect bidders' share71.3Last 24 auctions10 of 2414 of 2470.4
Indirect bidders' share71.3All 88 since 10 April 200817 of 8871 of 8863.4
Direct bidders' share21.9Last 24 auctions1 of 2423 of 2415.8
Direct bidders' share21.9All 88 since 10 April 20083 of 8885 of 8810.0
Primary dealers' share6.8Last 24 auctions23 of 241 of 2414.6
Primary dealers' share6.8All 88 since 10 April 200887 of 881 of 8827.4
High minus median, basis points7.6Last 24 auctions10 of 2414 of 246.3
High minus median, basis points7.6Since 10 April 200827 of 8860 of 886.2
High minus median, basis points7.6All 121 since 29 January 199732 of 12188 of 1215.7

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 21 September 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230921_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 21 September 2023 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2023-09-21.

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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