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10-year TIPS auction of 21 March 2024 (reopening)

The 10-year TIPS sold $16 billion at a high real yield of 1.932% on , with a bid-to-cover ratio of 2.35.

Coupon
1.750%
Announced
Issued
Matures

Real yield

1.932%

Median real yield 1.842%

Bid-to-cover

2.35

▼ −0.27 since 18 Jan

Sold

$16.00 billion

$16 billion offered

Indirect bidders

72.0%

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 17 May 2018 to 21 March 2024; the latest at 1.932%.-2.0%-1.0%0.0%1.0%2.0%3.0%2018201920202021202220232024This auction, 1.932%Real yield at the last 36 10-year TIPS auctions36 auctions from 17 May 2018 to 21 March 2024; the latest at 1.932%.-2.0%-1.0%0.0%1.0%2.0%3.0%20212022202320241.932%

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
1.9322.35
1.8102.62
2.1802.32
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.352.386 of 126 of 12
High real yield1.9321.3222 of 1210 of 12
Indirect bidders' share72.072.26 of 126 of 12
Direct bidders' share16.016.27 of 125 of 12
Primary dealers' share12.08.73 of 129 of 12
High minus median, basis points9.08.86 of 126 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 72.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 18 January 2024

Indirect bidders took 72.0% of the competitive bids acceptedIndirect bidders 72.0%, Direct bidders 16.0%, Primary dealers 12.0%Indirect bidders72.0%79.3%Direct bidders16.0%17.5%Primary dealers12.0%3.2%Indirect bidders took 72.0% of the competitive bids acceptedIndirect bidders 72.0%, Direct bidders 16.0%, Primary dealers 12.0%Indirect bidders72.0%79.3%Direct bidders16.0%17.5%Primary dealers12.0%3.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders72.079.3
Direct bidders16.017.5
Primary dealers12.03.2

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$16,000,000,000
Bids received$37,610,375,700
Sold$16,000,005,700
Competitive bids accepted$15,953,232,300
Non-competitive bids accepted$46,773,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %1.932
Median rate, %1.842
Low rate, %1.790
Interest rate (coupon), %1.750
Bids at the high rate filled, %2.90
Bid-to-cover ratio2.35
Indirect bidders accepted$11,484,202,300
Direct bidders accepted$2,559,000,000
Primary dealers accepted$1,910,030,000
Indirect bidders' share, % (ours)72.0
Direct bidders' share, % (ours)16.0
Primary dealers' share, % (ours)12.0
High minus median, basis points (ours)9.0
Treasury real par yield curve, 10-year point, same day, %1.93
High yield minus that point, basis points (ours)0.2

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 ratio2.35Last 24 auctions15 of 249 of 242.43
Bid-to-cover ratio2.35Since 10 April 200865 of 9126 of 912.44
Bid-to-cover ratio2.35All 119 since 29 January 199770 of 11948 of 1192.40
High real yield1.932Last 24 auctions2 of 2422 of 24-0.119
High real yield1.932Since 10 April 20084 of 9187 of 910.491
High real yield1.932All 124 since 29 January 199732 of 12492 of 1240.744
Indirect bidders' share72.0Last 24 auctions9 of 2415 of 2470.8
Indirect bidders' share72.0All 91 since 10 April 200817 of 9174 of 9164.0
Direct bidders' share16.0Last 24 auctions10 of 2414 of 2415.9
Direct bidders' share16.0All 91 since 10 April 200819 of 9172 of 9110.2
Primary dealers' share12.0Last 24 auctions13 of 2411 of 2413.1
Primary dealers' share12.0All 91 since 10 April 200878 of 9113 of 9127.0
High minus median, basis points9.0Last 24 auctions9 of 2414 of 247.8
High minus median, basis points9.0Since 10 April 200820 of 9170 of 916.4
High minus median, basis points9.0All 124 since 29 January 199723 of 12499 of 1245.8

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 March 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240321_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 21 March 2024 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2024-03-21.

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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