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10-year TIPS auction of 18 July 2024 (new issue)

The 10-year TIPS sold $20.048 billion at a high real yield of 1.883% on , with a bid-to-cover ratio of 2.38.

Coupon
1.875%
Announced
Issued
Matures

Real yield

1.883%

Median real yield 1.793%

Bid-to-cover

2.38

▲ +0.05 since 23 May

Sold

$20.05 billion

$19 billion offered

Indirect bidders

68.7%

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 September 2018 to 18 July 2024; the latest at 1.883%.-2.0%-1.0%0.0%1.0%2.0%3.0%201920202021202220232024This auction, 1.883%Real yield at the last 36 10-year TIPS auctions36 auctions from 20 September 2018 to 18 July 2024; the latest at 1.883%.-2.0%-1.0%0.0%1.0%2.0%3.0%20212022202320241.883%

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
1.8832.38
2.1842.33
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.382.345 of 127 of 12
High real yield1.8831.4904 of 128 of 12
Indirect bidders' share68.772.611 of 121 of 12
Direct bidders' share23.416.10 of 1212 of 12
Primary dealers' share7.98.76 of 126 of 12
High minus median, basis points9.08.44 of 127 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 (27 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 68.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 23 May 2024

Indirect bidders took 68.7% of the competitive bids acceptedIndirect bidders 68.7%, Direct bidders 23.4%, Primary dealers 7.9%Indirect bidders68.7%69.8%Direct bidders23.4%16.1%Primary dealers7.9%14.0%Indirect bidders took 68.7% of the competitive bids acceptedIndirect bidders 68.7%, Direct bidders 23.4%, Primary dealers 7.9%Indirect bidders68.7%69.8%Direct bidders23.4%16.1%Primary dealers7.9%14.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders68.769.8
Direct bidders23.416.1
Primary dealers7.914.0

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as10-Year, new issue
Offering amount$19,000,000,000
Bids received$46,184,731,900
Sold$20,047,629,100
Competitive bids accepted$18,903,927,200
Non-competitive bids accepted$96,101,500
Federal Reserve (SOMA) add-on$1,047,600,400
Foreign and international (FIMA) non-competitive$0
Real yield, %1.883
Median rate, %1.793
Low rate, %1.740
Interest rate (coupon), %1.875
Bids at the high rate filled, %69.87
Bid-to-cover ratio2.38
Indirect bidders accepted$12,982,109,200
Direct bidders accepted$4,419,000,000
Primary dealers accepted$1,502,818,000
Indirect bidders' share, % (ours)68.7
Direct bidders' share, % (ours)23.4
Primary dealers' share, % (ours)7.9
High minus median, basis points (ours)9.0
Treasury real par yield curve, 10-year point, same day, %1.89
High yield minus that point, basis points (ours)-0.7

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 ratio2.38Last 24 auctions14 of 2410 of 242.43
Bid-to-cover ratio2.38Since 10 April 200860 of 9331 of 932.43
Bid-to-cover ratio2.38All 121 since 29 January 199765 of 12154 of 1212.39
High real yield1.883Last 24 auctions4 of 2420 of 240.431
High real yield1.883Since 10 April 20087 of 9386 of 930.497
High real yield1.883All 126 since 29 January 199736 of 12690 of 1260.763
Indirect bidders' share68.7Last 24 auctions19 of 245 of 2471.1
Indirect bidders' share68.7All 93 since 10 April 200832 of 9361 of 9364.1
Direct bidders' share23.4Last 24 auctions0 of 2424 of 2415.9
Direct bidders' share23.4All 93 since 10 April 20083 of 9390 of 9310.3
Primary dealers' share7.9Last 24 auctions18 of 246 of 2412.3
Primary dealers' share7.9All 93 since 10 April 200887 of 936 of 9326.2
High minus median, basis points9.0Last 24 auctions8 of 2414 of 247.8
High minus median, basis points9.0Since 10 April 200820 of 9371 of 936.5
High minus median, basis points9.0All 126 since 29 January 199723 of 126100 of 1265.9

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 July 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240718_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 18 July 2024 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2024-07-18.

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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