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10-year TIPS auction of 23 January 2025 (new issue)

The 10-year TIPS sold $21.111 billion at a high real yield of 2.243% on , with a bid-to-cover ratio of 2.48.

Coupon
2.125%
Announced
Issued
Matures

Real yield

2.243%

Median real yield 2.170%

Bid-to-cover

2.48

▲ +0.13 since 21 Nov

Sold

$21.11 billion

$20 billion offered

Indirect bidders

66.5%

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 21 March 2019 to 23 January 2025; the latest at 2.243%.-2.0%-1.0%0.0%1.0%2.0%3.0%2019202020212022202320242025This auction, 2.243%The high real yield was the highest for a 10-year TIPS since 6 January 200936 auctions from 21 March 2019 to 23 January 2025; the latest at 2.243%.-2.0%-1.0%0.0%1.0%2.0%3.0%202120222023202420252.243%

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
2.2432.48
2.0712.35
1.5922.44
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.482.363 of 129 of 12
High real yield2.2431.8460 of 1212 of 12
Indirect bidders' share66.572.012 of 120 of 12
Direct bidders' share23.316.21 of 1211 of 12
Primary dealers' share10.27.85 of 127 of 12
High minus median, basis points7.37.87 of 124 of 12

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

  • Indirect bidders' share: Lowest for a 10-year TIPS since 21 January 2021 (23 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 66.5% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 21 November 2024

Indirect bidders took 66.5% of the competitive bids acceptedIndirect bidders 66.5%, Direct bidders 23.3%, Primary dealers 10.2%Indirect bidders66.5%69.2%Direct bidders23.3%16.7%Primary dealers10.2%14.1%Indirect bidders took 66.5% of the competitive bids acceptedIndirect bidders 66.5%, Direct bidders 23.3%, Primary dealers 10.2%Indirect bidders66.5%69.2%Direct bidders23.3%16.7%Primary dealers10.2%14.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders66.569.2
Direct bidders23.316.7
Primary dealers10.214.1

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$20,000,000,000
Bids received$50,649,525,700
Sold$21,110,595,700
Competitive bids accepted$19,845,131,000
Non-competitive bids accepted$154,878,400
Federal Reserve (SOMA) add-on$1,110,586,300
Foreign and international (FIMA) non-competitive$0
Real yield, %2.243
Median rate, %2.170
Low rate, %2.130
Interest rate (coupon), %2.125
Bids at the high rate filled, %19.37
Bid-to-cover ratio2.48
Indirect bidders accepted$13,199,361,000
Direct bidders accepted$4,631,400,000
Primary dealers accepted$2,014,370,000
Indirect bidders' share, % (ours)66.5
Direct bidders' share, % (ours)23.3
Primary dealers' share, % (ours)10.2
High minus median, basis points (ours)7.3
Treasury real par yield curve, 10-year point, same day, %2.23
High yield minus that point, basis points (ours)1.3

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 ratio2.48Last 24 auctions8 of 2416 of 242.42
Bid-to-cover ratio2.48Since 10 April 200841 of 9653 of 962.43
Bid-to-cover ratio2.48All 124 since 29 January 199743 of 12479 of 1242.39
High real yield2.243Last 24 auctions0 of 2424 of 241.234
High real yield2.243Since 10 April 20082 of 9694 of 960.506
High real yield2.243All 129 since 29 January 199723 of 129106 of 1290.887
Indirect bidders' share66.5Last 24 auctions23 of 241 of 2471.1
Indirect bidders' share66.5All 96 since 10 April 200843 of 9653 of 9664.3
Direct bidders' share23.3Last 24 auctions1 of 2423 of 2416.1
Direct bidders' share23.3All 96 since 10 April 20084 of 9692 of 9610.8
Primary dealers' share10.2Last 24 auctions15 of 249 of 2410.8
Primary dealers' share10.2All 96 since 10 April 200887 of 969 of 9625.9
High minus median, basis points7.3Last 24 auctions14 of 249 of 248.4
High minus median, basis points7.3Since 10 April 200836 of 9658 of 966.5
High minus median, basis points7.3All 129 since 29 January 199741 of 12986 of 1295.9

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 23 January 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250123_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 23 January 2025 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2025-01-23.

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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