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10-year TIPS auction of 22 May 2025 (reopening)

The 10-year TIPS sold $18 billion at a high real yield of 2.220% on , with a bid-to-cover ratio of 2.36.

Coupon
2.125%
Announced
Issued
Matures

Real yield

2.220%

Median real yield 2.135%

Bid-to-cover

2.36

▲ +0.01 since 20 Mar

Sold

$18.00 billion

$18 billion offered

Indirect bidders

71.4%

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 18 July 2019 to 22 May 2025; the latest at 2.220%.-2.0%-1.0%0.0%1.0%2.0%3.0%2019202020212022202320242025This auction, 2.220%Real yield at the last 36 10-year TIPS auctions36 auctions from 18 July 2019 to 22 May 2025; the latest at 2.220%.-2.0%-1.0%0.0%1.0%2.0%3.0%20222023202420252.220%

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
2.2202.36
1.9352.35
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.362.366 of 126 of 12
High real yield2.2201.9341 of 1211 of 12
Indirect bidders' share71.470.85 of 127 of 12
Direct bidders' share16.717.16 of 126 of 12
Primary dealers' share11.98.74 of 128 of 12
High minus median, basis points8.57.44 of 128 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 71.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 20 March 2025

Indirect bidders took 71.4% of the competitive bids acceptedIndirect bidders 71.4%, Direct bidders 16.7%, Primary dealers 11.9%Indirect bidders71.4%67.4%Direct bidders16.7%23.2%Primary dealers11.9%9.4%Indirect bidders took 71.4% of the competitive bids acceptedIndirect bidders 71.4%, Direct bidders 16.7%, Primary dealers 11.9%Indirect bidders71.4%67.4%Direct bidders16.7%23.2%Primary dealers11.9%9.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders71.467.4
Direct bidders16.723.2
Primary dealers11.99.4

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$18,000,000,000
Bids received$42,499,078,200
Sold$18,000,018,400
Competitive bids accepted$17,921,150,200
Non-competitive bids accepted$78,868,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %2.220
Median rate, %2.135
Low rate, %2.070
Interest rate (coupon), %2.125
Bids at the high rate filled, %37.79
Bid-to-cover ratio2.36
Indirect bidders accepted$12,794,028,700
Direct bidders accepted$2,992,000,000
Primary dealers accepted$2,135,121,500
Indirect bidders' share, % (ours)71.4
Direct bidders' share, % (ours)16.7
Primary dealers' share, % (ours)11.9
High minus median, basis points (ours)8.5
Treasury real par yield curve, 10-year point, same day, %2.20
High yield minus that point, basis points (ours)2.0

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 ratio2.36Last 24 auctions13 of 2411 of 242.40
Bid-to-cover ratio2.36Since 10 April 200866 of 9830 of 982.43
Bid-to-cover ratio2.36All 126 since 29 January 199771 of 12653 of 1262.39
High real yield2.220Last 24 auctions1 of 2423 of 241.440
High real yield2.220Since 10 April 20083 of 9895 of 980.530
High real yield2.220All 131 since 29 January 199725 of 131106 of 1310.910
Indirect bidders' share71.4Last 24 auctions10 of 2414 of 2470.8
Indirect bidders' share71.4All 98 since 10 April 200820 of 9878 of 9864.6
Direct bidders' share16.7Last 24 auctions9 of 2415 of 2416.1
Direct bidders' share16.7All 98 since 10 April 200817 of 9881 of 9811.4
Primary dealers' share11.9Last 24 auctions10 of 2414 of 2410.4
Primary dealers' share11.9All 98 since 10 April 200881 of 9817 of 9825.6
High minus median, basis points8.5Last 24 auctions12 of 2412 of 248.4
High minus median, basis points8.5Since 10 April 200827 of 9871 of 986.5
High minus median, basis points8.5All 131 since 29 January 199731 of 131100 of 1316.0

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 22 May 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250522_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 22 May 2025 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2025-05-22.

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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