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10-year TIPS auction of 18 September 2025 (reopening)

The 10-year TIPS sold $20.049 billion at a high real yield of 1.734% on , with a bid-to-cover ratio of 2.20.

Coupon
1.875%
Announced
Issued
Matures

Real yield

1.734%

Median real yield 1.648%

Bid-to-cover

2.20

▼ −0.21 since 24 Jul

Sold

$20.05 billion

$19 billion offered

Indirect bidders

56.1%

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 21 November 2019 to 18 September 2025; the latest at 1.734%.-2.0%-1.0%0.0%1.0%2.0%3.0%202020212022202320242025This auction, 1.734%Real yield at the last 36 10-year TIPS auctions36 auctions from 21 November 2019 to 18 September 2025; the latest at 1.734%.-2.0%-1.0%0.0%1.0%2.0%3.0%20222023202420251.734%

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
1.7342.20
1.9852.41
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.202.3712 of 120 of 12
High real yield1.7342.02811 of 121 of 12
Indirect bidders' share56.170.012 of 120 of 12
Direct bidders' share26.119.51 of 1211 of 12
Primary dealers' share17.89.80 of 1212 of 12
High minus median, basis points8.67.84 of 128 of 12

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

  • Bid-to-cover ratio: Lowest for a 10-year TIPS since 21 July 2022 (18 auctions in between).
  • Indirect bidders' share: Lowest for a 10-year TIPS since 20 July 2017 (48 auctions in between).
  • Primary dealers' share: Highest for a 10-year TIPS since 19 May 2022 (19 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 56.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 24 July 2025

Indirect bidders took 56.1% of the competitive bids acceptedIndirect bidders 56.1%, Direct bidders 26.1%, Primary dealers 17.8%Indirect bidders56.1%62.7%Direct bidders26.1%32.0%Primary dealers17.8%5.4%Indirect bidders took 56.1% of the competitive bids acceptedIndirect bidders 56.1%, Direct bidders 26.1%, Primary dealers 17.8%Indirect bidders56.1%62.7%Direct bidders26.1%32.0%Primary dealers17.8%5.4%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders56.162.7
Direct bidders26.132.0
Primary dealers17.85.4

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$19,000,000,000
Bids received$42,782,887,300
Sold$20,049,149,800
Competitive bids accepted$18,956,812,500
Non-competitive bids accepted$43,188,100
Federal Reserve (SOMA) add-on$1,049,149,200
Foreign and international (FIMA) non-competitive$0
Real yield, %1.734
Median rate, %1.648
Low rate, %1.600
Interest rate (coupon), %1.875
Bids at the high rate filled, %56.21
Bid-to-cover ratio2.20
Indirect bidders accepted$10,631,707,500
Direct bidders accepted$4,952,000,000
Primary dealers accepted$3,373,105,000
Indirect bidders' share, % (ours)56.1
Direct bidders' share, % (ours)26.1
Primary dealers' share, % (ours)17.8
High minus median, basis points (ours)8.6
Treasury real par yield curve, 10-year point, same day, %1.73
High yield minus that point, basis points (ours)0.4

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 ratio2.20Last 24 auctions23 of 241 of 242.37
Bid-to-cover ratio2.20Since 10 April 200894 of 1005 of 1002.43
Bid-to-cover ratio2.20All 128 since 29 January 1997102 of 12825 of 1282.39
High real yield1.734Last 24 auctions11 of 2413 of 241.544
High real yield1.734Since 10 April 200814 of 10086 of 1000.554
High real yield1.734All 133 since 29 January 199745 of 13388 of 1330.919
Indirect bidders' share56.1Last 24 auctions24 of 240 of 2471.1
Indirect bidders' share56.1All 100 since 10 April 200868 of 10032 of 10064.6
Direct bidders' share26.1Last 24 auctions1 of 2423 of 2416.5
Direct bidders' share26.1All 100 since 10 April 20083 of 10097 of 10011.4
Primary dealers' share17.8Last 24 auctions1 of 2423 of 2410.2
Primary dealers' share17.8All 100 since 10 April 200860 of 10040 of 10024.6
High minus median, basis points8.6Last 24 auctions11 of 2413 of 248.2
High minus median, basis points8.6Since 10 April 200827 of 10073 of 1006.5
High minus median, basis points8.6All 133 since 29 January 199731 of 133102 of 1336.0

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 18 September 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250918_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 18 September 2025 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2025-09-18.

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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