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10-year TIPS auction of 22 January 2026 (new issue)

The 10-year TIPS sold $21 billion at a high real yield of 1.940% on , with a bid-to-cover ratio of 2.38.

Coupon
1.875%
Announced
Issued
Matures

Real yield

1.940%

Median real yield 1.880%

Bid-to-cover

2.38

▼ −0.03 since 20 Nov

Sold

$21.00 billion

$21 billion offered

Indirect bidders

67.4%

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 19 March 2020 to 22 January 2026; the latest at 1.940%.-2.0%-1.0%0.0%1.0%2.0%3.0%2020202120222023202420252026This auction, 1.940%Real yield at the last 36 10-year TIPS auctions36 auctions from 19 March 2020 to 22 January 2026; the latest at 1.940%.-1.0%0.0%1.0%2.0%3.0%202220232024202520261.940%

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
1.9402.38
1.8432.41
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.382.375 of 126 of 12
High real yield1.9401.9345 of 127 of 12
Indirect bidders' share67.469.07 of 125 of 12
Direct bidders' share20.422.47 of 125 of 12
Primary dealers' share12.211.04 of 128 of 12
High minus median, basis points6.07.911 of 121 of 12

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

Who bought the 10-year TIPS?

Indirect bidders took 67.4% of the competitive bids accepted

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

Indirect bidders took 67.4% of the competitive bids acceptedIndirect bidders 67.4%, Direct bidders 20.4%, Primary dealers 12.2%Indirect bidders67.4%61.5%Direct bidders20.4%23.7%Primary dealers12.2%14.8%Indirect bidders took 67.4% of the competitive bids acceptedIndirect bidders 67.4%, Direct bidders 20.4%, Primary dealers 12.2%Indirect bidders67.4%61.5%Direct bidders20.4%23.7%Primary dealers12.2%14.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders67.461.5
Direct bidders20.423.7
Primary dealers12.214.8

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$21,000,000,000
Bids received$49,898,595,800
Sold$21,000,013,300
Competitive bids accepted$20,866,952,500
Non-competitive bids accepted$133,060,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %1.940
Median rate, %1.880
Low rate, %1.800
Interest rate (coupon), %1.875
Bids at the high rate filled, %28.67
Bid-to-cover ratio2.38
Indirect bidders accepted$14,068,612,500
Direct bidders accepted$4,251,000,000
Primary dealers accepted$2,547,340,000
Indirect bidders' share, % (ours)67.4
Direct bidders' share, % (ours)20.4
Primary dealers' share, % (ours)12.2
High minus median, basis points (ours)6.0
Treasury real par yield curve, 10-year point, same day, %1.95
High yield minus that point, basis points (ours)-1.0

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 ratio2.38Last 24 auctions10 of 2413 of 242.36
Bid-to-cover ratio2.38Since 10 April 200864 of 10235 of 1022.43
Bid-to-cover ratio2.38All 130 since 29 January 199769 of 13058 of 1302.39
High real yield1.940Last 24 auctions7 of 2417 of 241.772
High real yield1.940Since 10 April 20089 of 10293 of 1020.564
High real yield1.940All 135 since 29 January 199736 of 13599 of 1350.920
Indirect bidders' share67.4Last 24 auctions18 of 246 of 2470.4
Indirect bidders' share67.4All 102 since 10 April 200841 of 10261 of 10264.3
Direct bidders' share20.4Last 24 auctions10 of 2414 of 2416.9
Direct bidders' share20.4All 102 since 10 April 200815 of 10287 of 10211.5
Primary dealers' share12.2Last 24 auctions8 of 2416 of 2410.4
Primary dealers' share12.2All 102 since 10 April 200882 of 10220 of 10223.6
High minus median, basis points6.0Last 24 auctions20 of 243 of 248.2
High minus median, basis points6.0Since 10 April 200859 of 10241 of 1026.6
High minus median, basis points6.0All 135 since 29 January 199764 of 13566 of 1356.0

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 January 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260122_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 22 January 2026 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2026-01-22.

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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