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10-year TIPS auction of 21 May 2026 (reopening)

The 10-year TIPS sold $19 billion at a high real yield of 2.169% on , with a bid-to-cover ratio of 2.52.

Coupon
1.875%
Announced
Issued
Matures

Real yield

2.169%

Median real yield 2.100%

Bid-to-cover

2.52

▲ +0.05 since 19 Mar

Sold

$19.00 billion

$19 billion offered

Indirect bidders

61.4%

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 23 July 2020 to 21 May 2026; the latest at 2.169%.-2.0%-1.0%0.0%1.0%2.0%3.0%2020202120222023202420252026This auction, 2.169%Real yield at the last 36 10-year TIPS auctions36 auctions from 23 July 2020 to 21 May 2026; the latest at 2.169%.0.5%1.0%1.5%2.0%2.5%20232024202520262.169%

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
2.1692.52
1.8962.47
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

Against its own history

Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.522.380 of 1212 of 12
High real yield2.1691.9383 of 129 of 12
Indirect bidders' share61.468.011 of 121 of 12
Direct bidders' share27.523.31 of 1211 of 12
Primary dealers' share11.111.06 of 126 of 12
High minus median, basis points6.97.39 of 123 of 12

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

  • Bid-to-cover ratio: Highest for a 10-year TIPS since 18 January 2024 (13 auctions in between).

Who bought the 10-year TIPS?

Indirect bidders took 61.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 10-year TIPS auction, 19 March 2026

Indirect bidders took 61.4% of the competitive bids acceptedIndirect bidders 61.4%, Direct bidders 27.5%, Primary dealers 11.1%Indirect bidders61.4%68.5%Direct bidders27.5%24.0%Primary dealers11.1%7.5%Indirect bidders took 61.4% of the competitive bids acceptedIndirect bidders 61.4%, Direct bidders 27.5%, Primary dealers 11.1%Indirect bidders61.4%68.5%Direct bidders27.5%24.0%Primary dealers11.1%7.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders61.468.5
Direct bidders27.524.0
Primary dealers11.17.5

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$19,000,000,000
Bids received$47,948,755,500
Sold$19,000,007,500
Competitive bids accepted$18,935,762,000
Non-competitive bids accepted$64,245,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %2.169
Median rate, %2.100
Low rate, %2.040
Interest rate (coupon), %1.875
Bids at the high rate filled, %35.14
Bid-to-cover ratio2.52
Indirect bidders accepted$11,619,062,000
Direct bidders accepted$5,209,700,000
Primary dealers accepted$2,107,000,000
Indirect bidders' share, % (ours)61.4
Direct bidders' share, % (ours)27.5
Primary dealers' share, % (ours)11.1
High minus median, basis points (ours)6.9
Treasury real par yield curve, 10-year point, same day, %2.18
High yield minus that point, basis points (ours)-1.1

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 ratio2.52Last 24 auctions3 of 2421 of 242.37
Bid-to-cover ratio2.52Since 10 April 200834 of 10468 of 1042.43
Bid-to-cover ratio2.52All 132 since 29 January 199736 of 13294 of 1322.39
High real yield2.169Last 24 auctions4 of 2420 of 241.863
High real yield2.169Since 10 April 20086 of 10498 of 1040.572
High real yield2.169All 137 since 29 January 199728 of 137109 of 1370.934
Indirect bidders' share61.4Last 24 auctions23 of 241 of 2470.4
Indirect bidders' share61.4All 104 since 10 April 200865 of 10439 of 10464.6
Direct bidders' share27.5Last 24 auctions1 of 2423 of 2417.3
Direct bidders' share27.5All 104 since 10 April 20083 of 104101 of 10411.8
Primary dealers' share11.1Last 24 auctions10 of 2414 of 249.8
Primary dealers' share11.1All 104 since 10 April 200886 of 10418 of 10422.9
High minus median, basis points6.9Last 24 auctions17 of 247 of 247.7
High minus median, basis points6.9Since 10 April 200847 of 10456 of 1046.6
High minus median, basis points6.9All 137 since 29 January 199752 of 13784 of 1376.0

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 21 May 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260521_4.pdf. Compiled by 500metrics, "10-year TIPS auction of 21 May 2026 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2026-05-21.

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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