How did the latest 20-year 6-month TIPS auction go?
The last 20-year 6-month TIPS auction, on , sold at a high real yield of 2.090% with a bid-to-cover of 1.71.
Discontinued Treasury has not auctioned this term since 26 July 2005.
Real yield
2.090%
Bid-to-cover
1.71
Sold
$6.00 billion
The latest auction against its own history
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 1.71 | All 2 since 27 July 2004 | 0 of 2 | 2 of 2 | 1.50 |
| High real yield | 2.090 | All 2 since 27 July 2004 | 1 of 2 | 1 of 2 | 2.235 |
| High minus median, basis points | 4.0 | All 2 since 27 July 2004 | 2 of 2 | 0 of 2 | 9.0 |
The table scrolls sideways; the first column stays in place.
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.
Every 20-year 6-month TIPS auction
| Auction | Offered as | Real yield, % | Bid-to-cover | Offered, $ billion | Sold, $ billion | Indirect, % | Direct, % | Dealers, % | High − median, bp |
|---|---|---|---|---|---|---|---|---|---|
| 19-Year 6-Month, reopening | 2.090 | 1.71 | 6.000 | 6.000 | – | – | – | 4.0 | |
| 20-Year, reopening | 2.000 | 1.51 | 8.000 | 11.000 | – | – | – | 9.0 | |
| 20-Year 6-Month | 2.470 | 1.49 | 11.000 | 11.000 | – | – | – | 9.0 |
The table scrolls sideways; the first column stays in place.
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
Our text and compilation: CC BY 4.0. How to reuse and cite this page.