How did the latest 20-year TIPS auction go?

The last 20-year TIPS auction, on 27 July 2009, sold at a high real yield of 2.387% with a bid-to-cover of 2.27.

Discontinued Treasury has not auctioned this term since 27 July 2009.

Real yield

2.387%

27 July 2009 · Auction results

Bid-to-cover

2.27

27 July 2009 · Auction results

Sold

$6.15 billion

$6 billion offered

Indirect bidders

47.8%

Of competitive bids accepted

Bid-to-cover, last 8 auctions

Bid-to-cover of the last 8 20-year TIPS auctions; the latest was 2.27

Bid-to-cover ratio. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed 27 Jul 2009.

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

The numbers behind this chart

These auctions as a table

Bid-to-cover of the last 8 20-year TIPS auctions
Auction	Bid-to-cover
27 Jul 2009	2.27
26 Jan 2009	1.92
22 Jul 2008	1.58
24 Jan 2008	1.79
24 Jul 2007	2.23
23 Jan 2007	2.05
25 Jul 2006	2.24
24 Jan 2006	1.48

Real yield of the last 8 20-year TIPS auctions; the latest was 2.387%

Real yield, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.

The numbers behind this chart

These auctions as a table

Real yield of the last 8 20-year TIPS auctions, %
Auction	Real yield, %
27 Jul 2009	2.387
26 Jan 2009	2.500
22 Jul 2008	2.219
24 Jan 2008	1.807
24 Jul 2007	2.600
23 Jan 2007	2.420
25 Jul 2006	2.494
24 Jan 2006	2.039

The latest auction against its own history

Each measure against earlier 20-year TIPS auctions: how many were higher and lower, and their median
Measure	This auction	Window	Higher	Lower	Median
Bid-to-cover ratio	2.27	Since 22 July 2008	0 of 2	2 of 2	1.75
Bid-to-cover ratio	2.27	All 7 since 24 January 2006	0 of 7	7 of 7	1.92
High real yield	2.387	Since 22 July 2008	1 of 2	1 of 2	2.360
High real yield	2.387	All 7 since 24 January 2006	4 of 7	3 of 7	2.420
Indirect bidders' share	47.8	All 2 since 22 July 2008	1 of 2	1 of 2	48.5
Direct bidders' share	1.1	All 2 since 22 July 2008	0 of 2	2 of 2	0.8
Primary dealers' share	51.0	All 2 since 22 July 2008	1 of 2	1 of 2	50.7
High minus median, basis points	8.7	Since 22 July 2008	2 of 2	0 of 2	14.0
High minus median, basis points	8.7	All 7 since 24 January 2006	2 of 7	5 of 7	5.7

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 TIPS auction

Auctions with results since 24 January 2006: 8.

20-year TIPS auctions, newest first; dated links open an auction's own page
Auction	Offered as	Real yield, %	Bid-to-cover	Offered, $ billion	Sold, $ billion	Indirect, %	Direct, %	Dealers, %	High − median, bp
27 Jul 2009	19-Year 6-Month, reopening	2.387	2.27	6.000	6.150	47.8	1.1	51.0	8.7
26 Jan 2009	20-Year	2.500	1.92	8.000	8.000	54.0	0.4	45.6	19.0
22 Jul 2008	19-Year 6-Month, reopening	2.219	1.58	6.000	6.661	43.1	1.1	55.8	8.9
24 Jan 2008	20-Year	1.807	1.79	8.000	8.974	–	–	–	5.7
24 Jul 2007	19-Year 6-Month, reopening	2.600	2.23	6.000	7.294	–	–	–	1.1
23 Jan 2007	20-Year	2.420	2.05	8.000	9.189	–	–	–	3.5
25 Jul 2006	19-Year 6-Month, reopening	2.494	2.24	7.000	8.235	–	–	–	1.4
24 Jan 2006	20-Year	2.039	1.48	10.000	11.765	–	–	–	8.4

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

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.