How did the latest 5-year TIPS auction go?
The last 5-year TIPS auction, on , sold at a high real yield of 1.955% with a bid-to-cover of 2.61.
Real yield
1.955%
Bid-to-cover
2.61
Sold
$27.59 billion
Indirect bidders
68.6%
When is the next 5-year TIPS auction?
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| New issue | |||
| Reopening |
Bid-to-cover, last 36 auctions
Bid-to-cover of the last 36 5-year TIPS auctions; the latest was 2.61
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 .
Real yield of the last 36 5-year TIPS auctions; the latest was 1.955%
Real yield, %. Shading: the middle half and the middle 80% of the auctions shown; dashed: their median.
The numbers behind this chart
The latest auction against its own history
- Direct bidders' share: Highest for a 5-year TIPS since 19 December 2019 (26 auctions in between).
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.61 | Last 12 auctions | 1 of 12 | 11 of 12 | 2.52 |
| Bid-to-cover ratio | 2.61 | Last 24 auctions | 6 of 24 | 17 of 24 | 2.52 |
| Bid-to-cover ratio | 2.61 | Since 22 April 2008 | 22 of 60 | 37 of 60 | 2.55 |
| Bid-to-cover ratio | 2.61 | All 65 since 8 October 1997 | 24 of 65 | 40 of 65 | 2.55 |
| High real yield | 1.955 | Last 12 auctions | 4 of 12 | 8 of 12 | 1.706 |
| High real yield | 1.955 | Last 24 auctions | 4 of 24 | 20 of 24 | 1.400 |
| High real yield | 1.955 | Since 22 April 2008 | 5 of 60 | 55 of 60 | 0.136 |
| High real yield | 1.955 | All 66 since 9 July 1997 | 10 of 66 | 56 of 66 | 0.366 |
| Indirect bidders' share | 68.6 | Last 12 auctions | 8 of 12 | 4 of 12 | 73.9 |
| Indirect bidders' share | 68.6 | Last 24 auctions | 17 of 24 | 7 of 24 | 73.7 |
| Indirect bidders' share | 68.6 | All 60 since 22 April 2008 | 27 of 60 | 33 of 60 | 65.2 |
| Direct bidders' share | 28.0 | Last 12 auctions | 0 of 12 | 12 of 12 | 18.4 |
| Direct bidders' share | 28.0 | Last 24 auctions | 0 of 24 | 24 of 24 | 17.7 |
| Direct bidders' share | 28.0 | All 60 since 22 April 2008 | 1 of 60 | 59 of 60 | 11.0 |
| Primary dealers' share | 3.4 | Last 12 auctions | 11 of 12 | 1 of 12 | 7.2 |
| Primary dealers' share | 3.4 | Last 24 auctions | 23 of 24 | 1 of 24 | 8.0 |
| Primary dealers' share | 3.4 | All 60 since 22 April 2008 | 59 of 60 | 1 of 60 | 18.4 |
| High minus median, basis points | 5.0 | Last 12 auctions | 8 of 12 | 4 of 12 | 6.1 |
| High minus median, basis points | 5.0 | Last 24 auctions | 17 of 24 | 7 of 24 | 6.2 |
| High minus median, basis points | 5.0 | Since 22 April 2008 | 39 of 60 | 20 of 60 | 6.1 |
| High minus median, basis points | 5.0 | All 66 since 9 July 1997 | 40 of 66 | 25 of 66 | 6.0 |
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 5-year TIPS auction
Show 55 more rows
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
- U.S. Treasury, quarterly refunding documents (source). Licence: Public domain, a work of the US federal government
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