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5-year TIPS auction of 20 June 2019 (reopening)

The 5-year TIPS sold $15 billion at a high real yield of 0.152% on , with a bid-to-cover ratio of 2.55.

Coupon
0.500%
Announced
Issued
Matures

Real yield

0.152%

Median real yield 0.100%

Bid-to-cover

2.55

▲ +0.05 since 18 Apr

Sold

$15.00 billion

$15 billion offered

Indirect bidders

75.7%

Of competitive bids accepted

Real yield at the last 36 5-year TIPS auctions

Real yield at each 5-year TIPS auction, %

Real yield at the last 36 5-year TIPS auctions36 auctions from 25 April 2006 to 20 June 2019; the latest at 0.152%.-2.0%0.0%2.0%4.0%2007200820092010201120122013201420152016201720182019This auction, 0.152%Real yield at the last 36 5-year TIPS auctions36 auctions from 25 April 2006 to 20 June 2019; the latest at 0.152%.-2.0%-1.0%0.0%1.0%2.0%201220132014201520162017201820190.152%

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 5-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
0.1522.55
0.5152.50
1.1292.80
0.7242.78
0.6312.55
0.3702.78
0.1172.41
-0.0492.52
0.1202.68
-0.2092.37
-0.1952.42
0.4722.38
0.3052.58
-0.3352.27
0.3952.37
-0.2812.48
-0.2132.70
-0.3752.54
-0.1272.18
-1.3112.18
-1.4962.70
-1.2863.11
-1.0802.58
-0.8773.01
-0.8252.49
-0.1802.57
-0.5502.84
0.5503.15
0.7693.10
1.2782.66
3.2701.81
0.7452.20
1.9542.44
2.1142.45
2.6912.89
2.3791.46

Against its own history

Against the previous 12 auctions of the 5-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.552.545 of 126 of 12
High real yield0.1520.3387 of 125 of 12
Indirect bidders' share75.770.82 of 1210 of 12
Direct bidders' share10.98.54 of 128 of 12
Primary dealers' share13.421.011 of 121 of 12
High minus median, basis points5.24.95 of 127 of 12

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

Who bought the 5-year TIPS?

Indirect bidders took 75.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year TIPS auction, 18 April 2019

Indirect bidders took 75.7% of the competitive bids acceptedIndirect bidders 75.7%, Direct bidders 10.9%, Primary dealers 13.4%Indirect bidders75.7%75.4%Direct bidders10.9%8.8%Primary dealers13.4%15.8%Indirect bidders took 75.7% of the competitive bids acceptedIndirect bidders 75.7%, Direct bidders 10.9%, Primary dealers 13.4%Indirect bidders75.7%75.4%Direct bidders10.9%8.8%Primary dealers13.4%15.8%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders75.775.4
Direct bidders10.98.8
Primary dealers13.415.8

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as4-Year 10-Month, reopening
Offering amount$15,000,000,000
Bids received$38,279,436,000
Sold$15,000,001,500
Competitive bids accepted$14,981,705,500
Non-competitive bids accepted$18,296,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.152
Median rate, %0.100
Low rate, %0.057
Interest rate (coupon), %0.500
Bids at the high rate filled, %30.97
Bid-to-cover ratio2.55
Indirect bidders accepted$11,345,090,000
Direct bidders accepted$1,630,000,000
Primary dealers accepted$2,006,615,500
Indirect bidders' share, % (ours)75.7
Direct bidders' share, % (ours)10.9
Primary dealers' share, % (ours)13.4
High minus median, basis points (ours)5.2
Treasury real par yield curve, 5-year point, same day, %0.16
High yield minus that point, basis points (ours)-0.8

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 (5-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 5-year TIPS auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.55Last 24 auctions10 of 2413 of 242.53
Bid-to-cover ratio2.55Since 22 April 200815 of 3115 of 312.55
Bid-to-cover ratio2.55All 36 since 8 October 199717 of 3618 of 362.54
High real yield0.152Last 24 auctions8 of 2416 of 24-0.161
High real yield0.152Since 22 April 200813 of 3118 of 31-0.049
High real yield0.152All 37 since 9 July 199719 of 3718 of 370.305
Indirect bidders' share75.7Last 24 auctions2 of 2422 of 2461.8
Indirect bidders' share75.7All 31 since 22 April 20082 of 3129 of 3156.3
Direct bidders' share10.9Last 24 auctions7 of 2417 of 248.5
Direct bidders' share10.9All 31 since 22 April 20088 of 3123 of 318.1
Primary dealers' share13.4Last 24 auctions23 of 241 of 2431.4
Primary dealers' share13.4All 31 since 22 April 200830 of 311 of 3135.7
High minus median, basis points5.2Last 24 auctions14 of 2410 of 245.9
High minus median, basis points5.2Since 22 April 200819 of 3112 of 316.5
High minus median, basis points5.2All 37 since 9 July 199720 of 3717 of 375.4

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 20 June 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190620_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 20 June 2019 (reopening)", https://500metrics.com/treasury/auctions/5-year-tips/2019-06-20.

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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