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5-year TIPS auction of 22 April 2021 (new issue)

The 5-year TIPS sold $21.438 billion at a high real yield of -1.631% on , with a bid-to-cover ratio of 2.50.

Coupon
0.125%
Announced
Issued
Matures

Real yield

-1.631%

Median real yield -1.690%

Bid-to-cover

2.50

▼ −0.36 since 22 Dec

Sold

$21.44 billion

$18 billion offered

Indirect bidders

69.0%

Of competitive bids accepted

The high real yield was the lowest for a 5-year TIPS of all 45 earlier auctions we hold

Real yield at each 5-year TIPS auction, %

The high real yield was the lowest for a 5-year TIPS of all 45 earlier auctions we hold36 auctions from 26 April 2010 to 22 April 2021; the latest at -1.631%.-2.0%-1.0%0.0%1.0%2.0%20112012201320142015201620172018201920202021This auction, -1.631%The high real yield was the lowest for a 5-year TIPS of all 45 earlier auctions we hold36 auctions from 26 April 2010 to 22 April 2021; the latest at -1.631%.-2.0%-1.0%0.0%1.0%2.0%2015201620172018201920202021-1.631%

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
-1.6312.50
-1.5752.86
-1.3202.66
-0.9516.31
-0.7662.78
-0.3202.74
0.0202.69
0.0542.75
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

Against its own history

Against the previous 12 auctions of the 5-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.502.7411 of 120 of 12
High real yield-1.6310.03712 of 120 of 12
Indirect bidders' share69.067.65 of 127 of 12
Direct bidders' share17.912.23 of 129 of 12
Primary dealers' share13.115.510 of 122 of 12
High minus median, basis points5.94.41 of 1211 of 12

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

Who bought the 5-year TIPS?

Indirect bidders took 69.0% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year TIPS auction, 22 December 2020

Indirect bidders took 69.0% of the competitive bids acceptedIndirect bidders 69.0%, Direct bidders 17.9%, Primary dealers 13.1%Indirect bidders69.0%64.2%Direct bidders17.9%8.7%Primary dealers13.1%27.1%Indirect bidders took 69.0% of the competitive bids acceptedIndirect bidders 69.0%, Direct bidders 17.9%, Primary dealers 13.1%Indirect bidders69.0%64.2%Direct bidders17.9%8.7%Primary dealers13.1%27.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.064.2
Direct bidders17.98.7
Primary dealers13.127.1

About these figures

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

Treasury's published result

FieldValue
Offered as5-Year, new issue
Offering amount$18,000,000,000
Bids received$48,446,546,400
Sold$21,437,543,400
Competitive bids accepted$17,911,104,000
Non-competitive bids accepted$88,934,500
Federal Reserve (SOMA) add-on$3,437,504,900
Foreign and international (FIMA) non-competitive$0
Real yield, %-1.631
Median rate, %-1.690
Low rate, %-1.980
Interest rate (coupon), %0.125
Bids at the high rate filled, %41.74
Bid-to-cover ratio2.50
Indirect bidders accepted$12,350,799,000
Direct bidders accepted$3,214,000,000
Primary dealers accepted$2,346,305,000
Indirect bidders' share, % (ours)69.0
Direct bidders' share, % (ours)17.9
Primary dealers' share, % (ours)13.1
High minus median, basis points (ours)5.9
Treasury real par yield curve, 5-year point, same day, %-1.61
High yield minus that point, basis points (ours)-2.1

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 (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 ratio2.50Last 24 auctions16 of 247 of 242.62
Bid-to-cover ratio2.50Since 22 April 200826 of 3912 of 392.58
Bid-to-cover ratio2.50All 44 since 8 October 199728 of 4415 of 442.58
High real yield-1.631Last 24 auctions24 of 240 of 240.037
High real yield-1.631Since 22 April 200839 of 390 of 39-0.127
High real yield-1.631All 45 since 9 July 199745 of 450 of 450.054
Indirect bidders' share69.0Last 24 auctions10 of 2414 of 2466.4
Indirect bidders' share69.0All 39 since 22 April 200810 of 3929 of 3959.1
Direct bidders' share17.9Last 24 auctions3 of 2421 of 248.4
Direct bidders' share17.9All 39 since 22 April 20083 of 3936 of 398.4
Primary dealers' share13.1Last 24 auctions22 of 242 of 2421.0
Primary dealers' share13.1All 39 since 22 April 200837 of 392 of 3932.3
High minus median, basis points5.9Last 24 auctions7 of 2417 of 244.8
High minus median, basis points5.9Since 22 April 200817 of 3922 of 395.3
High minus median, basis points5.9All 45 since 9 July 199718 of 4527 of 455.1

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 22 April 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210422_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 22 April 2021 (new issue)", https://500metrics.com/treasury/auctions/5-year-tips/2021-04-22.

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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