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5-year TIPS auction of 22 June 2023 (reopening)

The 5-year TIPS sold $19 billion at a high real yield of 1.832% on , with a bid-to-cover ratio of 2.56.

Coupon
1.250%
Announced
Issued
Matures

Real yield

1.832%

Median real yield 1.783%

Bid-to-cover

2.56

▲ +0.22 since 20 Apr

Sold

$19.00 billion

$19 billion offered

Indirect bidders

85.1%

Of competitive bids accepted

The high real yield was the highest for a 5-year TIPS since 27 October 2008

Real yield at each 5-year TIPS auction, %

The high real yield was the highest for a 5-year TIPS since 27 October 200836 auctions from 22 August 2013 to 22 June 2023; the latest at 1.832%.-2.0%-1.0%0.0%1.0%2.0%2014201520162017201820192020202120222023This auction, 1.832%The high real yield was the highest for a 5-year TIPS since 27 October 200836 auctions from 22 August 2013 to 22 June 2023; the latest at 1.832%.-2.0%-1.0%0.0%1.0%2.0%2018201920202021202220231.832%

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
1.8322.56
1.3202.34
1.5042.51
1.7322.38
0.3622.61
-0.3402.73
-1.5082.42
-1.6852.45
-1.4162.67
-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

Against its own history

Against the previous 12 auctions of the 5-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.562.566 of 126 of 12
High real yield1.832-1.1360 of 1212 of 12
Indirect bidders' share85.173.32 of 1210 of 12
Direct bidders' share11.015.17 of 125 of 12
Primary dealers' share3.99.212 of 120 of 12
High minus median, basis points4.96.29 of 123 of 12

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

  • Primary dealers' share: Lowest of all 48 earlier 5-year TIPS auctions we hold.

Who bought the 5-year TIPS?

Indirect bidders took 85.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year TIPS auction, 20 April 2023

Indirect bidders took 85.1% of the competitive bids acceptedIndirect bidders 85.1%, Direct bidders 11.0%, Primary dealers 3.9%Indirect bidders85.1%72.6%Direct bidders11.0%17.2%Primary dealers3.9%10.2%Indirect bidders took 85.1% of the competitive bids acceptedIndirect bidders 85.1%, Direct bidders 11.0%, Primary dealers 3.9%Indirect bidders85.1%72.6%Direct bidders11.0%17.2%Primary dealers3.9%10.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders85.172.6
Direct bidders11.017.2
Primary dealers3.910.2

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$19,000,000,000
Bids received$48,572,411,800
Sold$19,000,123,900
Competitive bids accepted$18,913,942,100
Non-competitive bids accepted$86,181,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %1.832
Median rate, %1.783
Low rate, %1.740
Interest rate (coupon), %1.250
Bids at the high rate filled, %22.41
Bid-to-cover ratio2.56
Indirect bidders accepted$16,095,230,000
Direct bidders accepted$2,086,712,100
Primary dealers accepted$732,000,000
Indirect bidders' share, % (ours)85.1
Direct bidders' share, % (ours)11.0
Primary dealers' share, % (ours)3.9
High minus median, basis points (ours)4.9
Treasury real par yield curve, 5-year point, same day, %1.85
High yield minus that point, basis points (ours)-1.8

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 ratio2.56Last 24 auctions13 of 2411 of 242.64
Bid-to-cover ratio2.56Since 22 April 200825 of 4823 of 482.58
Bid-to-cover ratio2.56All 53 since 8 October 199727 of 5326 of 532.57
High real yield1.832Last 24 auctions0 of 2424 of 240.037
High real yield1.832Since 22 April 20081 of 4847 of 48-0.154
High real yield1.832All 54 since 9 July 19977 of 5447 of 540.037
Indirect bidders' share85.1Last 24 auctions2 of 2422 of 2472.1
Indirect bidders' share85.1All 48 since 22 April 20082 of 4846 of 4863.5
Direct bidders' share11.0Last 24 auctions14 of 2410 of 2412.9
Direct bidders' share11.0All 48 since 22 April 200818 of 4830 of 488.9
Primary dealers' share3.9Last 24 auctions24 of 240 of 2413.9
Primary dealers' share3.9All 48 since 22 April 200848 of 480 of 4824.1
High minus median, basis points4.9Last 24 auctions14 of 2410 of 245.4
High minus median, basis points4.9Since 22 April 200832 of 4815 of 486.1
High minus median, basis points4.9All 54 since 9 July 199733 of 5420 of 545.7

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 June 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230622_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 22 June 2023 (reopening)", https://500metrics.com/treasury/auctions/5-year-tips/2023-06-22.

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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