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5-year TIPS auction of 19 October 2023 (new issue)

The 5-year TIPS sold $22 billion at a high real yield of 2.440% on , with a bid-to-cover ratio of 2.36.

Coupon
2.375%
Announced
Issued
Matures

Real yield

2.440%

Median real yield 2.355%

Bid-to-cover

2.36

▼ −0.20 since 22 Jun

Sold

$22.00 billion

$22 billion offered

Indirect bidders

73.2%

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 19 December 2013 to 19 October 2023; the latest at 2.440%.-2.0%0.0%2.0%4.0%2014201520162017201820192020202120222023This auction, 2.440%The high real yield was the highest for a 5-year TIPS since 27 October 200836 auctions from 19 December 2013 to 19 October 2023; the latest at 2.440%.-2.0%0.0%2.0%4.0%2018201920202021202220232.440%

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
2.4402.36
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

Against its own history

Against the previous 12 auctions of the 5-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.362.5411 of 121 of 12
High real yield2.440-0.8300 of 1212 of 12
Indirect bidders' share73.274.77 of 125 of 12
Direct bidders' share17.615.13 of 129 of 12
Primary dealers' share9.27.95 of 127 of 12
High minus median, basis points8.56.23 of 128 of 12

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

Who bought the 5-year TIPS?

Indirect bidders took 73.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year TIPS auction, 22 June 2023

Indirect bidders took 73.2% of the competitive bids acceptedIndirect bidders 73.2%, Direct bidders 17.6%, Primary dealers 9.2%Indirect bidders73.2%85.1%Direct bidders17.6%11.0%Primary dealers9.2%3.9%Indirect bidders took 73.2% of the competitive bids acceptedIndirect bidders 73.2%, Direct bidders 17.6%, Primary dealers 9.2%Indirect bidders73.2%85.1%Direct bidders17.6%11.0%Primary dealers9.2%3.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders73.285.1
Direct bidders17.611.0
Primary dealers9.23.9

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$22,000,000,000
Bids received$52,006,232,100
Sold$22,000,048,900
Competitive bids accepted$21,851,656,800
Non-competitive bids accepted$148,392,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %2.440
Median rate, %2.355
Low rate, %2.320
Interest rate (coupon), %2.375
Bids at the high rate filled, %92.13
Bid-to-cover ratio2.36
Indirect bidders accepted$16,003,299,300
Direct bidders accepted$3,837,000,000
Primary dealers accepted$2,011,357,500
Indirect bidders' share, % (ours)73.2
Direct bidders' share, % (ours)17.6
Primary dealers' share, % (ours)9.2
High minus median, basis points (ours)8.5
Treasury real par yield curve, 5-year point, same day, %2.43
High yield minus that point, basis points (ours)1.0

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 ratio2.36Last 24 auctions23 of 241 of 242.64
Bid-to-cover ratio2.36Since 22 April 200843 of 496 of 492.57
Bid-to-cover ratio2.36All 54 since 8 October 199747 of 547 of 542.56
High real yield2.440Last 24 auctions0 of 2424 of 240.086
High real yield2.440Since 22 April 20081 of 4948 of 49-0.127
High real yield2.440All 55 since 9 July 19974 of 5551 of 550.054
Indirect bidders' share73.2Last 24 auctions11 of 2413 of 2472.1
Indirect bidders' share73.2All 49 since 22 April 200814 of 4935 of 4964.2
Direct bidders' share17.6Last 24 auctions5 of 2419 of 2412.9
Direct bidders' share17.6All 49 since 22 April 20085 of 4944 of 499.1
Primary dealers' share9.2Last 24 auctions17 of 247 of 2413.6
Primary dealers' share9.2All 49 since 22 April 200842 of 497 of 4923.2
High minus median, basis points8.5Last 24 auctions3 of 2420 of 245.4
High minus median, basis points8.5Since 22 April 20088 of 4938 of 496.0
High minus median, basis points8.5All 55 since 9 July 19978 of 5544 of 555.5

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 19 October 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20231019_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 19 October 2023 (new issue)", https://500metrics.com/treasury/auctions/5-year-tips/2023-10-19.

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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