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5-year TIPS auction of 18 April 2024 (new issue)

The 5-year TIPS sold $23.11 billion at a high real yield of 2.242% on , with a bid-to-cover ratio of 2.58.

Coupon
2.125%
Announced
Issued
Matures

Real yield

2.242%

Median real yield 2.197%

Bid-to-cover

2.58

▲ +0.03 since 21 Dec

Sold

$23.11 billion

$23 billion offered

Indirect bidders

78.3%

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 21 August 2014 to 18 April 2024; the latest at 2.242%.-2.0%0.0%2.0%4.0%2015201620172018201920202021202220232024This auction, 2.242%Real yield at the last 36 5-year TIPS auctions36 auctions from 21 August 2014 to 18 April 2024; the latest at 2.242%.-2.0%0.0%2.0%4.0%2019202020212022202320242.242%

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
2.2422.58
1.7102.55
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

Against its own history

Against the previous 12 auctions of the 5-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.582.503 of 129 of 12
High real yield2.2420.8411 of 1211 of 12
Indirect bidders' share78.375.55 of 127 of 12
Direct bidders' share17.816.23 of 129 of 12
Primary dealers' share3.97.311 of 121 of 12
High minus median, basis points4.56.812 of 120 of 12

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

  • High minus median, basis points: Lowest for a 5-year TIPS since 22 December 2020 (12 auctions in between).

Who bought the 5-year TIPS?

Indirect bidders took 78.3% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year TIPS auction, 21 December 2023

Indirect bidders took 78.3% of the competitive bids acceptedIndirect bidders 78.3%, Direct bidders 17.8%, Primary dealers 3.9%Indirect bidders78.3%75.7%Direct bidders17.8%18.2%Primary dealers3.9%6.1%Indirect bidders took 78.3% of the competitive bids acceptedIndirect bidders 78.3%, Direct bidders 17.8%, Primary dealers 3.9%Indirect bidders78.3%75.7%Direct bidders17.8%18.2%Primary dealers3.9%6.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders78.375.7
Direct bidders17.818.2
Primary dealers3.96.1

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$23,000,000,000
Bids received$59,340,509,900
Sold$23,109,630,400
Competitive bids accepted$22,835,460,500
Non-competitive bids accepted$164,549,700
Federal Reserve (SOMA) add-on$109,620,200
Foreign and international (FIMA) non-competitive$0
Real yield, %2.242
Median rate, %2.197
Low rate, %2.150
Interest rate (coupon), %2.125
Bids at the high rate filled, %41.87
Bid-to-cover ratio2.58
Indirect bidders accepted$17,877,440,000
Direct bidders accepted$4,058,000,000
Primary dealers accepted$900,020,500
Indirect bidders' share, % (ours)78.3
Direct bidders' share, % (ours)17.8
Primary dealers' share, % (ours)3.9
High minus median, basis points (ours)4.5
Treasury real par yield curve, 5-year point, same day, %2.24
High yield minus that point, basis points (ours)0.2

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 ratio2.58Last 24 auctions12 of 2412 of 242.58
Bid-to-cover ratio2.58Since 22 April 200822 of 5127 of 512.56
Bid-to-cover ratio2.58All 56 since 8 October 199724 of 5630 of 562.56
High real yield2.242Last 24 auctions1 of 2423 of 240.103
High real yield2.242Since 22 April 20082 of 5149 of 51-0.049
High real yield2.242All 57 since 9 July 19976 of 5751 of 570.117
Indirect bidders' share78.3Last 24 auctions7 of 2417 of 2473.7
Indirect bidders' share78.3All 51 since 22 April 20087 of 5144 of 5164.8
Direct bidders' share17.8Last 24 auctions6 of 2418 of 2414.5
Direct bidders' share17.8All 51 since 22 April 20086 of 5145 of 519.2
Primary dealers' share3.9Last 24 auctions23 of 241 of 2413.1
Primary dealers' share3.9All 51 since 22 April 200850 of 511 of 5123.1
High minus median, basis points4.5Last 24 auctions16 of 246 of 245.7
High minus median, basis points4.5Since 22 April 200838 of 5111 of 516.2
High minus median, basis points4.5All 57 since 9 July 199739 of 5715 of 575.9

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 18 April 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240418_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 18 April 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-tips/2024-04-18.

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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