500metrics

All sources checked Checked

5-year TIPS auction of 24 October 2024 (new issue)

The 5-year TIPS sold $24.405 billion at a high real yield of 1.670% on , with a bid-to-cover ratio of 2.40.

Coupon
1.625%
Announced
Issued
Matures

Real yield

1.670%

Median real yield 1.600%

Bid-to-cover

2.40

▼ −0.12 since 20 Jun

Sold

$24.40 billion

$24 billion offered

Indirect bidders

74.8%

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 23 April 2015 to 24 October 2024; the latest at 1.670%.-2.0%0.0%2.0%4.0%2015201620172018201920202021202220232024This auction, 1.670%Real yield at the last 36 5-year TIPS auctions36 auctions from 23 April 2015 to 24 October 2024; the latest at 1.670%.-2.0%0.0%2.0%4.0%202020212022202320241.670%

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
1.6702.40
2.0502.52
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

Against its own history

Against the previous 12 auctions of the 5-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.402.529 of 123 of 12
High real yield1.6701.6076 of 126 of 12
Indirect bidders' share74.877.08 of 124 of 12
Direct bidders' share17.317.15 of 127 of 12
Primary dealers' share7.96.74 of 128 of 12
High minus median, basis points7.06.44 of 127 of 12

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

Who bought the 5-year TIPS?

Indirect bidders took 74.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year TIPS auction, 20 June 2024

Indirect bidders took 74.8% of the competitive bids acceptedIndirect bidders 74.8%, Direct bidders 17.3%, Primary dealers 7.9%Indirect bidders74.8%79.1%Direct bidders17.3%18.5%Primary dealers7.9%2.3%Indirect bidders took 74.8% of the competitive bids acceptedIndirect bidders 74.8%, Direct bidders 17.3%, Primary dealers 7.9%Indirect bidders74.8%79.1%Direct bidders17.3%18.5%Primary dealers7.9%2.3%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders74.879.1
Direct bidders17.318.5
Primary dealers7.92.3

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$24,000,000,000
Bids received$57,908,694,000
Sold$24,404,854,000
Competitive bids accepted$23,913,345,000
Non-competitive bids accepted$86,662,400
Federal Reserve (SOMA) add-on$404,846,600
Foreign and international (FIMA) non-competitive$0
Real yield, %1.670
Median rate, %1.600
Low rate, %1.550
Interest rate (coupon), %1.625
Bids at the high rate filled, %72.60
Bid-to-cover ratio2.40
Indirect bidders accepted$17,877,785,000
Direct bidders accepted$4,148,000,000
Primary dealers accepted$1,887,560,000
Indirect bidders' share, % (ours)74.8
Direct bidders' share, % (ours)17.3
Primary dealers' share, % (ours)7.9
High minus median, basis points (ours)7.0
Treasury real par yield curve, 5-year point, same day, %1.70
High yield minus that point, basis points (ours)-3.0

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 ratio2.40Last 24 auctions21 of 243 of 242.57
Bid-to-cover ratio2.40Since 22 April 200842 of 5311 of 532.56
Bid-to-cover ratio2.40All 58 since 8 October 199746 of 5812 of 582.56
High real yield1.670Last 24 auctions6 of 2418 of 240.103
High real yield1.670Since 22 April 20087 of 5346 of 530.020
High real yield1.670All 59 since 9 July 199713 of 5946 of 590.120
Indirect bidders' share74.8Last 24 auctions13 of 2411 of 2475.3
Indirect bidders' share74.8All 53 since 22 April 200814 of 5339 of 5365.5
Direct bidders' share17.3Last 24 auctions9 of 2415 of 2415.1
Direct bidders' share17.3All 53 since 22 April 20089 of 5344 of 539.3
Primary dealers' share7.9Last 24 auctions15 of 249 of 2411.4
Primary dealers' share7.9All 53 since 22 April 200844 of 539 of 5322.8
High minus median, basis points7.0Last 24 auctions5 of 2418 of 245.4
High minus median, basis points7.0Since 22 April 200816 of 5335 of 536.0
High minus median, basis points7.0All 59 since 9 July 199717 of 5940 of 595.5

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 24 October 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241024_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 24 October 2024 (new issue)", https://500metrics.com/treasury/auctions/5-year-tips/2024-10-24.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.