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5-year TIPS auction of 17 June 2025 (reopening)

The 5-year TIPS sold $25.289 billion at a high real yield of 1.650% on , with a bid-to-cover ratio of 2.53.

Coupon
1.625%
Announced
Issued
Matures

Real yield

1.650%

Median real yield 1.607%

Bid-to-cover

2.53

▲ +0.25 since 17 Apr

Sold

$25.29 billion

$23 billion offered

Indirect bidders

74.6%

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 April 2016 to 17 June 2025; the latest at 1.650%.-2.0%0.0%2.0%4.0%2016201720182019202020212022202320242025This auction, 1.650%Real yield at the last 36 5-year TIPS auctions36 auctions from 21 April 2016 to 17 June 2025; the latest at 1.650%.-2.0%0.0%2.0%4.0%2020202120222023202420251.650%

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
1.6502.53
1.7022.28
2.1212.10
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

Against its own history

Against the previous 12 auctions of the 5-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.532.464 of 128 of 12
High real yield1.6501.7219 of 123 of 12
Indirect bidders' share74.675.07 of 125 of 12
Direct bidders' share18.817.71 of 1211 of 12
Primary dealers' share6.67.88 of 124 of 12
High minus median, basis points4.37.011 of 121 of 12

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

Who bought the 5-year TIPS?

Indirect bidders took 74.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 5-year TIPS auction, 17 April 2025

Indirect bidders took 74.6% of the competitive bids acceptedIndirect bidders 74.6%, Direct bidders 18.8%, Primary dealers 6.6%Indirect bidders74.6%64.2%Direct bidders18.8%17.8%Primary dealers6.6%18.1%Indirect bidders took 74.6% of the competitive bids acceptedIndirect bidders 74.6%, Direct bidders 18.8%, Primary dealers 6.6%Indirect bidders74.6%64.2%Direct bidders18.8%17.8%Primary dealers6.6%18.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders74.664.2
Direct bidders18.817.8
Primary dealers6.618.1

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$23,000,000,000
Bids received$60,524,756,700
Sold$25,288,893,600
Competitive bids accepted$22,946,760,900
Non-competitive bids accepted$53,323,300
Federal Reserve (SOMA) add-on$2,288,809,400
Foreign and international (FIMA) non-competitive$0
Real yield, %1.650
Median rate, %1.607
Low rate, %1.560
Interest rate (coupon), %1.625
Bids at the high rate filled, %93.57
Bid-to-cover ratio2.53
Indirect bidders accepted$17,123,940,400
Direct bidders accepted$4,319,000,000
Primary dealers accepted$1,503,820,500
Indirect bidders' share, % (ours)74.6
Direct bidders' share, % (ours)18.8
Primary dealers' share, % (ours)6.6
High minus median, basis points (ours)4.3
Treasury real par yield curve, 5-year point, same day, %1.64
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 ratio2.53Last 24 auctions13 of 2411 of 242.56
Bid-to-cover ratio2.53Since 22 April 200831 of 5625 of 562.55
Bid-to-cover ratio2.53All 61 since 8 October 199733 of 6128 of 612.55
High real yield1.650Last 24 auctions9 of 2415 of 240.208
High real yield1.650Since 22 April 200810 of 5646 of 560.086
High real yield1.650All 62 since 9 July 199716 of 6246 of 620.228
Indirect bidders' share74.6Last 24 auctions11 of 2413 of 2473.7
Indirect bidders' share74.6All 56 since 22 April 200815 of 5641 of 5665.2
Direct bidders' share18.8Last 24 auctions3 of 2421 of 2417.3
Direct bidders' share18.8All 56 since 22 April 20083 of 5653 of 5610.1
Primary dealers' share6.6Last 24 auctions17 of 247 of 249.7
Primary dealers' share6.6All 56 since 22 April 200849 of 567 of 5621.0
High minus median, basis points4.3Last 24 auctions19 of 245 of 246.1
High minus median, basis points4.3Since 22 April 200845 of 5610 of 566.2
High minus median, basis points4.3All 62 since 9 July 199748 of 6213 of 626.0

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 17 June 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250617_2.pdf. Compiled by 500metrics, "5-year TIPS auction of 17 June 2025 (reopening)", https://500metrics.com/treasury/auctions/5-year-tips/2025-06-17.

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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