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5-year TIPS auction of 23 October 2025 (new issue)

The 5-year TIPS sold $27.493 billion at a high real yield of 1.182% on , with a bid-to-cover ratio of 2.51.

Coupon
1.125%
Announced
Issued
Matures

Real yield

1.182%

Median real yield 1.122%

Bid-to-cover

2.51

▼ −0.02 since 17 Jun

Sold

$27.49 billion

$26 billion offered

Indirect bidders

62.1%

Of competitive bids accepted

The high real yield was the lowest for a 5-year TIPS since 23 June 2022

Real yield at each 5-year TIPS auction, %

The high real yield was the lowest for a 5-year TIPS since 23 June 202236 auctions from 18 August 2016 to 23 October 2025; the latest at 1.182%.-2.0%0.0%2.0%4.0%201720182019202020212022202320242025This auction, 1.182%The high real yield was the lowest for a 5-year TIPS since 23 June 202236 auctions from 18 August 2016 to 23 October 2025; the latest at 1.182%.-2.0%0.0%2.0%4.0%2020202120222023202420251.182%

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
1.1822.51
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

Against its own history

Against the previous 12 auctions of the 5-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.512.465 of 126 of 12
High real yield1.1821.72112 of 120 of 12
Indirect bidders' share62.174.711 of 121 of 12
Direct bidders' share24.417.80 of 1212 of 12
Primary dealers' share13.57.82 of 1210 of 12
High minus median, basis points6.07.08 of 124 of 12

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

  • Direct bidders' share: Highest for a 5-year TIPS since 19 December 2019 (23 auctions in between).

Who bought the 5-year TIPS?

Indirect bidders took 62.1% of the competitive bids accepted

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

Indirect bidders took 62.1% of the competitive bids acceptedIndirect bidders 62.1%, Direct bidders 24.4%, Primary dealers 13.5%Indirect bidders62.1%74.6%Direct bidders24.4%18.8%Primary dealers13.5%6.6%Indirect bidders took 62.1% of the competitive bids acceptedIndirect bidders 62.1%, Direct bidders 24.4%, Primary dealers 13.5%Indirect bidders62.1%74.6%Direct bidders24.4%18.8%Primary dealers13.5%6.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders62.174.6
Direct bidders24.418.8
Primary dealers13.56.6

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$26,000,000,000
Bids received$66,639,961,800
Sold$27,492,981,400
Competitive bids accepted$25,857,015,600
Non-competitive bids accepted$142,992,700
Federal Reserve (SOMA) add-on$1,492,973,100
Foreign and international (FIMA) non-competitive$0
Real yield, %1.182
Median rate, %1.122
Low rate, %1.050
Interest rate (coupon), %1.125
Bids at the high rate filled, %53.51
Bid-to-cover ratio2.51
Indirect bidders accepted$16,064,949,100
Direct bidders accepted$6,306,755,000
Primary dealers accepted$3,485,311,500
Indirect bidders' share, % (ours)62.1
Direct bidders' share, % (ours)24.4
Primary dealers' share, % (ours)13.5
High minus median, basis points (ours)6.0
Treasury real par yield curve, 5-year point, same day, %1.19
High yield minus that point, basis points (ours)-0.8

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 ratio2.51Last 24 auctions14 of 249 of 242.54
Bid-to-cover ratio2.51Since 22 April 200834 of 5722 of 572.55
Bid-to-cover ratio2.51All 62 since 8 October 199736 of 6225 of 622.55
High real yield1.182Last 24 auctions12 of 2412 of 240.841
High real yield1.182Since 22 April 200814 of 5743 of 570.117
High real yield1.182All 63 since 9 July 199720 of 6343 of 630.305
Indirect bidders' share62.1Last 24 auctions21 of 243 of 2474.3
Indirect bidders' share62.1All 57 since 22 April 200835 of 5722 of 5765.5
Direct bidders' share24.4Last 24 auctions1 of 2423 of 2417.3
Direct bidders' share24.4All 57 since 22 April 20081 of 5756 of 5710.7
Primary dealers' share13.5Last 24 auctions8 of 2416 of 248.7
Primary dealers' share13.5All 57 since 22 April 200839 of 5718 of 5719.2
High minus median, basis points6.0Last 24 auctions12 of 2411 of 246.1
High minus median, basis points6.0Since 22 April 200829 of 5727 of 576.2
High minus median, basis points6.0All 63 since 9 July 199730 of 6332 of 635.9

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 23 October 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251023_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 23 October 2025 (new issue)", https://500metrics.com/treasury/auctions/5-year-tips/2025-10-23.

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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