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Treasury auctions · 5-year TIPS · highs and lows

What were the highest and lowest results at 5-year TIPS auctions?

As of , the highest bid-to-cover ratio at a 5-year TIPS auction since was 3.56 on and the lowest 1.46 on .

Bid-to-cover ratio

Highest 3.56 on ; lowest 1.46 on .

Data from .

Low 1.46 Midpoint 2.510 High 3.56

High real yield

Highest 3.744% on ; lowest -1.685% on .

Data from .

Low −1.685% Midpoint 1.0295% High 3.744%

Indirect bidders' share

Highest 89.5% on ; lowest 23.1% on .

Data from .

Low 23.1% Midpoint 56.30% High 89.5%

Direct bidders' share

Highest 31.8% on ; lowest 0.1% on .

Data from .

Low 0.1% Midpoint 15.95% High 31.8%

Primary dealers' share

Highest 72.8% on ; lowest 2.3% on .

Data from .

Low 2.3% Midpoint 37.55% High 72.8%

Amount offered

Largest $26 billion at 2 auctions, the latest on ; smallest $6 billion at 2 auctions, the latest on .

Data from .

Low $6 billion Midpoint $16.0 billion High $26 billion

The numbers behind the chart

What were the highest and lowest of every measure?With the latest day and how many auctions share each
MeasureHighestLatest dayAuctions at itLowestLatest dayAuctions at it
Bid-to-cover ratio3.5611.461
High real yield3.744%1-1.685%1
Indirect bidders' share89.5%123.1%1
Direct bidders' share31.8%10.1%1
Primary dealers' share72.8%12.3%1
Amount offered$26 billion2$6 billion2

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

Which auctions share a high or a low?Equal as printed

Two auctions share a value when it prints the same: a ratio to two places, a rate to three, a share to one decimal, an amount to the dollar.

What do the figures leave out, and how are they cited?Limits, dates and how to cite

Auctions of exactly twenty-five million dollars, taken only by primary dealers, are left out of these comparisons.

The amount offered is compared across new issues and reopenings here: this page lists the largest and smallest amounts, not a run of like with like. Single auctions have their own pages where Treasury published the bidder amounts; a bill auction has none.

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 to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 18 June 2026. Compiled by 500metrics, "What were the highest and lowest results at 5-year TIPS auctions?", https://500metrics.com/treasury/auctions/5-year-tips/records.

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