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Treasury auctions · 9-Year 9-Month TIPS, reopening

10-year TIPS auction of 5 October 2009 (reopening)

The 10-year TIPS sold $7.055 billion at a high real yield of 1.510% on , with a bid-to-cover ratio of 3.12.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 6 Jan 1999 to 5 Oct 2009
Real yield at each 10-year TIPS auction, 12 Jan 2000 to 5 Oct 2009
Real yield at each 10-year TIPS auction, 11 Oct 2007 to 5 Oct 2009

Bid-to-cover ratio at each 10-year TIPS auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 10-year TIPS auction, 6 Jan 1999 to 5 Oct 2009
Bid-to-cover ratio at each 10-year TIPS auction, 12 Jan 2000 to 5 Oct 2009
Bid-to-cover ratio at each 10-year TIPS auction, 11 Oct 2007 to 5 Oct 2009

Who bought the 10-year TIPS of 5 Oct 2009

Shares of the competitive bids accepted

  • Indirect bidders 44.0%
  • Direct bidders 0.4%
  • Primary dealers 55.6%
This auction, 5 Oct 2009
  • Indirect bidders 49.7%
  • Direct bidders 4.7%
  • Primary dealers 45.6%
The 10-year TIPS auction before, 6 Jul 2009

Each point is one 10-year TIPS auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders44.0%
Inspect and compare dates
Real yield and bid-to-cover of the last 36 10-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
1.5103.12
1.9202.51
1.5892.25
2.2452.48
2.8502.22
1.4851.83
1.2502.11
1.6551.90
2.3602.05
2.7491.97
2.2841.88
2.4491.67
2.4262.09
2.5501.76
2.4091.95
2.0251.85
1.9792.11
1.9391.68
1.7501.97
1.7251.88
1.8852.44
2.0201.89
1.8091.78
2.0191.95
2.2292.25
1.9992.18
2.3402.22
2.2601.36
3.0992.43
3.4802.39
3.5001.90
3.5221.68
4.0302.35
4.3383.07
4.040–
3.898–

Observed .

Right now

The high real yield was 1.510% on 5 October 2009, down from 1.920% at the auction before.

The bid-to-cover ratio of 3.12 was the highest for a 10-year TIPS since 29 January 1997, with 33 auctions in between.

Its own history

The bid-to-cover ratio was higher than all 24 previous 10-year TIPS auctions.

The high minus median was higher than 19 of the previous 24 10-year TIPS auctions.

See every measure against earlier auctions

Who bought

Primary dealers took the largest share of the competitive bids accepted.

  • Indirect bidders 44.0%
  • Direct bidders 0.4%
  • Primary dealers 55.6%

Size

Treasury sold $7.055 billion of the $7 billion offered.

Bids received came to $21.894 billion; the bid-to-cover ratio was 3.12.

Its bid-to-cover of 3.12 compares with the 24 auctions before it: lowest 1.67 on , highest 3.12 on ; 100.0% of the way from the low to the high.

3.12

Low 1.67 Midpoint 2.395 High 3.12

The security9-Year 9-Month, reopening

Coupon
1.875%
Announced
Issued
Matures

It adds to the debt that matures in July 2019.

Understanding this result

Where it stands today

The high real yield was 1.510% at this 10-year TIPS auction, the median real yield 1.430% and a bid-to-cover ratio of 3.12.

What do these figures measure?

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.

Read more

How does it compare with the par yield curve?

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 (10-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 these figures cannot tell

  • 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 numbers behind the chart

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as9-Year 9-Month, reopening
Offering amount$7,000,000,000
Bids received$21,894,186,800
Sold$7,054,746,800
Competitive bids accepted$6,846,125,000
Non-competitive bids accepted$153,878,300
Federal Reserve (SOMA) add-on$54,743,500
Foreign and international (FIMA) non-competitive$0
Real yield, %1.510
Median rate, %1.430
Low rate, %1.350
Interest rate (coupon), %1.875
Bids at the high rate filled, %14.26
Bid-to-cover ratio3.12
Indirect bidders accepted$3,012,925,000
Direct bidders accepted$29,000,000
Primary dealers accepted$3,804,200,000
Indirect bidders' share, % (ours)44.0
Direct bidders' share, % (ours)0.4
Primary dealers' share, % (ours)55.6
High minus median, basis points (ours)8.0
Treasury real par yield curve, 10-year point, same day, %1.51
High yield minus that point, basis points (ours)0.0
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 10-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio3.122.070 of 1212 of 12
High real yield1.5102.26410 of 122 of 12
Indirect bidders' share44.042.13 of 63 of 6
Direct bidders' share0.42.95 of 61 of 6
Primary dealers' share55.657.43 of 63 of 6
High minus median, basis points8.05.03 of 129 of 12

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

The longer windows

Each measure against earlier 10-year TIPS auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio3.12Last 24 auctions0 of 2424 of 241.96
Bid-to-cover ratio3.12Since 10 April 20080 of 66 of 62.24
Bid-to-cover ratio3.12All 34 since 29 January 19971 of 3433 of 342.01
High real yield1.510Last 24 auctions22 of 242 of 242.020
High real yield1.510Since 10 April 20084 of 62 of 61.754
High real yield1.510All 39 since 29 January 199737 of 392 of 392.340
Indirect bidders' share44.0All 6 since 10 April 20083 of 63 of 642.1
Direct bidders' share0.4All 6 since 10 April 20085 of 61 of 62.9
Primary dealers' share55.6All 6 since 10 April 20083 of 63 of 657.4
High minus median, basis points8.0Last 24 auctions5 of 2419 of 245.0
High minus median, basis points8.0Since 10 April 20083 of 63 of 69.3
High minus median, basis points8.0All 39 since 29 January 19977 of 3932 of 394.9

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

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 5 October 2009. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20091005_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 5 October 2009 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2009-10-05.

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