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Treasury auctions · 10-Year TIPS

10-year TIPS auction of 8 July 2010 (new issue)

The 10-year TIPS sold $12.003 billion at a high real yield of 1.295% on , with a bid-to-cover ratio of 2.88.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 12 Jul 2000 to 8 Jul 2010
Real yield at each 10-year TIPS auction, 10 Jul 2008 to 8 Jul 2010

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, 12 Jul 2000 to 8 Jul 2010
Bid-to-cover ratio at each 10-year TIPS auction, 10 Jul 2008 to 8 Jul 2010

Who bought the 10-year TIPS of 8 Jul 2010

Shares of the competitive bids accepted

  • Indirect bidders 51.9%
  • Direct bidders 4.2%
  • Primary dealers 43.9%
This auction, 8 Jul 2010
  • Indirect bidders 37.5%
  • Direct bidders 7.5%
  • Primary dealers 55.0%
The 10-year TIPS auction before, 5 Apr 2010

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 bidders51.9%
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
1.2952.88
1.7093.43
1.4302.65
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

Observed .

Right now

The high real yield of 1.295% on 8 July 2010 was the lowest for a 10-year TIPS since 10 April 2008.

Its own history

The indirect bidders' share was higher than all 9 earlier 10-year TIPS auctions we hold.

The bid-to-cover ratio was higher than 22 of the previous 24 10-year TIPS auctions.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 51.9%
  • Direct bidders 4.2%
  • Primary dealers 43.9%

Size

Treasury sold $12.003 billion of the $12 billion offered.

Bids received came to $34.575 billion; the bid-to-cover ratio was 2.88.

Its bid-to-cover of 2.88 compares with the 24 auctions before it: lowest 1.67 on , highest 3.43 on ; 68.8% of the way from the low to the high.

2.88

Low 1.67 Midpoint 2.550 High 3.43

The security10-Year, new issue

Coupon
1.250%
Announced
Issued
Matures

It adds to the debt that matures in July 2020.

Understanding this result

Where it stands today

The high real yield was 1.295% at this 10-year TIPS auction, the median real yield 1.250% and a bid-to-cover ratio of 2.88.

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 as10-Year, new issue
Offering amount$12,000,000,000
Bids received$34,575,441,300
Sold$12,003,449,100
Competitive bids accepted$11,851,727,800
Non-competitive bids accepted$148,313,900
Federal Reserve (SOMA) add-on$3,407,400
Foreign and international (FIMA) non-competitive$0
Real yield, %1.295
Median rate, %1.250
Low rate, %1.163
Interest rate (coupon), %1.250
Bids at the high rate filled, %43.46
Bid-to-cover ratio2.88
Indirect bidders accepted$6,149,477,800
Direct bidders accepted$501,000,000
Primary dealers accepted$5,201,250,000
Indirect bidders' share, % (ours)51.9
Direct bidders' share, % (ours)4.2
Primary dealers' share, % (ours)43.9
High minus median, basis points (ours)4.5
Treasury real par yield curve, 10-year point, same day, %1.25
High yield minus that point, basis points (ours)4.5
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 ratio2.882.242 of 1210 of 12
High real yield1.2951.68211 of 121 of 12
Indirect bidders' share51.940.70 of 99 of 9
Direct bidders' share4.23.23 of 96 of 9
Primary dealers' share43.955.68 of 91 of 9
High minus median, basis points4.56.210 of 122 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 ratio2.88Last 24 auctions2 of 2422 of 242.01
Bid-to-cover ratio2.88Since 10 April 20082 of 97 of 92.48
Bid-to-cover ratio2.88All 37 since 29 January 19974 of 3733 of 372.09
High real yield1.295Last 24 auctions23 of 241 of 241.959
High real yield1.295Since 10 April 20088 of 91 of 91.589
High real yield1.295All 42 since 29 January 199741 of 421 of 422.272
Indirect bidders' share51.9All 9 since 10 April 20080 of 99 of 940.7
Direct bidders' share4.2All 9 since 10 April 20083 of 96 of 93.2
Primary dealers' share43.9All 9 since 10 April 20088 of 91 of 955.6
High minus median, basis points4.5Last 24 auctions15 of 249 of 245.3
High minus median, basis points4.5Since 10 April 20089 of 90 of 98.0
High minus median, basis points4.5All 42 since 29 January 199724 of 4218 of 424.9

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 8 July 2010. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2010/R_20100708_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 8 July 2010 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2010-07-08.

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