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Treasury auctions · 10-Year TIPS

10-year TIPS auction of 20 January 2011 (new issue)

The 10-year TIPS sold $13.259 billion at a high real yield of 1.170% on , with a bid-to-cover ratio of 2.37.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 9 Jan 2002 to 20 Jan 2011
Real yield at each 10-year TIPS auction, 7 Apr 2009 to 20 Jan 2011

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, 9 Jan 2002 to 20 Jan 2011
Bid-to-cover ratio at each 10-year TIPS auction, 7 Apr 2009 to 20 Jan 2011

Who bought the 10-year TIPS of 20 Jan 2011

Shares of the competitive bids accepted

  • Indirect bidders 37.9%
  • Direct bidders 3.2%
  • Primary dealers 58.8%
This auction, 20 Jan 2011
  • Indirect bidders 57.7%
  • Direct bidders 2.2%
  • Primary dealers 40.0%
The 10-year TIPS auction before, 4 Nov 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 bidders37.9%
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
1.1702.37
0.4092.91
1.0192.80
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

Observed .

Right now

The high real yield was 1.170% on 20 January 2011, up from 0.409% at the auction before.

Higher than 2 of the 12 since 10 April 2008

Its own history

The high minus median was higher than 21 of the previous 24 10-year TIPS auctions.

The real yield was higher than 2 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 37.9%
  • Direct bidders 3.2%
  • Primary dealers 58.8%

Size

Treasury sold $13.259 billion of the $13 billion offered.

Bids received came to $31.068 billion; the bid-to-cover ratio was 2.37.

Its bid-to-cover of 2.37 compares with the 24 auctions before it: lowest 1.67 on , highest 3.43 on ; 39.8% of the way from the low to the high.

2.37

Low 1.67 Midpoint 2.550 High 3.43

The security10-Year, new issue

Coupon
1.125%
Announced
Issued
Matures

It adds to the debt that matures in January 2021.

Understanding this result

Where it stands today

The high real yield was 1.170% at this 10-year TIPS auction, the median real yield 1.040% and a bid-to-cover ratio of 2.37.

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$13,000,000,000
Bids received$31,068,088,000
Sold$13,259,048,000
Competitive bids accepted$12,842,205,000
Non-competitive bids accepted$157,795,600
Federal Reserve (SOMA) add-on$259,047,400
Foreign and international (FIMA) non-competitive$0
Real yield, %1.170
Median rate, %1.040
Low rate, %0.800
Interest rate (coupon), %1.125
Bids at the high rate filled, %30.64
Bid-to-cover ratio2.37
Indirect bidders accepted$4,872,745,000
Direct bidders accepted$414,000,000
Primary dealers accepted$7,555,460,000
Indirect bidders' share, % (ours)37.9
Direct bidders' share, % (ours)3.2
Primary dealers' share, % (ours)58.8
High minus median, basis points (ours)13.0
Treasury real par yield curve, 10-year point, same day, %1.22
High yield minus that point, basis points (ours)-5.0
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 ratio2.372.588 of 124 of 12
High real yield1.1701.49810 of 122 of 12
Indirect bidders' share37.945.38 of 124 of 12
Direct bidders' share3.22.95 of 127 of 12
Primary dealers' share58.853.63 of 129 of 12
High minus median, basis points13.08.02 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 ratio2.37Last 24 auctions8 of 2416 of 242.10
Bid-to-cover ratio2.37Since 10 April 20088 of 124 of 122.58
Bid-to-cover ratio2.37All 40 since 29 January 199713 of 4027 of 402.11
High real yield1.170Last 24 auctions22 of 242 of 241.930
High real yield1.170Since 10 April 200810 of 122 of 121.498
High real yield1.170All 45 since 29 January 199743 of 452 of 452.245
Indirect bidders' share37.9All 12 since 10 April 20088 of 124 of 1245.3
Direct bidders' share3.2All 12 since 10 April 20085 of 127 of 122.9
Primary dealers' share58.8All 12 since 10 April 20083 of 129 of 1253.6
High minus median, basis points13.0Last 24 auctions2 of 2421 of 245.8
High minus median, basis points13.0Since 10 April 20082 of 129 of 128.0
High minus median, basis points13.0All 45 since 29 January 19972 of 4542 of 454.9

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 20 January 2011. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2011/R_20110120_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 20 January 2011 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2011-01-20.

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