500metrics

Treasury auctions · 10-Year TIPS

10-year TIPS auction of 23 January 2014 (new issue)

The 10-year TIPS sold $15 billion at a high real yield of 0.661% on , with a bid-to-cover ratio of 2.31.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 11 Jan 2007 to 23 Jan 2014
Real yield at each 10-year TIPS auction, 22 Mar 2012 to 23 Jan 2014

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, 11 Jan 2007 to 23 Jan 2014
Bid-to-cover ratio at each 10-year TIPS auction, 22 Mar 2012 to 23 Jan 2014

Who bought the 10-year TIPS of 23 Jan 2014

Shares of the competitive bids accepted

  • Indirect bidders 51.8%
  • Direct bidders 8.3%
  • Primary dealers 39.9%
This auction, 23 Jan 2014
  • Indirect bidders 46.7%
  • Direct bidders 21.5%
  • Primary dealers 31.8%
The 10-year TIPS auction before, 21 Nov 2013

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 bidders51.8%
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
0.6612.31
0.5602.59
0.5002.38
0.3842.44
-0.2252.52
-0.6022.74
-0.6302.71
-0.7202.52
-0.7502.36
-0.6372.62
-0.3913.01
-0.0892.81
-0.0462.91
0.0992.64
0.0782.61
0.6392.62
0.8872.66
0.9202.97
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

Observed .

Right now

The high real yield of 0.661% on 23 January 2014 was the highest for a 10-year TIPS since 19 May 2011.

The bid-to-cover ratio of 2.31 was the lowest for a 10-year TIPS since 7 April 2009, with 25 auctions in between.

Higher than 16 of the 30 since 10 April 2008

Its own history

Against the previous 24 10-year TIPS auctions, the bid-to-cover ratio was lower than all 24.

The indirect bidders' share was higher than 18 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 51.8%
  • Direct bidders 8.3%
  • Primary dealers 39.9%

Size

Treasury sold $15 billion of the $15 billion offered.

Bids received came to $34.598 billion; the bid-to-cover ratio was 2.31.

Its bid-to-cover of 2.31 compares with the 24 auctions before it: lowest 2.31 on , highest 3.43 on ; 0.0% of the way from the low to the high.

2.31

Low 2.31 Midpoint 2.870 High 3.43

The security10-Year, new issue

Coupon
0.625%
Announced
Issued
Matures

It adds to the debt that matures in January 2024.

Understanding this result

Where it stands today

The high real yield was 0.661% at this 10-year TIPS auction, the median real yield 0.609% and a bid-to-cover ratio of 2.31.

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$15,000,000,000
Bids received$34,597,925,300
Sold$15,000,000,300
Competitive bids accepted$14,958,985,000
Non-competitive bids accepted$41,015,300
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.661
Median rate, %0.609
Low rate, %0.530
Interest rate (coupon), %0.625
Bids at the high rate filled, %46.30
Bid-to-cover ratio2.31
Indirect bidders accepted$7,749,410,000
Direct bidders accepted$1,239,000,000
Primary dealers accepted$5,970,575,000
Indirect bidders' share, % (ours)51.8
Direct bidders' share, % (ours)8.3
Primary dealers' share, % (ours)39.9
High minus median, basis points (ours)5.2
Treasury real par yield curve, 10-year point, same day, %0.66
High yield minus that point, basis points (ours)0.1
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 ratio2.312.6012 of 120 of 12
High real yield0.661-0.3080 of 1212 of 12
Indirect bidders' share51.849.54 of 128 of 12
Direct bidders' share8.311.88 of 124 of 12
Primary dealers' share39.939.15 of 127 of 12
High minus median, basis points5.26.19 of 123 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 ratio2.31Last 24 auctions24 of 240 of 242.66
Bid-to-cover ratio2.31Since 10 April 200826 of 304 of 302.62
Bid-to-cover ratio2.31All 58 since 29 January 199732 of 5826 of 582.38
High real yield0.661Last 24 auctions8 of 2416 of 240.396
High real yield0.661Since 10 April 200814 of 3016 of 300.600
High real yield0.661All 63 since 29 January 199747 of 6316 of 631.885
Indirect bidders' share51.8Last 24 auctions6 of 2418 of 2445.3
Indirect bidders' share51.8All 30 since 10 April 20086 of 3024 of 3045.3
Direct bidders' share8.3Last 24 auctions11 of 2413 of 247.6
Direct bidders' share8.3All 30 since 10 April 200812 of 3018 of 307.0
Primary dealers' share39.9Last 24 auctions16 of 248 of 2443.4
Primary dealers' share39.9All 30 since 10 April 200821 of 309 of 3044.6
High minus median, basis points5.2Last 24 auctions18 of 246 of 246.8
High minus median, basis points5.2Since 10 April 200822 of 308 of 306.8
High minus median, basis points5.2All 63 since 29 January 199732 of 6330 of 635.3

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 23 January 2014. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2014/R_20140123_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 23 January 2014 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2014-01-23.

Page updated