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Treasury auctions · 10-Year TIPS

10-year TIPS auction of 22 January 2015 (new issue)

The 10-year TIPS sold $15 billion at a high real yield of 0.315% on , with a bid-to-cover ratio of 2.39.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 10 Jul 2008 to 22 Jan 2015
Real yield at each 10-year TIPS auction, 24 Jan 2013 to 22 Jan 2015

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, 10 Jul 2008 to 22 Jan 2015
Bid-to-cover ratio at each 10-year TIPS auction, 24 Jan 2013 to 22 Jan 2015

Who bought the 10-year TIPS of 22 Jan 2015

Shares of the competitive bids accepted

  • Indirect bidders 64.0%
  • Direct bidders 10.2%
  • Primary dealers 25.9%
This auction, 22 Jan 2015
  • Indirect bidders 62.4%
  • Direct bidders 8.1%
  • Primary dealers 29.5%
The 10-year TIPS auction before, 20 Nov 2014

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 bidders64.0%
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
0.3152.39
0.4972.57
0.6102.20
0.2492.49
0.3392.91
0.6592.48
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

Observed .

Right now

The high real yield was 0.315% on 22 January 2015, down from 0.497% at the auction before.

The primary dealers' share of 25.9% was the lowest of all 36 earlier 10-year TIPS auctions we hold.

Higher than 12 of the 36 since 10 April 2008

Its own history

Against the previous 24 10-year TIPS auctions, the primary dealers' share was lower than all 24.

The indirect bidders' share was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 64.0%
  • Direct bidders 10.2%
  • Primary dealers 25.9%

Size

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

Bids received came to $35.795 billion; the bid-to-cover ratio was 2.39.

Its bid-to-cover of 2.39 compares with the 24 auctions before it: lowest 2.20 on , highest 3.01 on ; 23.5% of the way from the low to the high.

2.39

Low 2.20 Midpoint 2.605 High 3.01

The security10-Year, new issue

Coupon
0.250%
Announced
Issued
Matures

It adds to the debt that matures in January 2025.

Understanding this result

Where it stands today

The high real yield was 0.315% at this 10-year TIPS auction, the median real yield 0.286% and a bid-to-cover ratio of 2.39.

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$35,794,987,200
Sold$15,000,007,600
Competitive bids accepted$14,953,505,400
Non-competitive bids accepted$46,502,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.315
Median rate, %0.286
Low rate, %0.220
Interest rate (coupon), %0.250
Bids at the high rate filled, %74.41
Bid-to-cover ratio2.39
Indirect bidders accepted$9,562,902,900
Direct bidders accepted$1,525,000,000
Primary dealers accepted$3,865,602,500
Indirect bidders' share, % (ours)64.0
Direct bidders' share, % (ours)10.2
Primary dealers' share, % (ours)25.9
High minus median, basis points (ours)2.9
Treasury real par yield curve, 10-year point, same day, %0.29
High yield minus that point, basis points (ours)2.5
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 ratio2.392.509 of 123 of 12
High real yield0.3150.4408 of 124 of 12
Indirect bidders' share64.053.21 of 1211 of 12
Direct bidders' share10.28.04 of 128 of 12
Primary dealers' share25.936.012 of 120 of 12
High minus median, basis points2.95.411 of 121 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 ratio2.39Last 24 auctions19 of 245 of 242.60
Bid-to-cover ratio2.39Since 10 April 200827 of 369 of 362.60
Bid-to-cover ratio2.39All 64 since 29 January 199731 of 6432 of 642.38
High real yield0.315Last 24 auctions12 of 2412 of 240.294
High real yield0.315Since 10 April 200824 of 3612 of 360.585
High real yield0.315All 69 since 29 January 199757 of 6912 of 691.725
Indirect bidders' share64.0Last 24 auctions1 of 2423 of 2447.5
Indirect bidders' share64.0All 36 since 10 April 20081 of 3635 of 3646.6
Direct bidders' share10.2Last 24 auctions12 of 2412 of 249.3
Direct bidders' share10.2All 36 since 10 April 200813 of 3623 of 367.3
Primary dealers' share25.9Last 24 auctions24 of 240 of 2440.6
Primary dealers' share25.9All 36 since 10 April 200836 of 360 of 3643.4
High minus median, basis points2.9Last 24 auctions22 of 241 of 245.7
High minus median, basis points2.9Since 10 April 200834 of 361 of 366.6
High minus median, basis points2.9All 69 since 29 January 199762 of 695 of 695.2

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 22 January 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20150122_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 22 January 2015 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2015-01-22.

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