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Treasury auctions · 10-Year TIPS

10-year TIPS auction of 21 July 2016 (new issue)

The 10-year TIPS sold $13 billion at a high real yield of 0.045% 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, 2 Sep 2010 to 21 Jul 2016
Real yield at each 10-year TIPS auction, 24 Jul 2014 to 21 Jul 2016

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, 2 Sep 2010 to 21 Jul 2016
Bid-to-cover ratio at each 10-year TIPS auction, 24 Jul 2014 to 21 Jul 2016

Who bought the 10-year TIPS of 21 Jul 2016

Shares of the competitive bids accepted

  • Indirect bidders 68.4%
  • Direct bidders 7.7%
  • Primary dealers 23.9%
This auction, 21 Jul 2016
  • Indirect bidders 63.4%
  • Direct bidders 4.1%
  • Primary dealers 32.5%
The 10-year TIPS auction before, 19 May 2016

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 bidders68.4%
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
0.0452.39
0.2752.27
0.3152.25
0.7252.19
0.6642.38
0.6002.36
0.4912.31
0.3582.33
0.2002.43
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

Observed .

Right now

The high real yield of 0.045% on 21 July 2016 was the lowest for a 10-year TIPS since 23 May 2013.

Higher than 9 of the 45 since 10 April 2008

Its own history

Against the previous 24 10-year TIPS auctions, the indirect bidders' share was higher than 22 of the 24.

The primary dealers' share was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 68.4%
  • Direct bidders 7.7%
  • Primary dealers 23.9%

Size

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

Bids received came to $31.131 billion; the bid-to-cover ratio was 2.39.

Its bid-to-cover of 2.39 compares with the 24 auctions before it: lowest 2.19 on , highest 2.91 on ; 27.8% of the way from the low to the high.

2.39

Low 2.19 Midpoint 2.550 High 2.91

The security10-Year, new issue

Coupon
0.125%
Announced
Issued
Matures

It adds to the debt that matures in July 2026.

Understanding this result

Where it stands today

The high real yield was 0.045% at this 10-year TIPS auction, the median real yield -0.012% 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$13,000,000,000
Bids received$31,130,813,700
Sold$13,000,041,400
Competitive bids accepted$12,964,877,700
Non-competitive bids accepted$35,163,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.045
Median rate, %-0.012
Low rate, %-0.100
Interest rate (coupon), %0.125
Bids at the high rate filled, %89.36
Bid-to-cover ratio2.39
Indirect bidders accepted$8,864,877,700
Direct bidders accepted$1,000,000,000
Primary dealers accepted$3,100,000,000
Indirect bidders' share, % (ours)68.4
Direct bidders' share, % (ours)7.7
Primary dealers' share, % (ours)23.9
High minus median, basis points (ours)5.7
Treasury real par yield curve, 10-year point, same day, %0.05
High yield minus that point, basis points (ours)-0.5
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 ratio2.392.343 of 128 of 12
High real yield0.0450.42412 of 120 of 12
Indirect bidders' share68.464.42 of 1210 of 12
Direct bidders' share7.76.65 of 127 of 12
Primary dealers' share23.928.911 of 121 of 12
High minus median, basis points5.77.08 of 124 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 auctions12 of 2411 of 242.41
Bid-to-cover ratio2.39Since 10 April 200828 of 4516 of 452.51
Bid-to-cover ratio2.39All 73 since 29 January 199732 of 7339 of 732.37
High real yield0.045Last 24 auctions18 of 246 of 240.348
High real yield0.045Since 10 April 200836 of 459 of 450.500
High real yield0.045All 78 since 29 January 199769 of 789 of 781.498
Indirect bidders' share68.4Last 24 auctions2 of 2422 of 2456.7
Indirect bidders' share68.4All 45 since 10 April 20082 of 4543 of 4549.7
Direct bidders' share7.7Last 24 auctions12 of 2412 of 247.8
Direct bidders' share7.7All 45 since 10 April 200819 of 4526 of 457.1
Primary dealers' share23.9Last 24 auctions23 of 241 of 2433.0
Primary dealers' share23.9All 45 since 10 April 200844 of 451 of 4540.0
High minus median, basis points5.7Last 24 auctions15 of 249 of 246.8
High minus median, basis points5.7Since 10 April 200828 of 4517 of 456.8
High minus median, basis points5.7All 78 since 29 January 199737 of 7841 of 785.4

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 21 July 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160721_1.pdf. Compiled by 500metrics, "10-year TIPS auction of 21 July 2016 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2016-07-21.

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