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Treasury auctions · 10-Year TIPS

10-year TIPS auction of 17 January 2019 (new issue)

The 10-year TIPS sold $13 billion at a high real yield of 0.919% on , with a bid-to-cover ratio of 2.42.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 21 Mar 2013 to 17 Jan 2019
Real yield at each 10-year TIPS auction, 19 Jan 2017 to 17 Jan 2019

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, 21 Mar 2013 to 17 Jan 2019
Bid-to-cover ratio at each 10-year TIPS auction, 19 Jan 2017 to 17 Jan 2019

Who bought the 10-year TIPS of 17 Jan 2019

Shares of the competitive bids accepted

  • Indirect bidders 69.1%
  • Direct bidders 14.3%
  • Primary dealers 16.6%
This auction, 17 Jan 2019
  • Indirect bidders 68.1%
  • Direct bidders 12.1%
  • Primary dealers 19.8%
The 10-year TIPS auction before, 21 Nov 2018

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 bidders69.1%
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
0.9192.42
1.1092.59
0.9102.57
0.7622.22
0.9342.42
0.7642.56
0.5482.69
0.5122.43
0.4502.32
0.4891.98
0.4202.56
0.4662.23
0.4362.45
0.3692.39
0.0522.59
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

Observed .

Right now

The high real yield was 0.919% on 17 January 2019, down from 1.109% at the auction before.

Higher than 45 of the 60 since 10 April 2008

Its own history

Against the previous 24 10-year TIPS auctions, the real yield was higher than 22 of the 24.

The primary dealers' share was higher than 3 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 69.1%
  • Direct bidders 14.3%
  • Primary dealers 16.6%

Size

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

Bids received came to $31.425 billion; the bid-to-cover ratio was 2.42.

Its bid-to-cover of 2.42 compares with the 24 auctions before it: lowest 1.98 on , highest 2.69 on ; 62.0% of the way from the low to the high.

2.42

Low 1.98 Midpoint 2.335 High 2.69

The security10-Year, new issue

Coupon
0.875%
Announced
Issued
Matures

It adds to the debt that matures in January 2029.

Understanding this result

Where it stands today

The high real yield was 0.919% at this 10-year TIPS auction, the median real yield 0.870% and a bid-to-cover ratio of 2.42.

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$31,424,847,700
Sold$13,000,009,700
Competitive bids accepted$12,955,260,500
Non-competitive bids accepted$44,749,200
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.919
Median rate, %0.870
Low rate, %0.800
Interest rate (coupon), %0.875
Bids at the high rate filled, %70.83
Bid-to-cover ratio2.42
Indirect bidders accepted$8,948,260,500
Direct bidders accepted$1,854,000,000
Primary dealers accepted$2,153,000,000
Indirect bidders' share, % (ours)69.1
Direct bidders' share, % (ours)14.3
Primary dealers' share, % (ours)16.6
High minus median, basis points (ours)4.9
Treasury real par yield curve, 10-year point, same day, %0.96
High yield minus that point, basis points (ours)-4.1
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 ratio2.422.447 of 124 of 12
High real yield0.9190.5302 of 1210 of 12
Indirect bidders' share69.168.65 of 127 of 12
Direct bidders' share14.38.63 of 129 of 12
Primary dealers' share16.621.89 of 123 of 12
High minus median, basis points4.95.58 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 ratio2.42Last 24 auctions9 of 2414 of 242.39
Bid-to-cover ratio2.42Since 10 April 200836 of 6023 of 602.48
Bid-to-cover ratio2.42All 88 since 29 January 199740 of 8847 of 882.39
High real yield0.919Last 24 auctions2 of 2422 of 240.478
High real yield0.919Since 10 April 200815 of 6045 of 600.498
High real yield0.919All 93 since 29 January 199748 of 9345 of 930.934
Indirect bidders' share69.1Last 24 auctions9 of 2415 of 2467.7
Indirect bidders' share69.1All 60 since 10 April 20089 of 6051 of 6053.2
Direct bidders' share14.3Last 24 auctions3 of 2421 of 247.9
Direct bidders' share14.3All 60 since 10 April 20088 of 6052 of 607.6
Primary dealers' share16.6Last 24 auctions21 of 243 of 2425.6
Primary dealers' share16.6All 60 since 10 April 200857 of 603 of 6035.4
High minus median, basis points4.9Last 24 auctions17 of 247 of 246.1
High minus median, basis points4.9Since 10 April 200845 of 6015 of 606.4
High minus median, basis points4.9All 93 since 29 January 199757 of 9333 of 935.5

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 17 January 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190117_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 17 January 2019 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2019-01-17.

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