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Treasury auctions · 10-Year TIPS

10-year TIPS auction of 18 July 2019 (new issue)

The 10-year TIPS sold $14.556 billion at a high real yield of 0.282% on , with a bid-to-cover ratio of 2.28.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 19 Sep 2013 to 18 Jul 2019
Real yield at each 10-year TIPS auction, 20 Jul 2017 to 18 Jul 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, 19 Sep 2013 to 18 Jul 2019
Bid-to-cover ratio at each 10-year TIPS auction, 20 Jul 2017 to 18 Jul 2019

Who bought the 10-year TIPS of 18 Jul 2019

Shares of the competitive bids accepted

  • Indirect bidders 64.3%
  • Direct bidders 18.6%
  • Primary dealers 17.1%
This auction, 18 Jul 2019
  • Indirect bidders 57.0%
  • Direct bidders 29.1%
  • Primary dealers 13.9%
The 10-year TIPS auction before, 23 May 2019

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 bidders64.3%
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
0.2822.28
0.5673.07
0.5782.43
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

Observed .

Right now

The high real yield of 0.282% on 18 July 2019 was the lowest for a 10-year TIPS since 22 September 2016.

Higher than 16 of the 63 since 10 April 2008

Its own history

Against the previous 24 10-year TIPS auctions, the direct bidders' share was higher than 23 of the 24.

The real yield 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 64.3%
  • Direct bidders 18.6%
  • Primary dealers 17.1%

Size

Treasury sold $14.556 billion of the $14 billion offered.

Bids received came to $32.457 billion; the bid-to-cover ratio was 2.28.

Its bid-to-cover of 2.28 compares with the 24 auctions before it: lowest 1.98 on , highest 3.07 on ; 27.5% of the way from the low to the high.

2.28

Low 1.98 Midpoint 2.525 High 3.07

The security10-Year, new issue

Coupon
0.250%
Announced
Issued
Matures

It adds to the debt that matures in July 2029.

Understanding this result

Where it stands today

The high real yield was 0.282% at this 10-year TIPS auction, the median real yield 0.218% and a bid-to-cover ratio of 2.28.

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$14,000,000,000
Bids received$32,456,902,100
Sold$14,556,159,100
Competitive bids accepted$13,977,442,000
Non-competitive bids accepted$22,561,200
Federal Reserve (SOMA) add-on$556,155,900
Foreign and international (FIMA) non-competitive$0
Real yield, %0.282
Median rate, %0.218
Low rate, %0.088
Interest rate (coupon), %0.250
Bids at the high rate filled, %76.06
Bid-to-cover ratio2.28
Indirect bidders accepted$8,988,427,000
Direct bidders accepted$2,599,000,000
Primary dealers accepted$2,390,015,000
Indirect bidders' share, % (ours)64.3
Direct bidders' share, % (ours)18.6
Primary dealers' share, % (ours)17.1
High minus median, basis points (ours)6.4
Treasury real par yield curve, 10-year point, same day, %0.25
High yield minus that point, basis points (ours)3.2
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 ratio2.282.4310 of 122 of 12
High real yield0.2820.67012 of 120 of 12
Indirect bidders' share64.368.67 of 125 of 12
Direct bidders' share18.69.41 of 1211 of 12
Primary dealers' share17.121.89 of 123 of 12
High minus median, basis points6.45.53 of 128 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 ratio2.28Last 24 auctions18 of 246 of 242.40
Bid-to-cover ratio2.28Since 10 April 200852 of 6311 of 632.48
Bid-to-cover ratio2.28All 91 since 29 January 199758 of 9133 of 912.39
High real yield0.282Last 24 auctions21 of 243 of 240.530
High real yield0.282Since 10 April 200847 of 6316 of 630.512
High real yield0.282All 96 since 29 January 199780 of 9616 of 960.920
Indirect bidders' share64.3Last 24 auctions16 of 248 of 2468.2
Indirect bidders' share64.3All 63 since 10 April 200819 of 6344 of 6353.8
Direct bidders' share18.6Last 24 auctions1 of 2423 of 248.1
Direct bidders' share18.6All 63 since 10 April 20084 of 6359 of 637.7
Primary dealers' share17.1Last 24 auctions19 of 245 of 2423.3
Primary dealers' share17.1All 63 since 10 April 200858 of 635 of 6334.5
High minus median, basis points6.4Last 24 auctions10 of 2413 of 245.9
High minus median, basis points6.4Since 10 April 200830 of 6332 of 636.0
High minus median, basis points6.4All 96 since 29 January 199735 of 9660 of 965.5

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 18 July 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190718_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 18 July 2019 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2019-07-18.

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