500metrics

Treasury auctions · 9-Year 10-Month TIPS, reopening

10-year TIPS auction of 19 September 2019 (reopening)

The 10-year TIPS sold $13.247 billion at a high real yield of 0.174% on , with a bid-to-cover ratio of 2.41.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 21 Nov 2013 to 19 Sep 2019
Real yield at each 10-year TIPS auction, 21 Sep 2017 to 19 Sep 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 Nov 2013 to 19 Sep 2019
Bid-to-cover ratio at each 10-year TIPS auction, 21 Sep 2017 to 19 Sep 2019

Who bought the 10-year TIPS of 19 Sep 2019

Shares of the competitive bids accepted

  • Indirect bidders 66.4%
  • Direct bidders 16.3%
  • Primary dealers 17.3%
This auction, 19 Sep 2019
  • Indirect bidders 64.3%
  • Direct bidders 18.6%
  • Primary dealers 17.1%
The 10-year TIPS auction before, 18 Jul 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 bidders66.4%
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
0.1742.41
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

Observed .

Right now

The high real yield of 0.174% on 19 September 2019 was the lowest for a 10-year TIPS since 22 September 2016.

Higher than 13 of the 64 since 10 April 2008

Its own history

Against the previous 24 10-year TIPS auctions, the direct bidders' share was higher than 21 of the 24.

The real yield was higher than 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 66.4%
  • Direct bidders 16.3%
  • Primary dealers 17.3%

Size

Treasury sold $13.247 billion of the $12 billion offered.

Bids received came to $30.218 billion; the bid-to-cover ratio was 2.41.

Its bid-to-cover of 2.41 compares with the 24 auctions before it: lowest 1.98 on , highest 3.07 on ; 39.4% of the way from the low to the high.

2.41

Low 1.98 Midpoint 2.525 High 3.07

The security9-Year 10-Month, reopening

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 0.174% at this 10-year TIPS auction, the median real yield 0.128% and a bid-to-cover ratio of 2.41.

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 as9-Year 10-Month, reopening
Offering amount$12,000,000,000
Bids received$30,217,697,400
Sold$13,246,585,400
Competitive bids accepted$11,990,950,000
Non-competitive bids accepted$9,053,200
Federal Reserve (SOMA) add-on$1,246,582,200
Foreign and international (FIMA) non-competitive$0
Real yield, %0.174
Median rate, %0.128
Low rate, %0.075
Interest rate (coupon), %0.250
Bids at the high rate filled, %52.36
Bid-to-cover ratio2.41
Indirect bidders accepted$7,964,950,000
Direct bidders accepted$1,953,000,000
Primary dealers accepted$2,073,000,000
Indirect bidders' share, % (ours)66.4
Direct bidders' share, % (ours)16.3
Primary dealers' share, % (ours)17.3
High minus median, basis points (ours)4.6
Treasury real par yield curve, 10-year point, same day, %0.18
High yield minus that point, basis points (ours)-0.6
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 ratio2.412.439 of 123 of 12
High real yield0.1740.67012 of 120 of 12
Indirect bidders' share66.468.67 of 125 of 12
Direct bidders' share16.311.03 of 129 of 12
Primary dealers' share17.320.78 of 124 of 12
High minus median, basis points4.65.59 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 ratio2.41Last 24 auctions12 of 2412 of 242.40
Bid-to-cover ratio2.41Since 10 April 200840 of 6424 of 642.48
Bid-to-cover ratio2.41All 92 since 29 January 199744 of 9248 of 922.39
High real yield0.174Last 24 auctions22 of 242 of 240.530
High real yield0.174Since 10 April 200851 of 6413 of 640.506
High real yield0.174All 97 since 29 January 199784 of 9713 of 970.919
Indirect bidders' share66.4Last 24 auctions14 of 2410 of 2468.2
Indirect bidders' share66.4All 64 since 10 April 200816 of 6448 of 6455.2
Direct bidders' share16.3Last 24 auctions3 of 2421 of 248.2
Direct bidders' share16.3All 64 since 10 April 20086 of 6458 of 647.7
Primary dealers' share17.3Last 24 auctions18 of 246 of 2422.3
Primary dealers' share17.3All 64 since 10 April 200858 of 646 of 6434.2
High minus median, basis points4.6Last 24 auctions18 of 246 of 245.9
High minus median, basis points4.6Since 10 April 200849 of 6414 of 646.2
High minus median, basis points4.6All 97 since 29 January 199764 of 9732 of 975.5

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 19 September 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190919_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 19 September 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2019-09-19.

Page updated