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Treasury auctions · 9-Year 8-Month TIPS, reopening

10-year TIPS auction of 21 November 2019 (reopening)

The 10-year TIPS sold $12 billion at a high real yield of 0.149% on , with a bid-to-cover ratio of 2.40.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 23 Jan 2014 to 21 Nov 2019
Real yield at each 10-year TIPS auction, 18 Jan 2018 to 21 Nov 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, 23 Jan 2014 to 21 Nov 2019
Bid-to-cover ratio at each 10-year TIPS auction, 18 Jan 2018 to 21 Nov 2019

Who bought the 10-year TIPS of 21 Nov 2019

Shares of the competitive bids accepted

  • Indirect bidders 58.8%
  • Direct bidders 25.8%
  • Primary dealers 15.4%
This auction, 21 Nov 2019
  • Indirect bidders 66.4%
  • Direct bidders 16.3%
  • Primary dealers 17.3%
The 10-year TIPS auction before, 19 Sep 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 bidders58.8%
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
0.1492.40
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

Observed .

Right now

The high real yield of 0.149% on 21 November 2019 was the lowest for a 10-year TIPS since 22 September 2016.

Higher than 13 of the 65 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 2 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 58.8%
  • Direct bidders 25.8%
  • Primary dealers 15.4%

Size

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

Bids received came to $28.854 billion; the bid-to-cover ratio was 2.40.

Its bid-to-cover of 2.40 compares with the 24 auctions before it: lowest 1.98 on , highest 3.07 on ; 38.5% of the way from the low to the high.

2.40

Low 1.98 Midpoint 2.525 High 3.07

The security9-Year 8-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 0.149% at this 10-year TIPS auction, the median real yield 0.100% and a bid-to-cover ratio of 2.40.

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 8-Month, reopening
Offering amount$12,000,000,000
Bids received$28,854,114,800
Sold$12,000,004,900
Competitive bids accepted$11,984,045,100
Non-competitive bids accepted$15,959,800
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.149
Median rate, %0.100
Low rate, %0.008
Interest rate (coupon), %0.250
Bids at the high rate filled, %72.07
Bid-to-cover ratio2.40
Indirect bidders accepted$7,046,957,600
Direct bidders accepted$3,091,000,000
Primary dealers accepted$1,846,087,500
Indirect bidders' share, % (ours)58.8
Direct bidders' share, % (ours)25.8
Primary dealers' share, % (ours)15.4
High minus median, basis points (ours)4.9
Treasury real par yield curve, 10-year point, same day, %0.14
High yield minus that point, basis points (ours)0.9
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 ratio2.402.4310 of 122 of 12
High real yield0.1490.67012 of 120 of 12
Indirect bidders' share58.867.311 of 121 of 12
Direct bidders' share25.813.21 of 1211 of 12
Primary dealers' share15.418.610 of 122 of 12
High minus median, basis points4.95.47 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 ratio2.40Last 24 auctions13 of 2411 of 242.42
Bid-to-cover ratio2.40Since 10 April 200841 of 6524 of 652.48
Bid-to-cover ratio2.40All 93 since 29 January 199745 of 9348 of 932.39
High real yield0.149Last 24 auctions22 of 242 of 240.500
High real yield0.149Since 10 April 200852 of 6513 of 650.500
High real yield0.149All 98 since 29 January 199785 of 9813 of 980.914
Indirect bidders' share58.8Last 24 auctions21 of 243 of 2467.7
Indirect bidders' share58.8All 65 since 10 April 200828 of 6537 of 6556.6
Direct bidders' share25.8Last 24 auctions1 of 2423 of 248.6
Direct bidders' share25.8All 65 since 10 April 20082 of 6563 of 657.7
Primary dealers' share15.4Last 24 auctions21 of 243 of 2421.8
Primary dealers' share15.4All 65 since 10 April 200862 of 653 of 6533.9
High minus median, basis points4.9Last 24 auctions16 of 247 of 245.8
High minus median, basis points4.9Since 10 April 200847 of 6517 of 656.0
High minus median, basis points4.9All 98 since 29 January 199759 of 9835 of 985.5

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 21 November 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20191121_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 21 November 2019 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2019-11-21.

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