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Treasury auctions · 10-Year TIPS

10-year TIPS auction of 23 January 2020 (new issue)

The 10-year TIPS sold $15.446 billion at a high real yield of 0.036% on , with a bid-to-cover ratio of 2.33.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 20 Mar 2014 to 23 Jan 2020
Real yield at each 10-year TIPS auction, 22 Mar 2018 to 23 Jan 2020

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, 20 Mar 2014 to 23 Jan 2020
Bid-to-cover ratio at each 10-year TIPS auction, 22 Mar 2018 to 23 Jan 2020

Who bought the 10-year TIPS of 23 Jan 2020

Shares of the competitive bids accepted

  • Indirect bidders 73.2%
  • Direct bidders 11.4%
  • Primary dealers 15.4%
This auction, 23 Jan 2020
  • Indirect bidders 58.8%
  • Direct bidders 25.8%
  • Primary dealers 15.4%
The 10-year TIPS auction before, 21 Nov 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 bidders73.2%
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
0.0362.33
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

Observed .

Right now

The high real yield of 0.036% on 23 January 2020 was the lowest for a 10-year TIPS since 23 May 2013.

Higher than 9 of the 66 since 10 April 2008

Its own history

Against the previous 24 10-year TIPS auctions, the real yield was lower than all 24.

The indirect bidders' share was higher than 20 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 73.2%
  • Direct bidders 11.4%
  • Primary dealers 15.4%

Size

Treasury sold $15.446 billion of the $14 billion offered.

Bids received came to $34.055 billion; the bid-to-cover ratio was 2.33.

Its bid-to-cover of 2.33 compares with the 24 auctions before it: lowest 1.98 on , highest 3.07 on ; 32.1% of the way from the low to the high.

2.33

Low 1.98 Midpoint 2.525 High 3.07

The security10-Year, new issue

Coupon
0.125%
Announced
Issued
Matures

It adds to the debt that matures in January 2030.

Understanding this result

Where it stands today

The high real yield was 0.036% at this 10-year TIPS auction, the median real yield -0.020% and a bid-to-cover ratio of 2.33.

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$34,055,040,100
Sold$15,445,660,100
Competitive bids accepted$13,960,090,000
Non-competitive bids accepted$39,939,600
Federal Reserve (SOMA) add-on$1,445,630,500
Foreign and international (FIMA) non-competitive$0
Real yield, %0.036
Median rate, %-0.020
Low rate, %-0.880
Interest rate (coupon), %0.125
Bids at the high rate filled, %87.40
Bid-to-cover ratio2.33
Indirect bidders accepted$10,216,090,000
Direct bidders accepted$1,598,000,000
Primary dealers accepted$2,146,000,000
Indirect bidders' share, % (ours)73.2
Direct bidders' share, % (ours)11.4
Primary dealers' share, % (ours)15.4
High minus median, basis points (ours)5.6
Treasury real par yield curve, 10-year point, same day, %0.04
High yield minus that point, basis points (ours)-0.4
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 ratio2.332.4210 of 122 of 12
High real yield0.0360.67012 of 120 of 12
Indirect bidders' share73.265.42 of 1210 of 12
Direct bidders' share11.414.88 of 124 of 12
Primary dealers' share15.417.410 of 122 of 12
High minus median, basis points5.65.24 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 ratio2.33Last 24 auctions16 of 248 of 242.42
Bid-to-cover ratio2.33Since 10 April 200850 of 6615 of 662.46
Bid-to-cover ratio2.33All 94 since 29 January 199756 of 9437 of 942.39
High real yield0.036Last 24 auctions24 of 240 of 240.478
High real yield0.036Since 10 April 200857 of 669 of 660.498
High real yield0.036All 99 since 29 January 199790 of 999 of 990.910
Indirect bidders' share73.2Last 24 auctions4 of 2420 of 2467.3
Indirect bidders' share73.2All 66 since 10 April 20086 of 6660 of 6656.7
Direct bidders' share11.4Last 24 auctions9 of 2415 of 249.1
Direct bidders' share11.4All 66 since 10 April 200819 of 6647 of 667.8
Primary dealers' share15.4Last 24 auctions21 of 243 of 2421.0
Primary dealers' share15.4All 66 since 10 April 200863 of 663 of 6633.7
High minus median, basis points5.6Last 24 auctions12 of 2412 of 245.6
High minus median, basis points5.6Since 10 April 200837 of 6629 of 666.0
High minus median, basis points5.6All 99 since 29 January 199746 of 9952 of 995.5

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 23 January 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200123_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 23 January 2020 (new issue)", https://500metrics.com/treasury/auctions/10-year-tips/2020-01-23.

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