500metrics

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

10-year TIPS auction of 17 September 2020 (reopening)

The 10-year TIPS sold $13.643 billion at a high real yield of -0.966% on , with a bid-to-cover ratio of 2.65.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 20 Nov 2014 to 17 Sep 2020
Real yield at each 10-year TIPS auction, 20 Sep 2018 to 17 Sep 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 Nov 2014 to 17 Sep 2020
Bid-to-cover ratio at each 10-year TIPS auction, 20 Sep 2018 to 17 Sep 2020

Who bought the 10-year TIPS of 17 Sep 2020

Shares of the competitive bids accepted

  • Indirect bidders 68.7%
  • Direct bidders 15.0%
  • Primary dealers 16.3%
This auction, 17 Sep 2020
  • Indirect bidders 72.3%
  • Direct bidders 9.9%
  • Primary dealers 17.8%
The 10-year TIPS auction before, 23 Jul 2020

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 bidders68.7%
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
-0.9662.65
-0.9302.24
-0.4702.39
0.6802.32
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

Observed .

Right now

The high real yield of -0.966% on 17 September 2020 was the lowest of all 103 earlier 10-year TIPS auctions we hold.

Lower than all 70 since 10 April 2008

Its own history

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

The bid-to-cover ratio was higher than 22 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 68.7%
  • Direct bidders 15.0%
  • Primary dealers 16.3%

Size

Treasury sold $13.643 billion of the $12 billion offered.

Bids received came to $33.445 billion; the bid-to-cover ratio was 2.65.

Its bid-to-cover of 2.65 compares with the 24 auctions before it: lowest 1.98 on , highest 3.07 on ; 61.5% of the way from the low to the high.

2.65

Low 1.98 Midpoint 2.525 High 3.07

The security9-Year 10-Month, reopening

Coupon
0.125%
Announced
Issued
Matures

It adds to the debt that matures in July 2030.

Understanding this result

Where it stands today

The high real yield was -0.966% at this 10-year TIPS auction, the median real yield -1.020% and a bid-to-cover ratio of 2.65.

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$33,444,838,900
Sold$13,642,870,400
Competitive bids accepted$11,980,266,500
Non-competitive bids accepted$19,746,800
Federal Reserve (SOMA) add-on$1,642,857,100
Foreign and international (FIMA) non-competitive$0
Real yield, %-0.966
Median rate, %-1.020
Low rate, %-1.082
Interest rate (coupon), %0.125
Bids at the high rate filled, %43.79
Bid-to-cover ratio2.65
Indirect bidders accepted$8,226,307,500
Direct bidders accepted$1,802,000,000
Primary dealers accepted$1,951,959,000
Indirect bidders' share, % (ours)68.7
Direct bidders' share, % (ours)15.0
Primary dealers' share, % (ours)16.3
High minus median, basis points (ours)5.4
Treasury real par yield curve, 10-year point, same day, %-0.97
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 ratio2.652.401 of 1211 of 12
High real yield-0.9660.42412 of 120 of 12
Indirect bidders' share68.767.35 of 127 of 12
Direct bidders' share15.013.25 of 127 of 12
Primary dealers' share16.317.49 of 123 of 12
High minus median, basis points5.45.67 of 125 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 ratio2.65Last 24 auctions2 of 2422 of 242.42
Bid-to-cover ratio2.65Since 10 April 200815 of 7054 of 702.44
Bid-to-cover ratio2.65All 98 since 29 January 199717 of 9880 of 982.39
High real yield-0.966Last 24 auctions24 of 240 of 240.478
High real yield-0.966Since 10 April 200870 of 700 of 700.494
High real yield-0.966All 103 since 29 January 1997103 of 1030 of 1030.764
Indirect bidders' share68.7Last 24 auctions12 of 2412 of 2468.6
Indirect bidders' share68.7All 70 since 10 April 200814 of 7056 of 7057.4
Direct bidders' share15.0Last 24 auctions8 of 2416 of 2410.0
Direct bidders' share15.0All 70 since 10 April 200812 of 7058 of 708.0
Primary dealers' share16.3Last 24 auctions18 of 246 of 2418.9
Primary dealers' share16.3All 70 since 10 April 200864 of 706 of 7032.5
High minus median, basis points5.4Last 24 auctions14 of 249 of 245.6
High minus median, basis points5.4Since 10 April 200844 of 7024 of 706.2
High minus median, basis points5.4All 103 since 29 January 199754 of 10347 of 1035.5

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 September 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200917_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 17 September 2020 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2020-09-17.

Page updated