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

10-year TIPS auction of 21 March 2024 (reopening)

The 10-year TIPS sold $16 billion at a high real yield of 1.932% on , with a bid-to-cover ratio of 2.35.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 17 May 2018 to 21 Mar 2024
Real yield at each 10-year TIPS auction, 24 Mar 2022 to 21 Mar 2024

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, 17 May 2018 to 21 Mar 2024
Bid-to-cover ratio at each 10-year TIPS auction, 24 Mar 2022 to 21 Mar 2024

Who bought the 10-year TIPS of 21 Mar 2024

Shares of the competitive bids accepted

  • Indirect bidders 72.0%
  • Direct bidders 16.0%
  • Primary dealers 12.0%
This auction, 21 Mar 2024
  • Indirect bidders 79.3%
  • Direct bidders 17.5%
  • Primary dealers 3.2%
The 10-year TIPS auction before, 18 Jan 2024

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 bidders72.0%
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
1.9322.35
1.8102.62
2.1802.32
2.0942.44
1.4952.51
1.3952.31
1.1822.28
1.2202.79
1.4852.25
1.2482.54
0.6302.18
0.2322.24
-0.5892.43
-0.5402.30
-1.1452.43
-0.9392.55
-1.0162.50
-0.8052.50
-0.5802.42
-0.9872.68
-0.8672.71
-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

Observed .

Right now

The high real yield was 1.932% on 21 March 2024, up from 1.810% at the auction before.

Higher than 87 of the 91 since 10 April 2008

Its own history

Against the previous 24 10-year TIPS auctions, the real yield was higher than 22 of the 24.

The bid-to-cover ratio was higher than 9 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 72.0%
  • Direct bidders 16.0%
  • Primary dealers 12.0%

Size

Treasury sold $16 billion of the $16 billion offered.

Bids received came to $37.61 billion; the bid-to-cover ratio was 2.35.

Its bid-to-cover of 2.35 compares with the 24 auctions before it: lowest 2.18 on , highest 2.79 on ; 27.9% of the way from the low to the high.

2.35

Low 2.18 Midpoint 2.485 High 2.79

The security9-Year 10-Month, reopening

Coupon
1.750%
Announced
Issued
Matures

It adds to the debt that matures in January 2034.

Understanding this result

Where it stands today

The high real yield was 1.932% at this 10-year TIPS auction, the median real yield 1.842% and a bid-to-cover ratio of 2.35.

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$16,000,000,000
Bids received$37,610,375,700
Sold$16,000,005,700
Competitive bids accepted$15,953,232,300
Non-competitive bids accepted$46,773,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %1.932
Median rate, %1.842
Low rate, %1.790
Interest rate (coupon), %1.750
Bids at the high rate filled, %2.90
Bid-to-cover ratio2.35
Indirect bidders accepted$11,484,202,300
Direct bidders accepted$2,559,000,000
Primary dealers accepted$1,910,030,000
Indirect bidders' share, % (ours)72.0
Direct bidders' share, % (ours)16.0
Primary dealers' share, % (ours)12.0
High minus median, basis points (ours)9.0
Treasury real par yield curve, 10-year point, same day, %1.93
High yield minus that point, basis points (ours)0.2
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 ratio2.352.386 of 126 of 12
High real yield1.9321.3222 of 1210 of 12
Indirect bidders' share72.072.26 of 126 of 12
Direct bidders' share16.016.27 of 125 of 12
Primary dealers' share12.08.73 of 129 of 12
High minus median, basis points9.08.86 of 126 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 ratio2.35Last 24 auctions15 of 249 of 242.43
Bid-to-cover ratio2.35Since 10 April 200865 of 9126 of 912.44
Bid-to-cover ratio2.35All 119 since 29 January 199770 of 11948 of 1192.40
High real yield1.932Last 24 auctions2 of 2422 of 24-0.119
High real yield1.932Since 10 April 20084 of 9187 of 910.491
High real yield1.932All 124 since 29 January 199732 of 12492 of 1240.744
Indirect bidders' share72.0Last 24 auctions9 of 2415 of 2470.8
Indirect bidders' share72.0All 91 since 10 April 200817 of 9174 of 9164.0
Direct bidders' share16.0Last 24 auctions10 of 2414 of 2415.9
Direct bidders' share16.0All 91 since 10 April 200819 of 9172 of 9110.2
Primary dealers' share12.0Last 24 auctions13 of 2411 of 2413.1
Primary dealers' share12.0All 91 since 10 April 200878 of 9113 of 9127.0
High minus median, basis points9.0Last 24 auctions9 of 2414 of 247.8
High minus median, basis points9.0Since 10 April 200820 of 9170 of 916.4
High minus median, basis points9.0All 124 since 29 January 199723 of 12499 of 1245.8

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 March 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240321_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 21 March 2024 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2024-03-21.

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