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

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

The 10-year TIPS sold $17 billion at a high real yield of 2.071% 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 Jan 2019 to 21 Nov 2024
Real yield at each 10-year TIPS auction, 19 Jan 2023 to 21 Nov 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 Jan 2019 to 21 Nov 2024
Bid-to-cover ratio at each 10-year TIPS auction, 19 Jan 2023 to 21 Nov 2024

Who bought the 10-year TIPS of 21 Nov 2024

Shares of the competitive bids accepted

  • Indirect bidders 69.2%
  • Direct bidders 16.7%
  • Primary dealers 14.1%
This auction, 21 Nov 2024
  • Indirect bidders 71.9%
  • Direct bidders 21.5%
  • Primary dealers 6.6%
The 10-year TIPS auction before, 19 Sep 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 bidders69.2%
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
2.0712.35
1.5922.44
1.8832.38
2.1842.33
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

Observed .

Right now

The high real yield was 2.071% on 21 November 2024, up from 1.592% at the auction before.

The primary dealers' share of 14.1% was the highest for a 10-year TIPS since 21 July 2022, with 13 auctions in between.

Higher than 90 of the 95 since 10 April 2008

Its own history

Against the previous 24 10-year TIPS auctions, the real yield was higher than 21 of the 24.

The indirect bidders' share was higher than 5 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 69.2%
  • Direct bidders 16.7%
  • Primary dealers 14.1%

Size

Treasury sold $17 billion of the $17 billion offered.

Bids received came to $39.9 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 8-Month, reopening

Coupon
1.875%
Announced
Issued
Matures

It adds to the debt that matures in July 2034.

Understanding this result

Where it stands today

The high real yield was 2.071% at this 10-year TIPS auction, the median real yield 1.998% 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 8-Month, reopening
Offering amount$17,000,000,000
Bids received$39,900,385,500
Sold$17,000,014,300
Competitive bids accepted$16,930,433,800
Non-competitive bids accepted$69,580,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %2.071
Median rate, %1.998
Low rate, %1.940
Interest rate (coupon), %1.875
Bids at the high rate filled, %15.02
Bid-to-cover ratio2.35
Indirect bidders accepted$11,722,135,800
Direct bidders accepted$2,820,000,000
Primary dealers accepted$2,388,298,000
Indirect bidders' share, % (ours)69.2
Direct bidders' share, % (ours)16.7
Primary dealers' share, % (ours)14.1
High minus median, basis points (ours)7.3
Treasury real par yield curve, 10-year point, same day, %2.09
High yield minus that point, basis points (ours)-1.9
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 ratio2.352.366 of 125 of 12
High real yield2.0711.7013 of 129 of 12
Indirect bidders' share69.272.611 of 121 of 12
Direct bidders' share16.716.14 of 128 of 12
Primary dealers' share14.17.80 of 1212 of 12
High minus median, basis points7.38.48 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 ratio2.35Last 24 auctions15 of 248 of 242.43
Bid-to-cover ratio2.35Since 10 April 200867 of 9527 of 952.43
Bid-to-cover ratio2.35All 123 since 29 January 199772 of 12349 of 1232.39
High real yield2.071Last 24 auctions3 of 2421 of 241.201
High real yield2.071Since 10 April 20085 of 9590 of 950.500
High real yield2.071All 128 since 29 January 199727 of 128101 of 1280.826
Indirect bidders' share69.2Last 24 auctions19 of 245 of 2471.1
Indirect bidders' share69.2All 95 since 10 April 200831 of 9564 of 9564.3
Direct bidders' share16.7Last 24 auctions8 of 2416 of 2416.1
Direct bidders' share16.7All 95 since 10 April 200816 of 9579 of 9510.4
Primary dealers' share14.1Last 24 auctions7 of 2417 of 2410.8
Primary dealers' share14.1All 95 since 10 April 200875 of 9520 of 9526.0
High minus median, basis points7.3Last 24 auctions14 of 2410 of 248.4
High minus median, basis points7.3Since 10 April 200836 of 9558 of 956.5
High minus median, basis points7.3All 128 since 29 January 199741 of 12886 of 1285.9

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 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20241121_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 21 November 2024 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2024-11-21.

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