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

10-year TIPS auction of 20 March 2025 (reopening)

The 10-year TIPS sold $18.532 billion at a high real yield of 1.935% 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, 23 May 2019 to 20 Mar 2025
Real yield at each 10-year TIPS auction, 23 Mar 2023 to 20 Mar 2025

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 May 2019 to 20 Mar 2025
Bid-to-cover ratio at each 10-year TIPS auction, 23 Mar 2023 to 20 Mar 2025

Who bought the 10-year TIPS of 20 Mar 2025

Shares of the competitive bids accepted

  • Indirect bidders 67.4%
  • Direct bidders 23.2%
  • Primary dealers 9.4%
This auction, 20 Mar 2025
  • Indirect bidders 66.5%
  • Direct bidders 23.3%
  • Primary dealers 10.2%
The 10-year TIPS auction before, 23 Jan 2025

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 bidders67.4%
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
1.9352.35
2.2432.48
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

Observed .

Right now

The high real yield was 1.935% on 20 March 2025, down from 2.243% at the auction before.

Higher than 90 of the 97 since 10 April 2008

Its own history

Against the previous 24 10-year TIPS auctions, the direct bidders' share was higher than 22 of the 24.

The indirect bidders' share 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 67.4%
  • Direct bidders 23.2%
  • Primary dealers 9.4%

Size

Treasury sold $18.532 billion of the $18 billion offered.

Bids received came to $42.794 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
2.125%
Announced
Issued
Matures

It adds to the debt that matures in January 2035.

Understanding this result

Where it stands today

The high real yield was 1.935% at this 10-year TIPS auction, the median real yield 1.863% 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$18,000,000,000
Bids received$42,793,535,400
Sold$18,531,651,200
Competitive bids accepted$17,931,485,800
Non-competitive bids accepted$68,515,200
Federal Reserve (SOMA) add-on$531,650,200
Foreign and international (FIMA) non-competitive$0
Real yield, %1.935
Median rate, %1.863
Low rate, %1.780
Interest rate (coupon), %2.125
Bids at the high rate filled, %83.18
Bid-to-cover ratio2.35
Indirect bidders accepted$12,081,736,800
Direct bidders accepted$4,164,000,000
Primary dealers accepted$1,685,749,000
Indirect bidders' share, % (ours)67.4
Direct bidders' share, % (ours)23.2
Primary dealers' share, % (ours)9.4
High minus median, basis points (ours)7.2
Treasury real par yield curve, 10-year point, same day, %1.93
High yield minus that point, basis points (ours)0.5
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 124 of 12
High real yield1.9351.9085 of 127 of 12
Indirect bidders' share67.471.611 of 121 of 12
Direct bidders' share23.216.52 of 1210 of 12
Primary dealers' share9.49.16 of 126 of 12
High minus median, basis points7.27.89 of 123 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 auctions14 of 248 of 242.42
Bid-to-cover ratio2.35Since 10 April 200868 of 9727 of 972.43
Bid-to-cover ratio2.35All 125 since 29 January 199773 of 12549 of 1252.39
High real yield1.935Last 24 auctions5 of 2419 of 241.322
High real yield1.935Since 10 April 20087 of 9790 of 970.512
High real yield1.935All 130 since 29 January 199735 of 13095 of 1300.898
Indirect bidders' share67.4Last 24 auctions22 of 242 of 2471.1
Indirect bidders' share67.4All 97 since 10 April 200840 of 9757 of 9764.3
Direct bidders' share23.2Last 24 auctions2 of 2422 of 2416.1
Direct bidders' share23.2All 97 since 10 April 20085 of 9792 of 9711.3
Primary dealers' share9.4Last 24 auctions16 of 248 of 2410.7
Primary dealers' share9.4All 97 since 10 April 200889 of 978 of 9725.9
High minus median, basis points7.2Last 24 auctions16 of 248 of 248.4
High minus median, basis points7.2Since 10 April 200839 of 9758 of 976.5
High minus median, basis points7.2All 130 since 29 January 199744 of 13086 of 1306.0

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 20 March 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250320_3.pdf. Compiled by 500metrics, "10-year TIPS auction of 20 March 2025 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2025-03-20.

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