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

10-year TIPS auction of 21 May 2026 (reopening)

The 10-year TIPS sold $19 billion at a high real yield of 2.169% on , with a bid-to-cover ratio of 2.52.

Real yield at each 10-year TIPS auction

The last 36 auctions, this one last

Real yield at each 10-year TIPS auction, 23 Jul 2020 to 21 May 2026
Real yield at each 10-year TIPS auction, 23 May 2024 to 21 May 2026

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 Jul 2020 to 21 May 2026
Bid-to-cover ratio at each 10-year TIPS auction, 23 May 2024 to 21 May 2026

Who bought the 10-year TIPS of 21 May 2026

Shares of the competitive bids accepted

  • Indirect bidders 61.4%
  • Direct bidders 27.5%
  • Primary dealers 11.1%
This auction, 21 May 2026
  • Indirect bidders 68.5%
  • Direct bidders 24.0%
  • Primary dealers 7.5%
The 10-year TIPS auction before, 19 Mar 2026

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 bidders61.4%
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
2.1692.52
1.8962.47
1.9402.38
1.8432.41
1.7342.20
1.9852.41
2.2202.36
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

Observed .

Right now

The high real yield of 2.169% on 21 May 2026 was the highest for a 10-year TIPS since 22 May 2025.

The bid-to-cover ratio of 2.52 was the highest for a 10-year TIPS since 18 January 2024, with 13 auctions in between.

Higher than 98 of the 104 since 10 April 2008

Its own history

Against the previous 24 10-year TIPS auctions, the direct bidders' share was higher than 23 of the 24.

The indirect bidders' share was higher than 1 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 61.4%
  • Direct bidders 27.5%
  • Primary dealers 11.1%

Size

Treasury sold $19 billion of the $19 billion offered.

Bids received came to $47.949 billion; the bid-to-cover ratio was 2.52.

Its bid-to-cover of 2.52 compares with the 24 auctions before it: lowest 2.18 on , highest 2.79 on ; 55.7% of the way from the low to the high.

2.52

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 January 2036.

Understanding this result

Where it stands today

The high real yield was 2.169% at this 10-year TIPS auction, the median real yield 2.100% and a bid-to-cover ratio of 2.52.

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$19,000,000,000
Bids received$47,948,755,500
Sold$19,000,007,500
Competitive bids accepted$18,935,762,000
Non-competitive bids accepted$64,245,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %2.169
Median rate, %2.100
Low rate, %2.040
Interest rate (coupon), %1.875
Bids at the high rate filled, %35.14
Bid-to-cover ratio2.52
Indirect bidders accepted$11,619,062,000
Direct bidders accepted$5,209,700,000
Primary dealers accepted$2,107,000,000
Indirect bidders' share, % (ours)61.4
Direct bidders' share, % (ours)27.5
Primary dealers' share, % (ours)11.1
High minus median, basis points (ours)6.9
Treasury real par yield curve, 10-year point, same day, %2.18
High yield minus that point, basis points (ours)-1.1
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 ratio2.522.380 of 1212 of 12
High real yield2.1691.9383 of 129 of 12
Indirect bidders' share61.468.011 of 121 of 12
Direct bidders' share27.523.31 of 1211 of 12
Primary dealers' share11.111.06 of 126 of 12
High minus median, basis points6.97.39 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 ratio2.52Last 24 auctions3 of 2421 of 242.37
Bid-to-cover ratio2.52Since 10 April 200834 of 10468 of 1042.43
Bid-to-cover ratio2.52All 132 since 29 January 199736 of 13294 of 1322.39
High real yield2.169Last 24 auctions4 of 2420 of 241.863
High real yield2.169Since 10 April 20086 of 10498 of 1040.572
High real yield2.169All 137 since 29 January 199728 of 137109 of 1370.934
Indirect bidders' share61.4Last 24 auctions23 of 241 of 2470.4
Indirect bidders' share61.4All 104 since 10 April 200865 of 10439 of 10464.6
Direct bidders' share27.5Last 24 auctions1 of 2423 of 2417.3
Direct bidders' share27.5All 104 since 10 April 20083 of 104101 of 10411.8
Primary dealers' share11.1Last 24 auctions10 of 2414 of 249.8
Primary dealers' share11.1All 104 since 10 April 200886 of 10418 of 10422.9
High minus median, basis points6.9Last 24 auctions17 of 247 of 247.7
High minus median, basis points6.9Since 10 April 200847 of 10456 of 1046.6
High minus median, basis points6.9All 137 since 29 January 199752 of 13784 of 1376.0

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 21 May 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260521_4.pdf. Compiled by 500metrics, "10-year TIPS auction of 21 May 2026 (reopening)", https://500metrics.com/treasury/auctions/10-year-tips/2026-05-21.

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