Treasury auctions · 5-year 6-month TIPS
How did the latest 5-year 6-month TIPS auction go?
The last 5-year 6-month TIPS auction, on , sold at a high real yield of 1.740% with a bid-to-cover of 1.65.
Discontinued Treasury has not auctioned this term since 25 October 2005.
Right now
The high real yield was 1.740% on 25 October 2005, up from 1.200% at the auction before.
Its own history
Against all 2 earlier 5-year 6-month TIPS auctions we hold, the real yield was higher than all 2.
The bid-to-cover ratio and the high minus median were lower than all 2.
Size
Treasury offered $7 billion and sold $7 billion on 25 Oct 2005.
Understanding the 5-year 6-month TIPS auction
Where it stands today
The high real yield was 1.740% at the 5-year 6-month TIPS auction of , with a bid-to-cover ratio of 1.65.
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.
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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
How does the latest auction compare with earlier ones?Every measure, window by window
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 1.65 | All 2 since 26 October 2004 | 2 of 2 | 0 of 2 | 1.84 |
| High real yield | 1.740 | All 2 since 26 October 2004 | 0 of 2 | 2 of 2 | 1.075 |
| High minus median, basis points | 5.0 | All 2 since 26 October 2004 | 2 of 2 | 0 of 2 | 5.2 |
The table scrolls sideways; the first column stays in place.
What were the results of every 5-year 6-month TIPS auction?3 auctions, newest first
3 5-year 6-month TIPS auctions with results since 26 October 2004.
| Auction | Offered as | Real yield, % | Bid-to-cover | Offered, $ billion | Sold, $ billion | Indirect, % | Direct, % | Dealers, % | High − median, bp |
|---|---|---|---|---|---|---|---|---|---|
| 4-Year 6-Month, reopening | 1.740 | 1.65 | 7.000 | 7.000 | – | – | – | 5.0 | |
| 5-Year, reopening | 1.200 | 1.88 | 9.000 | 9.000 | – | – | – | 5.1 | |
| 5-Year 6-Month | 0.950 | 1.80 | 12.000 | 12.000 | – | – | – | 5.4 |
The table scrolls sideways; the first column stays in place.
What do the figures leave out, and how are they cited?Limits, dates and how to cite
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 25 October 2005. Compiled by 500metrics, "How did the latest 5-year 6-month TIPS auction go?", https://500metrics.com/treasury/auctions/5-year-6-month-tips.
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