Treasury auctions · 5-year TIPS
How did the latest 5-year TIPS auction go?
The last 5-year TIPS auction, on , sold at a high real yield of 1.955% with a bid-to-cover of 2.61.
Real yield at each 5-year TIPS auction
Bid-to-cover ratio at each 5-year TIPS auction
Who bought each 5-year TIPS auction: shares of the competitive bids accepted
The linesLatest:
- Indirect bidders68.6%
- Direct bidders28.0%
- Primary dealers3.4%
Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".
Select a line to followLatest:
Inspect and compare dates
The latest 5-year TIPS auction beside the one before it and the nearest ones a year, five and ten years earlier.
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The high real yield of 1.955% on 18 June 2026 was the highest for a 5-year TIPS since 19 December 2024.
The direct bidders' share of 28.0% was the highest for a 5-year TIPS since 19 December 2019, with 26 auctions in between.
Its own history
Against the previous 24 5-year TIPS auctions, the direct bidders' share was higher than all 24.
The real yield was higher than 20 of them.
Who bought
Indirect bidders took the largest share of the competitive bids accepted at the 18 Jun 2026 auction.
- Indirect bidders 68.6%
- Direct bidders 28.0%
- Primary dealers 3.4%
Size
Treasury offered $24 billion and sold $27.593 billion on 18 Jun 2026.
Next
Treasury has announced no 5-year TIPS auction yet; its tentative schedule names these dates.
- Tentative
Understanding the 5-year TIPS auction
Where it stands today
The high real yield was 1.955% at the 5-year TIPS auction of , with a bid-to-cover ratio of 2.61.
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
- Direct bidders' share: Highest for a 5-year TIPS since 19 December 2019 (26 auctions in between).
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.61 | Last 12 auctions | 1 of 12 | 11 of 12 | 2.52 |
| Bid-to-cover ratio | 2.61 | Last 24 auctions | 6 of 24 | 17 of 24 | 2.52 |
| Bid-to-cover ratio | 2.61 | Since 22 April 2008 | 22 of 60 | 37 of 60 | 2.55 |
| Bid-to-cover ratio | 2.61 | All 65 since 8 October 1997 | 24 of 65 | 40 of 65 | 2.55 |
| High real yield | 1.955 | Last 12 auctions | 4 of 12 | 8 of 12 | 1.706 |
| High real yield | 1.955 | Last 24 auctions | 4 of 24 | 20 of 24 | 1.400 |
| High real yield | 1.955 | Since 22 April 2008 | 5 of 60 | 55 of 60 | 0.136 |
| High real yield | 1.955 | All 66 since 9 July 1997 | 10 of 66 | 56 of 66 | 0.366 |
| Indirect bidders' share | 68.6 | Last 12 auctions | 8 of 12 | 4 of 12 | 73.9 |
| Indirect bidders' share | 68.6 | Last 24 auctions | 17 of 24 | 7 of 24 | 73.7 |
| Indirect bidders' share | 68.6 | All 60 since 22 April 2008 | 27 of 60 | 33 of 60 | 65.2 |
| Direct bidders' share | 28.0 | Last 12 auctions | 0 of 12 | 12 of 12 | 18.4 |
| Direct bidders' share | 28.0 | Last 24 auctions | 0 of 24 | 24 of 24 | 17.7 |
| Direct bidders' share | 28.0 | All 60 since 22 April 2008 | 1 of 60 | 59 of 60 | 11.0 |
| Primary dealers' share | 3.4 | Last 12 auctions | 11 of 12 | 1 of 12 | 7.2 |
| Primary dealers' share | 3.4 | Last 24 auctions | 23 of 24 | 1 of 24 | 8.0 |
| Primary dealers' share | 3.4 | All 60 since 22 April 2008 | 59 of 60 | 1 of 60 | 18.4 |
| High minus median, basis points | 5.0 | Last 12 auctions | 8 of 12 | 4 of 12 | 6.1 |
| High minus median, basis points | 5.0 | Last 24 auctions | 17 of 24 | 7 of 24 | 6.2 |
| High minus median, basis points | 5.0 | Since 22 April 2008 | 39 of 60 | 20 of 60 | 6.1 |
| High minus median, basis points | 5.0 | All 66 since 9 July 1997 | 40 of 66 | 25 of 66 | 6.0 |
The table scrolls sideways; the first column stays in place.
What were the results of every 5-year TIPS auction?68 auctions, newest first
67 5-year TIPS auctions with results since 9 July 1997.
Show 56 more rows
The table scrolls sideways; the first column stays in place.
When are the next 5-year TIPS auctions?Treasury's tentative schedule, from its quarterly refunding
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| Reopening |
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 18 June 2026. Compiled by 500metrics, "How did the latest 5-year TIPS auction go?", https://500metrics.com/treasury/auctions/5-year-tips.
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