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Treasury auctions · 4-Year 10-Month TIPS, reopening

5-year TIPS auction of 20 June 2019 (reopening)

The 5-year TIPS sold $15 billion at a high real yield of 0.152% on , with a bid-to-cover ratio of 2.55.

Real yield at each 5-year TIPS auction

The last 36 auctions, this one last

Real yield at each 5-year TIPS auction, 25 Apr 2006 to 20 Jun 2019
Real yield at each 5-year TIPS auction, 26 Oct 2009 to 20 Jun 2019
Real yield at each 5-year TIPS auction, 24 Aug 2017 to 20 Jun 2019

Bid-to-cover ratio at each 5-year TIPS auction

The last 36 auctions, this one last

Bid-to-cover ratio at each 5-year TIPS auction, 25 Apr 2006 to 20 Jun 2019
Bid-to-cover ratio at each 5-year TIPS auction, 26 Oct 2009 to 20 Jun 2019
Bid-to-cover ratio at each 5-year TIPS auction, 24 Aug 2017 to 20 Jun 2019

Who bought the 5-year TIPS of 20 Jun 2019

Shares of the competitive bids accepted

  • Indirect bidders 75.7%
  • Direct bidders 10.9%
  • Primary dealers 13.4%
This auction, 20 Jun 2019
  • Indirect bidders 75.4%
  • Direct bidders 8.8%
  • Primary dealers 15.8%
The 5-year TIPS auction before, 18 Apr 2019

Each point is one 5-year TIPS auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders75.7%
Inspect and compare dates
Real yield and bid-to-cover of the last 36 5-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
0.1522.55
0.5152.50
1.1292.80
0.7242.78
0.6312.55
0.3702.78
0.1172.41
-0.0492.52
0.1202.68
-0.2092.37
-0.1952.42
0.4722.38
0.3052.58
-0.3352.27
0.3952.37
-0.2812.48
-0.2132.70
-0.3752.54
-0.1272.18
-1.3112.18
-1.4962.70
-1.2863.11
-1.0802.58
-0.8773.01
-0.8252.49
-0.1802.57
-0.5502.84
0.5503.15
0.7693.10
1.2782.66
3.2701.81
0.7452.20
1.9542.44
2.1142.45
2.6912.89
2.3791.46

Observed .

Right now

The high real yield of 0.152% on 20 June 2019 was the lowest for a 5-year TIPS since 24 August 2017.

Higher than 18 of the 31 since 22 April 2008

Its own history

Against the previous 24 5-year TIPS auctions, the indirect bidders' share was higher than 22 of the 24.

The primary dealers' 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 75.7%
  • Direct bidders 10.9%
  • Primary dealers 13.4%

Size

Treasury sold $15 billion of the $15 billion offered.

Bids received came to $38.279 billion; the bid-to-cover ratio was 2.55.

Its bid-to-cover of 2.55 compares with the 24 auctions before it: lowest 2.18 on , highest 3.11 on ; 39.8% of the way from the low to the high.

2.55

Low 2.18 Midpoint 2.645 High 3.11

The security4-Year 10-Month, reopening

Coupon
0.500%
Announced
Issued
Matures

It adds to the debt that matures in April 2024.

Understanding this result

Where it stands today

The high real yield was 0.152% at this 5-year TIPS auction, the median real yield 0.100% and a bid-to-cover ratio of 2.55.

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 (5-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 as4-Year 10-Month, reopening
Offering amount$15,000,000,000
Bids received$38,279,436,000
Sold$15,000,001,500
Competitive bids accepted$14,981,705,500
Non-competitive bids accepted$18,296,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.152
Median rate, %0.100
Low rate, %0.057
Interest rate (coupon), %0.500
Bids at the high rate filled, %30.97
Bid-to-cover ratio2.55
Indirect bidders accepted$11,345,090,000
Direct bidders accepted$1,630,000,000
Primary dealers accepted$2,006,615,500
Indirect bidders' share, % (ours)75.7
Direct bidders' share, % (ours)10.9
Primary dealers' share, % (ours)13.4
High minus median, basis points (ours)5.2
Treasury real par yield curve, 5-year point, same day, %0.16
High yield minus that point, basis points (ours)-0.8
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 5-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.552.545 of 126 of 12
High real yield0.1520.3387 of 125 of 12
Indirect bidders' share75.770.82 of 1210 of 12
Direct bidders' share10.98.54 of 128 of 12
Primary dealers' share13.421.011 of 121 of 12
High minus median, basis points5.24.95 of 127 of 12

The table scrolls sideways; the first column stays in place.

The longer windows

Each measure against earlier 5-year TIPS auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.55Last 24 auctions10 of 2413 of 242.53
Bid-to-cover ratio2.55Since 22 April 200815 of 3115 of 312.55
Bid-to-cover ratio2.55All 36 since 8 October 199717 of 3618 of 362.54
High real yield0.152Last 24 auctions8 of 2416 of 24-0.161
High real yield0.152Since 22 April 200813 of 3118 of 31-0.049
High real yield0.152All 37 since 9 July 199719 of 3718 of 370.305
Indirect bidders' share75.7Last 24 auctions2 of 2422 of 2461.8
Indirect bidders' share75.7All 31 since 22 April 20082 of 3129 of 3156.3
Direct bidders' share10.9Last 24 auctions7 of 2417 of 248.5
Direct bidders' share10.9All 31 since 22 April 20088 of 3123 of 318.1
Primary dealers' share13.4Last 24 auctions23 of 241 of 2431.4
Primary dealers' share13.4All 31 since 22 April 200830 of 311 of 3135.7
High minus median, basis points5.2Last 24 auctions14 of 2410 of 245.9
High minus median, basis points5.2Since 22 April 200819 of 3112 of 316.5
High minus median, basis points5.2All 37 since 9 July 199720 of 3717 of 375.4

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 June 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190620_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 20 June 2019 (reopening)", https://500metrics.com/treasury/auctions/5-year-tips/2019-06-20.

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