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

5-year TIPS auction of 19 December 2019 (reopening)

The 5-year TIPS sold $16.412 billion at a high real yield of 0.020% on , with a bid-to-cover ratio of 2.69.

Real yield at each 5-year TIPS auction

The last 36 auctions, this one last

Real yield at each 5-year TIPS auction, 24 Apr 2007 to 19 Dec 2019
Real yield at each 5-year TIPS auction, 26 Apr 2010 to 19 Dec 2019
Real yield at each 5-year TIPS auction, 21 Dec 2017 to 19 Dec 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, 24 Apr 2007 to 19 Dec 2019
Bid-to-cover ratio at each 5-year TIPS auction, 26 Apr 2010 to 19 Dec 2019
Bid-to-cover ratio at each 5-year TIPS auction, 21 Dec 2017 to 19 Dec 2019

Who bought the 5-year TIPS of 19 Dec 2019

Shares of the competitive bids accepted

  • Indirect bidders 55.1%
  • Direct bidders 31.8%
  • Primary dealers 13.1%
This auction, 19 Dec 2019
  • Indirect bidders 67.9%
  • Direct bidders 18.2%
  • Primary dealers 13.8%
The 5-year TIPS auction before, 17 Oct 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 bidders55.1%
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
0.0202.69
0.0542.75
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

Observed .

Right now

The high real yield of 0.020% on 19 December 2019 was the lowest for a 5-year TIPS since 20 April 2017.

The indirect bidders' share of 55.1% was the lowest for a 5-year TIPS since 19 December 2013, with 18 auctions in between.

The direct bidders' share of 31.8% was the highest of all 33 earlier 5-year TIPS auctions we hold.

Higher than 16 of the 33 since 22 April 2008

Its own history

Against the previous 24 5-year TIPS auctions, the direct bidders' share was higher than all 24.

The bid-to-cover ratio was higher than 17 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 55.1%
  • Direct bidders 31.8%
  • Primary dealers 13.1%

Size

Treasury sold $16.412 billion of the $15 billion offered.

Bids received came to $41.799 billion; the bid-to-cover ratio was 2.69.

Its bid-to-cover of 2.69 compares with the 24 auctions before it: lowest 2.18 on , highest 3.11 on ; 54.8% of the way from the low to the high.

2.69

Low 2.18 Midpoint 2.645 High 3.11

The security4-Year 10-Month, reopening

Coupon
0.125%
Announced
Issued
Matures

It adds to the debt that matures in October 2024.

Understanding this result

Where it stands today

The high real yield was 0.020% at this 5-year TIPS auction, the median real yield -0.009% and a bid-to-cover ratio of 2.69.

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$41,798,738,100
Sold$16,411,808,900
Competitive bids accepted$14,974,600,800
Non-competitive bids accepted$25,474,600
Federal Reserve (SOMA) add-on$1,411,733,500
Foreign and international (FIMA) non-competitive$0
Real yield, %0.020
Median rate, %-0.009
Low rate, %-0.060
Interest rate (coupon), %0.125
Bids at the high rate filled, %42.84
Bid-to-cover ratio2.69
Indirect bidders accepted$8,249,180,800
Direct bidders accepted$4,767,000,000
Primary dealers accepted$1,958,420,000
Indirect bidders' share, % (ours)55.1
Direct bidders' share, % (ours)31.8
Primary dealers' share, % (ours)13.1
High minus median, basis points (ours)2.9
Treasury real par yield curve, 5-year point, same day, %0.05
High yield minus that point, basis points (ours)-3.0
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 ratio2.692.554 of 128 of 12
High real yield0.0200.1369 of 123 of 12
Indirect bidders' share55.169.812 of 120 of 12
Direct bidders' share31.810.00 of 1212 of 12
Primary dealers' share13.117.711 of 121 of 12
High minus median, basis points2.94.910 of 121 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 ratio2.69Last 24 auctions7 of 2417 of 242.54
Bid-to-cover ratio2.69Since 22 April 200811 of 3322 of 332.55
Bid-to-cover ratio2.69All 38 since 8 October 199713 of 3825 of 382.55
High real yield0.020Last 24 auctions12 of 2412 of 240.002
High real yield0.020Since 22 April 200817 of 3316 of 330.054
High real yield0.020All 39 since 9 July 199723 of 3916 of 390.152
Indirect bidders' share55.1Last 24 auctions18 of 246 of 2463.6
Indirect bidders' share55.1All 33 since 22 April 200818 of 3315 of 3358.4
Direct bidders' share31.8Last 24 auctions0 of 2424 of 248.5
Direct bidders' share31.8All 33 since 22 April 20080 of 3333 of 338.2
Primary dealers' share13.1Last 24 auctions23 of 241 of 2427.5
Primary dealers' share13.1All 33 since 22 April 200832 of 331 of 3335.7
High minus median, basis points2.9Last 24 auctions20 of 243 of 245.3
High minus median, basis points2.9Since 22 April 200829 of 333 of 336.4
High minus median, basis points2.9All 39 since 9 July 199732 of 395 of 395.3

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 19 December 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20191219_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 19 December 2019 (reopening)", https://500metrics.com/treasury/auctions/5-year-tips/2019-12-19.

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