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Treasury auctions · 5-Year TIPS

5-year TIPS auction of 22 October 2020 (new issue)

The 5-year TIPS sold $17 billion at a high real yield of -1.320% on , with a bid-to-cover ratio of 2.66.

Real yield at each 5-year TIPS auction

The last 36 auctions, this one last

Real yield at each 5-year TIPS auction, 23 Apr 2009 to 22 Oct 2020
Real yield at each 5-year TIPS auction, 25 Oct 2010 to 22 Oct 2020
Real yield at each 5-year TIPS auction, 20 Dec 2018 to 22 Oct 2020

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, 23 Apr 2009 to 22 Oct 2020
Bid-to-cover ratio at each 5-year TIPS auction, 25 Oct 2010 to 22 Oct 2020
Bid-to-cover ratio at each 5-year TIPS auction, 20 Dec 2018 to 22 Oct 2020

Who bought the 5-year TIPS of 22 Oct 2020

Shares of the competitive bids accepted

  • Indirect bidders 62.8%
  • Direct bidders 20.5%
  • Primary dealers 16.7%
This auction, 22 Oct 2020
  • Indirect bidders 0.0%
  • Direct bidders 0.0%
  • Primary dealers 100.0%
The 5-year TIPS auction before, 10 Jul 2020

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 bidders62.8%
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
-1.3202.66
-0.9516.31
-0.7662.78
-0.3202.74
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

Observed .

Right now

The high real yield of -1.320% on 22 October 2020 was the lowest for a 5-year TIPS since 20 December 2012.

Higher than 1 of the 37 since 22 April 2008

Its own history

Against the previous 24 5-year TIPS auctions, the real yield was lower than all 24.

The direct bidders' share was higher than 23 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 62.8%
  • Direct bidders 20.5%
  • Primary dealers 16.7%

Size

Treasury sold $17 billion of the $17 billion offered.

Bids received came to $45.151 billion; the bid-to-cover ratio was 2.66.

Its bid-to-cover of 2.66 compares with the 24 auctions before it: lowest 2.18 on , highest 6.31 on ; 11.6% of the way from the low to the high.

2.66

Low 2.18 Midpoint 4.245 High 6.31

The security5-Year, new issue

Coupon
0.125%
Announced
Issued
Matures

It adds to the debt that matures in October 2025.

Understanding this result

Where it stands today

The high real yield was -1.320% at this 5-year TIPS auction, the median real yield -1.361% and a bid-to-cover ratio of 2.66.

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 as5-Year, new issue
Offering amount$17,000,000,000
Bids received$45,151,127,500
Sold$17,000,006,500
Competitive bids accepted$16,953,138,000
Non-competitive bids accepted$46,868,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %-1.320
Median rate, %-1.361
Low rate, %-1.500
Interest rate (coupon), %0.125
Bids at the high rate filled, %87.46
Bid-to-cover ratio2.66
Indirect bidders accepted$10,638,138,000
Direct bidders accepted$3,479,000,000
Primary dealers accepted$2,836,000,000
Indirect bidders' share, % (ours)62.8
Direct bidders' share, % (ours)20.5
Primary dealers' share, % (ours)16.7
High minus median, basis points (ours)4.1
Treasury real par yield curve, 5-year point, same day, %-1.30
High yield minus that point, basis points (ours)-2.0
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 ratio2.662.748 of 124 of 12
High real yield-1.3200.13412 of 120 of 12
Indirect bidders' share62.869.19 of 123 of 12
Direct bidders' share20.511.91 of 1211 of 12
Primary dealers' share16.715.54 of 128 of 12
High minus median, basis points4.14.47 of 125 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 ratio2.66Last 24 auctions10 of 2414 of 242.55
Bid-to-cover ratio2.66Since 22 April 200816 of 3720 of 372.58
Bid-to-cover ratio2.66All 42 since 8 October 199718 of 4223 of 422.58
High real yield-1.320Last 24 auctions24 of 240 of 240.037
High real yield-1.320Since 22 April 200836 of 371 of 37-0.049
High real yield-1.320All 43 since 9 July 199742 of 431 of 430.117
Indirect bidders' share62.8Last 24 auctions14 of 2410 of 2466.4
Indirect bidders' share62.8All 37 since 22 April 200814 of 3723 of 3758.4
Direct bidders' share20.5Last 24 auctions1 of 2423 of 248.1
Direct bidders' share20.5All 37 since 22 April 20081 of 3736 of 378.2
Primary dealers' share16.7Last 24 auctions15 of 249 of 2423.0
Primary dealers' share16.7All 37 since 22 April 200828 of 379 of 3732.8
High minus median, basis points4.1Last 24 auctions17 of 247 of 245.0
High minus median, basis points4.1Since 22 April 200829 of 378 of 375.4
High minus median, basis points4.1All 43 since 9 July 199732 of 4311 of 435.2

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 22 October 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201022_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 22 October 2020 (new issue)", https://500metrics.com/treasury/auctions/5-year-tips/2020-10-22.

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