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

5-year TIPS auction of 22 December 2020 (reopening)

The 5-year TIPS sold $17.282 billion at a high real yield of -1.575% on , with a bid-to-cover ratio of 2.86.

Real yield at each 5-year TIPS auction

The last 36 auctions, this one last

Real yield at each 5-year TIPS auction, 26 Oct 2009 to 22 Dec 2020
Real yield at each 5-year TIPS auction, 21 Apr 2011 to 22 Dec 2020
Real yield at each 5-year TIPS auction, 18 Apr 2019 to 22 Dec 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, 26 Oct 2009 to 22 Dec 2020
Bid-to-cover ratio at each 5-year TIPS auction, 21 Apr 2011 to 22 Dec 2020
Bid-to-cover ratio at each 5-year TIPS auction, 18 Apr 2019 to 22 Dec 2020

Who bought the 5-year TIPS of 22 Dec 2020

Shares of the competitive bids accepted

  • Indirect bidders 64.2%
  • Direct bidders 8.7%
  • Primary dealers 27.1%
This auction, 22 Dec 2020
  • Indirect bidders 62.8%
  • Direct bidders 20.5%
  • Primary dealers 16.7%
The 5-year TIPS auction before, 22 Oct 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 bidders64.2%
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
-1.5752.86
-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

Observed .

Right now

The high real yield of -1.575% on 22 December 2020 was the lowest of all 44 earlier 5-year TIPS auctions we hold.

Lower than all 38 since 22 April 2008

Its own history

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

The bid-to-cover ratio 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 64.2%
  • Direct bidders 8.7%
  • Primary dealers 27.1%

Size

Treasury sold $17.282 billion of the $15 billion offered.

Bids received came to $45.223 billion; the bid-to-cover ratio was 2.86.

Its bid-to-cover of 2.86 compares with the 24 auctions before it: lowest 2.27 on , highest 6.31 on ; 14.6% of the way from the low to the high.

2.86

Low 2.27 Midpoint 4.290 High 6.31

The security4-Year 10-Month, reopening

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 -1.575% at this 5-year TIPS auction, the median real yield -1.620% and a bid-to-cover ratio of 2.86.

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
5-year TIPS auction of 22 December 2020: Treasury's published result, with our shares and spread marked "ours"
FieldValue
Offered as4-Year 10-Month, reopening
Offering amount$15,000,000,000
Bids received$45,223,260,800
Sold$17,282,300,500
Competitive bids accepted$14,981,191,200
Non-competitive bids accepted$18,946,600
Federal Reserve (SOMA) add-on$2,282,162,700
Foreign and international (FIMA) non-competitive$0
Real yield, %-1.575
Median rate, %-1.620
Low rate, %-2.000
Interest rate (coupon), %0.125
Bids at the high rate filled, %29.03
Bid-to-cover ratio2.86
Indirect bidders accepted$9,617,911,500
Direct bidders accepted$1,301,279,700
Primary dealers accepted$4,062,000,000
Indirect bidders' share, % (ours)64.2
Direct bidders' share, % (ours)8.7
Primary dealers' share, % (ours)27.1
High minus median, basis points (ours)4.5
Treasury real par yield curve, 5-year point, same day, %-1.55
High yield minus that point, basis points (ours)-2.5
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 ratio2.862.741 of 1211 of 12
High real yield-1.5750.10312 of 120 of 12
Indirect bidders' share64.269.18 of 124 of 12
Direct bidders' share8.712.99 of 123 of 12
Primary dealers' share27.115.51 of 1211 of 12
High minus median, basis points4.54.24 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 ratio2.86Last 24 auctions1 of 2423 of 242.56
Bid-to-cover ratio2.86Since 22 April 20085 of 3833 of 382.58
Bid-to-cover ratio2.86All 43 since 8 October 19977 of 4336 of 432.58
High real yield-1.575Last 24 auctions24 of 240 of 240.037
High real yield-1.575Since 22 April 200838 of 380 of 38-0.088
High real yield-1.575All 44 since 9 July 199744 of 440 of 440.086
Indirect bidders' share64.2Last 24 auctions14 of 2410 of 2466.4
Indirect bidders' share64.2All 38 since 22 April 200814 of 3824 of 3858.7
Direct bidders' share8.7Last 24 auctions12 of 2412 of 248.5
Direct bidders' share8.7All 38 since 22 April 200818 of 3820 of 388.3
Primary dealers' share27.1Last 24 auctions8 of 2416 of 2421.0
Primary dealers' share27.1All 38 since 22 April 200822 of 3816 of 3832.5
High minus median, basis points4.5Last 24 auctions14 of 249 of 244.9
High minus median, basis points4.5Since 22 April 200826 of 3811 of 385.4
High minus median, basis points4.5All 44 since 9 July 199727 of 4415 of 445.2

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 December 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20201222_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 22 December 2020 (reopening)", https://500metrics.com/treasury/auctions/5-year-tips/2020-12-22.

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