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Treasury auctions · 5-Year TIPS

5-year TIPS auction of 20 October 2022 (new issue)

The 5-year TIPS sold $21 billion at a high real yield of 1.732% on , with a bid-to-cover ratio of 2.38.

Real yield at each 5-year TIPS auction

The last 36 auctions, this one last

Real yield at each 5-year TIPS auction, 23 Aug 2012 to 20 Oct 2022
Real yield at each 5-year TIPS auction, 20 Dec 2012 to 20 Oct 2022
Real yield at each 5-year TIPS auction, 22 Oct 2020 to 20 Oct 2022

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 Aug 2012 to 20 Oct 2022
Bid-to-cover ratio at each 5-year TIPS auction, 20 Dec 2012 to 20 Oct 2022
Bid-to-cover ratio at each 5-year TIPS auction, 22 Oct 2020 to 20 Oct 2022

Who bought the 5-year TIPS of 20 Oct 2022

Shares of the competitive bids accepted

  • Indirect bidders 75.3%
  • Direct bidders 17.0%
  • Primary dealers 7.7%
This auction, 20 Oct 2022
  • Indirect bidders 83.9%
  • Direct bidders 9.3%
  • Primary dealers 6.8%
The 5-year TIPS auction before, 23 Jun 2022

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 bidders75.3%
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
1.7322.38
0.3622.61
-0.3402.73
-1.5082.42
-1.6852.45
-1.4162.67
-1.6312.50
-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

Observed .

Right now

The high real yield of 1.732% on 20 October 2022 was the highest for a 5-year TIPS since 27 October 2008.

The bid-to-cover ratio of 2.38 was the lowest for a 5-year TIPS since 18 August 2016, with 22 auctions in between.

Higher than 44 of the 45 since 22 April 2008

Its own history

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

The direct bidders' share was higher than 20 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 75.3%
  • Direct bidders 17.0%
  • Primary dealers 7.7%

Size

Treasury sold $21 billion of the $21 billion offered.

Bids received came to $50.046 billion; the bid-to-cover ratio was 2.38.

Its bid-to-cover of 2.38 compares with the 24 auctions before it: lowest 2.37 on , highest 6.31 on ; 0.3% of the way from the low to the high.

2.38

Low 2.37 Midpoint 4.340 High 6.31

The security5-Year, new issue

Coupon
1.625%
Announced
Issued
Matures

It adds to the debt that matures in October 2027.

Understanding this result

Where it stands today

The high real yield was 1.732% at this 5-year TIPS auction, the median real yield 1.669% and a bid-to-cover ratio of 2.38.

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$21,000,000,000
Bids received$50,046,184,500
Sold$21,000,000,000
Competitive bids accepted$20,743,965,500
Non-competitive bids accepted$256,034,500
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %1.732
Median rate, %1.669
Low rate, %1.627
Interest rate (coupon), %1.625
Bids at the high rate filled, %58.07
Bid-to-cover ratio2.38
Indirect bidders accepted$15,610,150,000
Direct bidders accepted$3,529,000,000
Primary dealers accepted$1,604,815,500
Indirect bidders' share, % (ours)75.3
Direct bidders' share, % (ours)17.0
Primary dealers' share, % (ours)7.7
High minus median, basis points (ours)6.3
Treasury real par yield curve, 5-year point, same day, %1.80
High yield minus that point, basis points (ours)-6.8
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 ratio2.382.6812 of 120 of 12
High real yield1.732-1.1360 of 1212 of 12
Indirect bidders' share75.370.75 of 127 of 12
Direct bidders' share17.012.03 of 129 of 12
Primary dealers' share7.713.58 of 124 of 12
High minus median, basis points6.35.73 of 129 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 ratio2.38Last 24 auctions23 of 241 of 242.66
Bid-to-cover ratio2.38Since 22 April 200837 of 457 of 452.58
Bid-to-cover ratio2.38All 50 since 8 October 199741 of 508 of 502.58
High real yield1.732Last 24 auctions0 of 2424 of 24-0.122
High real yield1.732Since 22 April 20081 of 4544 of 45-0.195
High real yield1.732All 51 since 9 July 19977 of 5144 of 51-0.049
Indirect bidders' share75.3Last 24 auctions8 of 2416 of 2470.7
Indirect bidders' share75.3All 45 since 22 April 20089 of 4536 of 4562.4
Direct bidders' share17.0Last 24 auctions4 of 2420 of 2410.1
Direct bidders' share17.0All 45 since 22 April 20085 of 4540 of 458.7
Primary dealers' share7.7Last 24 auctions20 of 244 of 2415.5
Primary dealers' share7.7All 45 since 22 April 200841 of 454 of 4527.1
High minus median, basis points6.3Last 24 auctions7 of 2417 of 245.2
High minus median, basis points6.3Since 22 April 200820 of 4525 of 455.9
High minus median, basis points6.3All 51 since 9 July 199721 of 5130 of 515.4

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 October 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20221020_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 20 October 2022 (new issue)", https://500metrics.com/treasury/auctions/5-year-tips/2022-10-20.

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