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

5-year TIPS auction of 17 June 2025 (reopening)

The 5-year TIPS sold $25.289 billion at a high real yield of 1.650% on , with a bid-to-cover ratio of 2.53.

Real yield at each 5-year TIPS auction

The last 36 auctions, this one last

Real yield at each 5-year TIPS auction, 21 Apr 2016 to 17 Jun 2025
Real yield at each 5-year TIPS auction, 22 Jun 2023 to 17 Jun 2025

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, 21 Apr 2016 to 17 Jun 2025
Bid-to-cover ratio at each 5-year TIPS auction, 22 Jun 2023 to 17 Jun 2025

Who bought the 5-year TIPS of 17 Jun 2025

Shares of the competitive bids accepted

  • Indirect bidders 74.6%
  • Direct bidders 18.8%
  • Primary dealers 6.6%
This auction, 17 Jun 2025
  • Indirect bidders 64.2%
  • Direct bidders 17.8%
  • Primary dealers 18.1%
The 5-year TIPS auction before, 17 Apr 2025

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 bidders74.6%
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
1.6502.53
1.7022.28
2.1212.10
1.6702.40
2.0502.52
2.2422.58
1.7102.55
2.4402.36
1.8322.56
1.3202.34
1.5042.51
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

Observed .

Right now

The high real yield of 1.650% on 17 June 2025 was the lowest for a 5-year TIPS since 20 April 2023.

Higher than 46 of the 56 since 22 April 2008

Its own history

Against the previous 24 5-year TIPS auctions, the direct bidders' share was higher than 21 of the 24.

The high minus median was higher than 5 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 74.6%
  • Direct bidders 18.8%
  • Primary dealers 6.6%

Size

Treasury sold $25.289 billion of the $23 billion offered.

Bids received came to $60.525 billion; the bid-to-cover ratio was 2.53.

Its bid-to-cover of 2.53 compares with the 24 auctions before it: lowest 2.10 on , highest 6.31 on ; 10.2% of the way from the low to the high.

2.53

Low 2.10 Midpoint 4.205 High 6.31

The security4-Year 10-Month, reopening

Coupon
1.625%
Announced
Issued
Matures

It adds to the debt that matures in April 2030.

Understanding this result

Where it stands today

The high real yield was 1.650% at this 5-year TIPS auction, the median real yield 1.607% and a bid-to-cover ratio of 2.53.

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$23,000,000,000
Bids received$60,524,756,700
Sold$25,288,893,600
Competitive bids accepted$22,946,760,900
Non-competitive bids accepted$53,323,300
Federal Reserve (SOMA) add-on$2,288,809,400
Foreign and international (FIMA) non-competitive$0
Real yield, %1.650
Median rate, %1.607
Low rate, %1.560
Interest rate (coupon), %1.625
Bids at the high rate filled, %93.57
Bid-to-cover ratio2.53
Indirect bidders accepted$17,123,940,400
Direct bidders accepted$4,319,000,000
Primary dealers accepted$1,503,820,500
Indirect bidders' share, % (ours)74.6
Direct bidders' share, % (ours)18.8
Primary dealers' share, % (ours)6.6
High minus median, basis points (ours)4.3
Treasury real par yield curve, 5-year point, same day, %1.64
High yield minus that point, basis points (ours)1.0
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 ratio2.532.464 of 128 of 12
High real yield1.6501.7219 of 123 of 12
Indirect bidders' share74.675.07 of 125 of 12
Direct bidders' share18.817.71 of 1211 of 12
Primary dealers' share6.67.88 of 124 of 12
High minus median, basis points4.37.011 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 ratio2.53Last 24 auctions13 of 2411 of 242.56
Bid-to-cover ratio2.53Since 22 April 200831 of 5625 of 562.55
Bid-to-cover ratio2.53All 61 since 8 October 199733 of 6128 of 612.55
High real yield1.650Last 24 auctions9 of 2415 of 240.208
High real yield1.650Since 22 April 200810 of 5646 of 560.086
High real yield1.650All 62 since 9 July 199716 of 6246 of 620.228
Indirect bidders' share74.6Last 24 auctions11 of 2413 of 2473.7
Indirect bidders' share74.6All 56 since 22 April 200815 of 5641 of 5665.2
Direct bidders' share18.8Last 24 auctions3 of 2421 of 2417.3
Direct bidders' share18.8All 56 since 22 April 20083 of 5653 of 5610.1
Primary dealers' share6.6Last 24 auctions17 of 247 of 249.7
Primary dealers' share6.6All 56 since 22 April 200849 of 567 of 5621.0
High minus median, basis points4.3Last 24 auctions19 of 245 of 246.1
High minus median, basis points4.3Since 22 April 200845 of 5610 of 566.2
High minus median, basis points4.3All 62 since 9 July 199748 of 6213 of 626.0

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 17 June 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250617_2.pdf. Compiled by 500metrics, "5-year TIPS auction of 17 June 2025 (reopening)", https://500metrics.com/treasury/auctions/5-year-tips/2025-06-17.

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