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Treasury auctions · 5-Year TIPS

5-year TIPS auction of 23 October 2025 (new issue)

The 5-year TIPS sold $27.493 billion at a high real yield of 1.182% on , with a bid-to-cover ratio of 2.51.

Real yield at each 5-year TIPS auction

The last 36 auctions, this one last

Real yield at each 5-year TIPS auction, 18 Aug 2016 to 23 Oct 2025
Real yield at each 5-year TIPS auction, 21 Dec 2023 to 23 Oct 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, 18 Aug 2016 to 23 Oct 2025
Bid-to-cover ratio at each 5-year TIPS auction, 21 Dec 2023 to 23 Oct 2025

Who bought the 5-year TIPS of 23 Oct 2025

Shares of the competitive bids accepted

  • Indirect bidders 62.1%
  • Direct bidders 24.4%
  • Primary dealers 13.5%
This auction, 23 Oct 2025
  • Indirect bidders 74.6%
  • Direct bidders 18.8%
  • Primary dealers 6.6%
The 5-year TIPS auction before, 17 Jun 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 bidders62.1%
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
1.1822.51
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

Observed .

Right now

The high real yield of 1.182% on 23 October 2025 was the lowest for a 5-year TIPS since 23 June 2022.

The direct bidders' share of 24.4% was the highest for a 5-year TIPS since 19 December 2019, with 23 auctions in between.

Higher than 43 of the 57 since 22 April 2008

Its own history

Against the previous 24 5-year TIPS auctions, the direct bidders' share was higher than 23 of the 24.

The indirect bidders' share was higher than 3 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 62.1%
  • Direct bidders 24.4%
  • Primary dealers 13.5%

Size

Treasury sold $27.493 billion of the $26 billion offered.

Bids received came to $66.64 billion; the bid-to-cover ratio was 2.51.

Its bid-to-cover of 2.51 compares with the 24 auctions before it: lowest 2.10 on , highest 6.31 on ; 9.7% of the way from the low to the high.

2.51

Low 2.10 Midpoint 4.205 High 6.31

The security5-Year, new issue

Coupon
1.125%
Announced
Issued
Matures

It adds to the debt that matures in October 2030.

Understanding this result

Where it stands today

The high real yield was 1.182% at this 5-year TIPS auction, the median real yield 1.122% and a bid-to-cover ratio of 2.51.

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$26,000,000,000
Bids received$66,639,961,800
Sold$27,492,981,400
Competitive bids accepted$25,857,015,600
Non-competitive bids accepted$142,992,700
Federal Reserve (SOMA) add-on$1,492,973,100
Foreign and international (FIMA) non-competitive$0
Real yield, %1.182
Median rate, %1.122
Low rate, %1.050
Interest rate (coupon), %1.125
Bids at the high rate filled, %53.51
Bid-to-cover ratio2.51
Indirect bidders accepted$16,064,949,100
Direct bidders accepted$6,306,755,000
Primary dealers accepted$3,485,311,500
Indirect bidders' share, % (ours)62.1
Direct bidders' share, % (ours)24.4
Primary dealers' share, % (ours)13.5
High minus median, basis points (ours)6.0
Treasury real par yield curve, 5-year point, same day, %1.19
High yield minus that point, basis points (ours)-0.8
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 ratio2.512.465 of 126 of 12
High real yield1.1821.72112 of 120 of 12
Indirect bidders' share62.174.711 of 121 of 12
Direct bidders' share24.417.80 of 1212 of 12
Primary dealers' share13.57.82 of 1210 of 12
High minus median, basis points6.07.08 of 124 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 ratio2.51Last 24 auctions14 of 249 of 242.54
Bid-to-cover ratio2.51Since 22 April 200834 of 5722 of 572.55
Bid-to-cover ratio2.51All 62 since 8 October 199736 of 6225 of 622.55
High real yield1.182Last 24 auctions12 of 2412 of 240.841
High real yield1.182Since 22 April 200814 of 5743 of 570.117
High real yield1.182All 63 since 9 July 199720 of 6343 of 630.305
Indirect bidders' share62.1Last 24 auctions21 of 243 of 2474.3
Indirect bidders' share62.1All 57 since 22 April 200835 of 5722 of 5765.5
Direct bidders' share24.4Last 24 auctions1 of 2423 of 2417.3
Direct bidders' share24.4All 57 since 22 April 20081 of 5756 of 5710.7
Primary dealers' share13.5Last 24 auctions8 of 2416 of 248.7
Primary dealers' share13.5All 57 since 22 April 200839 of 5718 of 5719.2
High minus median, basis points6.0Last 24 auctions12 of 2411 of 246.1
High minus median, basis points6.0Since 22 April 200829 of 5727 of 576.2
High minus median, basis points6.0All 63 since 9 July 199730 of 6332 of 635.9

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 23 October 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20251023_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 23 October 2025 (new issue)", https://500metrics.com/treasury/auctions/5-year-tips/2025-10-23.

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