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Treasury auctions · 5-Year TIPS

5-year TIPS auction of 23 April 2026 (new issue)

The 5-year TIPS sold $29.272 billion at a high real yield of 1.367% on , with a bid-to-cover ratio of 2.57.

Real yield at each 5-year TIPS auction

The last 36 auctions, this one last

Real yield at each 5-year TIPS auction, 20 Apr 2017 to 23 Apr 2026
Real yield at each 5-year TIPS auction, 20 Jun 2024 to 23 Apr 2026

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, 20 Apr 2017 to 23 Apr 2026
Bid-to-cover ratio at each 5-year TIPS auction, 20 Jun 2024 to 23 Apr 2026

Who bought the 5-year TIPS of 23 Apr 2026

Shares of the competitive bids accepted

  • Indirect bidders 64.6%
  • Direct bidders 26.9%
  • Primary dealers 8.5%
This auction, 23 Apr 2026
  • Indirect bidders 72.6%
  • Direct bidders 21.9%
  • Primary dealers 5.4%
The 5-year TIPS auction before, 18 Dec 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 bidders64.6%
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
1.3672.57
1.4332.62
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

Observed .

Right now

The high real yield was 1.367% on 23 April 2026, down from 1.433% at the auction before.

The direct bidders' share of 26.9% was the highest for a 5-year TIPS since 19 December 2019, with 25 auctions in between.

Higher than 46 of the 59 since 22 April 2008

Its own history

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

The bid-to-cover ratio was higher than 15 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 64.6%
  • Direct bidders 26.9%
  • Primary dealers 8.5%

Size

Treasury sold $29.272 billion of the $26 billion offered.

Bids received came to $70.082 billion; the bid-to-cover ratio was 2.57.

Its bid-to-cover of 2.57 compares with the 24 auctions before it: lowest 2.10 on , highest 6.31 on ; 11.2% of the way from the low to the high.

2.57

Low 2.10 Midpoint 4.205 High 6.31

The security5-Year, new issue

Coupon
1.250%
Announced
Issued
Matures

It adds to the debt that matures in April 2031.

Understanding this result

Where it stands today

The high real yield was 1.367% at this 5-year TIPS auction, the median real yield 1.305% and a bid-to-cover ratio of 2.57.

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$70,081,938,000
Sold$29,272,293,000
Competitive bids accepted$25,815,479,000
Non-competitive bids accepted$184,527,300
Federal Reserve (SOMA) add-on$3,272,286,700
Foreign and international (FIMA) non-competitive$0
Real yield, %1.367
Median rate, %1.305
Low rate, %1.265
Interest rate (coupon), %1.250
Bids at the high rate filled, %32.09
Bid-to-cover ratio2.57
Indirect bidders accepted$16,678,889,000
Direct bidders accepted$6,948,000,000
Primary dealers accepted$2,188,590,000
Indirect bidders' share, % (ours)64.6
Direct bidders' share, % (ours)26.9
Primary dealers' share, % (ours)8.5
High minus median, basis points (ours)6.2
Treasury real par yield curve, 5-year point, same day, %1.38
High yield minus that point, basis points (ours)-1.3
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 ratio2.572.522 of 1210 of 12
High real yield1.3671.70610 of 122 of 12
Indirect bidders' share64.673.99 of 123 of 12
Direct bidders' share26.918.00 of 1212 of 12
Primary dealers' share8.57.25 of 127 of 12
High minus median, basis points6.26.56 of 126 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 ratio2.57Last 24 auctions9 of 2415 of 242.52
Bid-to-cover ratio2.57Since 22 April 200826 of 5932 of 592.55
Bid-to-cover ratio2.57All 64 since 8 October 199728 of 6435 of 642.55
High real yield1.367Last 24 auctions12 of 2412 of 241.376
High real yield1.367Since 22 April 200813 of 5946 of 590.120
High real yield1.367All 65 since 9 July 199719 of 6546 of 650.362
Indirect bidders' share64.6Last 24 auctions18 of 246 of 2473.7
Indirect bidders' share64.6All 59 since 22 April 200831 of 5928 of 5965.5
Direct bidders' share26.9Last 24 auctions0 of 2424 of 2417.5
Direct bidders' share26.9All 59 since 22 April 20081 of 5958 of 5910.9
Primary dealers' share8.5Last 24 auctions11 of 2413 of 248.0
Primary dealers' share8.5All 59 since 22 April 200846 of 5913 of 5918.7
High minus median, basis points6.2Last 24 auctions11 of 2412 of 246.1
High minus median, basis points6.2Since 22 April 200828 of 5930 of 596.0
High minus median, basis points6.2All 65 since 9 July 199729 of 6535 of 655.9

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 April 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260423_3.pdf. Compiled by 500metrics, "5-year TIPS auction of 23 April 2026 (new issue)", https://500metrics.com/treasury/auctions/5-year-tips/2026-04-23.

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