Treasury Auctions · Inflation-Protected

5-Year TIPS Auctions

Every 5-year TIPS auction since October 2004: the real yield Treasury paid, how many bids came in, and who ended up holding the debt.

Latest 5-year TIPS Auction

Thursday, Jun 18, 2026

5-Year TIPSreopening

Strongdemand vs previous six 5-year TIPS auctions

1.955%

real yield · +58.8 bp vs prior auction · highest since December 2024

Size

$24B

4-Year 10-Month

Bid-to-cover

2.61×

+0.17 vs avg 2.44×

Indirect bidders

68.6%

+3.7 pts vs avg

Dealers took

3.4%

−9.5 pts vs avg

The Jun 18, 2026 5-year TIPS auction (a reopening) sold $24B at a real yield of 1.955%, the highest since December 2024. Bidders put in 2.61× the amount on offer, and primary dealers were left with 3.4% of the competitive award. Measured against the previous six 5-year TIPS auctions, demand grades strong.

Source: Treasury's official results announcement (PDF)

Highest on Record

3.270%

Oct 27, 2008

Lowest on Record

-1.685%

Oct 21, 2021

Last 12 Months

4 auctions

3 above their recent run, 1 below

Auctions Tracked

58 graded since 2009

Real yield at every auction

2Y10YAll

Bid-to-cover, last 24 auctions

Each dot is one auction, colored by its demand grade. The white tick is the average of the previous six auctions; the stem shows how far above or below it the auction landed.

Demand vs the series' previous six auctions:StrongSolidAverageSoftWeak

Who bought it

Share of each competitive award. When the blue band at the top grows, the dealers were left holding debt the rest of the market passed on.

■ indirect (incl. foreign central banks) · ■ direct · ■ primary dealers

Every 5-year TIPS auction

The 24 most recent 5-Year TIPS auctions
Date	Size	Yield	Chg	Cover	Indirect	Direct	Dealers	Demand	Official results
Jun 18, 2026	$24B r	1.955%	+58.8 bp	2.61×+0.17	68.6%+3.7 pts	28.0%	3.4%−9.5 pts	Strong	PDF
Apr 23, 2026	$26B	1.367%	−6.6 bp	2.57×+0.16	64.6%−2.0 pts	26.9%	8.5%−4.3 pts	Solid	PDF
Dec 18, 2025	$24B r	1.433%	+25.1 bp	2.62×+0.23	72.6%+4.9 pts	21.9%	5.4%−6.9 pts	Strong	PDF
Oct 23, 2025	$26B	1.182%	−46.8 bp	2.51×+0.11	62.1%−8.3 pts	24.4%	13.5%+2.8 pts	Soft	PDF
Jun 17, 2025	$23B r	1.650%	−5.2 bp	2.53×+0.13	74.6%+4.0 pts	18.8%	6.6%−4.1 pts	Average	PDF
Apr 17, 2025	$25B	1.702%	−41.9 bp	2.28×−0.14	64.2%−7.9 pts	17.8%	18.1%+8.9 pts	Weak	PDF
Dec 19, 2024	$22B r	2.121%	+45.1 bp	2.10×−0.40	51.4%−26.3 pts	23.1%	25.4%+19.9 pts	Weak	PDF
Oct 24, 2024	$24B	1.670%	−38 bp	2.40×−0.08	74.8%−2.6 pts	17.3%	7.9%+1.9 pts	Average	PDF
Jun 20, 2024	$21B r	2.050%	−19.2 bp	2.52×+0.04	79.1%+2.7 pts	18.5%	2.3%−4.6 pts	Average	PDF
Apr 18, 2024	$23B	2.242%	+53.2 bp	2.58×+0.13	78.3%+2.3 pts	17.8%	3.9%−3.6 pts	Average	PDF
Dec 21, 2023	$20B r	1.710%	−73 bp	2.55×+0.09	75.7%−1.7 pts	18.2%	6.1%−1.5 pts	Average	PDF
Oct 19, 2023	$22B	2.440%	+60.8 bp	2.36×−0.16	73.2%−6.8 pts	17.6%	9.2%+2.0 pts	Weak	PDF
Jun 22, 2023	$19B r	1.832%	+51.2 bp	2.56×+0.06	85.1%+7.4 pts	11.0%	3.9%−5.0 pts	Strong	PDF
Apr 20, 2023	$21B	1.320%	−18.4 bp	2.34×−0.18	72.6%−6.1 pts	17.2%	10.2%+2.0 pts	Weak	PDF
Dec 22, 2022	$19B r	1.504%	−22.8 bp	2.51×−0.03	74.1%−6.9 pts	17.8%	8.1%+0.5 pts	Soft	PDF
Oct 20, 2022	$21B	1.732%	+137 bp	2.38×−0.18	75.3%−4.6 pts	17.0%	7.7%−0.8 pts	Soft	PDF
Jun 23, 2022	$18B r	0.362%	+70.2 bp	2.61×±0.00	83.9%+7.3 pts	9.3%	6.8%−5.1 pts	Strong	PDF
Apr 21, 2022	$20B	-0.340%	+116.8 bp	2.73×+0.14	89.5%+17.3 pts	4.0%	6.5%−7.1 pts	Strong	PDF
Dec 22, 2021	$17B r	-1.508%	+17.7 bp	2.42×−0.82	71.2%+10.9 pts	14.8%	14.0%−14.0 pts	Solid	PDF
Oct 21, 2021	$19B	-1.685%	−26.9 bp	2.45×−0.85	78.4%+19.5 pts	15.5%	6.1%−23.3 pts	Solid	PDF
Jun 17, 2021	$16B r	-1.416%	+21.5 bp	2.67×−0.64	87.3%+29.2 pts	7.9%	4.7%−26.3 pts	Solid	PDF
Apr 22, 2021	$18B	-1.631%	−5.6 bp	2.50×−0.84	69.0%+13.1 pts	17.9%	13.1%−17.9 pts	Solid	PDF
Dec 22, 2020	$15B r	-1.575%	−25.5 bp	2.86×−0.46	64.2%+7.7 pts	8.7%	27.1%−1.7 pts	Average	PDF
Oct 22, 2020	$17B	-1.320%	−36.9 bp	2.66×−0.64	62.8%+4.1 pts	20.5%	16.7%−11.5 pts	Average	PDF

Show 44 earlier auctions, back to October 2004+

Earlier 5-Year TIPS auctions
Date	Size	Yield	Cover	Indirect	Dealers	Demand
Jul 10, 2020 r	$0B	-0.951%	6.31×	0.0%	100.0%	Soft
Jun 18, 2020 r	$15B	-0.766%	2.78×	70.3%	15.1%	Average
Apr 23, 2020	$17B	-0.320%	2.74×	82.7%	14.3%	Solid
Dec 19, 2019 r	$15B	0.020%	2.69×	55.1%	13.1%	Soft
Oct 17, 2019	$17B	0.054%	2.75×	67.9%	13.8%	Average
Jun 20, 2019 r	$15B	0.152%	2.55×	75.7%	13.4%	Average
Apr 18, 2019	$17B	0.515%	2.50×	75.4%	15.8%	Average
Dec 20, 2018 r	$14B	1.129%	2.80×	80.8%	12.6%	Strong
Aug 23, 2018 r	$14B	0.724%	2.78×	67.3%	19.2%	Solid
Apr 19, 2018	$16B	0.631%	2.55×	62.4%	23.2%	Average
Dec 21, 2017 r	$14B	0.370%	2.78×	71.7%	16.1%	Strong
Aug 24, 2017 r	$14B	0.117%	2.41×	65.5%	22.8%	Average
Apr 20, 2017	$16B	-0.049%	2.52×	74.2%	16.7%	Strong
Dec 22, 2016 r	$14B	0.120%	2.68×	73.3%	18.7%	Strong
Aug 18, 2016 r	$14B	-0.209%	2.37×	62.2%	30.5%	Average
Apr 21, 2016	$16B	-0.195%	2.42×	59.1%	32.8%	Average
Dec 17, 2015 r	$16B	0.472%	2.38×	69.9%	25.0%	Strong
Aug 20, 2015 r	$16B	0.305%	2.58×	76.4%	23.1%	Strong
Apr 23, 2015	$18B	-0.335%	2.27×	61.5%	32.3%	Strong
Dec 18, 2014 r	$16B	0.395%	2.37×	64.8%	30.0%	Strong
Aug 21, 2014 r	$16B	-0.281%	2.48×	56.3%	40.2%	Solid
Apr 17, 2014	$18B	-0.213%	2.70×	58.4%	35.7%	Strong
Dec 19, 2013 r	$16B	-0.375%	2.54×	44.5%	41.1%	Solid
Aug 22, 2013 r	$16B	-0.127%	2.18×	38.2%	53.7%	Weak
Apr 18, 2013	$18B	-1.311%	2.18×	46.1%	46.1%	Soft
Dec 20, 2012 r	$14B	-1.496%	2.70×	49.0%	40.4%	Strong
Aug 23, 2012 r	$14B	-1.286%	3.11×	34.4%	50.3%	Solid
Apr 19, 2012	$16B	-1.080%	2.58×	36.0%	54.9%	Soft
Dec 15, 2011 r	$12B	-0.877%	3.01×	48.8%	41.7%	Strong
Aug 18, 2011 r	$12B	-0.825%	2.49×	47.2%	35.7%	Solid
Apr 21, 2011	$14B	-0.180%	2.57×	39.5%	57.8%	Strong
Oct 25, 2010 r	$10B	-0.550%	2.84×	39.4%	57.5%	Strong
Apr 26, 2010	$11B	0.550%	3.15×	23.1%	63.8%	Average
Oct 26, 2009 r	$7B	0.769%	3.10×	47.8%	51.7%	Strong
Apr 23, 2009	$8B	1.278%	2.66×	26.6%	72.8%	—
Oct 27, 2008 r	$6B	3.270%	1.81×	23.7%	67.9%	—
Apr 22, 2008	$8B	0.745%	2.20×	32.6%	67.3%	—
Oct 23, 2007 r	$6B	1.954%	2.44×	—	—	—
Apr 24, 2007	$8B	2.114%	2.45×	—	—	—
Oct 23, 2006 r	$7B	2.691%	2.89×	—	—	—
Apr 25, 2006	$11B	2.379%	1.46×	—	—	—
Oct 25, 2005 r	$7B	1.740%	1.65×	—	—	—
Apr 26, 2005 r	$9B	1.200%	1.88×	—	—	—
Oct 26, 2004	$12B	0.950%	1.80×	—	—	—

Yield = stop-out (high) yield; a real yield for TIPS. Chg = versus the previous auction of the same security. Cover = bid-to-cover ratio. Indirect, direct and dealer shares are of the competitive award. Small figures under a measure compare it with the previous six auctions of the same security, colored when the move is big enough to count toward the grade: orange for stronger demand, bluefor weaker. r = reopening of an existing issue. PDF = Treasury's official results.

Frequently Asked Questions

What yield did the last 5-year TIPS auction clear at?

When is the next 5-year TIPS auction?

Treasury has not announced the next 5-year TIPS auction yet; it does so about a week ahead. Treasury held 4 of these auctions in the last twelve months: 2 new issues (April and October) and 2 reopenings of an existing one. This page lists it as soon as it is announced.

What is the highest yield at a 5-year TIPS auction since 2004?

3.270%, on Oct 27, 2008. The lowest was -1.685% on Oct 21, 2021. The record on this page starts with the October 2004 auction.

How often does Treasury auction the 5-year TIPS?

Treasury held 4 of these auctions in the last twelve months: 2 new issues (April and October) and 2 reopenings of an existing one. A reopening sells more of an existing security, with the same maturity date and coupon, instead of creating a new one.

Data: US Department of the Treasury (Fiscal Data and TreasuryDirect). Demand grades are TFTC's calculation; the method is on the Treasury auctions tracker. Full history as open JSON (CC BY 4.0). Not investment advice.