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 result: · 69 auctions tracked
Next auction: Tentatively scheduled for Wednesday, Dec 23, 2026 (Treasury tentative schedule, as of Nov 4, 2026) · reopening · auction calendar
Latest 5-year TIPS Auction
Thursday, Oct 22, 2026
5-Year TIPS
Averagedemand vs previous six 5-year TIPS auctions2.367%
real yield · +41.2 bp vs prior auction · highest since October 2023
Size
$26B
5-Year
Bid-to-cover
2.41×
−0.11 vs avg 2.52×
Indirect bidders
62.0%
−5.8 pts vs avg
Dealers took
5.5%
−3.7 pts vs avg
The Oct 22, 2026 5-year TIPS auction sold $26B at a real yield of 2.367%, the highest since October 2023. Bidders put in 2.41× the amount on offer, and primary dealers were left with 5.5% of the competitive award. Measured against the previous six 5-year TIPS auctions, demand grades average.
Highest on Record
3.270%
Oct 27, 2008
Lowest on Record
-1.685%
Oct 21, 2021
Last 12 Months
5 auctions
3 above their recent run, 1 below
Auctions Tracked
69
59 graded since 2009
Real yield at every auction
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
| Date | Size | Yield | Chg | Cover | Indirect | Direct | Dealers | Demand | Official results |
|---|---|---|---|---|---|---|---|---|---|
| $26B | 2.367% | +41.2 bp | 2.41×−0.11 | 62.0%−5.8 pts | 32.4% | 5.5%−3.7 pts | Average | ||
| $24B r | 1.955% | +58.8 bp | 2.61×+0.17 | 68.6%+3.7 pts | 28.0% | 3.4%−9.5 pts | Strong | ||
| $26B | 1.367% | −6.6 bp | 2.57×+0.16 | 64.6%−2.0 pts | 26.9% | 8.5%−4.3 pts | Solid | ||
| $24B r | 1.433% | +25.1 bp | 2.62×+0.23 | 72.6%+4.9 pts | 21.9% | 5.4%−6.9 pts | Strong | ||
| $26B | 1.182% | −46.8 bp | 2.51×+0.11 | 62.1%−8.3 pts | 24.4% | 13.5%+2.8 pts | Soft | ||
| $23B r | 1.650% | −5.2 bp | 2.53×+0.13 | 74.6%+4.0 pts | 18.8% | 6.6%−4.1 pts | Average | ||
| $25B | 1.702% | −41.9 bp | 2.28×−0.14 | 64.2%−7.9 pts | 17.8% | 18.1%+8.9 pts | Weak | ||
| $22B r | 2.121% | +45.1 bp | 2.10×−0.40 | 51.4%−26.3 pts | 23.1% | 25.4%+19.9 pts | Weak | ||
| $24B | 1.670% | −38 bp | 2.40×−0.08 | 74.8%−2.6 pts | 17.3% | 7.9%+1.9 pts | Average | ||
| $21B r | 2.050% | −19.2 bp | 2.52×+0.04 | 79.1%+2.7 pts | 18.5% | 2.3%−4.6 pts | Average | ||
| $23B | 2.242% | +53.2 bp | 2.58×+0.13 | 78.3%+2.3 pts | 17.8% | 3.9%−3.6 pts | Average | ||
| $20B r | 1.710% | −73 bp | 2.55×+0.09 | 75.7%−1.7 pts | 18.2% | 6.1%−1.5 pts | Average | ||
| $22B | 2.440% | +60.8 bp | 2.36×−0.16 | 73.2%−6.8 pts | 17.6% | 9.2%+2.0 pts | Weak | ||
| $19B r | 1.832% | +51.2 bp | 2.56×+0.06 | 85.1%+7.4 pts | 11.0% | 3.9%−5.0 pts | Strong | ||
| $21B | 1.320% | −18.4 bp | 2.34×−0.18 | 72.6%−6.1 pts | 17.2% | 10.2%+2.0 pts | Weak | ||
| $19B r | 1.504% | −22.8 bp | 2.51×−0.03 | 74.1%−6.9 pts | 17.8% | 8.1%+0.5 pts | Soft | ||
| $21B | 1.732% | +137 bp | 2.38×−0.18 | 75.3%−4.6 pts | 17.0% | 7.7%−0.8 pts | Soft | ||
| $18B r | 0.362% | +70.2 bp | 2.61×±0.00 | 83.9%+7.3 pts | 9.3% | 6.8%−5.1 pts | Strong | ||
| $20B | -0.340% | +116.8 bp | 2.73×+0.14 | 89.5%+17.3 pts | 4.0% | 6.5%−7.1 pts | Strong | ||
| $17B r | -1.508% | +17.7 bp | 2.42×−0.82 | 71.2%+10.9 pts | 14.8% | 14.0%−14.0 pts | Solid | ||
| $19B | -1.685% | −26.9 bp | 2.45×−0.85 | 78.4%+19.5 pts | 15.5% | 6.1%−23.3 pts | Solid | ||
| $16B r | -1.416% | +21.5 bp | 2.67×−0.64 | 87.3%+29.2 pts | 7.9% | 4.7%−26.3 pts | Solid | ||
| $18B | -1.631% | −5.6 bp | 2.50×−0.84 | 69.0%+13.1 pts | 17.9% | 13.1%−17.9 pts | Solid | ||
| $15B r | -1.575% | −25.5 bp | 2.86×−0.46 | 64.2%+7.7 pts | 8.7% | 27.1%−1.7 pts | Average |
Show 45 earlier auctions, back to October 2004+
| Date | Size | Yield | Cover | Indirect | Dealers | Demand |
|---|---|---|---|---|---|---|
| Oct 22, 2020 | $17B | -1.320% | 2.66× | 62.8% | 16.7% | Average |
| 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, blue for weaker. r = reopening of an existing issue. PDF = Treasury's official results.
Frequently Asked Questions
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Data: US Department of the Treasury (Fiscal Data and TreasuryDirect). Demand grades are TFTC's calculation; the method, with every threshold, is on the methodology page. Full history as open JSON, the newest result per security as latest.json (CC BY 4.0). Not investment advice.