5-Year TIPS Auction: Results, Schedule & History
{
"tenor": "5-year-tips",
"date": "2026-06-18",
"offering_usd": 24000000000,
"high_yield": 1.955,
"bid_to_cover": 2.61,
"indirect_pct": 68.6,
"verdict": null
}The 5-Year TIPS auction on Jun 18, 2026 put $24B on offer and stopped at a high yield of 1.955%, with a bid-to-cover of 2.61 against a 2.57 twelve-month average. Indirects took 68.6%, directs 28% and primary dealers 3.4%. Captured live by Helious as the results crossed.
The 5-year TIPS auction is a direct market vote on medium-term inflation: its real yield versus the nominal 5s sets the 5-year breakeven the Fed watches. Strong demand signals investors paying up for inflation protection; weak demand says inflation risk is fading from the price. Either way it moves breakevens and real-rate trades.
Results history · recent auctions
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 91282CQP9 | Reopen | $24B | 1.955% | — | 2.61 | 68.6% | 28.0% | 3.4% | — | |
| 91282CQP9 | New | $26B | 1.367% | — | 2.57 | 64.6% | 26.9% | 8.5% | — | |
| 91282CPH8 | Reopen | $24B | 1.433% | — | 2.62 | 72.6% | 21.9% | 5.4% | — | |
| 91282CPH8 | New | $26B | 1.182% | — | 2.51 | 62.1% | 24.4% | 13.5% | — | |
| 91282CNB3 | Reopen | $23B | 1.650% | — | 2.53 | 74.6% | 18.8% | 6.6% | — | |
| 91282CNB3 | New | $25B | 1.702% | — | 2.28 | 64.2% | 17.8% | 18.1% | — | |
| 91282CLV1 | Reopen | $22B | 2.121% | — | 2.10 | 51.4% | 23.1% | 25.4% | — | |
| 91282CLV1 | New | $24B | 1.670% | — | 2.40 | 74.8% | 17.3% | 7.9% | — | |
| 91282CKL4 | Reopen | $21B | 2.050% | — | 2.52 | 79.1% | 18.5% | 2.3% | — | |
| 91282CKL4 | New | $23B | 2.242% | — | 2.58 | 78.3% | 17.8% | 3.9% | — | |
| 91282CJH5 | Reopen | $20B | 1.710% | — | 2.55 | 75.7% | 18.2% | 6.1% | — | |
| 91282CJH5 | New | $22B | 2.440% | — | 2.36 | 73.2% | 17.6% | 9.2% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Offered: the announced offering amount, what the Treasury put up for sale at that auction. Tail: the high yield minus the when-issued yield at the bid deadline, in basis points. Positive means the auction had to concede yield to clear, negative means it stopped through. A dash means no tail exists or none was captured: bills never have one (they price off a discount rate, with no when-issued market), and rows before desk coverage began in July 2026 predate tail capture — the official records publish no when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Desk-captured results with full auction-record backfill · download a sample (CSV, recent auctions). The full history comes through the Helious API and MCP at api.helious.io/mcp, with depth set by plan. Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.