5-Year TIPS Auction: Results, Schedule & History
Ask Helious about the 5-Year TIPS auction
{
"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%. The bid-to-cover was 2.61, against a twelve-month average of 2.57. Indirects took 68.6%, directs 28% and primary dealers 3.4%. Helious captured the result live as it crossed.
The 5-year TIPS auction is the market voting directly on inflation over the medium term. The real yield it stops at, set against the nominal 5s trading alongside it, gives the 5-year breakeven, which is the inflation rate priced into that span and the number the Fed watches. Strong demand means investors are paying up for inflation protection. Weak demand means that risk is coming out of the price. Either way, breakevens and real-rate trades reprice off the result.
Recent auction results
| 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% | — |
The issue column says which kind of auction it was. A reopening re-auctions a security that already exists, under the same CUSIP, and that is the norm for coupons outside refunding months. "New" sets a fresh coupon. Offered is the amount the Treasury announced for sale at that auction. The tail is the high yield minus the when-issued yield at the bid deadline, in basis points. A positive number means the auction had to concede yield to clear, and a negative one means it stopped through. A dash in that column means no tail exists, or none was captured. Bills never have one, because they price off a discount rate and have no when-issued market. Rows before desk coverage began in July 2026 predate tail capture, and the official records publish no when-issued yield at all. The last column, the desk recap, is the desk's live verdict, posted the moment results cross.
The desk captures each result and backfills the rest from the full auction record · 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.