--- title: "5-Year TIPS Auction Results: Jun 18, 2026" description: "5-Year TIPS, Jun 18, 2026: 1.955% high yield, 2.61x cover, indirects 68.6%. Full bidder split, tails and 12-month averages, updated as results cross." source: Helious canonical: "https://helious.io/auctions/5-year-tips" --- # 5-Year TIPS Auction: Results, Schedule & History High yield 1.955% Jun 18, 2026 Tail — no when-issued Bid to cover 2.61 12m avg 2.57 Indirects 68.6% 12m avg 66.4% [Ask Helious about the 5-Year TIPS auction](https://helious.io/?ask=How%20did%20the%20last%205-Year%20TIPS%20auction%20go%20and%20what%20does%20the%20tail%20say%3F&from=/auctions/5-year-tips) High yield, last 12 auctions 2.440%1.811%1.182% 2023-10-192026-06-18 Human Agent Last result · Jun 18, 2026 1.955% b/c 2.61 · indirects 68.6% { "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. NEXT AUCTION Auctioned quarterly-plus: new issues april and october, reopenings june and december (typically thursday); results cross ~13:00 ET. LATEST RESULT: JUN 18, 2026 1.955%high yield $24Bon offer 2.61bid-to-cover+0.04 vs avg 68.6%indirects+2.17 vs avg 28%directs+3.60 vs avg 3.4%dealer take-5.73 vs avg 12-MONTH AVERAGES · 3 AUCTIONS 2.57bid-to-cover 66.43%indirects 24.4%directs 9.13%dealer take Read a new result against these numbers. When cover, indirects and directs come in above the average, that is solid investor demand. An above-average [dealer take](https://helious.io/learn/primary-dealers) means the street absorbed the balance. The shares are percentages of *competitive* accepted, so indirects, directs and dealers add up to 100. ## Recent auction results DATECUSIPISSUEOFFEREDHIGH YIELDTAILB/CINDIRECTSDIRECTSDEALERSDESK RECAP Jun 18, 2026Jun 18 ’26 91282CQP9 Reopen $24B 1.955% — 2.61 68.6% 28.0% 3.4% — Apr 23, 2026Apr 23 ’26 91282CQP9 New $26B 1.367% — 2.57 64.6% 26.9% 8.5% — Dec 18, 2025Dec 18 ’25 91282CPH8 Reopen $24B 1.433% — 2.62 72.6% 21.9% 5.4% — Oct 23, 2025Oct 23 ’25 91282CPH8 New $26B 1.182% — 2.51 62.1% 24.4% 13.5% — Jun 17, 2025Jun 17 ’25 91282CNB3 Reopen $23B 1.650% — 2.53 74.6% 18.8% 6.6% — Apr 17, 2025Apr 17 ’25 91282CNB3 New $25B 1.702% — 2.28 64.2% 17.8% 18.1% — Dec 19, 2024Dec 19 ’24 91282CLV1 Reopen $22B 2.121% — 2.10 51.4% 23.1% 25.4% — Oct 24, 2024Oct 24 ’24 91282CLV1 New $24B 1.670% — 2.40 74.8% 17.3% 7.9% — Jun 20, 2024Jun 20 ’24 91282CKL4 Reopen $21B 2.050% — 2.52 79.1% 18.5% 2.3% — Apr 18, 2024Apr 18 ’24 91282CKL4 New $23B 2.242% — 2.58 78.3% 17.8% 3.9% — Dec 21, 2023Dec 21 ’23 91282CJH5 Reopen $20B 1.710% — 2.55 75.7% 18.2% 6.1% — Oct 19, 2023Oct 19 ’23 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](https://helious.io/learn/when-issued-yield) 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](https://helious.io/learn/when-issued-yield) 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)](https://helious.io/auctions/5-year-tips.csv). The full history comes through the [Helious API](https://helious.io/developers/) and MCP at [api.helious.io/mcp](https://api.helious.io/mcp), with depth set by plan. Read [what a tail means](https://helious.io/learn/auction-tail) · [bid-to-cover explained](https://helious.io/learn/bid-to-cover-ratio) · [who indirect bidders are](https://helious.io/learn/indirect-bidders) · [who direct bidders are](https://helious.io/learn/direct-bidders). [Watch the next auction live →](https://helious.io/)