One of the strangest weeks in the history of Treasury Inflation-Protected Securities ended Thursday with a beautiful result for investors: The Treasury's reopening auction of a 10-year TIPS got a real yield to maturity of 0.680%, much higher than looked likely just days ago.
This is CUSIP 912828Z37, and the Treasury was offering $12 billion in this reopening, which created a nine-year, 10-month TIPS. CUSIP 912828Z37 was created in an originating auction on Jan. 23, when it got a real yield to maturity of 0.036%, much lower than today's result. This issue carries a