The Treasury's $12 billion reopening of CUSIP 912828ZZ6, creating a 9-year, 10-month Treasury Inflation-Protected Security, auctioned Thursday with a real yield to maturity of -0.966%, the lowest yield for any auction of this term.
Continuing a recent trend in TIPS auctions, the real yield ticked a bit higher than expected, possibly indicating weakish demand from investors. At 11 a.m., two hours before the auction's close, this TIPS was trading on the secondary market with a real yield of -1.00%, and even at 12:41 p.m., it was trading at -0.98%. So investors managed to snag