The U.S. Treasury just announced that its $15 billion reopening auction of a 5-year TIPS, CUSIP 912828YL8, generated a real yield to maturity of 0.020%, the lowest for this auction term since April 2017.
This TIPS currently trades on the secondary market, and it had been trading two hours before the auction close with a real yield to 0.04%, which indicates that this auction was met decent demand.
A Treasury Inflation-Protected Security is an investment that pays a coupon rate well below that of other Treasury investments of the same term. But with a TIPS,