A reopening auction today of a 10-year Treasury Inflation-Protected Security generated a real yield to maturity of 0.578%, the lowest for this term since January 2018.
The reopening of CUSIP 9128285W6 created a 9-year, 10-month TIPS. It carries a coupon rate of 0.875%, which was set by the originating auction on January 17, 2019. At that January auction, the real yield (meaning yield above inflation) was 0.919%, about 34 basis points higher.
Because today's real yield came in below the coupon rate, investors had to pay a premium - an adjusted price of about $102.48