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Treasury Auctions FAQs
This article tries to answer the most commonly asked questions about U.S. Treasury Inflation-Protected Securities (TIPS) :
Legacy Treasury Direct Account Holders: You may submit tenders in any auction through Legacy TreasuryDirect and you can bid using Electronic Services for Treasury Bills, Notes, and Bonds.
For a description of the differences between TreasuryDirect and Legacy Treasury Direct, see My Accounts.
Institutional Investors: If you wish to bid directly in Treasury auctions, you must first establish a TAAPSLink account. Upon establishing your account, you may submit electronic tenders in any of Treasury's public securities auctions.
subscribe to receive these announcements electronically via e-mail. Additionally, you may view these current and past announcements on the Bureau of the Public Debt's Web site. You may also obtain auction information by calling 800-722-2678 or writing to the customer contact center. multi-month calendar with tentative auction dates. These tentative dates can change, but seldom do. In addition to this calendar, we provide a general pattern of when auctions are held; this information is available by type of security and by month. noncompetitively, you'll receive the full amount of the security you want at the return determined at the auction close. Therefore, you don't have to specify the discount rate or yield you'd like to receive. Noncompetitive bids are limited to $5 million in a Treasury Bill, Note or TIPS auction. Most individual investors bid noncompetitively.If you bid competitively, on the other hand, you have to specify the return - the discount rate for Bills or the yield for Notes and TIPS - that you wish to receive. If the rate or yield you specify is too high, you might receive a portion of the securities you bid for or none at all. However, you can bid competitively for larger amounts than you can noncompetitively. Awards cannot exceed 35 percent of the total offering.
subscribe to receive these results electronically via e-mail. Additionally, you may view the results on the Bureau of the Public Debt's Web site. The results for Bills and Notes, and TIPS may be viewed in separate tables with the most recent auction listed at the top of the table. In addition, some newspapers report auction results.In your online TreasuryDirect account, you should look at your Current Holdings, Pending Transactions Detail after 5 pm EST and check the price per $100 and accrued interest to determine the total price of the security. Next, make sure the source of funds you selected has sufficient funds to cover the total price.
What is a single-price auction?Currently, Treasury Bills, Notes, and Treasury Inflation-Protected Securities (TIPS) are sold at single-price auctions. In a single-price auction, all successful competitive bidders and all noncompetitive bidders are awarded securities at the price equivalent to the highest rate or yield of accepted competitive tenders.