10-Year TIPS Reopening Preview: September 17, 2026
The Treasury will auction the 10-Year TIPS maturing July 15, 2036 on September 17, 2026. Treasury announced the reopening on September 10, 2026 with an offering amount of $19 billion. Noncompetitive bids close at 12:00 PM Eastern on auction day, and the security settles on September 30, 2026.
This is a reopening. The CUSIP, the 2.375% coupon and the July 15, 2036 maturity already exist. The auction sets a new price, and so a new yield, for the added amount. A buyer also pays accrued interest from the last coupon date, adjusted by the index ratio.
Security details
| Item | Detail |
|---|---|
| CUSIP | 91282CRE3 |
| Security | 10-Year TIPS of July 2036 |
| Original term | 10-Year |
| Auction type | reopening |
| Announcement | September 10, 2026 |
| Auction date | September 17, 2026 |
| Issue and settlement | September 30, 2026 |
| Maturity | July 15, 2036 |
| Coupon | 2.375% |
| Offering amount | $19 billion |
| Noncompetitive cutoff | 12:00 PM Eastern |
Current real yields
The Treasury's 10-year real par yield was 2.55% on September 10, 2026, the latest saved observation. That par curve value is a reference for a maturity of exactly 10 years. The auction result depends on the security's actual remaining term, the price bidders demand on the day, and any accrued inflation adjustment. The daily yield history shows where this sits against earlier years.
The last 10-year TIPS results
The previous 10-year auction, on July 23, 2026, cleared at 2.438% with a bid-to-cover ratio of 2.30.
| Auction | Type | High yield | Bid-to-cover | Total accepted |
|---|---|---|---|---|
| July 23, 2026 | New issue | 2.438% | 2.30 | $23.32 billion |
| May 21, 2026 | Reopening | 2.169% | 2.52 | $19 billion |
| March 19, 2026 | Reopening | 1.896% | 2.47 | $20.96 billion |
| January 22, 2026 | New issue | 1.940% | 2.38 | $21 billion |
| November 20, 2025 | Reopening | 1.843% | 2.41 | $19 billion |
| September 18, 2025 | Reopening | 1.734% | 2.20 | $20.05 billion |
Before the cutoff
- Read the official announcement for the exact security and terms.
- Check your broker's own deadline. It is often earlier than Treasury's 12:00 PM Eastern cutoff.
- Confirm settled cash for September 30, 2026. The settlement amount is the auction price times the index ratio, plus accrued interest for a reopening.
- Decide whether a noncompetitive bid, which accepts the auction's high yield, fits your plan. How to buy TIPS walks through the order.
- Check where 2036 sits in your maturity schedule.
This page will show the result after Treasury posts it on auction day.
How to read the auction numbers
The high yield is the real yield at which the auction cleared. Every accepted bid, competitive or noncompetitive, receives that yield, so it is the number a noncompetitive bidder locks in. It is a yield above inflation as measured by the CPI-U, not a nominal yield.
The bid-to-cover ratio divides the dollar value of all bids by the amount Treasury accepted. A higher ratio means more demand for each dollar sold. Compare it with earlier auctions of the same term. One ratio on its own says little.
Indirect bidders place bids through a primary dealer and include foreign and international accounts. Direct bidders submit their own competitive bids. Primary dealers take whatever the other bidders leave, so a high dealer share usually means weaker outside demand.
The price per $100 applies to inflation-adjusted principal. A buyer pays that price multiplied by the index ratio on the issue date, plus accrued interest for a reopening. See how a TIPS price becomes a settlement amount.
Sources: Treasury offering announcement (PDF) · TreasuryDirect announcements, data and results. Figures are from TreasuryDirect's securities data as saved on September 11, 2026. Percent shares are of competitive accepted bids. This page describes a completed or announced Treasury sale. It is not a recommendation to buy the security.
