Summary
- Today’s reopening auction generated a real yield of 0.501%, a whopping 59 basis points lower than the originating auction on February 21, 2019.
- Investors had to pay a huge premium for the 1.0% coupon rate, about $115.68 for about $101.79 of value, after accrued inflation is added in.
- Nevertheless, this auction appears to have been met with strong demand from big-money investors.
The real yield was down a bit from where this TIPS was trading on the secondary market at noon, an hour before the auction close. At that time, the real yield was 0.52%. The lower yield at auction indicates this issue had solid demand from investors.
Read my full analysis on SeekingAlpha.com
Treasury Inflation-Protected Securities 
On Schwab, I try to either take a screenshot of the buy order page before I submit the order, or…