Tipswatcher has a good article. https://tipswatch.com/Thanks, I think that is the correct answer. (And thanks for other replies)
Find the the auction announcement PDF for the 912828CPU9 issue at the calendar of upcoming auctions page at treasurydirect.
Answer: yield (and derived pricing and interest accruing between dated date and issue date) determined at close of competitive bidding - in this case 1 PM EST.
However, I wonder if the actual pricing is determined at 1PM, as the final bid price will be based on a number of different bids that will come in over time. For example there may be a bunch of competitive bids made days prior to closing that will end up largely determining the final pricing? This is very different from the secondary market, where the latest bids always determine pricing.
Just thinking it through as an intellectual exercise (and if the above logic is correct), it seems that buying TIPS at auction is not optimal, as it does not provide a specific time that can be relied upon for executing a buy/sell for the securities used as a hedge.
Is this week’s new 10-year TIPS worth targeting?
By David Enna, Tipswatch.com
Something unique is coming this week: The first-ever Treasury Inflation-Protected Security to mature in the year 2036. For that reason, and the fact that real yields remain attractive, I will be a buyer.
Statistics: Posted by hudson — Tue Jan 20, 2026 10:57 am — Replies 5085 — Views 786183