The Treasury Department sold $15 billion of inflation-indexed 10-year TIPs at a negative 0.637% yield, an adjusted price of 107.779708, with a 1/8% coupon.

The bid-to-cover ratio was 2.62.

Tenders at the market-clearing yield were allotted 27.74%.

The notes are dated July 15 and are due July 15, 2022.

Among competitive tenders, the median yield was negative 0.710% and the low yield negative 0.836%, Treasury said.

Tenders totaled $39,313,200,000 of which the Treasury accepted $15,000,005,000. Noncompetitive tenders totaled $66,700,000. Fed banks bought nothing for their own accounts.

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