Inflation-Linked Bonds: TIPS in the U.S. and Global Linkers, 1997–2015

1. Canada’s real return bonds inform TIPS design

   Sep 25, 1996Labels: Canada RRBs

   • TreasuryDirect
   • Bank Canada

2. U.S. announces first TIPS auction schedule

   Dec 30, 1996Labels: U S

   • TreasuryDirect
   • TreasuryDirect

3. First U.S. TIPS auction is held

   Jan 29, 1997Labels: First TIPS

   • TreasuryDirect
   • TreasuryDirect

4. U.S. introduces 5-year inflation-indexed notes

   Jun 1, 1997Labels: 5-year TIPS

   • TreasuryDirect
   • Fed

5. U.S. begins offering 30-year TIPS bonds

   Apr 15, 1998Labels: 30-year TIPS

   • TreasuryDirect
   • TreasuryDirect

6. France launches first euro-area inflation-linked OAT

   Sep 15, 1998Labels: France OATi

   • AFT
   • AFT

7. U.S. discontinues auctions of 5-year TIPS

   Sep 29, 1998Labels: 5-year suspension

   • Treasury
   • TreasuryDirect

8. TIPS STRIPS become fungible to aid liquidity

   Mar 1, 1999Labels: TIPS STRIPS

   • TreasuryDirect

9. U.S. issues a 30-year TIPS in 2001

   Oct 15, 2001Labels: 2001 30-year

   • TreasuryDirect
   • FRED

10. France launches euro-area HICP-linked OAT€i

    Oct 25, 2001Labels: OAT i

    • AFT
    • AFT

11. U.S. expands 10-year TIPS issuance frequency

    Oct 1, 2003Labels: 10-year auctions

    • TreasuryDirect

12. Treasury adds 20-year TIPS and restores 5-year

    Jul 1, 2004Labels: TIPS lineup

    • TreasuryDirect
    • Treasury

13. Negative-yield handling adopted for TIPS auctions

    Sep 1, 2004Labels: Negative-yield rule

    • TreasuryDirect
    • Treasury

14. Treasury ends 20-year TIPS and restores 30-year

    Nov 1, 2009Labels: 30-year restoration

    • TreasuryDirect
    • GAO

15. Germany’s inflation-linked Bunds remain tradable

    Jan 1, 2010Labels: German ILBs

    • Finanzagentur

16. First auction stops out at negative real yield

    Oct 25, 2010Labels: Negative stop-out

    • TreasuryDirect

17. Italy launches retail-focused BTP Italia linker

    Mar 1, 2012Labels: BTP Italia

    • BusinessRecorder

18. Linkers become established across major markets

    Dec 31, 2015Labels: Global linkers

    • AFT
    • TreasuryDirect