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30-year TIPS auction of 22 October 2015 (reopening)

The 30-year TIPS sold $7 billion at a high real yield of 1.200% on , with a bid-to-cover ratio of 2.62.

Coupon
0.750%
Announced
Issued
Matures

Real yield

1.200%

Median real yield 1.125%

Bid-to-cover

2.62

▲ +0.17 since 18 Jun

Sold

$7.00 billion

$7 billion offered

Indirect bidders

69.8%

Of competitive bids accepted

Real yield at the last 23 30-year TIPS auctions

Real yield at each 30-year TIPS auction, %

Real yield at the last 23 30-year TIPS auctions23 auctions from 8 April 1998 to 22 October 2015; the latest at 1.200%.0.0%1.0%2.0%3.0%4.0%5.0%1998199920002001201020112012201320142015This auction, 1.200%Real yield at the last 23 30-year TIPS auctions23 auctions from 8 April 1998 to 22 October 2015; the latest at 1.200%.0.0%1.0%2.0%3.0%4.0%5.0%1999200020012010201120122013201420151.200%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 23 auctions as a table
Real yield and bid-to-cover of the last 23 30-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
1.2002.62
1.1422.45
0.8422.43
0.9852.29
1.1162.76
1.4952.34
1.3302.76
1.4202.48
0.6392.47
0.4792.82
0.5202.64
0.7702.46
0.9993.06
1.7443.02
2.1902.54
1.7682.78
2.2292.45
3.4652.23
3.9531.98
4.138–
3.899–
3.680–
3.740–

Against its own history

Against the previous 12 auctions of the 30-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.622.485 of 127 of 12
High real yield1.2000.9923 of 129 of 12
Indirect bidders' share69.855.51 of 1211 of 12
Direct bidders' share8.510.76 of 126 of 12
Primary dealers' share21.734.012 of 120 of 12
High minus median, basis points7.56.43 of 129 of 12

The table scrolls sideways; the first column stays in place.

  • Primary dealers' share: Lowest of all 16 earlier 30-year TIPS auctions we hold.

Who bought the 30-year TIPS?

Indirect bidders took 69.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year TIPS auction, 18 June 2015

Indirect bidders took 69.8% of the competitive bids acceptedIndirect bidders 69.8%, Direct bidders 8.5%, Primary dealers 21.7%Indirect bidders69.8%70.8%Direct bidders8.5%4.3%Primary dealers21.7%24.9%Indirect bidders took 69.8% of the competitive bids acceptedIndirect bidders 69.8%, Direct bidders 8.5%, Primary dealers 21.7%Indirect bidders69.8%70.8%Direct bidders8.5%4.3%Primary dealers21.7%24.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.870.8
Direct bidders8.54.3
Primary dealers21.724.9

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as29-Year 4-Month, reopening
Offering amount$7,000,000,000
Bids received$18,312,523,700
Sold$7,000,000,200
Competitive bids accepted$6,982,886,500
Non-competitive bids accepted$17,113,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %1.200
Median rate, %1.125
Low rate, %1.088
Interest rate (coupon), %0.750
Bids at the high rate filled, %51.51
Bid-to-cover ratio2.62
Indirect bidders accepted$4,876,886,500
Direct bidders accepted$593,000,000
Primary dealers accepted$1,513,000,000
Indirect bidders' share, % (ours)69.8
Direct bidders' share, % (ours)8.5
Primary dealers' share, % (ours)21.7
High minus median, basis points (ours)7.5
Treasury real par yield curve, 30-year point, same day, %1.21
High yield minus that point, basis points (ours)-1.0

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

The high real yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

The real par yield curve comparison sets the high yield against Treasury's own real par yield curve on the auction day, at the point nearest this security's maturity (30-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What this number cannot tell you

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The longer windows

Each measure against earlier 30-year TIPS auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.62Since 22 February 20107 of 169 of 162.51
Bid-to-cover ratio2.62All 18 since 11 October 20007 of 1811 of 182.48
High real yield1.200Since 22 February 20107 of 169 of 161.129
High real yield1.200All 22 since 8 April 199813 of 229 of 221.458
Indirect bidders' share69.8All 16 since 22 February 20101 of 1615 of 1651.8
Direct bidders' share8.5All 16 since 22 February 20108 of 168 of 1610.7
Primary dealers' share21.7All 16 since 22 February 201016 of 160 of 1636.8
High minus median, basis points7.5Since 22 February 20104 of 1612 of 166.2
High minus median, basis points7.5All 22 since 8 April 19984 of 2218 of 226.0

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 22 October 2015. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2015/R_20151022_1.pdf. Compiled by 500metrics, "30-year TIPS auction of 22 October 2015 (reopening)", https://500metrics.com/treasury/auctions/30-year-tips/2015-10-22.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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