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30-year TIPS auction of 22 June 2017 (reopening)

The 30-year TIPS sold $5.608 billion at a high real yield of 0.880% on , with a bid-to-cover ratio of 2.83.

Coupon
0.875%
Announced
Issued
Matures

Real yield

0.880%

Median real yield 0.850%

Bid-to-cover

2.83

▲ +0.58 since 16 Feb

Sold

$5.61 billion

$5 billion offered

Indirect bidders

76.1%

Of competitive bids accepted

Real yield at the last 28 30-year TIPS auctions

Real yield at each 30-year TIPS auction, %

Real yield at the last 28 30-year TIPS auctions28 auctions from 8 April 1998 to 22 June 2017; the latest at 0.880%.0.0%1.0%2.0%3.0%4.0%5.0%199819992000200120102011201220132014201520162017This auction, 0.880%Real yield at the last 28 30-year TIPS auctions28 auctions from 8 April 1998 to 22 June 2017; the latest at 0.880%.0.0%1.0%2.0%3.0%4.0%2001201020112012201320142015201620170.880%

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

The 28 auctions as a table
Real yield and bid-to-cover of the last 28 30-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
0.8802.83
0.9232.25
0.6662.28
0.9052.69
1.1202.11
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 ratio2.832.440 of 1212 of 12
High real yield0.8801.11810 of 122 of 12
Indirect bidders' share76.169.21 of 1211 of 12
Direct bidders' share8.44.73 of 129 of 12
Primary dealers' share15.527.012 of 120 of 12
High minus median, basis points3.06.612 of 120 of 12

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

  • Bid-to-cover ratio: Highest for a 30-year TIPS since 20 October 2011 (16 auctions in between).
  • Primary dealers' share: Lowest of all 21 earlier 30-year TIPS auctions we hold.
  • High minus median, basis points: Lowest of all 27 earlier 30-year TIPS auctions we hold.

Who bought the 30-year TIPS?

Indirect bidders took 76.1% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year TIPS auction, 16 February 2017

Indirect bidders took 76.1% of the competitive bids acceptedIndirect bidders 76.1%, Direct bidders 8.4%, Primary dealers 15.5%Indirect bidders76.1%69.8%Direct bidders8.4%6.6%Primary dealers15.5%23.6%Indirect bidders took 76.1% of the competitive bids acceptedIndirect bidders 76.1%, Direct bidders 8.4%, Primary dealers 15.5%Indirect bidders76.1%69.8%Direct bidders8.4%6.6%Primary dealers15.5%23.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders76.169.8
Direct bidders8.46.6
Primary dealers15.523.6

About these figures

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

Treasury's published result

FieldValue
Offered as29-Year 8-Month, reopening
Offering amount$5,000,000,000
Bids received$14,755,120,600
Sold$5,607,779,400
Competitive bids accepted$4,990,663,800
Non-competitive bids accepted$9,341,700
Federal Reserve (SOMA) add-on$607,773,900
Foreign and international (FIMA) non-competitive$0
Real yield, %0.880
Median rate, %0.850
Low rate, %0.688
Interest rate (coupon), %0.875
Bids at the high rate filled, %41.91
Bid-to-cover ratio2.83
Indirect bidders accepted$3,796,931,400
Direct bidders accepted$421,000,000
Primary dealers accepted$772,732,400
Indirect bidders' share, % (ours)76.1
Direct bidders' share, % (ours)8.4
Primary dealers' share, % (ours)15.5
High minus median, basis points (ours)3.0
Treasury real par yield curve, 30-year point, same day, %0.88
High yield minus that point, basis points (ours)0.0

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 ratio2.83Since 22 February 20102 of 2119 of 212.48
Bid-to-cover ratio2.83All 23 since 11 October 20002 of 2321 of 232.47
High real yield0.880Last 24 auctions18 of 246 of 241.131
High real yield0.880Since 22 February 201015 of 216 of 211.116
High real yield0.880All 27 since 8 April 199821 of 276 of 271.200
Indirect bidders' share76.1All 21 since 22 February 20101 of 2120 of 2156.5
Direct bidders' share8.4All 21 since 22 February 201010 of 2111 of 218.2
Primary dealers' share15.5All 21 since 22 February 201021 of 210 of 2132.1
High minus median, basis points3.0Last 24 auctions24 of 240 of 246.4
High minus median, basis points3.0Since 22 February 201021 of 210 of 216.6
High minus median, basis points3.0All 27 since 8 April 199827 of 270 of 276.3

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 June 2017. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2017/R_20170622_1.pdf. Compiled by 500metrics, "30-year TIPS auction of 22 June 2017 (reopening)", https://500metrics.com/treasury/auctions/30-year-tips/2017-06-22.

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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