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30-year TIPS auction of 15 February 2018 (new issue)

The 30-year TIPS sold $8.707 billion at a high real yield of 1.003% on , with a bid-to-cover ratio of 2.31.

Coupon
1.000%
Announced
Issued
Matures

Real yield

1.003%

Median real yield 0.933%

Bid-to-cover

2.31

▼ −0.33 since 19 Oct

Sold

$8.71 billion

$7 billion offered

Indirect bidders

73.6%

Of competitive bids accepted

Real yield at the last 30 30-year TIPS auctions

Real yield at each 30-year TIPS auction, %

Real yield at the last 30 30-year TIPS auctions30 auctions from 8 April 1998 to 15 February 2018; the latest at 1.003%.0.0%1.0%2.0%3.0%4.0%5.0%1998199920002001201020112012201320142015201620172018This auction, 1.003%Real yield at the last 30 30-year TIPS auctions30 auctions from 8 April 1998 to 15 February 2018; the latest at 1.003%.0.0%0.5%1.0%1.5%2.0%2.5%201120122013201420152016201720181.003%

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

The 30 auctions as a table
Real yield and bid-to-cover of the last 30 30-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
1.0032.31
0.9082.64
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 ratio2.312.448 of 124 of 12
High real yield1.0030.9545 of 127 of 12
Indirect bidders' share73.669.83 of 129 of 12
Direct bidders' share3.84.79 of 123 of 12
Primary dealers' share22.524.39 of 123 of 12
High minus median, basis points7.06.53 of 129 of 12

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

Who bought the 30-year TIPS?

Indirect bidders took 73.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year TIPS auction, 19 October 2017

Indirect bidders took 73.6% of the competitive bids acceptedIndirect bidders 73.6%, Direct bidders 3.8%, Primary dealers 22.5%Indirect bidders73.6%76.4%Direct bidders3.8%0.5%Primary dealers22.5%23.1%Indirect bidders took 73.6% of the competitive bids acceptedIndirect bidders 73.6%, Direct bidders 3.8%, Primary dealers 22.5%Indirect bidders73.6%76.4%Direct bidders3.8%0.5%Primary dealers22.5%23.1%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders73.676.4
Direct bidders3.80.5
Primary dealers22.523.1

About these figures

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

Treasury's published result

FieldValue
Offered as30-Year, new issue
Offering amount$7,000,000,000
Bids received$17,853,359,600
Sold$8,706,576,400
Competitive bids accepted$6,976,330,200
Non-competitive bids accepted$23,681,800
Federal Reserve (SOMA) add-on$1,706,564,400
Foreign and international (FIMA) non-competitive$0
Real yield, %1.003
Median rate, %0.933
Low rate, %0.900
Interest rate (coupon), %1.000
Bids at the high rate filled, %42.76
Bid-to-cover ratio2.31
Indirect bidders accepted$5,137,122,200
Direct bidders accepted$268,000,000
Primary dealers accepted$1,571,208,000
Indirect bidders' share, % (ours)73.6
Direct bidders' share, % (ours)3.8
Primary dealers' share, % (ours)22.5
High minus median, basis points (ours)7.0
Treasury real par yield curve, 30-year point, same day, %1.02
High yield minus that point, basis points (ours)-1.7

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 ratio2.31Last 24 auctions19 of 245 of 242.51
Bid-to-cover ratio2.31Since 22 February 201019 of 234 of 232.54
Bid-to-cover ratio2.31All 25 since 11 October 200019 of 256 of 252.48
High real yield1.003Last 24 auctions12 of 2412 of 241.058
High real yield1.003Since 22 February 201011 of 2312 of 230.999
High real yield1.003All 29 since 8 April 199817 of 2912 of 291.142
Indirect bidders' share73.6All 23 since 22 February 20103 of 2320 of 2359.7
Direct bidders' share3.8All 23 since 22 February 201018 of 235 of 238.2
Primary dealers' share22.5All 23 since 22 February 201020 of 233 of 2331.6
High minus median, basis points7.0Last 24 auctions7 of 2417 of 246.4
High minus median, basis points7.0Since 22 February 20107 of 2316 of 236.4
High minus median, basis points7.0All 29 since 8 April 19987 of 2921 of 296.3

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 15 February 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180215_1.pdf. Compiled by 500metrics, "30-year TIPS auction of 15 February 2018 (new issue)", https://500metrics.com/treasury/auctions/30-year-tips/2018-02-15.

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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