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30-year TIPS auction of 21 June 2018 (reopening)

The 30-year TIPS sold $5 billion at a high real yield of 0.934% on , with a bid-to-cover ratio of 2.62.

Coupon
1.000%
Announced
Issued
Matures

Real yield

0.934%

Median real yield 0.890%

Bid-to-cover

2.62

▲ +0.31 since 15 Feb

Sold

$5.00 billion

$5 billion offered

Indirect bidders

80.8%

Of competitive bids accepted

Real yield at the last 31 30-year TIPS auctions

Real yield at each 30-year TIPS auction, %

Real yield at the last 31 30-year TIPS auctions31 auctions from 8 April 1998 to 21 June 2018; the latest at 0.934%.0.0%1.0%2.0%3.0%4.0%5.0%199920002001201020112012201320142015201620172018This auction, 0.934%Real yield at the last 31 30-year TIPS auctions31 auctions from 8 April 1998 to 21 June 2018; the latest at 0.934%.0.0%0.5%1.0%1.5%2.0%2.5%201120122013201420152016201720180.934%

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

The 31 auctions as a table
Real yield and bid-to-cover of the last 31 30-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
0.9342.62
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 ratio2.622.444 of 127 of 12
High real yield0.9340.9546 of 126 of 12
Indirect bidders' share80.870.10 of 1212 of 12
Direct bidders' share4.64.45 of 127 of 12
Primary dealers' share14.623.412 of 120 of 12
High minus median, basis points4.46.611 of 121 of 12

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

  • Indirect bidders' share: Highest of all 24 earlier 30-year TIPS auctions we hold.
  • Primary dealers' share: Lowest of all 24 earlier 30-year TIPS auctions we hold.

Who bought the 30-year TIPS?

Indirect bidders took 80.8% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year TIPS auction, 15 February 2018

Indirect bidders took 80.8% of the competitive bids acceptedIndirect bidders 80.8%, Direct bidders 4.6%, Primary dealers 14.6%Indirect bidders80.8%73.6%Direct bidders4.6%3.8%Primary dealers14.6%22.5%Indirect bidders took 80.8% of the competitive bids acceptedIndirect bidders 80.8%, Direct bidders 4.6%, Primary dealers 14.6%Indirect bidders80.8%73.6%Direct bidders4.6%3.8%Primary dealers14.6%22.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders80.873.6
Direct bidders4.63.8
Primary dealers14.622.5

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$13,100,001,700
Sold$5,000,001,200
Competitive bids accepted$4,997,983,200
Non-competitive bids accepted$2,018,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.934
Median rate, %0.890
Low rate, %0.850
Interest rate (coupon), %1.000
Bids at the high rate filled, %89.73
Bid-to-cover ratio2.62
Indirect bidders accepted$4,037,577,700
Direct bidders accepted$230,000,000
Primary dealers accepted$730,405,500
Indirect bidders' share, % (ours)80.8
Direct bidders' share, % (ours)4.6
Primary dealers' share, % (ours)14.6
High minus median, basis points (ours)4.4
Treasury real par yield curve, 30-year point, same day, %0.94
High yield minus that point, basis points (ours)-0.6

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 ratio2.62Last 24 auctions10 of 2413 of 242.51
Bid-to-cover ratio2.62Since 22 February 201010 of 2413 of 242.51
Bid-to-cover ratio2.62All 26 since 11 October 200010 of 2615 of 262.48
High real yield0.934Last 24 auctions14 of 2410 of 241.001
High real yield0.934Since 22 February 201014 of 2410 of 241.001
High real yield0.934All 30 since 8 April 199820 of 3010 of 301.131
Indirect bidders' share80.8All 24 since 22 February 20100 of 2424 of 2460.2
Direct bidders' share4.6All 24 since 22 February 201015 of 249 of 247.4
Primary dealers' share14.6All 24 since 22 February 201024 of 240 of 2431.3
High minus median, basis points4.4Last 24 auctions22 of 242 of 246.5
High minus median, basis points4.4Since 22 February 201022 of 242 of 246.5
High minus median, basis points4.4All 30 since 8 April 199826 of 304 of 306.4

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 21 June 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180621_1.pdf. Compiled by 500metrics, "30-year TIPS auction of 21 June 2018 (reopening)", https://500metrics.com/treasury/auctions/30-year-tips/2018-06-21.

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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