500metrics

All sources checked Checked

30-year TIPS auction of 22 August 2019 (reopening)

The 30-year TIPS sold $7 billion at a high real yield of 0.501% on , with a bid-to-cover ratio of 2.70.

Coupon
1.000%
Announced
Issued
Matures

Real yield

0.501%

Median real yield 0.460%

Bid-to-cover

2.70

▲ +0.24 since 21 Feb

Sold

$7.00 billion

$7 billion offered

Indirect bidders

81.6%

Of competitive bids accepted

The high real yield was the lowest for a 30-year TIPS since 18 October 2012

Real yield at each 30-year TIPS auction, %

The high real yield was the lowest for a 30-year TIPS since 18 October 201234 auctions from 8 April 1998 to 22 August 2019; the latest at 0.501%.0.0%1.0%2.0%3.0%4.0%5.0%1999200020012010201120122013201420152016201720182019This auction, 0.501%The high real yield was the lowest for a 30-year TIPS since 18 October 201234 auctions from 8 April 1998 to 22 August 2019; the latest at 0.501%.0.0%0.5%1.0%1.5%201220132014201520162017201820190.501%

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

The 34 auctions as a table
Real yield and bid-to-cover of the last 34 30-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
0.5012.70
1.0932.46
1.2352.32
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 ratio2.702.461 of 1211 of 12
High real yield0.5010.96812 of 120 of 12
Indirect bidders' share81.674.71 of 1211 of 12
Direct bidders' share7.74.13 of 129 of 12
Primary dealers' share10.622.812 of 120 of 12
High minus median, basis points4.16.611 of 121 of 12

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

  • Primary dealers' share: Lowest of all 27 earlier 30-year TIPS auctions we hold.

Who bought the 30-year TIPS?

Indirect bidders took 81.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year TIPS auction, 21 February 2019

Indirect bidders took 81.6% of the competitive bids acceptedIndirect bidders 81.6%, Direct bidders 7.7%, Primary dealers 10.6%Indirect bidders81.6%82.0%Direct bidders7.7%3.0%Primary dealers10.6%15.0%Indirect bidders took 81.6% of the competitive bids acceptedIndirect bidders 81.6%, Direct bidders 7.7%, Primary dealers 10.6%Indirect bidders81.6%82.0%Direct bidders7.7%3.0%Primary dealers10.6%15.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders81.682.0
Direct bidders7.73.0
Primary dealers10.615.0

About these figures

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

Treasury's published result

FieldValue
Offered as29-Year 6-Month, reopening
Offering amount$7,000,000,000
Bids received$18,927,012,800
Sold$7,000,015,200
Competitive bids accepted$6,989,083,800
Non-competitive bids accepted$10,931,400
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.501
Median rate, %0.460
Low rate, %0.088
Interest rate (coupon), %1.000
Bids at the high rate filled, %48.33
Bid-to-cover ratio2.70
Indirect bidders accepted$5,704,433,800
Direct bidders accepted$541,650,000
Primary dealers accepted$743,000,000
Indirect bidders' share, % (ours)81.6
Direct bidders' share, % (ours)7.7
Primary dealers' share, % (ours)10.6
High minus median, basis points (ours)4.1
Treasury real par yield curve, 30-year point, same day, %0.51
High yield minus that point, basis points (ours)-0.9

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 ratio2.70Last 24 auctions6 of 2418 of 242.48
Bid-to-cover ratio2.70Since 22 February 20107 of 2720 of 272.48
Bid-to-cover ratio2.70All 29 since 11 October 20007 of 2922 of 292.47
High real yield0.501Last 24 auctions23 of 241 of 240.992
High real yield0.501Since 22 February 201026 of 271 of 271.003
High real yield0.501All 33 since 8 April 199832 of 331 of 331.120
Indirect bidders' share81.6Last 24 auctions1 of 2423 of 2469.2
Indirect bidders' share81.6All 27 since 22 February 20101 of 2726 of 2764.5
Direct bidders' share7.7Last 24 auctions11 of 2413 of 245.8
Direct bidders' share7.7All 27 since 22 February 201012 of 2715 of 276.4
Primary dealers' share10.6Last 24 auctions24 of 240 of 2427.0
Primary dealers' share10.6All 27 since 22 February 201027 of 270 of 2730.2
High minus median, basis points4.1Last 24 auctions22 of 242 of 246.4
High minus median, basis points4.1Since 22 February 201025 of 272 of 276.4
High minus median, basis points4.1All 33 since 8 April 199829 of 334 of 336.3

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 August 2019. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2019/R_20190822_3.pdf. Compiled by 500metrics, "30-year TIPS auction of 22 August 2019 (reopening)", https://500metrics.com/treasury/auctions/30-year-tips/2019-08-22.

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

Our text and compilation: CC BY 4.0. How to reuse and cite this page.