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30-year TIPS auction of 20 February 2020 (new issue)

The 30-year TIPS sold $8 billion at a high real yield of 0.261% on , with a bid-to-cover ratio of 2.40.

Coupon
0.250%
Announced
Issued
Matures

Real yield

0.261%

Median real yield 0.200%

Bid-to-cover

2.40

▼ −0.30 since 22 Aug

Sold

$8.00 billion

$8 billion offered

Indirect bidders

73.7%

Of competitive bids accepted

The high real yield was the lowest for a 30-year TIPS of all 34 earlier auctions we hold

Real yield at each 30-year TIPS auction, %

The high real yield was the lowest for a 30-year TIPS of all 34 earlier auctions we hold35 auctions from 8 April 1998 to 20 February 2020; the latest at 0.261%.0.0%1.0%2.0%3.0%4.0%5.0%19992000200120102011201220132014201520162017201820192020This auction, 0.261%The high real yield was the lowest for a 30-year TIPS of all 34 earlier auctions we hold35 auctions from 8 April 1998 to 20 February 2020; the latest at 0.261%.0.0%0.5%1.0%1.5%201320142015201620172018201920200.261%

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

The 35 auctions as a table
Real yield and bid-to-cover of the last 35 30-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
0.2612.40
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 ratio2.402.547 of 125 of 12
High real yield0.2610.92812 of 120 of 12
Indirect bidders' share73.775.97 of 125 of 12
Direct bidders' share11.54.20 of 1212 of 12
Primary dealers' share14.822.110 of 122 of 12
High minus median, basis points6.16.47 of 125 of 12

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

  • Direct bidders' share: Highest for a 30-year TIPS since 24 October 2013 (17 auctions in between).

Who bought the 30-year TIPS?

Indirect bidders took 73.7% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year TIPS auction, 22 August 2019

Indirect bidders took 73.7% of the competitive bids acceptedIndirect bidders 73.7%, Direct bidders 11.5%, Primary dealers 14.8%Indirect bidders73.7%81.6%Direct bidders11.5%7.7%Primary dealers14.8%10.6%Indirect bidders took 73.7% of the competitive bids acceptedIndirect bidders 73.7%, Direct bidders 11.5%, Primary dealers 14.8%Indirect bidders73.7%81.6%Direct bidders11.5%7.7%Primary dealers14.8%10.6%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders73.781.6
Direct bidders11.57.7
Primary dealers14.810.6

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$8,000,000,000
Bids received$19,185,510,700
Sold$8,000,004,200
Competitive bids accepted$7,993,317,500
Non-competitive bids accepted$6,686,700
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.261
Median rate, %0.200
Low rate, %0.088
Interest rate (coupon), %0.250
Bids at the high rate filled, %68.35
Bid-to-cover ratio2.40
Indirect bidders accepted$5,892,927,000
Direct bidders accepted$918,000,000
Primary dealers accepted$1,182,390,500
Indirect bidders' share, % (ours)73.7
Direct bidders' share, % (ours)11.5
Primary dealers' share, % (ours)14.8
High minus median, basis points (ours)6.1
Treasury real par yield curve, 30-year point, same day, %0.26
High yield minus that point, basis points (ours)0.1

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 ratio2.40Last 24 auctions17 of 247 of 242.48
Bid-to-cover ratio2.40Since 22 February 201021 of 287 of 282.51
Bid-to-cover ratio2.40All 30 since 11 October 200021 of 309 of 302.48
High real yield0.261Last 24 auctions24 of 240 of 240.960
High real yield0.261Since 22 February 201028 of 280 of 281.001
High real yield0.261All 34 since 8 April 199834 of 340 of 341.118
Indirect bidders' share73.7Last 24 auctions7 of 2417 of 2469.6
Indirect bidders' share73.7All 28 since 22 February 20107 of 2821 of 2866.8
Direct bidders' share11.5Last 24 auctions6 of 2418 of 245.8
Direct bidders' share11.5All 28 since 22 February 20108 of 2820 of 286.5
Primary dealers' share14.8Last 24 auctions22 of 242 of 2425.9
Primary dealers' share14.8All 28 since 22 February 201026 of 282 of 2828.6
High minus median, basis points6.1Last 24 auctions14 of 2410 of 246.4
High minus median, basis points6.1Since 22 February 201015 of 2813 of 286.4
High minus median, basis points6.1All 34 since 8 April 199817 of 3417 of 346.2

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 20 February 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200220_3.pdf. Compiled by 500metrics, "30-year TIPS auction of 20 February 2020 (new issue)", https://500metrics.com/treasury/auctions/30-year-tips/2020-02-20.

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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