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30-year TIPS auction of 19 August 2021 (reopening)

The 30-year TIPS sold $9.005 billion at a high real yield of -0.292% on , with a bid-to-cover ratio of 2.34.

Coupon
0.125%
Announced
Issued
Matures

Real yield

-0.292%

Median real yield -0.360%

Bid-to-cover

2.34

▲ +0.03 since 18 Feb

Sold

$9.01 billion

$8 billion offered

Indirect bidders

74.9%

Of competitive bids accepted

The high real yield was the lowest for a 30-year TIPS of all 37 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 37 earlier auctions we hold36 auctions from 7 April 1999 to 19 August 2021; the latest at -0.292%.-2.0%0.0%2.0%4.0%6.0%20002001201020112012201320142015201620172018201920202021This auction, -0.292%The high real yield was the lowest for a 30-year TIPS of all 37 earlier auctions we hold36 auctions from 7 April 1999 to 19 August 2021; the latest at -0.292%.-0.5%0.0%0.5%1.0%1.5%20142015201620172018201920202021-0.292%

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

The 36 auctions as a table
Real yield and bid-to-cover of the last 36 30-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
-0.2922.34
-0.0402.31
-0.2722.25
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–

Against its own history

Against the previous 12 auctions of the 30-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.342.366 of 126 of 12
High real yield-0.2920.89412 of 120 of 12
Indirect bidders' share74.974.76 of 126 of 12
Direct bidders' share12.47.11 of 1211 of 12
Primary dealers' share12.719.411 of 121 of 12
High minus median, basis points6.86.44 of 128 of 12

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

Who bought the 30-year TIPS?

Indirect bidders took 74.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year TIPS auction, 18 February 2021

Indirect bidders took 74.9% of the competitive bids acceptedIndirect bidders 74.9%, Direct bidders 12.4%, Primary dealers 12.7%Indirect bidders74.9%68.1%Direct bidders12.4%14.6%Primary dealers12.7%17.2%Indirect bidders took 74.9% of the competitive bids acceptedIndirect bidders 74.9%, Direct bidders 12.4%, Primary dealers 12.7%Indirect bidders74.9%68.1%Direct bidders12.4%14.6%Primary dealers12.7%17.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders74.968.1
Direct bidders12.414.6
Primary dealers12.717.2

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$8,000,000,000
Bids received$19,739,274,600
Sold$9,005,135,100
Competitive bids accepted$7,994,305,500
Non-competitive bids accepted$5,695,900
Federal Reserve (SOMA) add-on$1,005,133,700
Foreign and international (FIMA) non-competitive$0
Real yield, %-0.292
Median rate, %-0.360
Low rate, %-0.880
Interest rate (coupon), %0.125
Bids at the high rate filled, %90.35
Bid-to-cover ratio2.34
Indirect bidders accepted$5,987,305,500
Direct bidders accepted$990,000,000
Primary dealers accepted$1,017,000,000
Indirect bidders' share, % (ours)74.9
Direct bidders' share, % (ours)12.4
Primary dealers' share, % (ours)12.7
High minus median, basis points (ours)6.8
Treasury real par yield curve, 30-year point, same day, %-0.30
High yield minus that point, basis points (ours)0.8

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 ratio2.34Last 24 auctions15 of 248 of 242.46
Bid-to-cover ratio2.34Since 22 February 201022 of 318 of 312.47
Bid-to-cover ratio2.34All 33 since 11 October 200022 of 3310 of 332.46
High real yield-0.292Last 24 auctions24 of 240 of 240.928
High real yield-0.292Since 22 February 201031 of 310 of 310.985
High real yield-0.292All 37 since 8 April 199837 of 370 of 371.093
Indirect bidders' share74.9Last 24 auctions7 of 2417 of 2470.1
Indirect bidders' share74.9All 31 since 22 February 20107 of 3124 of 3169.0
Direct bidders' share12.4Last 24 auctions4 of 2420 of 245.8
Direct bidders' share12.4All 31 since 22 February 20109 of 3122 of 317.5
Primary dealers' share12.7Last 24 auctions23 of 241 of 2423.2
Primary dealers' share12.7All 31 since 22 February 201030 of 311 of 3126.9
High minus median, basis points6.8Last 24 auctions7 of 2417 of 246.4
High minus median, basis points6.8Since 22 February 201010 of 3121 of 316.4
High minus median, basis points6.8All 37 since 8 April 199812 of 3725 of 376.3

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 19 August 2021. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20210819_3.pdf. Compiled by 500metrics, "30-year TIPS auction of 19 August 2021 (reopening)", https://500metrics.com/treasury/auctions/30-year-tips/2021-08-19.

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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