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30-year TIPS auction of 17 February 2022 (new issue)

The 30-year TIPS sold $10.542 billion at a high real yield of 0.195% on , with a bid-to-cover ratio of 2.17.

Coupon
0.125%
Announced
Issued
Matures

Real yield

0.195%

Median real yield 0.049%

Bid-to-cover

2.17

▼ −0.17 since 19 Aug

Sold

$10.54 billion

$9 billion offered

Indirect bidders

69.9%

Of competitive bids accepted

Real yield at the last 36 30-year TIPS auctions

Real yield at each 30-year TIPS auction, %

Real yield at the last 36 30-year TIPS auctions36 auctions from 6 October 1999 to 17 February 2022; the latest at 0.195%.-2.0%0.0%2.0%4.0%6.0%200020012010201120122013201420152016201720182019202020212022This auction, 0.195%Real yield at the last 36 30-year TIPS auctions36 auctions from 6 October 1999 to 17 February 2022; the latest at 0.195%.-0.5%0.0%0.5%1.0%1.5%2014201520162017201820192020202120220.195%

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
0.1952.17
-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–

Against its own history

Against the previous 12 auctions of the 30-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.172.3712 of 120 of 12
High real yield0.1950.8949 of 123 of 12
Indirect bidders' share69.975.310 of 122 of 12
Direct bidders' share9.97.13 of 129 of 12
Primary dealers' share20.316.35 of 127 of 12
High minus median, basis points14.66.40 of 1212 of 12

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

  • Bid-to-cover ratio: Lowest for a 30-year TIPS since 18 February 2016 (14 auctions in between).
  • High minus median, basis points: Highest of all 38 earlier 30-year TIPS auctions we hold.

Who bought the 30-year TIPS?

Indirect bidders took 69.9% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year TIPS auction, 19 August 2021

Indirect bidders took 69.9% of the competitive bids acceptedIndirect bidders 69.9%, Direct bidders 9.9%, Primary dealers 20.3%Indirect bidders69.9%74.9%Direct bidders9.9%12.4%Primary dealers20.3%12.7%Indirect bidders took 69.9% of the competitive bids acceptedIndirect bidders 69.9%, Direct bidders 9.9%, Primary dealers 20.3%Indirect bidders69.9%74.9%Direct bidders9.9%12.4%Primary dealers20.3%12.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders69.974.9
Direct bidders9.912.4
Primary dealers20.312.7

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$9,000,000,000
Bids received$21,101,451,400
Sold$10,541,851,400
Competitive bids accepted$8,986,020,000
Non-competitive bids accepted$13,990,800
Federal Reserve (SOMA) add-on$1,541,840,600
Foreign and international (FIMA) non-competitive$0
Real yield, %0.195
Median rate, %0.049
Low rate, %0.000
Interest rate (coupon), %0.125
Bids at the high rate filled, %60.32
Bid-to-cover ratio2.17
Indirect bidders accepted$6,279,620,000
Direct bidders accepted$886,000,000
Primary dealers accepted$1,820,400,000
Indirect bidders' share, % (ours)69.9
Direct bidders' share, % (ours)9.9
Primary dealers' share, % (ours)20.3
High minus median, basis points (ours)14.6
Treasury real par yield curve, 30-year point, same day, %0.19
High yield minus that point, basis points (ours)0.5

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 ratio2.17Last 24 auctions23 of 241 of 242.44
Bid-to-cover ratio2.17Since 22 February 201031 of 321 of 322.46
Bid-to-cover ratio2.17All 34 since 11 October 200032 of 342 of 342.46
High real yield0.195Last 24 auctions21 of 243 of 240.928
High real yield0.195Since 22 February 201029 of 323 of 320.960
High real yield0.195All 38 since 8 April 199835 of 383 of 381.048
Indirect bidders' share69.9Last 24 auctions13 of 2411 of 2470.4
Indirect bidders' share69.9All 32 since 22 February 201013 of 3219 of 3269.2
Direct bidders' share9.9Last 24 auctions5 of 2419 of 245.8
Direct bidders' share9.9All 32 since 22 February 201011 of 3221 of 327.6
Primary dealers' share20.3Last 24 auctions17 of 247 of 2423.0
Primary dealers' share20.3All 32 since 22 February 201025 of 327 of 3225.9
High minus median, basis points14.6Last 24 auctions0 of 2424 of 246.6
High minus median, basis points14.6Since 22 February 20100 of 3232 of 326.4
High minus median, basis points14.6All 38 since 8 April 19980 of 3838 of 386.4

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 17 February 2022. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220217_3.pdf. Compiled by 500metrics, "30-year TIPS auction of 17 February 2022 (new issue)", https://500metrics.com/treasury/auctions/30-year-tips/2022-02-17.

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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