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30-year TIPS auction of 24 August 2023 (reopening)

The 30-year TIPS sold $8.831 billion at a high real yield of 1.970% on , with a bid-to-cover ratio of 2.42.

Coupon
1.500%
Announced
Issued
Matures

Real yield

1.970%

Median real yield 1.875%

Bid-to-cover

2.42

▲ +0.04 since 16 Feb

Sold

$8.83 billion

$8 billion offered

Indirect bidders

76.2%

Of competitive bids accepted

The high real yield was the highest for a 30-year TIPS since 17 February 2011

Real yield at each 30-year TIPS auction, %

The high real yield was the highest for a 30-year TIPS since 17 February 201136 auctions from 22 February 2010 to 24 August 2023; the latest at 1.970%.-1.0%0.0%1.0%2.0%3.0%2011201220132014201520162017201820192020202120222023This auction, 1.970%The high real yield was the highest for a 30-year TIPS since 17 February 201136 auctions from 22 February 2010 to 24 August 2023; the latest at 1.970%.-1.0%0.0%1.0%2.0%2015201620172018201920202021202220231.970%

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
1.9702.42
1.5502.38
0.9202.69
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

Against its own history

Against the previous 12 auctions of the 30-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.422.364 of 128 of 12
High real yield1.9700.7100 of 1212 of 12
Indirect bidders' share76.275.34 of 128 of 12
Direct bidders' share19.68.80 of 1212 of 12
Primary dealers' share4.314.912 of 120 of 12
High minus median, basis points9.56.63 of 129 of 12

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

  • Direct bidders' share: Highest for a 30-year TIPS since 21 June 2012 (28 auctions in between).
  • Primary dealers' share: Lowest of all 35 earlier 30-year TIPS auctions we hold.

Who bought the 30-year TIPS?

Indirect bidders took 76.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year TIPS auction, 16 February 2023

Indirect bidders took 76.2% of the competitive bids acceptedIndirect bidders 76.2%, Direct bidders 19.6%, Primary dealers 4.3%Indirect bidders76.2%76.0%Direct bidders19.6%14.1%Primary dealers4.3%9.9%Indirect bidders took 76.2% of the competitive bids acceptedIndirect bidders 76.2%, Direct bidders 19.6%, Primary dealers 4.3%Indirect bidders76.2%76.0%Direct bidders19.6%14.1%Primary dealers4.3%9.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders76.276.0
Direct bidders19.614.1
Primary dealers4.39.9

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$20,223,717,400
Sold$8,831,162,400
Competitive bids accepted$7,973,105,000
Non-competitive bids accepted$26,896,400
Federal Reserve (SOMA) add-on$831,161,000
Foreign and international (FIMA) non-competitive$0
Real yield, %1.970
Median rate, %1.875
Low rate, %1.820
Interest rate (coupon), %1.500
Bids at the high rate filled, %64.10
Bid-to-cover ratio2.42
Indirect bidders accepted$6,073,080,000
Direct bidders accepted$1,559,000,000
Primary dealers accepted$341,025,000
Indirect bidders' share, % (ours)76.2
Direct bidders' share, % (ours)19.6
Primary dealers' share, % (ours)4.3
High minus median, basis points (ours)9.5
Treasury real par yield curve, 30-year point, same day, %1.98
High yield minus that point, basis points (ours)-1.0

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 ratio2.42Last 24 auctions11 of 2413 of 242.39
Bid-to-cover ratio2.42Since 22 February 201022 of 3513 of 352.46
Bid-to-cover ratio2.42All 37 since 11 October 200022 of 3715 of 372.46
High real yield1.970Last 24 auctions0 of 2424 of 240.922
High real yield1.970Since 22 February 20102 of 3533 of 350.934
High real yield1.970All 41 since 8 April 19988 of 4133 of 411.003
Indirect bidders' share76.2Last 24 auctions6 of 2418 of 2472.2
Indirect bidders' share76.2All 35 since 22 February 20106 of 3529 of 3569.8
Direct bidders' share19.6Last 24 auctions0 of 2424 of 247.1
Direct bidders' share19.6All 35 since 22 February 20104 of 3531 of 358.2
Primary dealers' share4.3Last 24 auctions24 of 240 of 2421.9
Primary dealers' share4.3All 35 since 22 February 201035 of 350 of 3523.6
High minus median, basis points9.5Last 24 auctions5 of 2419 of 246.6
High minus median, basis points9.5Since 22 February 20107 of 3528 of 356.5
High minus median, basis points9.5All 41 since 8 April 19987 of 4134 of 416.4

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 24 August 2023. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2023/R_20230824_3.pdf. Compiled by 500metrics, "30-year TIPS auction of 24 August 2023 (reopening)", https://500metrics.com/treasury/auctions/30-year-tips/2023-08-24.

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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