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30-year TIPS auction of 22 August 2024 (reopening)

The 30-year TIPS sold $8 billion at a high real yield of 2.055% on , with a bid-to-cover ratio of 2.61.

Coupon
2.125%
Announced
Issued
Matures

Real yield

2.055%

Median real yield 1.975%

Bid-to-cover

2.61

▲ +0.18 since 22 Feb

Sold

$8.00 billion

$8 billion offered

Indirect bidders

77.6%

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 17 February 2011 to 22 August 2024; the latest at 2.055%.-1.0%0.0%1.0%2.0%3.0%20112012201320142015201620172018201920202021202220232024This auction, 2.055%Real yield at the last 36 30-year TIPS auctions36 auctions from 17 February 2011 to 22 August 2024; the latest at 2.055%.-1.0%0.0%1.0%2.0%3.0%2016201720182019202020212022202320242.055%

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
2.0552.61
2.2002.43
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

Against its own history

Against the previous 12 auctions of the 30-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.612.392 of 1210 of 12
High real yield2.0550.7101 of 1211 of 12
Indirect bidders' share77.675.32 of 1210 of 12
Direct bidders' share15.611.82 of 1210 of 12
Primary dealers' share6.913.811 of 121 of 12
High minus median, basis points8.07.96 of 126 of 12

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

Who bought the 30-year TIPS?

Indirect bidders took 77.6% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year TIPS auction, 22 February 2024

Indirect bidders took 77.6% of the competitive bids acceptedIndirect bidders 77.6%, Direct bidders 15.6%, Primary dealers 6.9%Indirect bidders77.6%73.4%Direct bidders15.6%17.6%Primary dealers6.9%9.0%Indirect bidders took 77.6% of the competitive bids acceptedIndirect bidders 77.6%, Direct bidders 15.6%, Primary dealers 6.9%Indirect bidders77.6%73.4%Direct bidders15.6%17.6%Primary dealers6.9%9.0%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders77.673.4
Direct bidders15.617.6
Primary dealers6.99.0

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$8,000,000,000
Bids received$20,892,137,500
Sold$8,000,008,400
Competitive bids accepted$7,965,191,800
Non-competitive bids accepted$34,816,600
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %2.055
Median rate, %1.975
Low rate, %0.888
Interest rate (coupon), %2.125
Bids at the high rate filled, %95.35
Bid-to-cover ratio2.61
Indirect bidders accepted$6,177,586,800
Direct bidders accepted$1,239,000,000
Primary dealers accepted$548,605,000
Indirect bidders' share, % (ours)77.6
Direct bidders' share, % (ours)15.6
Primary dealers' share, % (ours)6.9
High minus median, basis points (ours)8.0
Treasury real par yield curve, 30-year point, same day, %2.03
High yield minus that point, basis points (ours)2.5

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 ratio2.61Last 24 auctions7 of 2417 of 242.41
Bid-to-cover ratio2.61Since 22 February 201014 of 3723 of 372.46
Bid-to-cover ratio2.61All 39 since 11 October 200014 of 3925 of 392.45
High real yield2.055Last 24 auctions1 of 2423 of 240.922
High real yield2.055Since 22 February 20103 of 3734 of 370.985
High real yield2.055All 43 since 8 April 19989 of 4334 of 431.093
Indirect bidders' share77.6Last 24 auctions3 of 2421 of 2473.7
Indirect bidders' share77.6All 37 since 22 February 20103 of 3734 of 3769.8
Direct bidders' share15.6Last 24 auctions2 of 2422 of 247.6
Direct bidders' share15.6All 37 since 22 February 20107 of 3730 of 378.4
Primary dealers' share6.9Last 24 auctions23 of 241 of 2420.9
Primary dealers' share6.9All 37 since 22 February 201036 of 371 of 3723.3
High minus median, basis points8.0Last 24 auctions8 of 2416 of 246.7
High minus median, basis points8.0Since 22 February 201011 of 3726 of 376.6
High minus median, basis points8.0All 43 since 8 April 199811 of 4332 of 436.5

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 2024. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/R_20240822_3.pdf. Compiled by 500metrics, "30-year TIPS auction of 22 August 2024 (reopening)", https://500metrics.com/treasury/auctions/30-year-tips/2024-08-22.

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

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