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30-year TIPS auction of 20 February 2025 (new issue)

The 30-year TIPS sold $9.907 billion at a high real yield of 2.403% on , with a bid-to-cover ratio of 2.48.

Coupon
2.375%
Announced
Issued
Matures

Real yield

2.403%

Median real yield 2.325%

Bid-to-cover

2.48

▼ −0.13 since 22 Aug

Sold

$9.91 billion

$9 billion offered

Indirect bidders

77.5%

Of competitive bids accepted

The high real yield was the highest for a 30-year TIPS since 10 October 2001

Real yield at each 30-year TIPS auction, %

The high real yield was the highest for a 30-year TIPS since 10 October 200136 auctions from 23 June 2011 to 20 February 2025; the latest at 2.403%.-1.0%0.0%1.0%2.0%3.0%20122013201420152016201720182019202020212022202320242025This auction, 2.403%The high real yield was the highest for a 30-year TIPS since 10 October 200136 auctions from 23 June 2011 to 20 February 2025; the latest at 2.403%.-1.0%0.0%1.0%2.0%3.0%20162017201820192020202120222023202420252.403%

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
2.4032.48
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

Against its own history

Against the previous 12 auctions of the 30-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.482.413 of 129 of 12
High real yield2.4030.7100 of 1212 of 12
Indirect bidders' share77.575.43 of 129 of 12
Direct bidders' share15.312.23 of 129 of 12
Primary dealers' share7.211.910 of 122 of 12
High minus median, basis points7.88.57 of 125 of 12

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

Who bought the 30-year TIPS?

Indirect bidders took 77.5% of the competitive bids accepted

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

Indirect bidders took 77.5% of the competitive bids acceptedIndirect bidders 77.5%, Direct bidders 15.3%, Primary dealers 7.2%Indirect bidders77.5%77.6%Direct bidders15.3%15.6%Primary dealers7.2%6.9%Indirect bidders took 77.5% of the competitive bids acceptedIndirect bidders 77.5%, Direct bidders 15.3%, Primary dealers 7.2%Indirect bidders77.5%77.6%Direct bidders15.3%15.6%Primary dealers7.2%6.9%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders77.577.6
Direct bidders15.315.6
Primary dealers7.26.9

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$23,214,141,100
Sold$9,907,113,500
Competitive bids accepted$8,941,997,400
Non-competitive bids accepted$58,003,100
Federal Reserve (SOMA) add-on$907,113,000
Foreign and international (FIMA) non-competitive$0
Real yield, %2.403
Median rate, %2.325
Low rate, %2.280
Interest rate (coupon), %2.375
Bids at the high rate filled, %93.92
Bid-to-cover ratio2.48
Indirect bidders accepted$6,927,997,400
Direct bidders accepted$1,367,000,000
Primary dealers accepted$647,000,000
Indirect bidders' share, % (ours)77.5
Direct bidders' share, % (ours)15.3
Primary dealers' share, % (ours)7.2
High minus median, basis points (ours)7.8
Treasury real par yield curve, 30-year point, same day, %2.39
High yield minus that point, basis points (ours)1.3

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 ratio2.48Last 24 auctions8 of 2416 of 242.42
Bid-to-cover ratio2.48Since 22 February 201016 of 3821 of 382.46
Bid-to-cover ratio2.48All 40 since 11 October 200016 of 4023 of 402.46
High real yield2.403Last 24 auctions0 of 2424 of 240.922
High real yield2.403Since 22 February 20100 of 3838 of 380.992
High real yield2.403All 44 since 8 April 19986 of 4438 of 441.104
Indirect bidders' share77.5Last 24 auctions4 of 2420 of 2474.3
Indirect bidders' share77.5All 38 since 22 February 20104 of 3834 of 3869.9
Direct bidders' share15.3Last 24 auctions3 of 2421 of 248.1
Direct bidders' share15.3All 38 since 22 February 20108 of 3830 of 388.5
Primary dealers' share7.2Last 24 auctions22 of 242 of 2418.7
Primary dealers' share7.2All 38 since 22 February 201036 of 382 of 3823.2
High minus median, basis points7.8Last 24 auctions9 of 2415 of 246.8
High minus median, basis points7.8Since 22 February 201012 of 3826 of 386.6
High minus median, basis points7.8All 44 since 8 April 199812 of 4432 of 446.6

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 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250220_3.pdf. Compiled by 500metrics, "30-year TIPS auction of 20 February 2025 (new issue)", https://500metrics.com/treasury/auctions/30-year-tips/2025-02-20.

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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