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30-year TIPS auction of 21 August 2025 (reopening)

The 30-year TIPS sold $8 billion at a high real yield of 2.650% on , with a bid-to-cover ratio of 2.78.

Coupon
2.375%
Announced
Issued
Matures

Real yield

2.650%

Median real yield 2.600%

Bid-to-cover

2.78

▲ +0.30 since 20 Feb

Sold

$8.00 billion

$8 billion offered

Indirect bidders

70.4%

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 20 October 2011 to 21 August 2025; the latest at 2.650%.-1.0%0.0%1.0%2.0%3.0%20122013201420152016201720182019202020212022202320242025This auction, 2.650%The high real yield was the highest for a 30-year TIPS since 10 October 200136 auctions from 20 October 2011 to 21 August 2025; the latest at 2.650%.-1.0%0.0%1.0%2.0%3.0%20162017201820192020202120222023202420252.650%

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
2.6502.78
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

Against its own history

Against the previous 12 auctions of the 30-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.782.410 of 1212 of 12
High real yield2.6500.7100 of 1212 of 12
Indirect bidders' share70.475.49 of 123 of 12
Direct bidders' share25.113.30 of 1212 of 12
Primary dealers' share4.510.911 of 121 of 12
High minus median, basis points5.08.511 of 121 of 12

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

  • Bid-to-cover ratio: Highest for a 30-year TIPS since 22 June 2017 (17 auctions in between).
  • Direct bidders' share: Highest for a 30-year TIPS since 21 June 2012 (32 auctions in between).

Who bought the 30-year TIPS?

Indirect bidders took 70.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year TIPS auction, 20 February 2025

Indirect bidders took 70.4% of the competitive bids acceptedIndirect bidders 70.4%, Direct bidders 25.1%, Primary dealers 4.5%Indirect bidders70.4%77.5%Direct bidders25.1%15.3%Primary dealers4.5%7.2%Indirect bidders took 70.4% of the competitive bids acceptedIndirect bidders 70.4%, Direct bidders 25.1%, Primary dealers 4.5%Indirect bidders70.4%77.5%Direct bidders25.1%15.3%Primary dealers4.5%7.2%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders70.477.5
Direct bidders25.115.3
Primary dealers4.57.2

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$22,237,376,100
Sold$8,000,011,500
Competitive bids accepted$7,953,749,400
Non-competitive bids accepted$46,262,100
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %2.650
Median rate, %2.600
Low rate, %0.888
Interest rate (coupon), %2.375
Bids at the high rate filled, %65.17
Bid-to-cover ratio2.78
Indirect bidders accepted$5,602,973,900
Direct bidders accepted$1,996,000,000
Primary dealers accepted$354,775,500
Indirect bidders' share, % (ours)70.4
Direct bidders' share, % (ours)25.1
Primary dealers' share, % (ours)4.5
High minus median, basis points (ours)5.0
Treasury real par yield curve, 30-year point, same day, %2.65
High yield minus that point, basis points (ours)0.0

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 ratio2.78Last 24 auctions1 of 2423 of 242.42
Bid-to-cover ratio2.78Since 22 February 20104 of 3934 of 392.46
Bid-to-cover ratio2.78All 41 since 11 October 20004 of 4136 of 412.46
High real yield2.650Last 24 auctions0 of 2424 of 240.928
High real yield2.650Since 22 February 20100 of 3939 of 390.999
High real yield2.650All 45 since 8 April 19986 of 4539 of 451.116
Indirect bidders' share70.4Last 24 auctions17 of 247 of 2475.3
Indirect bidders' share70.4All 39 since 22 February 201017 of 3922 of 3969.9
Direct bidders' share25.1Last 24 auctions0 of 2424 of 248.5
Direct bidders' share25.1All 39 since 22 February 20104 of 3935 of 398.5
Primary dealers' share4.5Last 24 auctions23 of 241 of 2416.3
Primary dealers' share4.5All 39 since 22 February 201038 of 391 of 3923.1
High minus median, basis points5.0Last 24 auctions21 of 243 of 246.9
High minus median, basis points5.0Since 22 February 201035 of 394 of 396.7
High minus median, basis points5.0All 45 since 8 April 199837 of 457 of 456.6

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 21 August 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250821_3.pdf. Compiled by 500metrics, "30-year TIPS auction of 21 August 2025 (reopening)", https://500metrics.com/treasury/auctions/30-year-tips/2025-08-21.

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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