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30-year TIPS auction of 20 August 2026 (reopening)

The 30-year TIPS sold $9.028 billion at a high real yield of 2.973% on , with a bid-to-cover ratio of 2.82.

Coupon
2.375%
Announced
Issued
Matures

Real yield

2.973%

Median real yield 2.925%

Bid-to-cover

2.82

▲ +0.07 since 19 Feb

Sold

$9.03 billion

$8 billion offered

Indirect bidders

84.4%

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 21 June 2012 to 20 August 2026; the latest at 2.973%.-1.0%0.0%1.0%2.0%3.0%20132014201520162017201820192020202120222023202420252026This auction, 2.973%The high real yield was the highest for a 30-year TIPS since 10 October 200136 auctions from 21 June 2012 to 20 August 2026; the latest at 2.973%.-1.0%0.0%1.0%2.0%3.0%20172018201920202021202220232024202520262.973%

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
2.9732.82
2.4732.75
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

Against its own history

Against the previous 12 auctions of the 30-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.822.420 of 1212 of 12
High real yield2.9731.7600 of 1212 of 12
Indirect bidders' share84.475.40 of 1212 of 12
Direct bidders' share13.415.08 of 124 of 12
Primary dealers' share2.19.412 of 120 of 12
High minus median, basis points4.88.511 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 (19 auctions in between).
  • Indirect bidders' share: Highest of all 41 earlier 30-year TIPS auctions we hold.
  • Primary dealers' share: Lowest of all 41 earlier 30-year TIPS auctions we hold.

Who bought the 30-year TIPS?

Indirect bidders took 84.4% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 30-year TIPS auction, 19 February 2026

Indirect bidders took 84.4% of the competitive bids acceptedIndirect bidders 84.4%, Direct bidders 13.4%, Primary dealers 2.1%Indirect bidders84.4%78.3%Direct bidders13.4%19.2%Primary dealers2.1%2.5%Indirect bidders took 84.4% of the competitive bids acceptedIndirect bidders 84.4%, Direct bidders 13.4%, Primary dealers 2.1%Indirect bidders84.4%78.3%Direct bidders13.4%19.2%Primary dealers2.1%2.5%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders84.478.3
Direct bidders13.419.2
Primary dealers2.12.5

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$23,588,952,000
Sold$9,028,453,400
Competitive bids accepted$7,942,741,400
Non-competitive bids accepted$57,266,200
Federal Reserve (SOMA) add-on$1,028,445,800
Foreign and international (FIMA) non-competitive$0
Real yield, %2.973
Median rate, %2.925
Low rate, %2.880
Interest rate (coupon), %2.375
Bids at the high rate filled, %67.82
Bid-to-cover ratio2.82
Indirect bidders accepted$6,707,611,400
Direct bidders accepted$1,068,130,000
Primary dealers accepted$167,000,000
Indirect bidders' share, % (ours)84.4
Direct bidders' share, % (ours)13.4
Primary dealers' share, % (ours)2.1
High minus median, basis points (ours)4.8
Treasury real par yield curve, 30-year point, same day, %2.95
High yield minus that point, basis points (ours)2.3

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 ratio2.82Last 24 auctions1 of 2423 of 242.42
Bid-to-cover ratio2.82Since 22 February 20103 of 4137 of 412.47
Bid-to-cover ratio2.82All 43 since 11 October 20003 of 4339 of 432.46
High real yield2.973Last 24 auctions0 of 2424 of 240.928
High real yield2.973Since 22 February 20100 of 4141 of 411.003
High real yield2.973All 47 since 8 April 19986 of 4741 of 471.120
Indirect bidders' share84.4Last 24 auctions0 of 2424 of 2475.9
Indirect bidders' share84.4All 41 since 22 February 20100 of 4141 of 4170.3
Direct bidders' share13.4Last 24 auctions8 of 2416 of 249.5
Direct bidders' share13.4All 41 since 22 February 201015 of 4126 of 419.1
Primary dealers' share2.1Last 24 auctions24 of 240 of 2414.9
Primary dealers' share2.1All 41 since 22 February 201041 of 410 of 4123.0
High minus median, basis points4.8Last 24 auctions20 of 244 of 246.8
High minus median, basis points4.8Since 22 February 201036 of 415 of 416.6
High minus median, basis points4.8All 47 since 8 April 199839 of 478 of 476.5

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 20 August 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260820_3.pdf. Compiled by 500metrics, "30-year TIPS auction of 20 August 2026 (reopening)", https://500metrics.com/treasury/auctions/30-year-tips/2026-08-20.

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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