Treasury auctions · 30-year TIPS
How did the latest 30-year TIPS auction go?
The last 30-year TIPS auction, on , sold at a high real yield of 2.973% with a bid-to-cover of 2.82.
Real yield at each 30-year TIPS auction
Bid-to-cover ratio at each 30-year TIPS auction
Who bought each 30-year TIPS auction: shares of the competitive bids accepted
The linesLatest:
- Indirect bidders84.4%
- Direct bidders13.4%
- Primary dealers2.1%
Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".
Select a line to followLatest:
Inspect and compare dates
The latest 30-year TIPS auction beside the one before it and the nearest ones a year, five and ten years earlier.
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Observed .
Right now
The high real yield of 2.973% on 20 August 2026 was the highest for a 30-year TIPS since 10 October 2001.
The bid-to-cover ratio of 2.82 was the highest for a 30-year TIPS since 22 June 2017, with 19 auctions in between.
The indirect bidders' share of 84.4% was the highest of all 41 earlier 30-year TIPS auctions we hold.
Its own history
Against the previous 24 30-year TIPS auctions, the real yield and the indirect bidders' share were higher than all 24.
The primary dealers' share was lower than all 24.
Who bought
Indirect bidders took the largest share of the competitive bids accepted at the 20 Aug 2026 auction.
- Indirect bidders 84.4%
- Direct bidders 13.4%
- Primary dealers 2.1%
Size
Treasury offered $8 billion and sold $9.028 billion on 20 Aug 2026.
Understanding the 30-year TIPS auction
Where it stands today
The high real yield was 2.973% at the 30-year TIPS auction of , with a bid-to-cover ratio of 2.82.
What do these figures measure?
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.
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What these figures cannot tell
- 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 numbers behind the chart
How does the latest auction compare with earlier ones?Every measure, window by window
- Bid-to-cover ratio: Highest for a 30-year TIPS since 22 June 2017 (19 auctions in between).
- High real yield: Highest for a 30-year TIPS since 10 October 2001 (41 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.
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.82 | Last 12 auctions | 0 of 12 | 12 of 12 | 2.42 |
| Bid-to-cover ratio | 2.82 | Last 24 auctions | 1 of 24 | 23 of 24 | 2.42 |
| Bid-to-cover ratio | 2.82 | Since 22 February 2010 | 3 of 41 | 37 of 41 | 2.47 |
| Bid-to-cover ratio | 2.82 | All 43 since 11 October 2000 | 3 of 43 | 39 of 43 | 2.46 |
| High real yield | 2.973 | Last 12 auctions | 0 of 12 | 12 of 12 | 1.760 |
| High real yield | 2.973 | Last 24 auctions | 0 of 24 | 24 of 24 | 0.928 |
| High real yield | 2.973 | Since 22 February 2010 | 0 of 41 | 41 of 41 | 1.003 |
| High real yield | 2.973 | All 47 since 8 April 1998 | 6 of 47 | 41 of 47 | 1.120 |
| Indirect bidders' share | 84.4 | Last 12 auctions | 0 of 12 | 12 of 12 | 75.4 |
| Indirect bidders' share | 84.4 | Last 24 auctions | 0 of 24 | 24 of 24 | 75.9 |
| Indirect bidders' share | 84.4 | All 41 since 22 February 2010 | 0 of 41 | 41 of 41 | 70.3 |
| Direct bidders' share | 13.4 | Last 12 auctions | 8 of 12 | 4 of 12 | 15.0 |
| Direct bidders' share | 13.4 | Last 24 auctions | 8 of 24 | 16 of 24 | 9.5 |
| Direct bidders' share | 13.4 | All 41 since 22 February 2010 | 15 of 41 | 26 of 41 | 9.1 |
| Primary dealers' share | 2.1 | Last 12 auctions | 12 of 12 | 0 of 12 | 9.4 |
| Primary dealers' share | 2.1 | Last 24 auctions | 24 of 24 | 0 of 24 | 14.9 |
| Primary dealers' share | 2.1 | All 41 since 22 February 2010 | 41 of 41 | 0 of 41 | 23.0 |
| High minus median, basis points | 4.8 | Last 12 auctions | 11 of 12 | 1 of 12 | 8.5 |
| High minus median, basis points | 4.8 | Last 24 auctions | 20 of 24 | 4 of 24 | 6.8 |
| High minus median, basis points | 4.8 | Since 22 February 2010 | 36 of 41 | 5 of 41 | 6.6 |
| High minus median, basis points | 4.8 | All 47 since 8 April 1998 | 39 of 47 | 8 of 47 | 6.5 |
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What were the results of every 30-year TIPS auction?48 auctions, newest first
48 30-year TIPS auctions with results since 8 April 1998.
This page also lists the occasional 30-year 6-month TIPS auctions, the nearest regular term to them.
Show 36 more rows
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What do the figures leave out, and how are they cited?Limits, dates and how to cite
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 20 August 2026. Compiled by 500metrics, "How did the latest 30-year TIPS auction go?", https://500metrics.com/treasury/auctions/30-year-tips.
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