500metrics

Treasury auctions · 29-Year 8-Month TIPS, reopening

30-year TIPS auction of 22 June 2016 (reopening)

The 30-year TIPS sold $5.729 billion at a high real yield of 0.905% on , with a bid-to-cover ratio of 2.69.

Real yield at each 30-year TIPS auction

The last 25 auctions, this one last

Real yield at each 30-year TIPS auction, 8 Apr 1998 to 22 Jun 2016
Real yield at each 30-year TIPS auction, 22 Feb 2010 to 22 Jun 2016
Real yield at each 30-year TIPS auction, 23 Oct 2014 to 22 Jun 2016

Bid-to-cover ratio at each 30-year TIPS auction

The last 25 auctions, this one last

Bid-to-cover ratio at each 30-year TIPS auction, 8 Apr 1998 to 22 Jun 2016
Bid-to-cover ratio at each 30-year TIPS auction, 22 Feb 2010 to 22 Jun 2016
Bid-to-cover ratio at each 30-year TIPS auction, 23 Oct 2014 to 22 Jun 2016

Who bought the 30-year TIPS of 22 Jun 2016

Shares of the competitive bids accepted

  • Indirect bidders 77.0%
  • Direct bidders 0.0%
  • Primary dealers 23.0%
This auction, 22 Jun 2016
  • Indirect bidders 70.3%
  • Direct bidders 2.8%
  • Primary dealers 26.9%
The 30-year TIPS auction before, 18 Feb 2016

Each point is one 30-year TIPS auction, this one last; pointing at the chart shows its date and figures.

Select a line to followLatest:

  • Indirect bidders77.0%
Inspect and compare dates
Real yield and bid-to-cover of the last 25 30-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
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
1.7682.78
2.2292.45
3.4652.23
3.9531.98
4.138–
3.899–
3.680–
3.740–

Observed .

Right now

The high real yield was 0.905% on 22 June 2016, down from 1.120% at the auction before.

The indirect bidders' share of 77.0% was the highest of all 18 earlier 30-year TIPS auctions we hold.

The direct bidders' share of 0.0% was the lowest of all 18 earlier 30-year TIPS auctions we hold.

Higher than 5 of the 18 since 22 February 2010

Its own history

Against the previous 12 30-year TIPS auctions, the indirect bidders' share was higher than all 12.

The direct bidders' share was lower than all 12.

See every measure against earlier auctions

Who bought

Indirect bidders took the largest share of the competitive bids accepted.

  • Indirect bidders 77.0%
  • Direct bidders 0.0%
  • Primary dealers 23.0%

Size

Treasury sold $5.729 billion of the $5 billion offered.

Bids received came to $14.187 billion; the bid-to-cover ratio was 2.69.

Its bid-to-cover of 2.69 compares with the 12 auctions before it: lowest 2.11 on , highest 2.82 on ; 81.7% of the way from the low to the high.

2.69

Low 2.11 Midpoint 2.465 High 2.82

The security29-Year 8-Month, reopening

Coupon
1.000%
Announced
Issued
Matures

It adds to the debt that matures in February 2046.

Understanding this result

Where it stands today

The high real yield was 0.905% at this 30-year TIPS auction, the median real yield 0.850% and a bid-to-cover ratio of 2.69.

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.

Read more

How does it compare with the par yield curve?

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 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

What did Treasury publish for this auction?Every field, to the dollar
FieldValue
Offered as29-Year 8-Month, reopening
Offering amount$5,000,000,000
Bids received$14,186,639,200
Sold$5,729,408,500
Competitive bids accepted$4,984,619,300
Non-competitive bids accepted$15,386,300
Federal Reserve (SOMA) add-on$729,402,900
Foreign and international (FIMA) non-competitive$0
Real yield, %0.905
Median rate, %0.850
Low rate, %0.688
Interest rate (coupon), %1.000
Bids at the high rate filled, %71.43
Bid-to-cover ratio2.69
Indirect bidders accepted$3,839,047,800
Direct bidders accepted$0
Primary dealers accepted$1,145,571,500
Indirect bidders' share, % (ours)77.0
Direct bidders' share, % (ours)0.0
Primary dealers' share, % (ours)23.0
High minus median, basis points (ours)5.5
Treasury real par yield curve, 30-year point, same day, %0.90
High yield minus that point, basis points (ours)0.5
How does it compare with earlier auctions?The previous 12 auctions, then every window
Against the previous 12 auctions of the 30-year TIPS
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.692.483 of 129 of 12
High real yield0.9051.1188 of 124 of 12
Indirect bidders' share77.060.20 of 1212 of 12
Direct bidders' share0.06.612 of 120 of 12
Primary dealers' share23.031.811 of 121 of 12
High minus median, basis points5.56.611 of 121 of 12

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

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 ratio2.69Since 22 February 20106 of 1812 of 182.51
Bid-to-cover ratio2.69All 20 since 11 October 20006 of 2014 of 202.48
High real yield0.905Since 22 February 201013 of 185 of 181.131
High real yield0.905All 24 since 8 April 199819 of 245 of 241.375
Indirect bidders' share77.0All 18 since 22 February 20100 of 1818 of 1854.8
Direct bidders' share0.0All 18 since 22 February 201018 of 180 of 188.4
Primary dealers' share23.0All 18 since 22 February 201017 of 181 of 1834.5
High minus median, basis points5.5Since 22 February 201014 of 184 of 186.4
High minus median, basis points5.5All 24 since 8 April 199816 of 248 of 246.2

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

When are the figures from, and how are they cited?Dates and how to cite

Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields.

Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 22 June 2016. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2016/R_20160622_2.pdf. Compiled by 500metrics, "30-year TIPS auction of 22 June 2016 (reopening)", https://500metrics.com/treasury/auctions/30-year-tips/2016-06-22.

Page updated