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

30-year TIPS auction of 21 June 2018 (reopening)

The 30-year TIPS sold $5 billion at a high real yield of 0.934% on , with a bid-to-cover ratio of 2.62.

Real yield at each 30-year TIPS auction

The last 31 auctions, this one last

Real yield at each 30-year TIPS auction, 8 Apr 1998 to 21 Jun 2018
Real yield at each 30-year TIPS auction, 22 Feb 2010 to 21 Jun 2018
Real yield at each 30-year TIPS auction, 22 Jun 2016 to 21 Jun 2018

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

The last 31 auctions, this one last

Bid-to-cover ratio at each 30-year TIPS auction, 8 Apr 1998 to 21 Jun 2018
Bid-to-cover ratio at each 30-year TIPS auction, 22 Feb 2010 to 21 Jun 2018
Bid-to-cover ratio at each 30-year TIPS auction, 22 Jun 2016 to 21 Jun 2018

Who bought the 30-year TIPS of 21 Jun 2018

Shares of the competitive bids accepted

  • Indirect bidders 80.8%
  • Direct bidders 4.6%
  • Primary dealers 14.6%
This auction, 21 Jun 2018
  • Indirect bidders 73.6%
  • Direct bidders 3.8%
  • Primary dealers 22.5%
The 30-year TIPS auction before, 15 Feb 2018

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 bidders80.8%
Inspect and compare dates
Real yield and bid-to-cover of the last 31 30-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
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
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 0.934% on 21 June 2018, down from 1.003% at the auction before.

The indirect bidders' share of 80.8% was the highest of all 24 earlier 30-year TIPS auctions we hold.

The primary dealers' share of 14.6% was the lowest of all 24 earlier 30-year TIPS auctions we hold.

Higher than 10 of the 24 since 22 February 2010

Its own history

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

The primary dealers' share was lower than all 12 previous 30-year TIPS auctions.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 80.8%
  • Direct bidders 4.6%
  • Primary dealers 14.6%

Size

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

Bids received came to $13.1 billion; the bid-to-cover ratio was 2.62.

Its bid-to-cover of 2.62 compares with the 24 auctions before it: lowest 2.11 on , highest 3.06 on ; 53.7% of the way from the low to the high.

2.62

Low 2.11 Midpoint 2.585 High 3.06

The security29-Year 8-Month, reopening

Coupon
1.000%
Announced
Issued
Matures

It adds to the debt that matures in February 2048.

Understanding this result

Where it stands today

The high real yield was 0.934% at this 30-year TIPS auction, the median real yield 0.890% and a bid-to-cover ratio of 2.62.

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$13,100,001,700
Sold$5,000,001,200
Competitive bids accepted$4,997,983,200
Non-competitive bids accepted$2,018,000
Federal Reserve (SOMA) add-on$0
Foreign and international (FIMA) non-competitive$0
Real yield, %0.934
Median rate, %0.890
Low rate, %0.850
Interest rate (coupon), %1.000
Bids at the high rate filled, %89.73
Bid-to-cover ratio2.62
Indirect bidders accepted$4,037,577,700
Direct bidders accepted$230,000,000
Primary dealers accepted$730,405,500
Indirect bidders' share, % (ours)80.8
Direct bidders' share, % (ours)4.6
Primary dealers' share, % (ours)14.6
High minus median, basis points (ours)4.4
Treasury real par yield curve, 30-year point, same day, %0.94
High yield minus that point, basis points (ours)-0.6
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 ratio2.622.444 of 127 of 12
High real yield0.9340.9546 of 126 of 12
Indirect bidders' share80.870.10 of 1212 of 12
Direct bidders' share4.64.45 of 127 of 12
Primary dealers' share14.623.412 of 120 of 12
High minus median, basis points4.46.611 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 ratio2.62Last 24 auctions10 of 2413 of 242.51
Bid-to-cover ratio2.62Since 22 February 201010 of 2413 of 242.51
Bid-to-cover ratio2.62All 26 since 11 October 200010 of 2615 of 262.48
High real yield0.934Last 24 auctions14 of 2410 of 241.001
High real yield0.934Since 22 February 201014 of 2410 of 241.001
High real yield0.934All 30 since 8 April 199820 of 3010 of 301.131
Indirect bidders' share80.8All 24 since 22 February 20100 of 2424 of 2460.2
Direct bidders' share4.6All 24 since 22 February 201015 of 249 of 247.4
Primary dealers' share14.6All 24 since 22 February 201024 of 240 of 2431.3
High minus median, basis points4.4Last 24 auctions22 of 242 of 246.5
High minus median, basis points4.4Since 22 February 201022 of 242 of 246.5
High minus median, basis points4.4All 30 since 8 April 199826 of 304 of 306.4

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 21 June 2018. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2018/R_20180621_1.pdf. Compiled by 500metrics, "30-year TIPS auction of 21 June 2018 (reopening)", https://500metrics.com/treasury/auctions/30-year-tips/2018-06-21.

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