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Treasury auctions · 29-Year 6-Month TIPS, reopening

30-year TIPS auction of 20 August 2020 (reopening)

The 30-year TIPS sold $7.608 billion at a high real yield of -0.272% on , with a bid-to-cover ratio of 2.25.

Real yield at each 30-year TIPS auction

The last 36 auctions, this one last

Real yield at each 30-year TIPS auction, 8 Apr 1998 to 20 Aug 2020
Real yield at each 30-year TIPS auction, 23 Aug 2010 to 20 Aug 2020

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

The last 36 auctions, this one last

Bid-to-cover ratio at each 30-year TIPS auction, 8 Apr 1998 to 20 Aug 2020
Bid-to-cover ratio at each 30-year TIPS auction, 23 Aug 2010 to 20 Aug 2020

Who bought the 30-year TIPS of 20 Aug 2020

Shares of the competitive bids accepted

  • Indirect bidders 70.4%
  • Direct bidders 7.5%
  • Primary dealers 22.1%
This auction, 20 Aug 2020
  • Indirect bidders 73.7%
  • Direct bidders 11.5%
  • Primary dealers 14.8%
The 30-year TIPS auction before, 20 Feb 2020

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 bidders70.4%
Inspect and compare dates
Real yield and bid-to-cover of the last 36 30-year TIPS auctions, newest first
AuctionReal yield, %Bid-to-cover
-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
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 of -0.272% on 20 August 2020 was the lowest of all 35 earlier 30-year TIPS auctions we hold.

Lower than all 29 since 22 February 2010

Its own history

Against the previous 24 30-year TIPS auctions, the real yield was lower than all 24.

The high minus median was higher than 21 of them.

See every measure against earlier auctions

Who bought

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

  • Indirect bidders 70.4%
  • Direct bidders 7.5%
  • Primary dealers 22.1%

Size

Treasury sold $7.608 billion of the $7 billion offered.

Bids received came to $16.351 billion; the bid-to-cover ratio was 2.25.

Its bid-to-cover of 2.25 compares with the 24 auctions before it: lowest 2.11 on , highest 2.83 on ; 19.4% of the way from the low to the high.

2.25

Low 2.11 Midpoint 2.470 High 2.83

The security29-Year 6-Month, reopening

Coupon
0.250%
Announced
Issued
Matures

It adds to the debt that matures in February 2050.

Understanding this result

Where it stands today

The high real yield was -0.272% at this 30-year TIPS auction, the median real yield -0.380% and a bid-to-cover ratio of 2.25.

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 6-Month, reopening
Offering amount$7,000,000,000
Bids received$16,350,827,200
Sold$7,608,120,200
Competitive bids accepted$6,990,635,000
Non-competitive bids accepted$9,368,000
Federal Reserve (SOMA) add-on$608,117,200
Foreign and international (FIMA) non-competitive$0
Real yield, %-0.272
Median rate, %-0.380
Low rate, %-0.440
Interest rate (coupon), %0.250
Bids at the high rate filled, %56.63
Bid-to-cover ratio2.25
Indirect bidders accepted$4,921,342,000
Direct bidders accepted$526,000,000
Primary dealers accepted$1,543,293,000
Indirect bidders' share, % (ours)70.4
Direct bidders' share, % (ours)7.5
Primary dealers' share, % (ours)22.1
High minus median, basis points (ours)10.8
Treasury real par yield curve, 30-year point, same day, %-0.26
High yield minus that point, basis points (ours)-1.2
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 ratio2.252.4310 of 121 of 12
High real yield-0.2720.91612 of 120 of 12
Indirect bidders' share70.475.99 of 123 of 12
Direct bidders' share7.54.24 of 128 of 12
Primary dealers' share22.122.06 of 126 of 12
High minus median, basis points10.86.21 of 1211 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 ratio2.25Last 24 auctions22 of 241 of 242.46
Bid-to-cover ratio2.25Since 22 February 201027 of 291 of 292.48
Bid-to-cover ratio2.25All 31 since 11 October 200027 of 313 of 312.47
High real yield-0.272Last 24 auctions24 of 240 of 240.928
High real yield-0.272Since 22 February 201029 of 290 of 290.999
High real yield-0.272All 35 since 8 April 199835 of 350 of 351.116
Indirect bidders' share70.4Last 24 auctions10 of 2414 of 2469.8
Indirect bidders' share70.4All 29 since 22 February 201010 of 2919 of 2969.0
Direct bidders' share7.5Last 24 auctions11 of 2413 of 245.8
Direct bidders' share7.5All 29 since 22 February 201014 of 2915 of 296.6
Primary dealers' share22.1Last 24 auctions17 of 247 of 2424.3
Primary dealers' share22.1All 29 since 22 February 201022 of 297 of 2927.0
High minus median, basis points10.8Last 24 auctions3 of 2421 of 246.4
High minus median, basis points10.8Since 22 February 20103 of 2926 of 296.3
High minus median, basis points10.8All 35 since 8 April 19983 of 3532 of 356.1

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 20 August 2020. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2020/R_20200820_3.pdf. Compiled by 500metrics, "30-year TIPS auction of 20 August 2020 (reopening)", https://500metrics.com/treasury/auctions/30-year-tips/2020-08-20.

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