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Treasury auctions · 30-Year TIPS

30-year TIPS auction of 20 February 2025 (new issue)

The 30-year TIPS sold $9.907 billion at a high real yield of 2.403% on , with a bid-to-cover ratio of 2.48.

Real yield at each 30-year TIPS auction

The last 36 auctions, this one last

Real yield at each 30-year TIPS auction, 23 Jun 2011 to 20 Feb 2025
Real yield at each 30-year TIPS auction, 18 Jun 2015 to 20 Feb 2025

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, 23 Jun 2011 to 20 Feb 2025
Bid-to-cover ratio at each 30-year TIPS auction, 18 Jun 2015 to 20 Feb 2025

Who bought the 30-year TIPS of 20 Feb 2025

Shares of the competitive bids accepted

  • Indirect bidders 77.5%
  • Direct bidders 15.3%
  • Primary dealers 7.2%
This auction, 20 Feb 2025
  • Indirect bidders 77.6%
  • Direct bidders 15.6%
  • Primary dealers 6.9%
The 30-year TIPS auction before, 22 Aug 2024

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 bidders77.5%
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
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
0.7702.46
0.9993.06
1.7443.02

Observed .

Right now

The high real yield of 2.403% on 20 February 2025 was the highest for a 30-year TIPS since 10 October 2001.

Higher than all 38 since 22 February 2010

Its own history

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

The direct bidders' share 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 77.5%
  • Direct bidders 15.3%
  • Primary dealers 7.2%

Size

Treasury sold $9.907 billion of the $9 billion offered.

Bids received came to $23.214 billion; the bid-to-cover ratio was 2.48.

Its bid-to-cover of 2.48 compares with the 24 auctions before it: lowest 2.11 on , highest 2.83 on ; 51.4% of the way from the low to the high.

2.48

Low 2.11 Midpoint 2.470 High 2.83

The security30-Year, new issue

Coupon
2.375%
Announced
Issued
Matures

It adds to the debt that matures in February 2055.

Understanding this result

Where it stands today

The high real yield was 2.403% at this 30-year TIPS auction, the median real yield 2.325% and a bid-to-cover ratio of 2.48.

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 as30-Year, new issue
Offering amount$9,000,000,000
Bids received$23,214,141,100
Sold$9,907,113,500
Competitive bids accepted$8,941,997,400
Non-competitive bids accepted$58,003,100
Federal Reserve (SOMA) add-on$907,113,000
Foreign and international (FIMA) non-competitive$0
Real yield, %2.403
Median rate, %2.325
Low rate, %2.280
Interest rate (coupon), %2.375
Bids at the high rate filled, %93.92
Bid-to-cover ratio2.48
Indirect bidders accepted$6,927,997,400
Direct bidders accepted$1,367,000,000
Primary dealers accepted$647,000,000
Indirect bidders' share, % (ours)77.5
Direct bidders' share, % (ours)15.3
Primary dealers' share, % (ours)7.2
High minus median, basis points (ours)7.8
Treasury real par yield curve, 30-year point, same day, %2.39
High yield minus that point, basis points (ours)1.3
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 ratio2.482.413 of 129 of 12
High real yield2.4030.7100 of 1212 of 12
Indirect bidders' share77.575.43 of 129 of 12
Direct bidders' share15.312.23 of 129 of 12
Primary dealers' share7.211.910 of 122 of 12
High minus median, basis points7.88.57 of 125 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 ratio2.48Last 24 auctions8 of 2416 of 242.42
Bid-to-cover ratio2.48Since 22 February 201016 of 3821 of 382.46
Bid-to-cover ratio2.48All 40 since 11 October 200016 of 4023 of 402.46
High real yield2.403Last 24 auctions0 of 2424 of 240.922
High real yield2.403Since 22 February 20100 of 3838 of 380.992
High real yield2.403All 44 since 8 April 19986 of 4438 of 441.104
Indirect bidders' share77.5Last 24 auctions4 of 2420 of 2474.3
Indirect bidders' share77.5All 38 since 22 February 20104 of 3834 of 3869.9
Direct bidders' share15.3Last 24 auctions3 of 2421 of 248.1
Direct bidders' share15.3All 38 since 22 February 20108 of 3830 of 388.5
Primary dealers' share7.2Last 24 auctions22 of 242 of 2418.7
Primary dealers' share7.2All 38 since 22 February 201036 of 382 of 3823.2
High minus median, basis points7.8Last 24 auctions9 of 2415 of 246.8
High minus median, basis points7.8Since 22 February 201012 of 3826 of 386.6
High minus median, basis points7.8All 44 since 8 April 199812 of 4432 of 446.6

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 February 2025. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2025/R_20250220_3.pdf. Compiled by 500metrics, "30-year TIPS auction of 20 February 2025 (new issue)", https://500metrics.com/treasury/auctions/30-year-tips/2025-02-20.

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