{"id":436634,"date":"2026-08-21T01:00:13","date_gmt":"2026-08-20T18:00:13","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/us-treasury-auctions-off-9-billion-of-30-year-tips-at-2-973-vs-2-991-wi-436634\/"},"modified":"2026-08-21T01:00:13","modified_gmt":"2026-08-20T18:00:13","slug":"us-treasury-auctions-off-9-billion-of-30-year-tips-at-2-973-vs-2-991-wi","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/us-treasury-auctions-off-9-billion-of-30-year-tips-at-2-973-vs-2-991-wi-436634\/","title":{"rendered":"US Treasury auctions off $9 billion of 30-year TIPS at 2.973% vs 2.991% WI"},"content":{"rendered":"<div>\n<ul style=\"box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0 0 0 19px; font-family: Inter, InterFallback, serif; list-style: outside; text-indent: -3px; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px\">\n<li style=\"box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 4px; padding: 0\">High yield: 2.973%<\/li>\n<li style=\"box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 4px; padding: 0\">WI level at the time of the auction 2.991%<\/li>\n<li style=\"box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 4px; padding: 0\">Stopped through by 1.8 bps<\/li>\n<li style=\"box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 4px; padding: 0\">Bid-to-cover ratio 2.82X<\/li>\n<li style=\"box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 4px; padding: 0\">Direct (domestic buyers) 13.4%<\/li>\n<li style=\"box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 4px; padding: 0\">Indirect (international buyers) 84.4%<\/li>\n<li style=\"box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 4px; padding: 0\">Dealers 2.1%<\/li>\n<\/ul>\n<p class=\"isSelectedEnd\">The US Treasury&#8217;s $9 billion auction of 30-year Treasury Inflation-Protected Securities (TIPS) attracted exceptionally strong participation from foreign investors.<\/p>\n<p class=\"isSelectedEnd\">The auction stopped at a high yield of 2.973%, below the 2.991% when-issued (WI) yield trading in the market at the time of the sale. The resulting 1.8 basis point stop-through indicates investors were willing to accept a lower yield than expected to secure the bonds, a sign of stronger demand.<\/p>\n<p class=\"isSelectedEnd\">Demand metrics were also robust. The auction recorded a bid-to-cover ratio of 2.82x, meaning investors submitted nearly three times as many bids as the amount of securities offered. <\/p>\n<p class=\"isSelectedEnd\">The most notable feature of the auction was the overwhelming participation from indirect bidders, a category that typically includes foreign central banks, sovereign wealth funds, and international institutional investors. Indirect bidders took down 84.4% of the offering, an exceptionally strong share that highlights substantial overseas demand for US inflation-linked securities.<\/p>\n<p class=\"isSelectedEnd\">Meanwhile, direct bidders, which primarily represent domestic institutional investors such as pension funds and investment managers, purchased 13.4% of the auction. Primary dealers were left with just 2.1%.<\/p>\n<p>Overall, it was a solid auction.<\/p>\n<p>                            This article was written by Giuseppe Dellamotta at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>High yield: 2.973% WI level at the time of the auction 2.991% Stopped through by 1.8 bps Bid-to-cover ratio 2.82X Direct (domestic buyers) 13.4% Indirect (international buyers) 84.4% Dealers 2.1% The US&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-436634","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/436634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=436634"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/436634\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=436634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=436634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=436634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}