30-Year TIPS Auction: Results, Schedule & History
Ask Helious about the 30-Year TIPS auction
{
"tenor": "30-year-tips",
"date": "2026-08-20",
"offering_usd": 8000000000,
"high_yield": 2.973,
"tail_bps": -1.8,
"bid_to_cover": 2.82,
"indirect_pct": 84.4,
"verdict": "STRONG"
}The 30-Year TIPS auction on Aug 20, 2026 put $8B on offer and stopped at a high yield of 2.973%, 1.8bp through the when-issued yield. The bid-to-cover was 2.82. Indirects took 84.4%, directs 13.4% and primary dealers 2.1%. Helious captured the result live as it crossed and graded it STRONG.
There are only two of these a year, which makes the 30-year TIPS the rarest Treasury sale going and the most volatile. It is one of the few looks you get at where inflation is priced a generation out, and at real yields that far along. Most of the bidding comes from pension LDI desks, the ones matching assets to very long liabilities. Supply is tiny, so a single result can knock long-end breakevens and real yields around by far more than the size of the sale would suggest.
Recent auction results
| DATE | CUSIP | ISSUE | OFFERED | HIGH YIELD | TAIL | B/C | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|---|
| 912810US5 | Reopen | $8B | 2.973% | -1.8bp | 2.82 | 84.4% | 13.4% | 2.1% | STRONG → | |
| 912810US5 | New | $9B | 2.473% | — | 2.75 | 78.3% | 19.2% | 2.5% | — | |
| 912810UH9 | Reopen | $8B | 2.650% | — | 2.78 | 70.4% | 25.1% | 4.5% | — | |
| 912810UH9 | New | $9B | 2.403% | — | 2.48 | 77.5% | 15.3% | 7.2% | — | |
| 912810TY4 | Reopen | $8B | 2.055% | — | 2.61 | 77.6% | 15.6% | 6.9% | — | |
| 912810TY4 | New | $9B | 2.200% | — | 2.43 | 73.4% | 17.6% | 9.0% | — | |
| 912810TP3 | Reopen | $8B | 1.970% | — | 2.42 | 76.2% | 19.6% | 4.3% | — | |
| 912810TP3 | New | $9B | 1.550% | — | 2.38 | 76.0% | 14.1% | 9.9% | — |
The issue column says which kind of auction it was. A reopening re-auctions a security that already exists, under the same CUSIP, and that is the norm for coupons outside refunding months. "New" sets a fresh coupon. Offered is the amount the Treasury announced for sale at that auction. The tail is the high yield minus the when-issued yield at the bid deadline, in basis points. A positive number means the auction had to concede yield to clear, and a negative one means it stopped through. A dash in that column means no tail exists, or none was captured. Bills never have one, because they price off a discount rate and have no when-issued market. Rows before desk coverage began in July 2026 predate tail capture, and the official records publish no when-issued yield at all. The last column, the desk recap, is the desk's live verdict, posted the moment results cross.
The desk captures each result and backfills the rest from the full auction record · download a sample (CSV, recent auctions). The full history comes through the Helious API and MCP at api.helious.io/mcp, with depth set by plan. Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.