{
"tenor": "30-year-tips",
"date": "2026-02-19",
"high_yield": 2.473,
"bid_to_cover": 2.75,
"indirect_pct": 78.3,
"verdict": null
}The 30-Year TIPS auction on Feb 19, 2026 stopped at a high yield of 2.473%, with a bid-to-cover of 2.75. Indirects took 78.3%, directs 19.2% and primary dealers 2.5%. Captured live by Helious as the results crossed.
Auctioned only twice a year, the 30-year TIPS is the rarest and most volatile Treasury sale: a scarce read on generational inflation expectations and long-horizon real yields. Pension LDI desks dominate the bid, and with so little supply, each result can jolt long-end breakevens and real yields disproportionately.
| DATE | CUSIP | ISSUE | HIGH YIELD | TAIL | BID-TO-COVER | INDIRECTS | DIRECTS | DEALERS | DESK RECAP |
|---|---|---|---|---|---|---|---|---|---|
| Feb 19, 2026 | 912810US5 | New | 2.473% | — | 2.75 | 78.3% | 19.2% | 2.5% | — |
| Aug 21, 2025 | 912810UH9 | Reopen | 2.650% | — | 2.78 | 70.4% | 25.1% | 4.5% | — |
| Feb 20, 2025 | 912810UH9 | New | 2.403% | — | 2.48 | 77.5% | 15.3% | 7.2% | — |
| Aug 22, 2024 | 912810TY4 | Reopen | 2.055% | — | 2.61 | 77.6% | 15.6% | 6.9% | — |
| Feb 22, 2024 | 912810TY4 | New | 2.200% | — | 2.43 | 73.4% | 17.6% | 9.0% | — |
| Aug 24, 2023 | 912810TP3 | Reopen | 1.970% | — | 2.42 | 76.2% | 19.6% | 4.3% | — |
| Feb 16, 2023 | 912810TP3 | New | 1.550% | — | 2.38 | 76.0% | 14.1% | 9.9% | — |
| Aug 18, 2022 | 912810TE8 | Reopen | 0.920% | — | 2.69 | 76.9% | 12.0% | 11.1% | — |
Issue: a reopening re-auctions an existing security (same CUSIP), the norm for coupons outside refunding months; "New" sets a fresh coupon. Tail: the high yield minus the when-issued yield at the bid deadline, in basis points. Positive means the auction had to concede yield to clear, negative means it stopped through. A dash means no tail exists or none was captured: bills never have one (they price off a discount rate, with no when-issued market), and rows before desk coverage began in July 2026 are TreasuryDirect's own records, which do not publish a when-issued yield at all. Desk recap: the desk's live verdict, posted the moment results cross.
Source: desk-captured results enriched with TreasuryDirect auction records · download the history (CSV). Read what a tail means · bid-to-cover explained · who indirect bidders are · who direct bidders are.
| AUCTION DATE | CUSIP |
|---|---|
| Aug 20, 2026 | 912810US5 |
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