The bid yield in the 30-year TIPS in the United States is lower than the pre-issuance trading level.

The bid yield of $9 billion 30-year TIPS issued by the US Treasury Department was reported at 2.473%, which was approximately 2 basis points lower from the pre-issuance trading levels at 1 pm Eastern Time. The competition among investors was intense, with primary dealers receiving a record low allocation ratio. Subsequently, the 30-year TIPS rallied, bringing the yield to its intraday low. Primary dealers received an allocation ratio of 2.5%, setting a new record low for the bond issuance type, while the indirect bidders' allocation ratio rose to 78.3% and the direct bidders' allocation fell to 19.2%. The bid-to-cover ratio was 2.75 times, with the mean of the first three bidding rounds being 2.62 times.