Inflation-linked (TIPS)
912810PS1 · 2.375% due January 15, 2027
- Original term
- 20-Year
- Maturity
- Jan 15, 2027
- Coupon
- 2.375%
- Pays
- Semi-Annual
- Dated
- Jan 15, 2007
- First coupon
- Jul 15, 2007
- Priced through
- Sep 9, 2026
- Analyzed through
- not analyzed
Statement of August 31, 2026
- Amount outstanding
- $27.12bn
- Held stripped
- $0.0m
- Share stripped
- 0.00%
Stripped par is held as separate interest and principal components rather than as whole securities. The Safe Rate indices deliberately do not deduct it, and the whole-market figure is published so that decision can be argued with. Market statistics.
Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. For an inflation-linked security the difference is mostly inflation rather than float: Treasury reports what a holder is owed today, which includes the uplift shown as the index ratio above, while the index keeps original par and carries the uplift in the price. The index figures are published per holding.
Inflation-linked measures, September 9, 2026
An inflation-linked security prices off a real curve, so its yield is a real yield, a return above inflation rather than in cash terms, and its principal is indexed. The figures below are in REAL terms unless labeled otherwise.
- Real yield
- 2.094%
- Index ratio
- 1.6559
- Real duration
- 0.343 yr
- DV01
- 0.0034
- Convexity
- 0.235
- Real clean price
- 100.094
- Accrued (real)
- 0.368
- Real dirty price
- 100.462
- Indexed principal
- 165.593
- Money clean price
- 165.748
The index ratio is a multiplier, not a percentage: 1.6559 means the principal is worth that many times its original face today. So the real clean price of 100.094 is not what a buyer pays , multiply by the ratio to get 165.748 per 100 of original face.
Against the fitted real curve
Priced 20.5 bp rich to the real curve on that day, 7.05 cents per 100 of face.
Not scored against its own history. A linker needs twenty observations before a score means anything.
Real yield, 4,508 observations
Price history
4,508 trading days to Sep 9, 2026
| Date | Bid | Offer | Close |
|---|---|---|---|
| Sep 9, 2026 | – | 100.094 | 100.094 |
| Sep 8, 2026 | – | 100.094 | 100.094 |
| Sep 4, 2026 | – | 99.969 | 100.031 |
| Sep 3, 2026 | – | 99.969 | 99.969 |
| Sep 2, 2026 | – | 99.969 | 99.938 |
| Sep 1, 2026 | – | 99.875 | 99.938 |
| Aug 31, 2026 | – | 99.844 | 99.844 |
| Aug 28, 2026 | – | 99.750 | 99.781 |
| Aug 27, 2026 | – | 99.781 | 99.781 |
| Aug 26, 2026 | – | 99.719 | 99.750 |
| Aug 25, 2026 | – | 99.719 | 99.719 |
| Aug 24, 2026 | – | 99.750 | 99.719 |
| Aug 21, 2026 | – | 99.781 | 99.813 |
| Aug 20, 2026 | – | 99.719 | 99.688 |
| Aug 19, 2026 | – | 99.656 | 99.688 |
| Aug 18, 2026 | – | 99.625 | 99.625 |
| Aug 17, 2026 | – | 99.469 | 99.563 |
| Aug 14, 2026 | – | 99.406 | 99.438 |
| Aug 13, 2026 | – | 99.375 | 99.406 |
| Aug 12, 2026 | – | 99.344 | 99.375 |
Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.
2 auctions
A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.
| Auction date | Issued | Type | Offered | Accepted | Bid to cover | High yield |
|---|---|---|---|---|---|---|
| Jan 23, 2007 | Jan 31, 2007 | New issue | $8.0bn | $9.2bn | 2.05x | 2.420% |
| Jul 24, 2007 | Jul 31, 2007 | Reopening | $6.0bn | $7.3bn | 2.23x | 2.600% |