Treasury bond

912810PX0 · 4.5% due May 15, 2038

Original term
29-Year 9-Month
Maturity
May 15, 2038
Coupon
4.500%
Pays
Semi-Annual
Dated
May 15, 2008
First coupon
Nov 15, 2008
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$25.50bn
Held stripped
$559.1m
Share stripped
2.19%

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. The index figures are published per holding.

Risk, September 9, 2026

Yield to maturity
4.857%
Modified duration
8.816 yr
DV01
0.0866
Convexity
96.004
Dirty price
98.287

Where its rate sensitivity sits

3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 9 of twelve buckets, summing to 8.987 years against a modified duration of 8.816.

Against the fitted curve

Priced 8.8 bp rich to the curve on that day, 76.34 cents per 100 of face.

That is 1.24 standard deviations from its own typical residual.

Yield to maturity, 4,508 observations

0%1%2%3%4%5%6%Sep 2, 2008Sep 9, 2026Sep 2, 2008Yield to maturity4.356%Sep 29, 2008Yield to maturity4.184%Oct 27, 2008Yield to maturity4.116%Nov 24, 2008Yield to maturity3.781%Dec 22, 2008Yield to maturity2.605%Jan 21, 2009Yield to maturity3.149%Feb 18, 2009Yield to maturity3.550%Mar 17, 2009Yield to maturity3.844%Apr 14, 2009Yield to maturity3.643%May 11, 2009Yield to maturity4.180%Jun 8, 2009Yield to maturity4.646%Jul 6, 2009Yield to maturity4.332%Jul 31, 2009Yield to maturity4.307%Aug 27, 2009Yield to maturity4.220%Sep 24, 2009Yield to maturity4.169%Oct 22, 2009Yield to maturity4.242%Nov 19, 2009Yield to maturity4.282%Dec 17, 2009Yield to maturity4.416%Jan 15, 2010Yield to maturity4.563%Feb 12, 2010Yield to maturity4.631%Mar 12, 2010Yield to maturity4.597%Apr 8, 2010Yield to maturity4.728%May 5, 2010Yield to maturity4.366%Jun 1, 2010Yield to maturity4.180%Jun 28, 2010Yield to maturity3.993%Jul 26, 2010Yield to maturity4.009%Aug 20, 2010Yield to maturity3.615%Sep 17, 2010Yield to maturity3.853%Oct 15, 2010Yield to maturity3.929%Nov 12, 2010Yield to maturity4.205%Dec 10, 2010Yield to maturity4.380%Jan 7, 2011Yield to maturity4.446%Feb 4, 2011Yield to maturity4.698%Mar 4, 2011Yield to maturity4.566%Mar 31, 2011Yield to maturity4.486%Apr 28, 2011Yield to maturity4.393%May 25, 2011Yield to maturity4.232%Jun 22, 2011Yield to maturity4.164%Jul 20, 2011Yield to maturity4.193%Aug 16, 2011Yield to maturity3.576%Sep 13, 2011Yield to maturity3.234%Oct 11, 2011Yield to maturity3.063%Nov 7, 2011Yield to maturity2.980%Dec 6, 2011Yield to maturity2.989%Jan 4, 2012Yield to maturity2.930%Feb 1, 2012Yield to maturity2.884%Feb 29, 2012Yield to maturity2.958%Mar 27, 2012Yield to maturity3.175%Apr 23, 2012Yield to maturity2.951%May 18, 2012Yield to maturity2.652%Jun 15, 2012Yield to maturity2.547%Jul 13, 2012Yield to maturity2.424%Aug 9, 2012Yield to maturity2.605%Sep 6, 2012Yield to maturity2.622%Oct 3, 2012Yield to maturity2.636%Nov 1, 2012Yield to maturity2.714%Nov 30, 2012Yield to maturity2.619%Dec 28, 2012Yield to maturity2.689%Jan 28, 2013Yield to maturity2.955%Feb 25, 2013Yield to maturity2.905%Mar 22, 2013Yield to maturity2.967%Apr 19, 2013Yield to maturity2.713%May 16, 2013Yield to maturity2.907%Jun 13, 2013Yield to maturity3.171%Jul 11, 2013Yield to maturity3.486%Aug 7, 2013Yield to maturity3.528%Sep 4, 2013Yield to maturity3.684%Oct 1, 2013Yield to maturity3.587%Oct 29, 2013Yield to maturity3.476%Nov 26, 2013Yield to maturity3.649%Dec 24, 2013Yield to maturity3.767%Jan 23, 2014Yield to maturity3.547%Feb 20, 2014Yield to maturity3.586%Mar 19, 2014Yield to maturity3.522%Apr 15, 2014Yield to maturity3.324%May 13, 2014Yield to maturity3.295%Jun 10, 2014Yield to maturity3.325%Jul 8, 2014Yield to maturity3.242%Aug 4, 2014Yield to maturity3.162%Aug 29, 2014Yield to maturity2.954%Sep 29, 2014Yield to maturity3.058%Oct 27, 2014Yield to maturity2.891%Nov 25, 2014Yield to maturity2.828%Dec 23, 2014Yield to maturity2.689%Jan 22, 2015Yield to maturity2.328%Feb 19, 2015Yield to maturity2.618%Mar 18, 2015Yield to maturity2.418%Apr 14, 2015Yield to maturity2.423%May 11, 2015Yield to maturity2.910%Jun 8, 2015Yield to maturity3.009%Jul 6, 2015Yield to maturity2.944%Jul 31, 2015Yield to maturity2.760%Aug 27, 2015Yield to maturity2.754%Sep 24, 2015Yield to maturity2.714%Oct 22, 2015Yield to maturity2.627%Nov 19, 2015Yield to maturity2.787%Dec 17, 2015Yield to maturity2.688%Jan 15, 2016Yield to maturity2.559%Feb 12, 2016Yield to maturity2.276%Mar 11, 2016Yield to maturity2.457%Apr 8, 2016Yield to maturity2.247%May 5, 2016Yield to maturity2.288%Jun 2, 2016Yield to maturity2.272%Jun 29, 2016Yield to maturity1.959%Jul 27, 2016Yield to maturity1.917%Aug 23, 2016Yield to maturity1.946%Sep 20, 2016Yield to maturity2.162%Oct 18, 2016Yield to maturity2.250%Nov 15, 2016Yield to maturity2.713%Dec 13, 2016Yield to maturity2.915%Jan 11, 2017Yield to maturity2.742%Feb 8, 2017Yield to maturity2.732%Mar 8, 2017Yield to maturity2.938%Apr 4, 2017Yield to maturity2.771%May 2, 2017Yield to maturity2.726%May 30, 2017Yield to maturity2.644%Jun 26, 2017Yield to maturity2.499%Jul 24, 2017Yield to maturity2.632%Aug 18, 2017Yield to maturity2.566%Sep 15, 2017Yield to maturity2.552%Oct 13, 2017Yield to maturity2.599%Nov 9, 2017Yield to maturity2.609%Dec 7, 2017Yield to maturity2.593%Jan 5, 2018Yield to maturity2.654%Feb 2, 2018Yield to maturity2.973%Mar 2, 2018Yield to maturity3.020%Mar 29, 2018Yield to maturity2.847%Apr 26, 2018Yield to maturity3.080%May 23, 2018Yield to maturity3.091%Jun 20, 2018Yield to maturity2.988%Jul 18, 2018Yield to maturity2.923%Aug 14, 2018Yield to maturity2.975%Sep 11, 2018Yield to maturity3.051%Oct 9, 2018Yield to maturity3.292%Nov 5, 2018Yield to maturity3.323%Dec 4, 2018Yield to maturity3.023%Jan 3, 2019Yield to maturity2.718%Jan 31, 2019Yield to maturity2.791%Feb 28, 2019Yield to maturity2.890%Mar 27, 2019Yield to maturity2.591%Apr 24, 2019Yield to maturity2.719%May 21, 2019Yield to maturity2.622%Jun 18, 2019Yield to maturity2.287%Jul 16, 2019Yield to maturity2.360%Aug 12, 2019Yield to maturity1.867%Sep 9, 2019Yield to maturity1.858%Oct 4, 2019Yield to maturity1.752%Nov 1, 2019Yield to maturity1.966%Dec 2, 2019Yield to maturity2.081%Dec 30, 2019Yield to maturity2.142%Jan 28, 2020Yield to maturity1.878%Feb 25, 2020Yield to maturity1.557%Mar 23, 2020Yield to maturity1.012%Apr 20, 2020Yield to maturity0.945%May 15, 2020Yield to maturity0.932%Jun 12, 2020Yield to maturity1.032%Jul 10, 2020Yield to maturity0.918%Aug 6, 2020Yield to maturity0.790%Sep 2, 2020Yield to maturity0.968%Sep 30, 2020Yield to maturity1.011%Oct 28, 2020Yield to maturity1.109%Nov 25, 2020Yield to maturity1.188%Dec 23, 2020Yield to maturity1.278%Jan 22, 2021Yield to maturity1.438%Feb 19, 2021Yield to maturity1.743%Mar 18, 2021Yield to maturity2.137%Apr 14, 2021Yield to maturity2.010%May 11, 2021Yield to maturity2.023%Jun 8, 2021Yield to maturity1.901%Jul 6, 2021Yield to maturity1.690%Aug 2, 2021Yield to maturity1.516%Aug 27, 2021Yield to maturity1.584%Sep 24, 2021Yield to maturity1.704%Oct 22, 2021Yield to maturity1.853%Nov 19, 2021Yield to maturity1.695%Dec 17, 2021Yield to maturity1.586%Jan 14, 2022Yield to maturity1.982%Feb 11, 2022Yield to maturity2.115%Mar 11, 2022Yield to maturity2.101%Apr 7, 2022Yield to maturity2.719%May 5, 2022Yield to maturity3.139%Jun 2, 2022Yield to maturity3.017%Jun 30, 2022Yield to maturity3.039%Jul 28, 2022Yield to maturity2.764%Aug 24, 2022Yield to maturity3.197%Sep 21, 2022Yield to maturity3.541%Oct 19, 2022Yield to maturity4.167%Nov 16, 2022Yield to maturity3.827%Dec 14, 2022Yield to maturity3.504%Jan 12, 2023Yield to maturity3.528%Feb 9, 2023Yield to maturity3.719%Mar 9, 2023Yield to maturity3.943%Apr 5, 2023Yield to maturity3.398%May 2, 2023Yield to maturity3.532%May 30, 2023Yield to maturity3.805%Jun 27, 2023Yield to maturity3.789%Jul 25, 2023Yield to maturity3.911%Aug 21, 2023Yield to maturity4.435%Sep 18, 2023Yield to maturity4.369%Oct 16, 2023Yield to maturity4.886%Nov 10, 2023Yield to maturity4.746%Dec 8, 2023Yield to maturity4.315%Jan 8, 2024Yield to maturity4.079%Feb 5, 2024Yield to maturity4.235%Mar 4, 2024Yield to maturity4.272%Mar 29, 2024Yield to maturity4.210%Apr 25, 2024Yield to maturity4.736%May 22, 2024Yield to maturity4.433%Jun 20, 2024Yield to maturity4.274%Jul 18, 2024Yield to maturity4.270%Aug 14, 2024Yield to maturity3.899%Sep 11, 2024Yield to maturity3.724%Oct 8, 2024Yield to maturity4.122%Nov 5, 2024Yield to maturity4.340%Dec 4, 2024Yield to maturity4.251%Jan 2, 2025Yield to maturity4.651%Jan 30, 2025Yield to maturity4.594%Feb 27, 2025Yield to maturity4.349%Mar 26, 2025Yield to maturity4.439%Apr 22, 2025Yield to maturity4.586%May 19, 2025Yield to maturity4.613%Jun 16, 2025Yield to maturity4.603%Jul 15, 2025Yield to maturity4.646%Aug 11, 2025Yield to maturity4.399%Sep 8, 2025Yield to maturity4.198%Oct 3, 2025Yield to maturity4.261%Oct 31, 2025Yield to maturity4.228%Dec 1, 2025Yield to maturity4.246%Dec 29, 2025Yield to maturity4.251%Jan 27, 2026Yield to maturity4.344%Feb 24, 2026Yield to maturity4.151%Mar 23, 2026Yield to maturity4.462%Apr 17, 2026Yield to maturity4.355%May 14, 2026Yield to maturity4.551%Jun 11, 2026Yield to maturity4.520%Jul 10, 2026Yield to maturity4.624%Aug 6, 2026Yield to maturity4.744%Sep 2, 2026Yield to maturity4.827%Sep 9, 2026Yield to maturity4.857%

Price history

4,508 trading days to Sep 9, 2026

80100120140160180Sep 2, 2008Sep 9, 2026Sep 2, 2008Close102.375Sep 29, 2008Close105.328Oct 27, 2008Close106.531Nov 24, 2008Close112.719Dec 22, 2008Close138.750Jan 21, 2009Close125.719Feb 18, 2009Close117.188Mar 17, 2009Close111.438Apr 14, 2009Close115.281May 11, 2009Close105.344Jun 8, 2009Close97.688Jul 6, 2009Close102.750Jul 31, 2009Close103.156Aug 27, 2009Close104.625Sep 24, 2009Close105.500Oct 22, 2009Close104.250Nov 19, 2009Close103.563Dec 17, 2009Close101.344Jan 15, 2010Close99.000Feb 12, 2010Close97.938Mar 12, 2010Close98.469Apr 8, 2010Close96.469May 5, 2010Close102.156Jun 1, 2010Close105.250Jun 28, 2010Close108.469Jul 26, 2010Close108.188Aug 20, 2010Close115.406Sep 17, 2010Close110.938Oct 15, 2010Close109.563Nov 12, 2010Close104.781Dec 10, 2010Close101.906Jan 7, 2011Close100.844Feb 4, 2011Close96.969Mar 4, 2011Close98.969Mar 31, 2011Close100.219Apr 28, 2011Close101.688May 25, 2011Close104.281Jun 22, 2011Close105.406Jul 20, 2011Close104.906Aug 16, 2011Close115.813Sep 13, 2011Close122.500Oct 11, 2011Close126.000Nov 7, 2011Close127.719Dec 6, 2011Close127.469Jan 4, 2012Close128.688Feb 1, 2012Close129.625Feb 29, 2012Close127.969Mar 27, 2012Close123.406Apr 23, 2012Close128.031May 18, 2012Close134.531Jun 15, 2012Close136.875Jul 13, 2012Close139.688Aug 9, 2012Close135.406Sep 6, 2012Close134.938Oct 3, 2012Close134.563Nov 1, 2012Close132.750Nov 30, 2012Close134.781Dec 28, 2012Close133.156Jan 28, 2013Close127.375Feb 25, 2013Close128.375Mar 22, 2013Close127.031Apr 19, 2013Close132.344May 16, 2013Close128.156Jun 13, 2013Close122.781Jul 11, 2013Close116.750Aug 7, 2013Close115.969Sep 4, 2013Close113.156Oct 1, 2013Close114.844Oct 29, 2013Close116.813Nov 26, 2013Close113.688Dec 24, 2013Close111.625Jan 23, 2014Close115.438Feb 20, 2014Close114.719Mar 19, 2014Close115.813Apr 15, 2014Close119.375May 13, 2014Close119.875Jun 10, 2014Close119.281Jul 8, 2014Close120.781Aug 4, 2014Close122.250Aug 29, 2014Close126.219Sep 29, 2014Close124.125Oct 27, 2014Close127.344Nov 25, 2014Close128.531Dec 23, 2014Close131.281Jan 22, 2015Close138.906Feb 19, 2015Close132.594Mar 18, 2015Close136.750Apr 14, 2015Close136.563May 11, 2015Close126.531Jun 8, 2015Close124.563Jul 6, 2015Close125.750Jul 31, 2015Close129.281Aug 27, 2015Close129.344Sep 24, 2015Close130.063Oct 22, 2015Close131.719Nov 19, 2015Close128.469Dec 17, 2015Close130.344Jan 15, 2016Close132.844Feb 12, 2016Close138.656Mar 11, 2016Close134.750Apr 8, 2016Close139.063May 5, 2016Close138.094Jun 2, 2016Close138.344Jun 29, 2016Close145.031Jul 27, 2016Close145.844Aug 23, 2016Close145.063Sep 20, 2016Close140.250Oct 18, 2016Close138.281Nov 15, 2016Close128.969Dec 13, 2016Close125.125Jan 11, 2017Close128.250Feb 8, 2017Close128.375Mar 8, 2017Close124.500Apr 4, 2017Close127.500May 2, 2017Close128.250May 30, 2017Close129.719Jun 26, 2017Close132.406Jul 24, 2017Close129.781Aug 18, 2017Close130.938Sep 15, 2017Close131.125Oct 13, 2017Close130.156Nov 9, 2017Close129.875Dec 7, 2017Close130.094Jan 5, 2018Close128.875Feb 2, 2018Close123.125Mar 2, 2018Close122.250Mar 29, 2018Close125.188Apr 26, 2018Close121.125May 23, 2018Close120.875Jun 20, 2018Close122.563Jul 18, 2018Close123.594Aug 14, 2018Close122.656Sep 11, 2018Close121.313Oct 9, 2018Close117.344Nov 5, 2018Close116.813Dec 4, 2018Close121.594Jan 3, 2019Close126.688Jan 31, 2019Close125.344Feb 28, 2019Close123.594Mar 27, 2019Close128.656Apr 24, 2019Close126.344May 21, 2019Close127.938Jun 18, 2019Close133.813Jul 16, 2019Close132.375Aug 12, 2019Close141.500Sep 9, 2019Close141.531Oct 4, 2019Close143.469Nov 1, 2019Close139.188Dec 2, 2019Close136.906Dec 30, 2019Close135.656Jan 28, 2020Close140.438Feb 25, 2020Close146.531Mar 23, 2020Close157.688Apr 20, 2020Close158.906May 15, 2020Close158.969Jun 12, 2020Close156.594Jul 10, 2020Close158.813Aug 6, 2020Close161.406Sep 2, 2020Close157.313Sep 30, 2020Close156.188Oct 28, 2020Close153.938Nov 25, 2020Close152.094Dec 23, 2020Close150.094Jan 22, 2021Close146.750Feb 19, 2021Close140.875Mar 18, 2021Close133.781Apr 14, 2021Close135.844May 11, 2021Close135.500Jun 8, 2021Close137.469Jul 6, 2021Close141.063Aug 2, 2021Close144.063Aug 27, 2021Close142.656Sep 24, 2021Close140.344Oct 22, 2021Close137.594Nov 19, 2021Close140.188Dec 17, 2021Close141.938Jan 14, 2022Close134.969Feb 11, 2022Close132.656Mar 11, 2022Close132.750Apr 7, 2022Close123.094May 5, 2022Close117.031Jun 2, 2022Close118.656Jun 30, 2022Close118.281Jul 28, 2022Close122.094Aug 24, 2022Close116.000Sep 21, 2022Close111.438Oct 19, 2022Close103.781Nov 16, 2022Close107.813Dec 14, 2022Close111.781Jan 12, 2023Close111.438Feb 9, 2023Close109.031Mar 9, 2023Close106.313Apr 5, 2023Close112.938May 2, 2023Close111.219May 30, 2023Close107.875Jun 27, 2023Close108.031Jul 25, 2023Close106.563Aug 21, 2023Close100.688Sep 18, 2023Close101.406Oct 16, 2023Close96.000Nov 10, 2023Close97.438Dec 8, 2023Close101.969Jan 8, 2024Close104.531Feb 5, 2024Close102.813Mar 4, 2024Close102.406Mar 29, 2024Close103.063Apr 25, 2024Close97.594May 22, 2024Close100.688Jun 20, 2024Close102.344Jul 18, 2024Close102.375Aug 14, 2024Close106.344Sep 11, 2024Close108.250Oct 8, 2024Close103.906Nov 5, 2024Close101.625Dec 4, 2024Close102.531Jan 2, 2025Close98.500Jan 30, 2025Close99.063Feb 27, 2025Close101.500Mar 26, 2025Close100.594Apr 22, 2025Close99.156May 19, 2025Close98.906Jun 16, 2025Close99.000Jul 15, 2025Close98.594Aug 11, 2025Close100.969Sep 8, 2025Close102.938Oct 3, 2025Close102.313Oct 31, 2025Close102.625Dec 1, 2025Close102.438Dec 29, 2025Close102.375Jan 27, 2026Close101.469Feb 24, 2026Close103.313Mar 23, 2026Close100.344Apr 17, 2026Close101.344May 14, 2026Close99.531Jun 11, 2026Close99.813Jul 10, 2026Close98.875Aug 6, 2026Close97.813Sep 2, 2026Close97.094Sep 9, 2026Close96.844
The most recent 20 trading days of prices for 912810PX0.
DateBidOfferClose
Sep 9, 202696.81396.71996.844
Sep 8, 202697.29797.21997.125
Sep 4, 202697.39197.31397.250
Sep 3, 202697.57897.50097.344
Sep 2, 202697.15697.06397.094
Sep 1, 202697.40697.31397.094
Aug 31, 202697.43897.34497.438
Aug 28, 202697.98497.87597.625
Aug 27, 202698.29798.21998.063
Aug 26, 202698.29798.21998.156
Aug 25, 202698.37598.28198.375
Aug 24, 202698.00097.90697.781
Aug 21, 202697.57897.50097.438
Aug 20, 202697.84497.75097.844
Aug 19, 202698.18898.09498.219
Aug 18, 202697.59497.50097.594
Aug 17, 202697.70397.62597.438
Aug 14, 202697.89197.81397.750
Aug 13, 202698.26698.18898.188
Aug 12, 202697.95397.87597.719

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 history for 912810PX0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 7, 2008Aug 15, 2008New issue$10.0bn$13.7bn2.40x4.609%
Nov 13, 2008Nov 17, 2008Reopening$10.0bn$11.8bn2.07x4.310%

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.