Inflation-linked (TIPS)

912810PZ5 · 2.5% due January 15, 2029

Original term
20-Year
Maturity
Jan 15, 2029
Coupon
2.500%
Pays
Semi-Annual
Dated
Jan 15, 2009
First coupon
Jul 15, 2009
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$21.94bn
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
2.115%
Index ratio
1.5554
Real duration
2.261 yr
DV01
0.0229
Convexity
6.314
Real clean price
100.875
Accrued (real)
0.387
Real dirty price
101.262
Indexed principal
155.539
Money clean price
156.900

The index ratio is a multiplier, not a percentage: 1.5554 means the principal is worth that many times its original face today. So the real clean price of 100.875 is not what a buyer pays , multiply by the ratio to get 156.900 per 100 of original face.

Against the fitted real curve

Priced 2.4 bp cheap to the real curve on that day, 5.54 cents per 100 of face.

Not scored against its own history. A linker needs twenty observations before a score means anything.

Real yield, 4,406 observations

-2%-1%0%1%2%3%Jan 30, 2009Sep 9, 2026Jan 30, 2009Real yield2.430%Feb 27, 2009Real yield2.528%Mar 26, 2009Real yield1.948%Apr 23, 2009Real yield2.230%May 20, 2009Real yield2.189%Jun 17, 2009Real yield2.458%Jul 15, 2009Real yield2.385%Aug 11, 2009Real yield2.245%Sep 8, 2009Real yield2.188%Oct 5, 2009Real yield2.028%Nov 2, 2009Real yield2.015%Dec 1, 2009Real yield1.785%Dec 29, 2009Real yield2.069%Jan 27, 2010Real yield1.995%Feb 24, 2010Real yield2.146%Mar 23, 2010Real yield2.079%Apr 19, 2010Real yield2.013%May 14, 2010Real yield1.733%Jun 10, 2010Real yield1.827%Jul 8, 2010Real yield1.778%Aug 4, 2010Real yield1.748%Aug 31, 2010Real yield1.418%Sep 28, 2010Real yield1.287%Oct 26, 2010Real yield1.152%Nov 23, 2010Real yield1.336%Dec 21, 2010Real yield1.651%Jan 19, 2011Real yield1.670%Feb 15, 2011Real yield1.976%Mar 15, 2011Real yield1.601%Apr 11, 2011Real yield1.635%May 9, 2011Real yield1.396%Jun 6, 2011Real yield1.449%Jul 1, 2011Real yield1.469%Jul 29, 2011Real yield0.998%Aug 25, 2011Real yield0.747%Sep 22, 2011Real yield0.548%Oct 20, 2011Real yield0.721%Nov 17, 2011Real yield0.528%Dec 15, 2011Real yield0.468%Jan 13, 2012Real yield0.390%Feb 10, 2012Real yield0.330%Mar 9, 2012Real yield0.386%Apr 5, 2012Real yield0.493%May 2, 2012Real yield0.274%May 30, 2012Real yield0.090%Jun 26, 2012Real yield0.091%Jul 24, 2012Real yield-0.129%Aug 20, 2012Real yield0.175%Sep 17, 2012Real yield-0.080%Oct 15, 2012Real yield-0.137%Nov 13, 2012Real yield-0.256%Dec 11, 2012Real yield-0.284%Jan 9, 2013Real yield-0.071%Feb 6, 2013Real yield0.006%Mar 6, 2013Real yield-0.007%Apr 3, 2013Real yield-0.053%Apr 30, 2013Real yield-0.146%May 28, 2013Real yield0.374%Jun 24, 2013Real yield1.104%Jul 22, 2013Real yield0.803%Aug 16, 2013Real yield1.122%Sep 13, 2013Real yield1.179%Oct 10, 2013Real yield0.946%Nov 7, 2013Real yield0.930%Dec 6, 2013Real yield1.229%Jan 6, 2014Real yield1.147%Feb 3, 2014Real yield0.863%Mar 3, 2014Real yield0.838%Mar 28, 2014Real yield0.930%Apr 25, 2014Real yield0.794%May 22, 2014Real yield0.689%Jun 19, 2014Real yield0.743%Jul 17, 2014Real yield0.532%Aug 13, 2014Real yield0.528%Sep 10, 2014Real yield0.722%Oct 8, 2014Real yield0.675%Nov 5, 2014Real yield0.689%Dec 5, 2014Real yield0.748%Jan 5, 2015Real yield0.542%Feb 2, 2015Real yield0.316%Mar 2, 2015Real yield0.487%Mar 27, 2015Real yield0.390%Apr 23, 2015Real yield0.359%May 20, 2015Real yield0.659%Jun 17, 2015Real yield0.678%Jul 15, 2015Real yield0.747%Aug 11, 2015Real yield0.660%Sep 8, 2015Real yield0.915%Oct 5, 2015Real yield0.808%Nov 2, 2015Real yield0.850%Dec 1, 2015Real yield0.796%Dec 29, 2015Real yield1.025%Jan 27, 2016Real yield0.891%Feb 24, 2016Real yield0.715%Mar 22, 2016Real yield0.590%Apr 19, 2016Real yield0.441%May 16, 2016Real yield0.402%Jun 13, 2016Real yield0.384%Jul 11, 2016Real yield0.224%Aug 5, 2016Real yield0.344%Sep 1, 2016Real yield0.314%Sep 29, 2016Real yield0.254%Oct 27, 2016Real yield0.378%Nov 25, 2016Real yield0.673%Dec 22, 2016Real yield0.806%Jan 23, 2017Real yield0.563%Feb 17, 2017Real yield0.552%Mar 17, 2017Real yield0.612%Apr 13, 2017Real yield0.441%May 11, 2017Real yield0.617%Jun 8, 2017Real yield0.506%Jul 6, 2017Real yield0.712%Aug 2, 2017Real yield0.599%Aug 29, 2017Real yield0.510%Sep 26, 2017Real yield0.529%Oct 24, 2017Real yield0.673%Nov 20, 2017Real yield0.615%Dec 18, 2017Real yield0.572%Jan 17, 2018Real yield0.597%Feb 13, 2018Real yield0.810%Mar 13, 2018Real yield0.775%Apr 10, 2018Real yield0.742%May 7, 2018Real yield0.806%Jun 4, 2018Real yield0.843%Jun 29, 2018Real yield0.762%Jul 27, 2018Real yield0.891%Aug 23, 2018Real yield0.784%Sep 20, 2018Real yield0.977%Oct 18, 2018Real yield1.120%Nov 15, 2018Real yield1.163%Dec 14, 2018Real yield1.125%Jan 14, 2019Real yield0.947%Feb 11, 2019Real yield0.854%Mar 11, 2019Real yield0.752%Apr 5, 2019Real yield0.609%May 3, 2019Real yield0.636%May 31, 2019Real yield0.413%Jun 27, 2019Real yield0.336%Jul 25, 2019Real yield0.330%Aug 21, 2019Real yield0.118%Sep 18, 2019Real yield0.280%Oct 16, 2019Real yield0.246%Nov 13, 2019Real yield0.276%Dec 11, 2019Real yield0.153%Jan 9, 2020Real yield0.153%Feb 6, 2020Real yield-0.010%Mar 5, 2020Real yield-0.443%Apr 1, 2020Real yield-0.171%Apr 29, 2020Real yield-0.421%May 27, 2020Real yield-0.425%Jun 23, 2020Real yield-0.667%Jul 21, 2020Real yield-0.915%Aug 17, 2020Real yield-0.988%Sep 14, 2020Real yield-1.044%Oct 9, 2020Real yield-1.018%Nov 6, 2020Real yield-0.903%Dec 7, 2020Real yield-1.068%Jan 5, 2021Real yield-1.218%Feb 2, 2021Real yield-1.298%Mar 2, 2021Real yield-1.101%Mar 29, 2021Real yield-0.972%Apr 23, 2021Real yield-1.110%May 20, 2021Real yield-1.167%Jun 17, 2021Real yield-1.043%Jul 15, 2021Real yield-1.335%Aug 11, 2021Real yield-1.407%Sep 8, 2021Real yield-1.360%Oct 5, 2021Real yield-1.236%Nov 2, 2021Real yield-1.261%Dec 1, 2021Real yield-1.212%Dec 29, 2021Real yield-1.193%Jan 26, 2022Real yield-0.811%Feb 23, 2022Real yield-0.751%Mar 22, 2022Real yield-0.736%Apr 19, 2022Real yield-0.127%May 16, 2022Real yield0.100%Jun 13, 2022Real yield0.641%Jul 12, 2022Real yield0.666%Aug 8, 2022Real yield0.323%Sep 2, 2022Real yield0.821%Sep 30, 2022Real yield1.937%Oct 28, 2022Real yield1.685%Nov 28, 2022Real yield1.649%Dec 23, 2022Real yield1.709%Jan 24, 2023Real yield1.358%Feb 21, 2023Real yield1.662%Mar 20, 2023Real yield1.466%Apr 14, 2023Real yield1.343%May 11, 2023Real yield1.280%Jun 8, 2023Real yield1.730%Jul 7, 2023Real yield2.102%Aug 3, 2023Real yield2.031%Aug 30, 2023Real yield2.080%Sep 27, 2023Real yield2.411%Oct 25, 2023Real yield2.583%Nov 21, 2023Real yield2.293%Dec 19, 2023Real yield1.826%Jan 18, 2024Real yield1.809%Feb 14, 2024Real yield1.957%Mar 13, 2024Real yield1.882%Apr 9, 2024Real yield1.988%May 6, 2024Real yield2.134%Jun 3, 2024Real yield2.121%Jul 1, 2024Real yield2.151%Jul 29, 2024Real yield1.927%Aug 23, 2024Real yield1.633%Sep 20, 2024Real yield1.420%Oct 18, 2024Real yield1.603%Nov 15, 2024Real yield1.949%Dec 13, 2024Real yield1.892%Jan 13, 2025Real yield2.075%Feb 10, 2025Real yield1.723%Mar 10, 2025Real yield1.452%Apr 4, 2025Real yield1.308%May 1, 2025Real yield1.295%May 29, 2025Real yield1.470%Jun 26, 2025Real yield1.351%Jul 24, 2025Real yield1.300%Aug 20, 2025Real yield1.201%Sep 17, 2025Real yield0.986%Oct 15, 2025Real yield1.086%Nov 12, 2025Real yield1.250%Dec 10, 2025Real yield1.342%Jan 8, 2026Real yield1.333%Feb 5, 2026Real yield1.102%Mar 5, 2026Real yield1.022%Apr 1, 2026Real yield1.185%Apr 28, 2026Real yield0.979%May 26, 2026Real yield1.445%Jun 23, 2026Real yield2.009%Jul 21, 2026Real yield2.162%Aug 17, 2026Real yield2.138%Sep 9, 2026Real yield2.115%

Price history

4,406 trading days to Sep 9, 2026

90100110120130140150Jan 30, 2009Sep 9, 2026Jan 30, 2009Close101.094Feb 27, 2009Close99.563Mar 26, 2009Close109.031Apr 23, 2009Close104.281May 20, 2009Close104.938Jun 17, 2009Close100.656Jul 15, 2009Close101.781Aug 11, 2009Close104.000Sep 8, 2009Close104.906Oct 5, 2009Close107.500Nov 2, 2009Close107.688Dec 1, 2009Close111.531Dec 29, 2009Close106.750Jan 27, 2010Close107.938Feb 24, 2010Close105.469Mar 23, 2010Close106.531Apr 19, 2010Close107.563May 14, 2010Close112.188Jun 10, 2010Close110.563Jul 8, 2010Close111.344Aug 4, 2010Close111.813Aug 31, 2010Close117.438Sep 28, 2010Close119.719Oct 26, 2010Close122.094Nov 23, 2010Close118.688Dec 21, 2010Close113.219Jan 19, 2011Close112.844Feb 15, 2011Close107.875Mar 15, 2011Close113.906Apr 11, 2011Close113.281May 9, 2011Close117.250Jun 6, 2011Close116.281Jul 1, 2011Close115.875Jul 29, 2011Close124.000Aug 25, 2011Close128.531Sep 22, 2011Close132.188Oct 20, 2011Close128.781Nov 17, 2011Close132.313Dec 15, 2011Close133.313Jan 13, 2012Close134.656Feb 10, 2012Close135.688Mar 9, 2012Close134.438Apr 5, 2012Close132.281May 2, 2012Close136.313May 30, 2012Close139.750Jun 26, 2012Close139.563Jul 24, 2012Close143.781Aug 20, 2012Close137.563Sep 17, 2012Close142.406Oct 15, 2012Close143.344Nov 13, 2012Close145.531Dec 11, 2012Close145.875Jan 9, 2013Close141.406Feb 6, 2013Close139.719Mar 6, 2013Close139.781Apr 3, 2013Close140.469Apr 30, 2013Close142.063May 28, 2013Close132.250Jun 24, 2013Close119.906Jul 22, 2013Close124.656Aug 16, 2013Close119.438Sep 13, 2013Close118.469Oct 10, 2013Close122.031Nov 7, 2013Close122.188Dec 6, 2013Close117.469Jan 6, 2014Close118.625Feb 3, 2014Close122.906Mar 3, 2014Close123.188Mar 28, 2014Close121.656Apr 25, 2014Close123.656May 22, 2014Close125.188Jun 19, 2014Close124.219Jul 17, 2014Close127.406Aug 13, 2014Close127.344Sep 10, 2014Close124.188Oct 8, 2014Close124.781Nov 5, 2014Close124.438Dec 5, 2014Close123.406Jan 5, 2015Close126.406Feb 2, 2015Close129.781Mar 2, 2015Close126.969Mar 27, 2015Close128.313Apr 23, 2015Close128.656May 20, 2015Close124.000Jun 17, 2015Close123.594Jul 15, 2015Close122.469Aug 11, 2015Close123.594Sep 8, 2015Close119.875Oct 5, 2015Close121.250Nov 2, 2015Close120.563Dec 1, 2015Close121.188Dec 29, 2015Close117.969Jan 27, 2016Close119.656Feb 24, 2016Close121.938Mar 22, 2016Close123.531Apr 19, 2016Close125.469May 16, 2016Close125.875Jun 13, 2016Close125.969Jul 11, 2016Close128.063Aug 5, 2016Close126.219Sep 1, 2016Close126.500Sep 29, 2016Close127.156Oct 27, 2016Close125.313Nov 25, 2016Close121.250Dec 22, 2016Close119.438Jan 23, 2017Close122.406Feb 17, 2017Close122.406Mar 17, 2017Close121.500Apr 13, 2017Close123.563May 11, 2017Close121.188Jun 8, 2017Close122.438Jul 6, 2017Close119.750Aug 2, 2017Close121.000Aug 29, 2017Close121.969Sep 26, 2017Close121.594Oct 24, 2017Close119.719Nov 20, 2017Close120.281Dec 18, 2017Close120.656Jan 17, 2018Close120.219Feb 13, 2018Close117.625Mar 13, 2018Close117.906Apr 10, 2018Close118.156May 7, 2018Close117.313Jun 4, 2018Close116.781Jun 29, 2018Close117.563Jul 27, 2018Close116.031Aug 23, 2018Close117.094Sep 20, 2018Close114.906Oct 18, 2018Close113.313Nov 15, 2018Close112.781Dec 14, 2018Close113.063Jan 14, 2019Close114.781Feb 11, 2019Close115.625Mar 11, 2019Close116.563Apr 5, 2019Close117.906May 3, 2019Close117.500May 31, 2019Close119.656Jun 27, 2019Close120.313Jul 25, 2019Close120.219Aug 21, 2019Close122.250Sep 18, 2019Close120.406Oct 16, 2019Close120.594Nov 13, 2019Close120.125Dec 11, 2019Close121.188Jan 9, 2020Close121.000Feb 6, 2020Close122.438Mar 5, 2020Close126.625Apr 1, 2020Close123.656Apr 29, 2020Close125.938May 27, 2020Close125.750Jun 23, 2020Close127.938Jul 21, 2020Close130.188Aug 17, 2020Close130.656Sep 14, 2020Close130.938Oct 9, 2020Close130.375Nov 6, 2020Close128.969Dec 7, 2020Close130.281Jan 5, 2021Close131.438Feb 2, 2021Close131.906Mar 2, 2021Close129.688Mar 29, 2021Close128.188Apr 23, 2021Close129.188May 20, 2021Close129.438Jun 17, 2021Close127.969Jul 15, 2021Close130.344Aug 11, 2021Close130.688Sep 8, 2021Close129.938Oct 5, 2021Close128.531Nov 2, 2021Close128.438Dec 1, 2021Close127.688Dec 29, 2021Close127.219Jan 26, 2022Close123.781Feb 23, 2022Close123.031Mar 22, 2022Close122.656Apr 19, 2022Close117.781May 16, 2022Close115.938Jun 13, 2022Close111.969Jul 12, 2022Close111.656Aug 8, 2022Close113.844Sep 2, 2022Close110.375Sep 30, 2022Close103.313Oct 28, 2022Close104.781Nov 28, 2022Close104.938Dec 23, 2022Close104.531Jan 24, 2023Close106.531Feb 21, 2023Close104.688Mar 20, 2023Close105.750Apr 14, 2023Close106.375May 11, 2023Close106.656Jun 8, 2023Close104.094Jul 7, 2023Close102.063Aug 3, 2023Close102.406Aug 30, 2023Close102.125Sep 27, 2023Close100.438Oct 25, 2023Close99.594Nov 21, 2023Close101.000Dec 19, 2023Close103.250Jan 18, 2024Close103.281Feb 14, 2024Close102.531Mar 13, 2024Close102.844Apr 9, 2024Close102.313May 6, 2024Close101.625Jun 3, 2024Close101.656Jul 1, 2024Close101.500Jul 29, 2024Close102.438Aug 23, 2024Close103.656Sep 20, 2024Close104.500Oct 18, 2024Close103.656Nov 15, 2024Close102.188Dec 13, 2024Close102.375Jan 13, 2025Close101.625Feb 10, 2025Close102.938Mar 10, 2025Close103.906Apr 4, 2025Close104.375May 1, 2025Close104.344May 29, 2025Close103.625Jun 26, 2025Close103.969Jul 24, 2025Close104.063Aug 20, 2025Close104.313Sep 17, 2025Close104.938Oct 15, 2025Close104.500Nov 12, 2025Close103.875Dec 10, 2025Close103.500Jan 8, 2026Close103.438Feb 5, 2026Close104.031Mar 5, 2026Close104.156Apr 1, 2026Close103.594Apr 28, 2026Close104.063May 26, 2026Close102.719Jun 23, 2026Close101.219Jul 21, 2026Close100.813Aug 17, 2026Close100.844Sep 9, 2026Close100.875
The most recent 20 trading days of prices for 912810PZ5.
DateBidOfferClose
Sep 9, 2026100.922100.875100.875
Sep 8, 2026100.969100.938100.938
Sep 4, 2026100.922100.875100.875
Sep 3, 2026101.016100.969100.938
Sep 2, 2026100.891100.844100.844
Sep 1, 2026100.828100.781100.844
Aug 31, 2026100.813100.781100.781
Aug 28, 2026100.844100.781100.719
Aug 27, 2026101.063101.031101.000
Aug 26, 2026101.031101.000101.031
Aug 25, 2026101.094101.063101.063
Aug 24, 2026101.047101.000100.969
Aug 21, 2026101.031101.000101.000
Aug 20, 2026101.031101.000101.063
Aug 19, 2026100.969100.938100.938
Aug 18, 2026100.922100.875100.906
Aug 17, 2026100.891100.844100.844
Aug 14, 2026100.859100.813100.844
Aug 13, 2026100.859100.813100.813
Aug 12, 2026100.797100.750100.719

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 912810PZ5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 26, 2009Jan 30, 2009New issue$8.0bn$8.0bn1.92x2.500%
Jul 27, 2009Jul 31, 2009Reopening$6.0bn$6.2bn2.27x2.387%

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.