Inflation-linked (TIPS)

912810RL4 · 0.75% due February 15, 2045

Original term
30-Year
Maturity
Feb 15, 2045
Coupon
0.750%
Pays
Semi-Annual
Dated
Feb 15, 2015
First coupon
Aug 15, 2015
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$32.44bn
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
2.960%
Index ratio
1.4181
Real duration
16.662 yr
DV01
0.1147
Convexity
302.318
Real clean price
68.781
Accrued (real)
0.053
Real dirty price
68.834
Indexed principal
141.812
Money clean price
97.540

The index ratio is a multiplier, not a percentage: 1.4181 means the principal is worth that many times its original face today. So the real clean price of 68.781 is not what a buyer pays , multiply by the ratio to get 97.540 per 100 of original face.

Against the fitted real curve

Priced 2.6 bp cheap to the real curve on that day, 29.57 cents per 100 of face.

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

Real yield, 2,887 observations

-1%0%1%2%3%4%Feb 27, 2015Sep 9, 2026Feb 27, 2015Real yield0.677%Mar 18, 2015Real yield0.663%Apr 6, 2015Real yield0.663%Apr 23, 2015Real yield0.661%May 12, 2015Real yield0.993%Jun 1, 2015Real yield1.023%Jun 18, 2015Real yield1.133%Jul 8, 2015Real yield1.023%Jul 27, 2015Real yield1.048%Aug 13, 2015Real yield1.075%Sep 1, 2015Real yield1.171%Sep 21, 2015Real yield1.300%Oct 8, 2015Real yield1.231%Oct 28, 2015Real yield1.198%Nov 17, 2015Real yield1.282%Dec 7, 2015Real yield1.188%Dec 24, 2015Real yield1.259%Jan 14, 2016Real yield1.293%Feb 3, 2016Real yield1.104%Feb 23, 2016Real yield1.088%Mar 11, 2016Real yield1.111%Mar 31, 2016Real yield0.866%Apr 19, 2016Real yield0.860%May 6, 2016Real yield0.899%May 25, 2016Real yield0.934%Jun 14, 2016Real yield0.878%Jul 1, 2016Real yield0.649%Jul 21, 2016Real yield0.705%Aug 9, 2016Real yield0.619%Aug 26, 2016Real yield0.660%Sep 15, 2016Real yield0.784%Oct 4, 2016Real yield0.684%Oct 24, 2016Real yield0.712%Nov 10, 2016Real yield0.885%Dec 1, 2016Real yield0.972%Dec 20, 2016Real yield1.147%Jan 10, 2017Real yield0.912%Jan 30, 2017Real yield0.948%Feb 16, 2017Real yield0.959%Mar 8, 2017Real yield1.073%Mar 27, 2017Real yield0.911%Apr 13, 2017Real yield0.870%May 3, 2017Real yield0.991%May 22, 2017Real yield0.961%Jun 9, 2017Real yield0.973%Jun 28, 2017Real yield0.940%Jul 18, 2017Real yield0.985%Aug 4, 2017Real yield0.989%Aug 23, 2017Real yield0.919%Sep 12, 2017Real yield0.867%Sep 29, 2017Real yield0.947%Oct 19, 2017Real yield0.924%Nov 7, 2017Real yield0.852%Nov 27, 2017Real yield0.856%Dec 14, 2017Real yield0.782%Jan 4, 2018Real yield0.755%Jan 24, 2018Real yield0.825%Feb 12, 2018Real yield1.007%Mar 2, 2018Real yield0.983%Mar 21, 2018Real yield1.026%Apr 10, 2018Real yield0.918%Apr 27, 2018Real yield0.943%May 16, 2018Real yield1.033%Jun 5, 2018Real yield0.948%Jun 22, 2018Real yield0.921%Jul 12, 2018Real yield0.842%Jul 31, 2018Real yield0.937%Aug 17, 2018Real yield0.926%Sep 6, 2018Real yield0.944%Sep 25, 2018Real yield1.057%Oct 15, 2018Real yield1.203%Nov 1, 2018Real yield1.331%Nov 21, 2018Real yield1.283%Dec 12, 2018Real yield1.248%Jan 2, 2019Real yield1.201%Jan 22, 2019Real yield1.213%Feb 8, 2019Real yield1.109%Feb 28, 2019Real yield1.132%Mar 19, 2019Real yield1.045%Apr 5, 2019Real yield0.987%Apr 25, 2019Real yield0.946%May 14, 2019Real yield0.949%Jun 3, 2019Real yield0.733%Jun 20, 2019Real yield0.731%Jul 10, 2019Real yield0.777%Jul 29, 2019Real yield0.800%Aug 15, 2019Real yield0.425%Sep 4, 2019Real yield0.403%Sep 23, 2019Real yield0.510%Oct 10, 2019Real yield0.579%Oct 30, 2019Real yield0.606%Nov 19, 2019Real yield0.531%Dec 9, 2019Real yield0.509%Dec 27, 2019Real yield0.544%Jan 16, 2020Real yield0.470%Feb 5, 2020Real yield0.403%Feb 25, 2020Real yield0.183%Mar 13, 2020Real yield0.455%Apr 1, 2020Real yield0.090%Apr 21, 2020Real yield-0.118%May 8, 2020Real yield-0.051%May 28, 2020Real yield-0.034%Jun 16, 2020Real yield-0.002%Jul 6, 2020Real yield-0.185%Jul 23, 2020Real yield-0.327%Aug 11, 2020Real yield-0.355%Aug 28, 2020Real yield-0.274%Sep 17, 2020Real yield-0.317%Oct 6, 2020Real yield-0.255%Oct 26, 2020Real yield-0.278%Nov 13, 2020Real yield-0.256%Dec 3, 2020Real yield-0.338%Dec 22, 2020Real yield-0.352%Jan 12, 2021Real yield-0.259%Feb 1, 2021Real yield-0.334%Feb 19, 2021Real yield-0.065%Mar 10, 2021Real yield-0.010%Mar 29, 2021Real yield0.079%Apr 15, 2021Real yield-0.006%May 4, 2021Real yield-0.022%May 21, 2021Real yield0.001%Jun 10, 2021Real yield-0.180%Jun 29, 2021Real yield-0.187%Jul 19, 2021Real yield-0.346%Aug 5, 2021Real yield-0.355%Aug 24, 2021Real yield-0.309%Sep 13, 2021Real yield-0.366%Sep 30, 2021Real yield-0.205%Oct 20, 2021Real yield-0.268%Nov 8, 2021Real yield-0.488%Nov 29, 2021Real yield-0.418%Dec 16, 2021Real yield-0.321%Jan 5, 2022Real yield-0.173%Jan 25, 2022Real yield-0.059%Feb 11, 2022Real yield0.124%Mar 3, 2022Real yield-0.087%Mar 22, 2022Real yield0.119%Apr 8, 2022Real yield0.372%Apr 28, 2022Real yield0.432%May 17, 2022Real yield0.853%Jun 6, 2022Real yield0.853%Jun 24, 2022Real yield1.056%Jul 14, 2022Real yield1.172%Aug 2, 2022Real yield0.990%Aug 19, 2022Real yield1.088%Sep 8, 2022Real yield1.365%Sep 27, 2022Real yield1.947%Oct 17, 2022Real yield1.939%Nov 3, 2022Real yield2.001%Nov 23, 2022Real yield1.665%Dec 13, 2022Real yield1.498%Jan 3, 2023Real yield1.756%Jan 23, 2023Real yield1.527%Feb 9, 2023Real yield1.572%Mar 1, 2023Real yield1.719%Mar 20, 2023Real yield1.624%Apr 6, 2023Real yield1.458%Apr 25, 2023Real yield1.518%May 12, 2023Real yield1.615%Jun 1, 2023Real yield1.712%Jun 21, 2023Real yield1.666%Jul 11, 2023Real yield1.903%Jul 28, 2023Real yield1.830%Aug 16, 2023Real yield2.157%Sep 5, 2023Real yield2.162%Sep 22, 2023Real yield2.228%Oct 12, 2023Real yield2.554%Oct 31, 2023Real yield2.635%Nov 17, 2023Real yield2.356%Dec 7, 2023Real yield2.147%Dec 27, 2023Real yield1.930%Jan 17, 2024Real yield2.107%Feb 5, 2024Real yield2.142%Feb 23, 2024Real yield2.169%Mar 13, 2024Real yield2.142%Apr 1, 2024Real yield2.232%Apr 18, 2024Real yield2.447%May 7, 2024Real yield2.326%May 24, 2024Real yield2.294%Jun 13, 2024Real yield2.173%Jul 3, 2024Real yield2.265%Jul 23, 2024Real yield2.213%Aug 9, 2024Real yield2.107%Aug 28, 2024Real yield1.989%Sep 17, 2024Real yield1.846%Oct 4, 2024Real yield2.047%Oct 24, 2024Real yield2.181%Nov 13, 2024Real yield2.335%Dec 3, 2024Real yield2.197%Dec 20, 2024Real yield2.469%Jan 10, 2025Real yield2.617%Jan 30, 2025Real yield2.395%Feb 19, 2025Real yield2.376%Mar 10, 2025Real yield2.278%Mar 27, 2025Real yield2.397%Apr 15, 2025Real yield2.615%May 2, 2025Real yield2.522%May 21, 2025Real yield2.708%Jun 10, 2025Real yield2.621%Jun 30, 2025Real yield2.485%Jul 18, 2025Real yield2.604%Aug 6, 2025Real yield2.510%Aug 25, 2025Real yield2.553%Sep 12, 2025Real yield2.356%Oct 1, 2025Real yield2.397%Oct 21, 2025Real yield2.265%Nov 7, 2025Real yield2.394%Nov 28, 2025Real yield2.401%Dec 17, 2025Real yield2.543%Jan 7, 2026Real yield2.521%Jan 27, 2026Real yield2.486%Feb 13, 2026Real yield2.374%Mar 5, 2026Real yield2.444%Mar 24, 2026Real yield2.670%Apr 10, 2026Real yield2.599%Apr 29, 2026Real yield2.649%May 18, 2026Real yield2.775%Jun 5, 2026Real yield2.718%Jun 25, 2026Real yield2.674%Jul 15, 2026Real yield2.881%Aug 3, 2026Real yield3.001%Aug 20, 2026Real yield2.930%Sep 9, 2026Real yield2.960%

Price history

2,887 trading days to Sep 9, 2026

6080100120140Feb 27, 2015Sep 9, 2026Feb 27, 2015Close101.969Mar 18, 2015Close102.344Apr 6, 2015Close102.344Apr 23, 2015Close102.406May 12, 2015Close93.750Jun 1, 2015Close93.031Jun 18, 2015Close90.375Jul 8, 2015Close93.031Jul 27, 2015Close92.438Aug 13, 2015Close91.813Sep 1, 2015Close89.531Sep 21, 2015Close86.594Oct 8, 2015Close88.188Oct 28, 2015Close88.969Nov 17, 2015Close87.063Dec 7, 2015Close89.219Dec 24, 2015Close87.625Jan 14, 2016Close86.875Feb 3, 2016Close91.219Feb 23, 2016Close91.625Mar 11, 2016Close91.094Mar 31, 2016Close97.031Apr 19, 2016Close97.188May 6, 2016Close96.219May 25, 2016Close95.375Jun 14, 2016Close96.750Jul 1, 2016Close102.625Jul 21, 2016Close101.156Aug 9, 2016Close103.406Aug 26, 2016Close102.344Sep 15, 2016Close99.125Oct 4, 2016Close101.688Oct 24, 2016Close100.969Nov 10, 2016Close96.625Dec 1, 2016Close94.531Dec 20, 2016Close90.469Jan 10, 2017Close96.000Jan 30, 2017Close95.125Feb 16, 2017Close94.875Mar 8, 2017Close92.219Mar 27, 2017Close96.031Apr 13, 2017Close97.031May 3, 2017Close94.156May 22, 2017Close94.875Jun 9, 2017Close94.594Jun 28, 2017Close95.375Jul 18, 2017Close94.344Aug 4, 2017Close94.250Aug 23, 2017Close95.906Sep 12, 2017Close97.156Sep 29, 2017Close95.250Oct 19, 2017Close95.813Nov 7, 2017Close97.531Nov 27, 2017Close97.438Dec 14, 2017Close99.219Jan 4, 2018Close99.875Jan 24, 2018Close98.188Feb 12, 2018Close93.938Mar 2, 2018Close94.500Mar 21, 2018Close93.531Apr 10, 2018Close96.000Apr 27, 2018Close95.438May 16, 2018Close93.406Jun 5, 2018Close95.344Jun 22, 2018Close95.969Jul 12, 2018Close97.813Jul 31, 2018Close95.625Aug 17, 2018Close95.875Sep 6, 2018Close95.469Sep 25, 2018Close92.938Oct 15, 2018Close89.813Nov 1, 2018Close87.156Nov 21, 2018Close88.156Dec 12, 2018Close88.906Jan 2, 2019Close89.906Jan 22, 2019Close89.688Feb 8, 2019Close91.906Feb 28, 2019Close91.438Mar 19, 2019Close93.313Apr 5, 2019Close94.594Apr 25, 2019Close95.531May 14, 2019Close95.469Jun 3, 2019Close100.406Jun 20, 2019Close100.438Jul 10, 2019Close99.375Jul 29, 2019Close98.844Aug 15, 2019Close107.844Sep 4, 2019Close108.375Sep 23, 2019Close105.719Oct 10, 2019Close104.031Oct 30, 2019Close103.375Nov 19, 2019Close105.156Dec 9, 2019Close105.688Dec 27, 2019Close104.844Jan 16, 2020Close106.625Feb 5, 2020Close108.250Feb 25, 2020Close113.844Mar 13, 2020Close106.938Apr 1, 2020Close116.219Apr 21, 2020Close121.875May 8, 2020Close119.969May 28, 2020Close119.469Jun 16, 2020Close118.563Jul 6, 2020Close123.563Jul 23, 2020Close127.563Aug 11, 2020Close128.313Aug 28, 2020Close125.906Sep 17, 2020Close127.094Oct 6, 2020Close125.281Oct 26, 2020Close125.875Nov 13, 2020Close125.188Dec 3, 2020Close127.469Dec 22, 2020Close127.813Jan 12, 2021Close125.094Feb 1, 2021Close127.156Feb 19, 2021Close119.688Mar 10, 2021Close118.219Mar 29, 2021Close115.875Apr 15, 2021Close118.031May 4, 2021Close118.406May 21, 2021Close117.781Jun 10, 2021Close122.500Jun 29, 2021Close122.656Jul 19, 2021Close126.938Aug 5, 2021Close127.125Aug 24, 2021Close125.813Sep 13, 2021Close127.313Sep 30, 2021Close122.875Oct 20, 2021Close124.500Nov 8, 2021Close130.531Nov 29, 2021Close128.500Dec 16, 2021Close125.781Jan 5, 2022Close121.781Jan 25, 2022Close118.781Feb 11, 2022Close114.188Mar 3, 2022Close119.406Mar 22, 2022Close114.250Apr 8, 2022Close108.281Apr 28, 2022Close106.906May 17, 2022Close97.875Jun 6, 2022Close97.875Jun 24, 2022Close93.844Jul 14, 2022Close91.656Aug 2, 2022Close95.156Aug 19, 2022Close93.281Sep 8, 2022Close88.156Sep 27, 2022Close78.375Oct 17, 2022Close78.531Nov 3, 2022Close77.594Nov 23, 2022Close83.063Dec 13, 2022Close85.938Jan 3, 2023Close81.625Jan 23, 2023Close85.500Feb 9, 2023Close84.750Mar 1, 2023Close82.344Mar 20, 2023Close83.938Apr 6, 2023Close86.781Apr 25, 2023Close85.781May 12, 2023Close84.188Jun 1, 2023Close82.625Jun 21, 2023Close83.406Jul 11, 2023Close79.656Jul 28, 2023Close80.844Aug 16, 2023Close75.906Sep 5, 2023Close75.875Sep 22, 2023Close74.969Oct 12, 2023Close70.469Oct 31, 2023Close69.438Nov 17, 2023Close73.281Dec 7, 2023Close76.313Dec 27, 2023Close79.594Jan 17, 2024Close77.000Feb 5, 2024Close76.531Feb 23, 2024Close76.188Mar 13, 2024Close76.625Apr 1, 2024Close75.375Apr 18, 2024Close72.438May 7, 2024Close74.156May 24, 2024Close74.656Jun 13, 2024Close76.406Jul 3, 2024Close75.156Jul 23, 2024Close75.938Aug 9, 2024Close77.500Aug 28, 2024Close79.250Sep 17, 2024Close81.438Oct 4, 2024Close78.500Oct 24, 2024Close76.625Nov 13, 2024Close74.531Dec 3, 2024Close76.500Dec 20, 2024Close72.844Jan 10, 2025Close70.969Jan 30, 2025Close73.938Feb 19, 2025Close74.250Mar 10, 2025Close75.625Mar 27, 2025Close74.063Apr 15, 2025Close71.281May 2, 2025Close72.531May 21, 2025Close70.219Jun 10, 2025Close71.375Jun 30, 2025Close73.188Jul 18, 2025Close71.719Aug 6, 2025Close72.969Aug 25, 2025Close72.469Sep 12, 2025Close75.094Oct 1, 2025Close74.594Oct 21, 2025Close76.406Nov 7, 2025Close74.750Nov 28, 2025Close74.719Dec 17, 2025Close72.938Jan 7, 2026Close73.281Jan 27, 2026Close73.781Feb 13, 2026Close75.281Mar 5, 2026Close74.438Mar 24, 2026Close71.656Apr 10, 2026Close72.594Apr 29, 2026Close72.031May 18, 2026Close70.563Jun 5, 2026Close71.313Jun 25, 2026Close71.906Jul 15, 2026Close69.500Aug 3, 2026Close68.188Aug 20, 2026Close69.063Sep 9, 2026Close68.781
The most recent 20 trading days of prices for 912810RL4.
DateBidOfferClose
Sep 9, 202668.68868.59468.781
Sep 8, 202669.18869.12569.063
Sep 4, 202669.00068.93869.000
Sep 3, 202669.26669.21968.969
Sep 2, 202668.78168.71968.750
Sep 1, 202668.78168.71968.656
Aug 31, 202668.56368.50068.625
Aug 28, 202669.46969.40668.969
Aug 27, 202669.56369.50069.438
Aug 26, 202669.48469.43869.469
Aug 25, 202669.48469.40669.500
Aug 24, 202669.09469.03168.875
Aug 21, 202668.78168.71968.469
Aug 20, 202668.68868.62569.063
Aug 19, 202669.15669.09469.094
Aug 18, 202667.89167.81368.031
Aug 17, 202667.98467.90667.625
Aug 14, 202668.17268.09468.250
Aug 13, 202668.71968.65668.563
Aug 12, 202668.45368.37568.250

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.

3 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 912810RL4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 19, 2015Feb 27, 2015New issue$9.0bn$9.0bn2.43x0.842%
Jun 18, 2015Jun 30, 2015Reopening$7.0bn$7.0bn2.45x1.142%
Oct 22, 2015Oct 30, 2015Reopening$7.0bn$7.0bn2.62x1.200%

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.