Inflation-linked (TIPS)

912810SB5 · 1% due February 15, 2048

Original term
30-Year
Maturity
Feb 15, 2048
Coupon
1.000%
Pays
Semi-Annual
Dated
Feb 15, 2018
First coupon
Aug 15, 2018
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$25.20bn
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
3.002%
Index ratio
1.3542
Real duration
18.473 yr
DV01
0.1267
Convexity
382.077
Real clean price
68.531
Accrued (real)
0.071
Real dirty price
68.602
Indexed principal
135.420
Money clean price
92.805

The index ratio is a multiplier, not a percentage: 1.3542 means the principal is worth that many times its original face today. So the real clean price of 68.531 is not what a buyer pays , multiply by the ratio to get 92.805 per 100 of original face.

Against the fitted real curve

Priced 0.7 bp cheap to the real curve on that day, 9.24 cents per 100 of face.

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

Real yield, 2,135 observations

-1%0%1%2%3%4%Feb 28, 2018Sep 9, 2026Feb 28, 2018Real yield0.990%Mar 13, 2018Real yield0.998%Mar 26, 2018Real yield0.992%Apr 9, 2018Real yield0.917%Apr 20, 2018Real yield0.965%May 3, 2018Real yield0.939%May 16, 2018Real yield1.024%May 30, 2018Real yield0.934%Jun 12, 2018Real yield0.962%Jun 25, 2018Real yield0.910%Jul 9, 2018Real yield0.836%Jul 20, 2018Real yield0.915%Aug 2, 2018Real yield0.968%Aug 15, 2018Real yield0.926%Aug 28, 2018Real yield0.907%Sep 11, 2018Real yield0.989%Sep 24, 2018Real yield1.041%Oct 5, 2018Real yield1.229%Oct 19, 2018Real yield1.257%Nov 1, 2018Real yield1.321%Nov 15, 2018Real yield1.296%Nov 29, 2018Real yield1.278%Dec 13, 2018Real yield1.246%Dec 27, 2018Real yield1.221%Jan 10, 2019Real yield1.200%Jan 24, 2019Real yield1.199%Feb 6, 2019Real yield1.129%Feb 20, 2019Real yield1.067%Mar 5, 2019Real yield1.128%Mar 18, 2019Real yield1.028%Mar 29, 2019Real yield0.909%Apr 11, 2019Real yield0.989%Apr 25, 2019Real yield0.943%May 8, 2019Real yield0.999%May 21, 2019Real yield0.954%Jun 4, 2019Real yield0.782%Jun 17, 2019Real yield0.880%Jun 28, 2019Real yield0.790%Jul 12, 2019Real yield0.817%Jul 25, 2019Real yield0.783%Aug 7, 2019Real yield0.582%Aug 20, 2019Real yield0.498%Sep 3, 2019Real yield0.384%Sep 16, 2019Real yield0.611%Sep 27, 2019Real yield0.544%Oct 10, 2019Real yield0.580%Oct 24, 2019Real yield0.574%Nov 6, 2019Real yield0.552%Nov 20, 2019Real yield0.496%Dec 4, 2019Real yield0.474%Dec 17, 2019Real yield0.523%Dec 31, 2019Real yield0.580%Jan 14, 2020Real yield0.459%Jan 28, 2020Real yield0.363%Feb 10, 2020Real yield0.303%Feb 24, 2020Real yield0.179%Mar 6, 2020Real yield-0.206%Mar 19, 2020Real yield0.843%Apr 1, 2020Real yield0.078%Apr 15, 2020Real yield-0.187%Apr 28, 2020Real yield-0.243%May 11, 2020Real yield-0.039%May 22, 2020Real yield-0.073%Jun 5, 2020Real yield0.104%Jun 18, 2020Real yield-0.062%Jul 1, 2020Real yield-0.144%Jul 15, 2020Real yield-0.231%Jul 28, 2020Real yield-0.377%Aug 10, 2020Real yield-0.397%Aug 21, 2020Real yield-0.328%Sep 3, 2020Real yield-0.381%Sep 17, 2020Real yield-0.314%Sep 30, 2020Real yield-0.314%Oct 14, 2020Real yield-0.324%Oct 27, 2020Real yield-0.290%Nov 9, 2020Real yield-0.150%Nov 23, 2020Real yield-0.292%Dec 7, 2020Real yield-0.297%Dec 18, 2020Real yield-0.321%Jan 4, 2021Real yield-0.390%Jan 15, 2021Real yield-0.272%Jan 29, 2021Real yield-0.300%Feb 11, 2021Real yield-0.232%Feb 25, 2021Real yield0.175%Mar 10, 2021Real yield0.008%Mar 23, 2021Real yield0.032%Apr 5, 2021Real yield0.088%Apr 16, 2021Real yield-0.002%Apr 29, 2021Real yield-0.011%May 12, 2021Real yield0.014%May 25, 2021Real yield-0.076%Jun 8, 2021Real yield-0.115%Jun 21, 2021Real yield-0.138%Jul 2, 2021Real yield-0.242%Jul 16, 2021Real yield-0.308%Jul 29, 2021Real yield-0.379%Aug 11, 2021Real yield-0.306%Aug 24, 2021Real yield-0.315%Sep 7, 2021Real yield-0.272%Sep 20, 2021Real yield-0.360%Oct 1, 2021Real yield-0.246%Oct 15, 2021Real yield-0.335%Oct 28, 2021Real yield-0.372%Nov 10, 2021Real yield-0.521%Nov 24, 2021Real yield-0.380%Dec 8, 2021Real yield-0.429%Dec 21, 2021Real yield-0.386%Jan 4, 2022Real yield-0.265%Jan 18, 2022Real yield-0.044%Jan 31, 2022Real yield-0.113%Feb 11, 2022Real yield0.107%Feb 25, 2022Real yield0.107%Mar 10, 2022Real yield-0.113%Mar 23, 2022Real yield-0.009%Apr 5, 2022Real yield0.157%Apr 19, 2022Real yield0.472%May 2, 2022Real yield0.658%May 13, 2022Real yield0.699%May 26, 2022Real yield0.756%Jun 9, 2022Real yield0.798%Jun 23, 2022Real yield0.988%Jul 7, 2022Real yield1.183%Jul 20, 2022Real yield1.138%Aug 2, 2022Real yield0.957%Aug 15, 2022Real yield1.074%Aug 26, 2022Real yield1.042%Sep 9, 2022Real yield1.330%Sep 22, 2022Real yield1.580%Oct 5, 2022Real yield1.925%Oct 19, 2022Real yield2.017%Nov 1, 2022Real yield1.855%Nov 15, 2022Real yield1.789%Nov 29, 2022Real yield1.756%Dec 12, 2022Real yield1.469%Dec 23, 2022Real yield1.748%Jan 9, 2023Real yield1.531%Jan 23, 2023Real yield1.529%Feb 3, 2023Real yield1.579%Feb 16, 2023Real yield1.697%Mar 2, 2023Real yield1.742%Mar 15, 2023Real yield1.541%Mar 28, 2023Real yield1.600%Apr 10, 2023Real yield1.494%Apr 21, 2023Real yield1.625%May 4, 2023Real yield1.604%May 17, 2023Real yield1.682%May 31, 2023Real yield1.703%Jun 13, 2023Real yield1.779%Jun 27, 2023Real yield1.706%Jul 11, 2023Real yield1.884%Jul 24, 2023Real yield1.693%Aug 4, 2023Real yield1.953%Aug 17, 2023Real yield2.175%Aug 30, 2023Real yield2.036%Sep 13, 2023Real yield2.071%Sep 26, 2023Real yield2.403%Oct 10, 2023Real yield2.522%Oct 23, 2023Real yield2.627%Nov 3, 2023Real yield2.387%Nov 16, 2023Real yield2.364%Nov 30, 2023Real yield2.326%Dec 13, 2023Real yield2.101%Dec 27, 2023Real yield1.921%Jan 10, 2024Real yield2.104%Jan 24, 2024Real yield2.192%Feb 6, 2024Real yield2.128%Feb 20, 2024Real yield2.226%Mar 4, 2024Real yield2.116%Mar 15, 2024Real yield2.229%Mar 28, 2024Real yield2.137%Apr 10, 2024Real yield2.360%Apr 23, 2024Real yield2.441%May 6, 2024Real yield2.337%May 17, 2024Real yield2.279%May 31, 2024Real yield2.339%Jun 13, 2024Real yield2.187%Jun 27, 2024Real yield2.187%Jul 11, 2024Real yield2.169%Jul 24, 2024Real yield2.299%Aug 6, 2024Real yield2.076%Aug 19, 2024Real yield2.060%Aug 30, 2024Real yield2.063%Sep 13, 2024Real yield1.911%Sep 26, 2024Real yield1.966%Oct 9, 2024Real yield2.075%Oct 23, 2024Real yield2.225%Nov 5, 2024Real yield2.195%Nov 19, 2024Real yield2.305%Dec 3, 2024Real yield2.202%Dec 16, 2024Real yield2.358%Dec 30, 2024Real yield2.512%Jan 13, 2025Real yield2.625%Jan 27, 2025Real yield2.397%Feb 7, 2025Real yield2.347%Feb 21, 2025Real yield2.334%Mar 6, 2025Real yield2.317%Mar 19, 2025Real yield2.325%Apr 1, 2025Real yield2.288%Apr 14, 2025Real yield2.625%Apr 25, 2025Real yield2.538%May 8, 2025Real yield2.601%May 21, 2025Real yield2.757%Jun 4, 2025Real yield2.605%Jun 17, 2025Real yield2.612%Jul 1, 2025Real yield2.533%Jul 15, 2025Real yield2.688%Jul 28, 2025Real yield2.632%Aug 8, 2025Real yield2.568%Aug 21, 2025Real yield2.648%Sep 4, 2025Real yield2.579%Sep 17, 2025Real yield2.389%Sep 30, 2025Real yield2.470%Oct 14, 2025Real yield2.385%Oct 27, 2025Real yield2.339%Nov 7, 2025Real yield2.464%Nov 21, 2025Real yield2.501%Dec 5, 2025Real yield2.558%Dec 18, 2025Real yield2.568%Jan 2, 2026Real yield2.620%Jan 15, 2026Real yield2.542%Jan 29, 2026Real yield2.580%Feb 11, 2026Real yield2.540%Feb 25, 2026Real yield2.455%Mar 10, 2026Real yield2.554%Mar 23, 2026Real yield2.698%Apr 3, 2026Real yield2.680%Apr 16, 2026Real yield2.680%Apr 29, 2026Real yield2.710%May 12, 2026Real yield2.744%May 26, 2026Real yield2.745%Jun 8, 2026Real yield2.787%Jun 22, 2026Real yield2.776%Jul 6, 2026Real yield2.821%Jul 17, 2026Real yield2.905%Jul 30, 2026Real yield3.042%Aug 12, 2026Real yield3.037%Aug 25, 2026Real yield2.940%Sep 8, 2026Real yield2.979%Sep 9, 2026Real yield3.002%

Price history

2,135 trading days to Sep 9, 2026

6080100120140160Feb 28, 2018Sep 9, 2026Feb 28, 2018Close100.250Mar 13, 2018Close100.063Mar 26, 2018Close100.219Apr 9, 2018Close102.156Apr 20, 2018Close100.906May 3, 2018Close101.594May 16, 2018Close99.375May 30, 2018Close101.719Jun 12, 2018Close100.969Jun 25, 2018Close102.344Jul 9, 2018Close104.281Jul 20, 2018Close102.188Aug 2, 2018Close100.813Aug 15, 2018Close101.906Aug 28, 2018Close102.406Sep 11, 2018Close100.281Sep 24, 2018Close98.969Oct 5, 2018Close94.375Oct 19, 2018Close93.719Nov 1, 2018Close92.219Nov 15, 2018Close92.813Nov 29, 2018Close93.250Dec 13, 2018Close94.000Dec 27, 2018Close94.594Jan 10, 2019Close95.094Jan 24, 2019Close95.125Feb 6, 2019Close96.813Feb 20, 2019Close98.344Mar 5, 2019Close96.844Mar 18, 2019Close99.313Mar 29, 2019Close102.313Apr 11, 2019Close100.281Apr 25, 2019Close101.438May 8, 2019Close100.031May 21, 2019Close101.156Jun 4, 2019Close105.594Jun 17, 2019Close103.031Jun 28, 2019Close105.375Jul 12, 2019Close104.656Jul 25, 2019Close105.531Aug 7, 2019Close110.969Aug 20, 2019Close113.313Sep 3, 2019Close116.594Sep 16, 2019Close110.125Sep 27, 2019Close111.969Oct 10, 2019Close110.969Oct 24, 2019Close111.125Nov 6, 2019Close111.719Nov 20, 2019Close113.250Dec 4, 2019Close113.875Dec 17, 2019Close112.469Dec 31, 2019Close110.875Jan 14, 2020Close114.250Jan 28, 2020Close116.969Feb 10, 2020Close118.719Feb 24, 2020Close122.375Mar 6, 2020Close134.688Mar 19, 2020Close103.906Apr 1, 2020Close125.406Apr 15, 2020Close133.938Apr 28, 2020Close135.781May 11, 2020Close129.000May 22, 2020Close130.063Jun 5, 2020Close124.438Jun 18, 2020Close129.625Jul 1, 2020Close132.250Jul 15, 2020Close135.094Jul 28, 2020Close140.000Aug 10, 2020Close140.656Aug 21, 2020Close138.219Sep 3, 2020Close140.000Sep 17, 2020Close137.656Sep 30, 2020Close137.594Oct 14, 2020Close137.875Oct 27, 2020Close136.688Nov 9, 2020Close132.000Nov 23, 2020Close136.625Dec 7, 2020Close136.750Dec 18, 2020Close137.500Jan 4, 2021Close139.781Jan 15, 2021Close135.750Jan 29, 2021Close136.656Feb 11, 2021Close134.344Feb 25, 2021Close121.719Mar 10, 2021Close126.688Mar 23, 2021Close125.938Apr 5, 2021Close124.219Apr 16, 2021Close126.875Apr 29, 2021Close127.125May 12, 2021Close126.344May 25, 2021Close129.063Jun 8, 2021Close130.219Jun 21, 2021Close130.906Jul 2, 2021Close134.156Jul 16, 2021Close136.250Jul 29, 2021Close138.563Aug 11, 2021Close136.094Aug 24, 2021Close136.344Sep 7, 2021Close134.875Sep 20, 2021Close137.688Oct 1, 2021Close133.969Oct 15, 2021Close136.781Oct 28, 2021Close137.938Nov 10, 2021Close142.875Nov 24, 2021Close138.094Dec 8, 2021Close139.656Dec 21, 2021Close138.188Jan 4, 2022Close134.219Jan 18, 2022Close127.375Jan 31, 2022Close129.406Feb 11, 2022Close122.906Feb 25, 2022Close122.875Mar 10, 2022Close129.313Mar 23, 2022Close126.156Apr 5, 2022Close121.344Apr 19, 2022Close112.813May 2, 2022Close108.094May 13, 2022Close107.094May 26, 2022Close105.688Jun 9, 2022Close104.688Jun 23, 2022Close100.281Jul 7, 2022Close95.969Jul 20, 2022Close96.938Aug 2, 2022Close100.969Aug 15, 2022Close98.344Aug 26, 2022Close99.063Sep 9, 2022Close92.906Sep 22, 2022Close87.906Oct 5, 2022Close81.500Oct 19, 2022Close79.906Nov 1, 2022Close82.813Nov 15, 2022Close84.031Nov 29, 2022Close84.656Dec 12, 2022Close90.156Dec 23, 2022Close84.844Jan 9, 2023Close88.969Jan 23, 2023Close89.031Feb 3, 2023Close88.063Feb 16, 2023Close85.844Mar 2, 2023Close85.031Mar 15, 2023Close88.844Mar 28, 2023Close87.719Apr 10, 2023Close89.781Apr 21, 2023Close87.281May 4, 2023Close87.688May 17, 2023Close86.250May 31, 2023Close85.875Jun 13, 2023Close84.500Jun 27, 2023Close85.844Jul 11, 2023Close82.656Jul 24, 2023Close86.125Aug 4, 2023Close81.500Aug 17, 2023Close77.781Aug 30, 2023Close80.125Sep 13, 2023Close79.563Sep 26, 2023Close74.219Oct 10, 2023Close72.438Oct 23, 2023Close70.906Nov 3, 2023Close74.563Nov 16, 2023Close74.938Nov 30, 2023Close75.563Dec 13, 2023Close79.219Dec 27, 2023Close82.281Jan 10, 2024Close79.219Jan 24, 2024Close77.813Feb 6, 2024Close78.875Feb 20, 2024Close77.313Mar 4, 2024Close79.125Mar 15, 2024Close77.313Mar 28, 2024Close78.813Apr 10, 2024Close75.313Apr 23, 2024Close74.094May 6, 2024Close75.719May 17, 2024Close76.656May 31, 2024Close75.750Jun 13, 2024Close78.156Jun 27, 2024Close78.188Jul 11, 2024Close78.500Jul 24, 2024Close76.469Aug 6, 2024Close80.063Aug 19, 2024Close80.344Aug 30, 2024Close80.313Sep 13, 2024Close82.875Sep 26, 2024Close81.969Oct 9, 2024Close80.188Oct 23, 2024Close77.813Nov 5, 2024Close78.313Nov 19, 2024Close76.625Dec 3, 2024Close78.250Dec 16, 2024Close75.875Dec 30, 2024Close73.594Jan 13, 2025Close72.000Jan 27, 2025Close75.375Feb 7, 2025Close76.156Feb 21, 2025Close76.375Mar 6, 2025Close76.656Mar 19, 2025Close76.563Apr 1, 2025Close77.156Apr 14, 2025Close72.219Apr 25, 2025Close73.500May 8, 2025Close72.625May 21, 2025Close70.469Jun 4, 2025Close72.625Jun 17, 2025Close72.563Jul 1, 2025Close73.719Jul 15, 2025Close71.563Jul 28, 2025Close72.375Aug 8, 2025Close73.313Aug 21, 2025Close72.219Sep 4, 2025Close73.219Sep 17, 2025Close76.000Sep 30, 2025Close74.844Oct 14, 2025Close76.125Oct 27, 2025Close76.844Nov 7, 2025Close75.031Nov 21, 2025Close74.531Dec 5, 2025Close73.750Dec 18, 2025Close73.625Jan 2, 2026Close72.938Jan 15, 2026Close74.063Jan 29, 2026Close73.563Feb 11, 2026Close74.156Feb 25, 2026Close75.406Mar 10, 2026Close74.031Mar 23, 2026Close72.063Apr 3, 2026Close72.344Apr 16, 2026Close72.375Apr 29, 2026Close72.000May 12, 2026Close71.563May 26, 2026Close71.594Jun 8, 2026Close71.063Jun 22, 2026Close71.250Jul 6, 2026Close70.688Jul 17, 2026Close69.625Jul 30, 2026Close67.906Aug 12, 2026Close68.000Aug 25, 2026Close69.281Sep 8, 2026Close68.813Sep 9, 2026Close68.531
The most recent 20 trading days of prices for 912810SB5.
DateBidOfferClose
Sep 9, 202668.42268.34468.531
Sep 8, 202668.96968.90668.813
Sep 4, 202668.78168.71968.781
Sep 3, 202669.06369.00068.750
Sep 2, 202668.56368.50068.500
Sep 1, 202668.56368.50068.406
Aug 31, 202668.28168.21968.344
Aug 28, 202669.29769.21968.781
Aug 27, 202669.37569.31369.250
Aug 26, 202669.28169.21969.281
Aug 25, 202669.29769.21969.281
Aug 24, 202668.87568.81368.625
Aug 21, 202668.50068.43868.156
Aug 20, 202668.40668.34468.813
Aug 19, 202668.90668.84468.844
Aug 18, 202667.50067.43867.656
Aug 17, 202667.62567.56367.250
Aug 14, 202667.85967.78167.969
Aug 13, 202668.48468.40668.313
Aug 12, 202668.20368.12568.000

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 912810SB5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 15, 2018Feb 28, 2018New issue$7.0bn$8.7bn2.31x1.003%
Jun 21, 2018Jun 29, 2018Reopening$5.0bn$5.0bn2.62x0.934%
Oct 18, 2018Oct 31, 2018Reopening$5.0bn$5.0bn2.32x1.235%

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.