Treasury bond

912810TM0 · 4% due November 15, 2042

Original term
20-Year
Maturity
Nov 15, 2042
Coupon
4.000%
Pays
Semi-Annual
Dated
Nov 15, 2022
First coupon
May 15, 2023
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$40.59bn
Held stripped
$679.7m
Share stripped
1.67%

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
5.207%
Modified duration
11.252 yr
DV01
0.0992
Convexity
162.507
Dirty price
88.189

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 10 of twelve buckets, summing to 11.460 years against a modified duration of 11.252.

Against the fitted curve

Priced 2.1 bp cheap to the curve on that day, 20.58 cents per 100 of face.

That is -0.93 standard deviations from its own typical residual.

Yield to maturity, 946 observations

3.50%4.00%4.50%5.00%5.50%Nov 30, 2022Sep 9, 2026Nov 30, 2022Yield to maturity3.998%Dec 6, 2022Yield to maturity3.764%Dec 12, 2022Yield to maturity3.837%Dec 16, 2022Yield to maturity3.733%Dec 22, 2022Yield to maturity3.918%Dec 29, 2022Yield to maturity4.097%Jan 5, 2023Yield to maturity3.961%Jan 11, 2023Yield to maturity3.841%Jan 18, 2023Yield to maturity3.661%Jan 24, 2023Yield to maturity3.737%Jan 30, 2023Yield to maturity3.792%Feb 3, 2023Yield to maturity3.767%Feb 9, 2023Yield to maturity3.899%Feb 15, 2023Yield to maturity3.995%Feb 22, 2023Yield to maturity4.102%Feb 28, 2023Yield to maturity4.116%Mar 6, 2023Yield to maturity4.152%Mar 10, 2023Yield to maturity3.908%Mar 16, 2023Yield to maturity3.872%Mar 22, 2023Yield to maturity3.833%Mar 28, 2023Yield to maturity3.892%Apr 3, 2023Yield to maturity3.764%Apr 7, 2023Yield to maturity3.722%Apr 13, 2023Yield to maturity3.784%Apr 19, 2023Yield to maturity3.896%Apr 25, 2023Yield to maturity3.755%May 1, 2023Yield to maturity3.928%May 5, 2023Yield to maturity3.826%May 11, 2023Yield to maturity3.799%May 17, 2023Yield to maturity3.956%May 23, 2023Yield to maturity4.075%May 30, 2023Yield to maturity4.051%Jun 5, 2023Yield to maturity4.028%Jun 9, 2023Yield to maturity4.047%Jun 15, 2023Yield to maturity4.018%Jun 22, 2023Yield to maturity4.058%Jun 28, 2023Yield to maturity3.988%Jul 5, 2023Yield to maturity4.158%Jul 11, 2023Yield to maturity4.226%Jul 17, 2023Yield to maturity4.103%Jul 21, 2023Yield to maturity4.106%Jul 27, 2023Yield to maturity4.253%Aug 2, 2023Yield to maturity4.347%Aug 8, 2023Yield to maturity4.339%Aug 14, 2023Yield to maturity4.455%Aug 18, 2023Yield to maturity4.555%Aug 24, 2023Yield to maturity4.501%Aug 30, 2023Yield to maturity4.423%Sep 6, 2023Yield to maturity4.569%Sep 12, 2023Yield to maturity4.548%Sep 18, 2023Yield to maturity4.587%Sep 22, 2023Yield to maturity4.711%Sep 28, 2023Yield to maturity4.922%Oct 4, 2023Yield to maturity5.075%Oct 11, 2023Yield to maturity4.942%Oct 17, 2023Yield to maturity5.165%Oct 23, 2023Yield to maturity5.217%Oct 27, 2023Yield to maturity5.230%Nov 2, 2023Yield to maturity5.017%Nov 8, 2023Yield to maturity4.841%Nov 14, 2023Yield to maturity4.817%Nov 20, 2023Yield to maturity4.779%Nov 27, 2023Yield to maturity4.758%Dec 1, 2023Yield to maturity4.610%Dec 7, 2023Yield to maturity4.465%Dec 13, 2023Yield to maturity4.387%Dec 19, 2023Yield to maturity4.252%Dec 26, 2023Yield to maturity4.227%Jan 2, 2024Yield to maturity4.257%Jan 8, 2024Yield to maturity4.332%Jan 12, 2024Yield to maturity4.320%Jan 19, 2024Yield to maturity4.490%Jan 25, 2024Yield to maturity4.498%Jan 31, 2024Yield to maturity4.340%Feb 6, 2024Yield to maturity4.404%Feb 12, 2024Yield to maturity4.496%Feb 16, 2024Yield to maturity4.593%Feb 23, 2024Yield to maturity4.546%Feb 29, 2024Yield to maturity4.539%Mar 6, 2024Yield to maturity4.377%Mar 12, 2024Yield to maturity4.441%Mar 18, 2024Yield to maturity4.600%Mar 22, 2024Yield to maturity4.493%Mar 28, 2024Yield to maturity4.460%Apr 3, 2024Yield to maturity4.620%Apr 9, 2024Yield to maturity4.602%Apr 15, 2024Yield to maturity4.867%Apr 19, 2024Yield to maturity4.846%Apr 25, 2024Yield to maturity4.935%May 1, 2024Yield to maturity4.850%May 7, 2024Yield to maturity4.703%May 13, 2024Yield to maturity4.730%May 17, 2024Yield to maturity4.663%May 23, 2024Yield to maturity4.693%May 30, 2024Yield to maturity4.783%Jun 5, 2024Yield to maturity4.534%Jun 11, 2024Yield to maturity4.632%Jun 17, 2024Yield to maturity4.526%Jun 24, 2024Yield to maturity4.487%Jun 28, 2024Yield to maturity4.615%Jul 5, 2024Yield to maturity4.567%Jul 11, 2024Yield to maturity4.493%Jul 17, 2024Yield to maturity4.452%Jul 23, 2024Yield to maturity4.555%Jul 29, 2024Yield to maturity4.492%Aug 2, 2024Yield to maturity4.147%Aug 8, 2024Yield to maturity4.357%Aug 14, 2024Yield to maturity4.185%Aug 20, 2024Yield to maturity4.160%Aug 26, 2024Yield to maturity4.167%Aug 30, 2024Yield to maturity4.266%Sep 6, 2024Yield to maturity4.076%Sep 12, 2024Yield to maturity4.031%Sep 18, 2024Yield to maturity4.056%Sep 24, 2024Yield to maturity4.091%Sep 30, 2024Yield to maturity4.138%Oct 4, 2024Yield to maturity4.282%Oct 10, 2024Yield to maturity4.398%Oct 17, 2024Yield to maturity4.404%Oct 23, 2024Yield to maturity4.549%Oct 29, 2024Yield to maturity4.582%Nov 4, 2024Yield to maturity4.572%Nov 8, 2024Yield to maturity4.556%Nov 15, 2024Yield to maturity4.678%Nov 21, 2024Yield to maturity4.676%Nov 27, 2024Yield to maturity4.503%Dec 4, 2024Yield to maturity4.422%Dec 10, 2024Yield to maturity4.464%Dec 16, 2024Yield to maturity4.658%Dec 20, 2024Yield to maturity4.791%Dec 27, 2024Yield to maturity4.884%Jan 3, 2025Yield to maturity4.859%Jan 9, 2025Yield to maturity4.968%Jan 15, 2025Yield to maturity4.937%Jan 22, 2025Yield to maturity4.872%Jan 28, 2025Yield to maturity4.816%Feb 3, 2025Yield to maturity4.797%Feb 7, 2025Yield to maturity4.717%Feb 13, 2025Yield to maturity4.759%Feb 20, 2025Yield to maturity4.765%Feb 26, 2025Yield to maturity4.524%Mar 4, 2025Yield to maturity4.535%Mar 10, 2025Yield to maturity4.549%Mar 14, 2025Yield to maturity4.623%Mar 20, 2025Yield to maturity4.544%Mar 26, 2025Yield to maturity4.676%Apr 1, 2025Yield to maturity4.507%Apr 7, 2025Yield to maturity4.567%Apr 11, 2025Yield to maturity4.886%Apr 17, 2025Yield to maturity4.806%Apr 23, 2025Yield to maturity4.833%Apr 29, 2025Yield to maturity4.621%May 5, 2025Yield to maturity4.814%May 9, 2025Yield to maturity4.832%May 15, 2025Yield to maturity4.909%May 21, 2025Yield to maturity5.085%May 28, 2025Yield to maturity4.977%Jun 3, 2025Yield to maturity4.975%Jun 9, 2025Yield to maturity4.961%Jun 13, 2025Yield to maturity4.895%Jun 20, 2025Yield to maturity4.866%Jun 26, 2025Yield to maturity4.775%Jul 2, 2025Yield to maturity4.799%Jul 9, 2025Yield to maturity4.836%Jul 15, 2025Yield to maturity4.990%Jul 21, 2025Yield to maturity4.886%Jul 25, 2025Yield to maturity4.875%Jul 31, 2025Yield to maturity4.841%Aug 6, 2025Yield to maturity4.739%Aug 12, 2025Yield to maturity4.808%Aug 18, 2025Yield to maturity4.869%Aug 22, 2025Yield to maturity4.797%Aug 28, 2025Yield to maturity4.781%Sep 4, 2025Yield to maturity4.756%Sep 10, 2025Yield to maturity4.582%Sep 16, 2025Yield to maturity4.555%Sep 22, 2025Yield to maturity4.675%Sep 26, 2025Yield to maturity4.690%Oct 2, 2025Yield to maturity4.598%Oct 8, 2025Yield to maturity4.634%Oct 15, 2025Yield to maturity4.548%Oct 21, 2025Yield to maturity4.458%Oct 27, 2025Yield to maturity4.480%Oct 31, 2025Yield to maturity4.583%Nov 6, 2025Yield to maturity4.595%Nov 13, 2025Yield to maturity4.615%Nov 19, 2025Yield to maturity4.652%Nov 25, 2025Yield to maturity4.551%Dec 2, 2025Yield to maturity4.638%Dec 8, 2025Yield to maturity4.721%Dec 12, 2025Yield to maturity4.759%Dec 18, 2025Yield to maturity4.685%Dec 24, 2025Yield to maturity4.688%Dec 31, 2025Yield to maturity4.714%Jan 7, 2026Yield to maturity4.669%Jan 13, 2026Yield to maturity4.681%Jan 20, 2026Yield to maturity4.790%Jan 26, 2026Yield to maturity4.682%Jan 30, 2026Yield to maturity4.745%Feb 5, 2026Yield to maturity4.717%Feb 11, 2026Yield to maturity4.680%Feb 18, 2026Yield to maturity4.576%Feb 24, 2026Yield to maturity4.554%Mar 2, 2026Yield to maturity4.560%Mar 6, 2026Yield to maturity4.656%Mar 12, 2026Yield to maturity4.792%Mar 18, 2026Yield to maturity4.790%Mar 24, 2026Yield to maturity4.905%Mar 30, 2026Yield to maturity4.853%Apr 3, 2026Yield to maturity4.844%Apr 9, 2026Yield to maturity4.807%Apr 15, 2026Yield to maturity4.790%Apr 21, 2026Yield to maturity4.799%Apr 27, 2026Yield to maturity4.841%May 1, 2026Yield to maturity4.883%May 7, 2026Yield to maturity4.883%May 13, 2026Yield to maturity4.956%May 19, 2026Yield to maturity5.130%May 26, 2026Yield to maturity4.957%Jun 1, 2026Yield to maturity4.913%Jun 5, 2026Yield to maturity4.967%Jun 11, 2026Yield to maturity4.887%Jun 17, 2026Yield to maturity4.887%Jun 24, 2026Yield to maturity4.799%Jun 30, 2026Yield to maturity4.856%Jul 7, 2026Yield to maturity4.982%Jul 13, 2026Yield to maturity5.053%Jul 17, 2026Yield to maturity5.002%Jul 23, 2026Yield to maturity5.147%Jul 29, 2026Yield to maturity5.148%Aug 4, 2026Yield to maturity5.114%Aug 10, 2026Yield to maturity5.190%Aug 14, 2026Yield to maturity5.181%Aug 20, 2026Yield to maturity5.135%Aug 26, 2026Yield to maturity5.096%Sep 1, 2026Yield to maturity5.199%Sep 8, 2026Yield to maturity5.185%Sep 9, 2026Yield to maturity5.207%

Price history

946 trading days to Sep 9, 2026

80859095100105Nov 30, 2022Sep 9, 2026Nov 30, 2022Close100.031Dec 6, 2022Close103.281Dec 12, 2022Close102.250Dec 16, 2022Close103.719Dec 22, 2022Close101.125Dec 29, 2022Close98.688Jan 5, 2023Close100.531Jan 11, 2023Close102.188Jan 18, 2023Close104.750Jan 24, 2023Close103.656Jan 30, 2023Close102.875Feb 3, 2023Close103.219Feb 9, 2023Close101.375Feb 15, 2023Close100.063Feb 22, 2023Close98.625Feb 28, 2023Close98.438Mar 6, 2023Close97.969Mar 10, 2023Close101.250Mar 16, 2023Close101.750Mar 22, 2023Close102.281Mar 28, 2023Close101.469Apr 3, 2023Close103.250Apr 7, 2023Close103.844Apr 13, 2023Close102.969Apr 19, 2023Close101.406Apr 25, 2023Close103.375May 1, 2023Close100.969May 5, 2023Close102.375May 11, 2023Close102.750May 17, 2023Close100.594May 23, 2023Close99.000May 30, 2023Close99.313Jun 5, 2023Close99.625Jun 9, 2023Close99.375Jun 15, 2023Close99.750Jun 22, 2023Close99.219Jun 28, 2023Close100.156Jul 5, 2023Close97.906Jul 11, 2023Close97.031Jul 17, 2023Close98.625Jul 21, 2023Close98.594Jul 27, 2023Close96.688Aug 2, 2023Close95.500Aug 8, 2023Close95.594Aug 14, 2023Close94.156Aug 18, 2023Close92.938Aug 24, 2023Close93.594Aug 30, 2023Close94.563Sep 6, 2023Close92.781Sep 12, 2023Close93.031Sep 18, 2023Close92.563Sep 22, 2023Close91.094Sep 28, 2023Close88.656Oct 4, 2023Close86.938Oct 11, 2023Close88.438Oct 17, 2023Close85.969Oct 23, 2023Close85.406Oct 27, 2023Close85.281Nov 2, 2023Close87.625Nov 8, 2023Close89.625Nov 14, 2023Close89.906Nov 20, 2023Close90.344Nov 27, 2023Close90.594Dec 1, 2023Close92.344Dec 7, 2023Close94.094Dec 13, 2023Close95.063Dec 19, 2023Close96.750Dec 26, 2023Close97.063Jan 2, 2024Close96.688Jan 8, 2024Close95.750Jan 12, 2024Close95.906Jan 19, 2024Close93.813Jan 25, 2024Close93.719Jan 31, 2024Close95.656Feb 6, 2024Close94.875Feb 12, 2024Close93.750Feb 16, 2024Close92.594Feb 23, 2024Close93.156Feb 29, 2024Close93.250Mar 6, 2024Close95.219Mar 12, 2024Close94.438Mar 18, 2024Close92.531Mar 22, 2024Close93.813Mar 28, 2024Close94.219Apr 3, 2024Close92.313Apr 9, 2024Close92.531Apr 15, 2024Close89.469Apr 19, 2024Close89.719Apr 25, 2024Close88.719May 1, 2024Close89.688May 7, 2024Close91.375May 13, 2024Close91.063May 17, 2024Close91.844May 23, 2024Close91.500May 30, 2024Close90.469Jun 5, 2024Close93.375Jun 11, 2024Close92.219Jun 17, 2024Close93.469Jun 24, 2024Close93.938Jun 28, 2024Close92.438Jul 5, 2024Close93.000Jul 11, 2024Close93.875Jul 17, 2024Close94.375Jul 23, 2024Close93.156Jul 29, 2024Close93.906Aug 2, 2024Close98.125Aug 8, 2024Close95.531Aug 14, 2024Close97.656Aug 20, 2024Close97.969Aug 26, 2024Close97.875Aug 30, 2024Close96.656Sep 6, 2024Close99.031Sep 12, 2024Close99.594Sep 18, 2024Close99.281Sep 24, 2024Close98.844Sep 30, 2024Close98.250Oct 4, 2024Close96.469Oct 10, 2024Close95.063Oct 17, 2024Close95.000Oct 23, 2024Close93.281Oct 29, 2024Close92.906Nov 4, 2024Close93.031Nov 8, 2024Close93.219Nov 15, 2024Close91.813Nov 21, 2024Close91.844Nov 27, 2024Close93.844Dec 4, 2024Close94.813Dec 10, 2024Close94.313Dec 16, 2024Close92.063Dec 20, 2024Close90.563Dec 27, 2024Close89.531Jan 3, 2025Close89.813Jan 9, 2025Close88.625Jan 15, 2025Close88.969Jan 22, 2025Close89.688Jan 28, 2025Close90.313Feb 3, 2025Close90.531Feb 7, 2025Close91.438Feb 13, 2025Close90.969Feb 20, 2025Close90.906Feb 26, 2025Close93.656Mar 4, 2025Close93.531Mar 10, 2025Close93.375Mar 14, 2025Close92.531Mar 20, 2025Close93.438Mar 26, 2025Close91.938Apr 1, 2025Close93.875Apr 7, 2025Close93.188Apr 11, 2025Close89.625Apr 17, 2025Close90.500Apr 23, 2025Close90.219Apr 29, 2025Close92.594May 5, 2025Close90.438May 9, 2025Close90.250May 15, 2025Close89.406May 21, 2025Close87.531May 28, 2025Close88.688Jun 3, 2025Close88.719Jun 9, 2025Close88.875Jun 13, 2025Close89.594Jun 20, 2025Close89.906Jun 26, 2025Close90.906Jul 2, 2025Close90.656Jul 9, 2025Close90.250Jul 15, 2025Close88.594Jul 21, 2025Close89.719Jul 25, 2025Close89.844Jul 31, 2025Close90.219Aug 6, 2025Close91.344Aug 12, 2025Close90.594Aug 18, 2025Close89.938Aug 22, 2025Close90.719Aug 28, 2025Close90.906Sep 4, 2025Close91.188Sep 10, 2025Close93.125Sep 16, 2025Close93.438Sep 22, 2025Close92.094Sep 26, 2025Close91.938Oct 2, 2025Close92.969Oct 8, 2025Close92.563Oct 15, 2025Close93.531Oct 21, 2025Close94.563Oct 27, 2025Close94.313Oct 31, 2025Close93.156Nov 6, 2025Close93.031Nov 13, 2025Close92.813Nov 19, 2025Close92.406Nov 25, 2025Close93.531Dec 2, 2025Close92.563Dec 8, 2025Close91.656Dec 12, 2025Close91.250Dec 18, 2025Close92.063Dec 24, 2025Close92.031Dec 31, 2025Close91.750Jan 7, 2026Close92.250Jan 13, 2026Close92.125Jan 20, 2026Close90.938Jan 26, 2026Close92.125Jan 30, 2026Close91.438Feb 5, 2026Close91.750Feb 11, 2026Close92.156Feb 18, 2026Close93.313Feb 24, 2026Close93.563Mar 2, 2026Close93.500Mar 6, 2026Close92.438Mar 12, 2026Close90.969Mar 18, 2026Close91.000Mar 24, 2026Close89.781Mar 30, 2026Close90.344Apr 3, 2026Close90.438Apr 9, 2026Close90.844Apr 15, 2026Close91.031Apr 21, 2026Close90.938Apr 27, 2026Close90.500May 1, 2026Close90.063May 7, 2026Close90.063May 13, 2026Close89.313May 19, 2026Close87.531May 26, 2026Close89.313Jun 1, 2026Close89.781Jun 5, 2026Close89.219Jun 11, 2026Close90.063Jun 17, 2026Close90.063Jun 24, 2026Close91.000Jun 30, 2026Close90.406Jul 7, 2026Close89.094Jul 13, 2026Close88.375Jul 17, 2026Close88.906Jul 23, 2026Close87.438Jul 29, 2026Close87.438Aug 4, 2026Close87.781Aug 10, 2026Close87.031Aug 14, 2026Close87.125Aug 20, 2026Close87.594Aug 26, 2026Close88.000Sep 1, 2026Close86.969Sep 8, 2026Close87.125Sep 9, 2026Close86.906
The most recent 20 trading days of prices for 912810TM0.
DateBidOfferClose
Sep 9, 202686.67286.62586.906
Sep 8, 202687.28187.25087.125
Sep 4, 202687.31387.28187.250
Sep 3, 202687.43887.40687.250
Sep 2, 202686.95386.90686.969
Sep 1, 202687.26687.21986.969
Aug 31, 202687.17287.12587.250
Aug 28, 202687.89187.84487.563
Aug 27, 202688.06388.03187.875
Aug 26, 202688.03188.00088.000
Aug 25, 202688.12588.09488.156
Aug 24, 202687.75087.71987.563
Aug 21, 202687.25087.21987.125
Aug 20, 202687.43887.40687.594
Aug 19, 202687.79787.75087.938
Aug 18, 202686.81386.78186.938
Aug 17, 202686.96986.93886.688
Aug 14, 202687.15687.12587.125
Aug 13, 202687.62587.59487.625
Aug 12, 202687.34487.31387.188

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 912810TM0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 16, 2022Nov 30, 2022New issue$15.0bn$16.6bn2.64x4.072%
Dec 21, 2022Jan 3, 2023Reopening$12.0bn$12.0bn2.68x3.935%
Jan 18, 2023Jan 31, 2023Reopening$12.0bn$12.0bn2.83x3.678%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.