Treasury bond

912810TQ1 · 3.875% due February 15, 2043

Original term
20-Year
Maturity
Feb 15, 2043
Coupon
3.875%
Pays
Semi-Annual
Dated
Feb 15, 2023
First coupon
Aug 15, 2023
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$42.06bn
Held stripped
$1.4m
Share stripped
<0.01%

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
5.220%
Modified duration
11.562 yr
DV01
0.0989
Convexity
169.575
Dirty price
85.555

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 11.776 years against a modified duration of 11.562.

Against the fitted curve

Priced 2.0 bp cheap to the curve on that day, 19.85 cents per 100 of face.

That is -0.89 standard deviations from its own typical residual.

Yield to maturity, 886 observations

3.50%4.00%4.50%5.00%5.50%Feb 28, 2023Sep 9, 2026Feb 28, 2023Yield to maturity4.106%Mar 6, 2023Yield to maturity4.141%Mar 10, 2023Yield to maturity3.898%Mar 16, 2023Yield to maturity3.866%Mar 22, 2023Yield to maturity3.841%Mar 28, 2023Yield to maturity3.904%Apr 3, 2023Yield to maturity3.776%Apr 7, 2023Yield to maturity3.731%Apr 13, 2023Yield to maturity3.796%Apr 19, 2023Yield to maturity3.913%Apr 25, 2023Yield to maturity3.769%May 1, 2023Yield to maturity3.948%May 5, 2023Yield to maturity3.845%May 11, 2023Yield to maturity3.818%May 17, 2023Yield to maturity3.976%May 23, 2023Yield to maturity4.091%May 30, 2023Yield to maturity4.067%Jun 5, 2023Yield to maturity4.044%Jun 9, 2023Yield to maturity4.063%Jun 15, 2023Yield to maturity4.032%Jun 22, 2023Yield to maturity4.072%Jun 28, 2023Yield to maturity4.004%Jul 5, 2023Yield to maturity4.171%Jul 11, 2023Yield to maturity4.231%Jul 17, 2023Yield to maturity4.113%Jul 21, 2023Yield to maturity4.118%Jul 27, 2023Yield to maturity4.269%Aug 2, 2023Yield to maturity4.361%Aug 8, 2023Yield to maturity4.354%Aug 14, 2023Yield to maturity4.467%Aug 18, 2023Yield to maturity4.568%Aug 24, 2023Yield to maturity4.516%Aug 30, 2023Yield to maturity4.435%Sep 6, 2023Yield to maturity4.582%Sep 12, 2023Yield to maturity4.564%Sep 18, 2023Yield to maturity4.601%Sep 22, 2023Yield to maturity4.725%Sep 28, 2023Yield to maturity4.932%Oct 4, 2023Yield to maturity5.083%Oct 11, 2023Yield to maturity4.949%Oct 17, 2023Yield to maturity5.170%Oct 23, 2023Yield to maturity5.223%Oct 27, 2023Yield to maturity5.230%Nov 2, 2023Yield to maturity5.016%Nov 8, 2023Yield to maturity4.847%Nov 14, 2023Yield to maturity4.823%Nov 20, 2023Yield to maturity4.786%Nov 27, 2023Yield to maturity4.765%Dec 1, 2023Yield to maturity4.619%Dec 7, 2023Yield to maturity4.473%Dec 13, 2023Yield to maturity4.394%Dec 19, 2023Yield to maturity4.264%Dec 26, 2023Yield to maturity4.235%Jan 2, 2024Yield to maturity4.275%Jan 8, 2024Yield to maturity4.345%Jan 12, 2024Yield to maturity4.335%Jan 19, 2024Yield to maturity4.505%Jan 25, 2024Yield to maturity4.510%Jan 31, 2024Yield to maturity4.354%Feb 6, 2024Yield to maturity4.415%Feb 12, 2024Yield to maturity4.506%Feb 16, 2024Yield to maturity4.603%Feb 23, 2024Yield to maturity4.559%Feb 29, 2024Yield to maturity4.551%Mar 6, 2024Yield to maturity4.391%Mar 12, 2024Yield to maturity4.458%Mar 18, 2024Yield to maturity4.611%Mar 22, 2024Yield to maturity4.503%Mar 28, 2024Yield to maturity4.472%Apr 3, 2024Yield to maturity4.633%Apr 9, 2024Yield to maturity4.615%Apr 15, 2024Yield to maturity4.879%Apr 19, 2024Yield to maturity4.855%Apr 25, 2024Yield to maturity4.947%May 1, 2024Yield to maturity4.858%May 7, 2024Yield to maturity4.711%May 13, 2024Yield to maturity4.736%May 17, 2024Yield to maturity4.674%May 23, 2024Yield to maturity4.701%May 30, 2024Yield to maturity4.795%Jun 5, 2024Yield to maturity4.544%Jun 11, 2024Yield to maturity4.649%Jun 17, 2024Yield to maturity4.543%Jun 24, 2024Yield to maturity4.501%Jun 28, 2024Yield to maturity4.629%Jul 5, 2024Yield to maturity4.586%Jul 11, 2024Yield to maturity4.513%Jul 17, 2024Yield to maturity4.471%Jul 23, 2024Yield to maturity4.569%Jul 29, 2024Yield to maturity4.511%Aug 2, 2024Yield to maturity4.165%Aug 8, 2024Yield to maturity4.373%Aug 14, 2024Yield to maturity4.203%Aug 20, 2024Yield to maturity4.173%Aug 26, 2024Yield to maturity4.183%Aug 30, 2024Yield to maturity4.285%Sep 6, 2024Yield to maturity4.094%Sep 12, 2024Yield to maturity4.054%Sep 18, 2024Yield to maturity4.076%Sep 24, 2024Yield to maturity4.114%Sep 30, 2024Yield to maturity4.161%Oct 4, 2024Yield to maturity4.306%Oct 10, 2024Yield to maturity4.418%Oct 17, 2024Yield to maturity4.426%Oct 23, 2024Yield to maturity4.570%Oct 29, 2024Yield to maturity4.600%Nov 4, 2024Yield to maturity4.587%Nov 8, 2024Yield to maturity4.571%Nov 15, 2024Yield to maturity4.694%Nov 21, 2024Yield to maturity4.692%Nov 27, 2024Yield to maturity4.524%Dec 4, 2024Yield to maturity4.439%Dec 10, 2024Yield to maturity4.477%Dec 16, 2024Yield to maturity4.672%Dec 20, 2024Yield to maturity4.803%Dec 27, 2024Yield to maturity4.897%Jan 3, 2025Yield to maturity4.875%Jan 9, 2025Yield to maturity4.981%Jan 15, 2025Yield to maturity4.947%Jan 22, 2025Yield to maturity4.879%Jan 28, 2025Yield to maturity4.832%Feb 3, 2025Yield to maturity4.807%Feb 7, 2025Yield to maturity4.732%Feb 13, 2025Yield to maturity4.772%Feb 20, 2025Yield to maturity4.778%Feb 26, 2025Yield to maturity4.539%Mar 4, 2025Yield to maturity4.550%Mar 10, 2025Yield to maturity4.564%Mar 14, 2025Yield to maturity4.635%Mar 20, 2025Yield to maturity4.556%Mar 26, 2025Yield to maturity4.691%Apr 1, 2025Yield to maturity4.522%Apr 7, 2025Yield to maturity4.576%Apr 11, 2025Yield to maturity4.893%Apr 17, 2025Yield to maturity4.814%Apr 23, 2025Yield to maturity4.843%Apr 29, 2025Yield to maturity4.630%May 5, 2025Yield to maturity4.821%May 9, 2025Yield to maturity4.842%May 15, 2025Yield to maturity4.920%May 21, 2025Yield to maturity5.097%May 28, 2025Yield to maturity4.985%Jun 3, 2025Yield to maturity4.989%Jun 9, 2025Yield to maturity4.972%Jun 13, 2025Yield to maturity4.909%Jun 20, 2025Yield to maturity4.881%Jun 26, 2025Yield to maturity4.790%Jul 2, 2025Yield to maturity4.813%Jul 9, 2025Yield to maturity4.851%Jul 15, 2025Yield to maturity5.006%Jul 21, 2025Yield to maturity4.907%Jul 25, 2025Yield to maturity4.891%Jul 31, 2025Yield to maturity4.854%Aug 6, 2025Yield to maturity4.754%Aug 12, 2025Yield to maturity4.823%Aug 18, 2025Yield to maturity4.885%Aug 22, 2025Yield to maturity4.813%Aug 28, 2025Yield to maturity4.796%Sep 4, 2025Yield to maturity4.771%Sep 10, 2025Yield to maturity4.597%Sep 16, 2025Yield to maturity4.567%Sep 22, 2025Yield to maturity4.690%Sep 26, 2025Yield to maturity4.702%Oct 2, 2025Yield to maturity4.610%Oct 8, 2025Yield to maturity4.644%Oct 15, 2025Yield to maturity4.555%Oct 21, 2025Yield to maturity4.467%Oct 27, 2025Yield to maturity4.492%Oct 31, 2025Yield to maturity4.592%Nov 6, 2025Yield to maturity4.604%Nov 13, 2025Yield to maturity4.624%Nov 19, 2025Yield to maturity4.661%Nov 25, 2025Yield to maturity4.561%Dec 2, 2025Yield to maturity4.648%Dec 8, 2025Yield to maturity4.728%Dec 12, 2025Yield to maturity4.769%Dec 18, 2025Yield to maturity4.695%Dec 24, 2025Yield to maturity4.699%Dec 31, 2025Yield to maturity4.728%Jan 7, 2026Yield to maturity4.686%Jan 13, 2026Yield to maturity4.695%Jan 20, 2026Yield to maturity4.805%Jan 26, 2026Yield to maturity4.693%Jan 30, 2026Yield to maturity4.751%Feb 5, 2026Yield to maturity4.726%Feb 11, 2026Yield to maturity4.689%Feb 18, 2026Yield to maturity4.587%Feb 24, 2026Yield to maturity4.565%Mar 2, 2026Yield to maturity4.571%Mar 6, 2026Yield to maturity4.671%Mar 12, 2026Yield to maturity4.807%Mar 18, 2026Yield to maturity4.802%Mar 24, 2026Yield to maturity4.915%Mar 30, 2026Yield to maturity4.862%Apr 3, 2026Yield to maturity4.860%Apr 9, 2026Yield to maturity4.822%Apr 15, 2026Yield to maturity4.802%Apr 21, 2026Yield to maturity4.808%Apr 27, 2026Yield to maturity4.856%May 1, 2026Yield to maturity4.898%May 7, 2026Yield to maturity4.899%May 13, 2026Yield to maturity4.971%May 19, 2026Yield to maturity5.146%May 26, 2026Yield to maturity4.973%Jun 1, 2026Yield to maturity4.926%Jun 5, 2026Yield to maturity4.978%Jun 11, 2026Yield to maturity4.897%Jun 17, 2026Yield to maturity4.898%Jun 24, 2026Yield to maturity4.813%Jun 30, 2026Yield to maturity4.867%Jul 7, 2026Yield to maturity4.997%Jul 13, 2026Yield to maturity5.065%Jul 17, 2026Yield to maturity5.011%Jul 23, 2026Yield to maturity5.156%Jul 29, 2026Yield to maturity5.160%Aug 4, 2026Yield to maturity5.130%Aug 10, 2026Yield to maturity5.206%Aug 14, 2026Yield to maturity5.194%Aug 20, 2026Yield to maturity5.154%Aug 26, 2026Yield to maturity5.112%Sep 1, 2026Yield to maturity5.216%Sep 8, 2026Yield to maturity5.201%Sep 9, 2026Yield to maturity5.220%

Price history

886 trading days to Sep 9, 2026

80859095100105Feb 28, 2023Sep 9, 2026Feb 28, 2023Close96.875Mar 6, 2023Close96.406Mar 10, 2023Close99.688Mar 16, 2023Close100.125Mar 22, 2023Close100.469Mar 28, 2023Close99.594Apr 3, 2023Close101.375Apr 7, 2023Close102.000Apr 13, 2023Close101.094Apr 19, 2023Close99.469Apr 25, 2023Close101.469May 1, 2023Close99.000May 5, 2023Close100.406May 11, 2023Close100.781May 17, 2023Close98.625May 23, 2023Close97.094May 30, 2023Close97.406Jun 5, 2023Close97.719Jun 9, 2023Close97.469Jun 15, 2023Close97.875Jun 22, 2023Close97.344Jun 28, 2023Close98.250Jul 5, 2023Close96.063Jul 11, 2023Close95.281Jul 17, 2023Close96.813Jul 21, 2023Close96.750Jul 27, 2023Close94.813Aug 2, 2023Close93.656Aug 8, 2023Close93.750Aug 14, 2023Close92.344Aug 18, 2023Close91.125Aug 24, 2023Close91.750Aug 30, 2023Close92.750Sep 6, 2023Close90.969Sep 12, 2023Close91.188Sep 18, 2023Close90.750Sep 22, 2023Close89.281Sep 28, 2023Close86.906Oct 4, 2023Close85.219Oct 11, 2023Close86.719Oct 17, 2023Close84.281Oct 23, 2023Close83.719Oct 27, 2023Close83.656Nov 2, 2023Close86.000Nov 8, 2023Close87.906Nov 14, 2023Close88.188Nov 20, 2023Close88.625Nov 27, 2023Close88.875Dec 1, 2023Close90.594Dec 7, 2023Close92.344Dec 13, 2023Close93.313Dec 19, 2023Close94.938Dec 26, 2023Close95.313Jan 2, 2024Close94.813Jan 8, 2024Close93.938Jan 12, 2024Close94.063Jan 19, 2024Close92.000Jan 25, 2024Close91.938Jan 31, 2024Close93.844Feb 6, 2024Close93.094Feb 12, 2024Close92.000Feb 16, 2024Close90.844Feb 23, 2024Close91.375Feb 29, 2024Close91.469Mar 6, 2024Close93.406Mar 12, 2024Close92.594Mar 18, 2024Close90.781Mar 22, 2024Close92.063Mar 28, 2024Close92.438Apr 3, 2024Close90.531Apr 9, 2024Close90.750Apr 15, 2024Close87.719Apr 19, 2024Close88.000Apr 25, 2024Close86.969May 1, 2024Close87.969May 7, 2024Close89.656May 13, 2024Close89.375May 17, 2024Close90.094May 23, 2024Close89.781May 30, 2024Close88.719Jun 5, 2024Close91.625Jun 11, 2024Close90.406Jun 17, 2024Close91.656Jun 24, 2024Close92.156Jun 28, 2024Close90.656Jul 5, 2024Close91.156Jul 11, 2024Close92.031Jul 17, 2024Close92.531Jul 23, 2024Close91.375Jul 29, 2024Close92.063Aug 2, 2024Close96.281Aug 8, 2024Close93.719Aug 14, 2024Close95.813Aug 20, 2024Close96.188Aug 26, 2024Close96.063Aug 30, 2024Close94.813Sep 6, 2024Close97.188Sep 12, 2024Close97.688Sep 18, 2024Close97.406Sep 24, 2024Close96.938Sep 30, 2024Close96.344Oct 4, 2024Close94.563Oct 10, 2024Close93.219Oct 17, 2024Close93.125Oct 23, 2024Close91.438Oct 29, 2024Close91.094Nov 4, 2024Close91.250Nov 8, 2024Close91.438Nov 15, 2024Close90.031Nov 21, 2024Close90.063Nov 27, 2024Close92.000Dec 4, 2024Close93.000Dec 10, 2024Close92.563Dec 16, 2024Close90.313Dec 20, 2024Close88.844Dec 27, 2024Close87.813Jan 3, 2025Close88.063Jan 9, 2025Close86.906Jan 15, 2025Close87.281Jan 22, 2025Close88.031Jan 28, 2025Close88.563Feb 3, 2025Close88.844Feb 7, 2025Close89.688Feb 13, 2025Close89.250Feb 20, 2025Close89.188Feb 26, 2025Close91.906Mar 4, 2025Close91.781Mar 10, 2025Close91.625Mar 14, 2025Close90.813Mar 20, 2025Close91.719Mar 26, 2025Close90.188Apr 1, 2025Close92.125Apr 7, 2025Close91.500Apr 11, 2025Close87.969Apr 17, 2025Close88.844Apr 23, 2025Close88.531Apr 29, 2025Close90.906May 5, 2025Close88.781May 9, 2025Close88.563May 15, 2025Close87.719May 21, 2025Close85.844May 28, 2025Close87.031Jun 3, 2025Close87.000Jun 9, 2025Close87.188Jun 13, 2025Close87.875Jun 20, 2025Close88.188Jun 26, 2025Close89.188Jul 2, 2025Close88.938Jul 9, 2025Close88.531Jul 15, 2025Close86.875Jul 21, 2025Close87.938Jul 25, 2025Close88.125Jul 31, 2025Close88.531Aug 6, 2025Close89.625Aug 12, 2025Close88.875Aug 18, 2025Close88.219Aug 22, 2025Close89.000Aug 28, 2025Close89.188Sep 4, 2025Close89.469Sep 10, 2025Close91.406Sep 16, 2025Close91.750Sep 22, 2025Close90.375Sep 26, 2025Close90.250Oct 2, 2025Close91.281Oct 8, 2025Close90.906Oct 15, 2025Close91.906Oct 21, 2025Close92.906Oct 27, 2025Close92.625Oct 31, 2025Close91.500Nov 6, 2025Close91.375Nov 13, 2025Close91.156Nov 19, 2025Close90.750Nov 25, 2025Close91.875Dec 2, 2025Close90.906Dec 8, 2025Close90.031Dec 12, 2025Close89.594Dec 18, 2025Close90.406Dec 24, 2025Close90.375Dec 31, 2025Close90.063Jan 7, 2026Close90.531Jan 13, 2026Close90.438Jan 20, 2026Close89.250Jan 26, 2026Close90.469Jan 30, 2026Close89.844Feb 5, 2026Close90.125Feb 11, 2026Close90.531Feb 18, 2026Close91.656Feb 24, 2026Close91.906Mar 2, 2026Close91.844Mar 6, 2026Close90.750Mar 12, 2026Close89.281Mar 18, 2026Close89.344Mar 24, 2026Close88.156Mar 30, 2026Close88.719Apr 3, 2026Close88.750Apr 9, 2026Close89.156Apr 15, 2026Close89.375Apr 21, 2026Close89.313Apr 27, 2026Close88.813May 1, 2026Close88.375May 7, 2026Close88.375May 13, 2026Close87.625May 19, 2026Close85.844May 26, 2026Close87.625Jun 1, 2026Close88.125Jun 5, 2026Close87.594Jun 11, 2026Close88.438Jun 17, 2026Close88.438Jun 24, 2026Close89.344Jun 30, 2026Close88.781Jul 7, 2026Close87.438Jul 13, 2026Close86.750Jul 17, 2026Close87.313Jul 23, 2026Close85.844Jul 29, 2026Close85.813Aug 4, 2026Close86.125Aug 10, 2026Close85.375Aug 14, 2026Close85.500Aug 20, 2026Close85.906Aug 26, 2026Close86.344Sep 1, 2026Close85.313Sep 8, 2026Close85.469Sep 9, 2026Close85.281
The most recent 20 trading days of prices for 912810TQ1.
DateBidOfferClose
Sep 9, 202685.04785.00085.281
Sep 8, 202685.65685.62585.469
Sep 4, 202685.68885.65685.625
Sep 3, 202685.81385.78185.625
Sep 2, 202685.34485.31385.344
Sep 1, 202685.62585.59485.313
Aug 31, 202685.53185.50085.625
Aug 28, 202686.23486.18885.906
Aug 27, 202686.40686.37586.219
Aug 26, 202686.40686.37586.344
Aug 25, 202686.46986.43886.500
Aug 24, 202686.06386.03185.906
Aug 21, 202685.60985.59485.469
Aug 20, 202685.78185.75085.906
Aug 19, 202686.15686.12586.281
Aug 18, 202685.15685.12585.281
Aug 17, 202685.28185.25085.031
Aug 14, 202685.46985.43885.500
Aug 13, 202685.96985.93886.000
Aug 12, 202685.70385.68885.531

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 912810TQ1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 15, 2023Feb 28, 2023New issue$15.0bn$18.4bn2.54x3.977%
Mar 21, 2023Mar 31, 2023Reopening$12.0bn$12.0bn2.53x3.909%
Apr 19, 2023May 1, 2023Reopening$12.0bn$13.2bn2.66x3.920%

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.