Treasury bond

912810TS7 · 3.875% due May 15, 2043

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

Statement of August 31, 2026

Amount outstanding
$41.06bn
Held stripped
$6.4m
Share stripped
0.02%

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
5.231%
Modified duration
11.543 yr
DV01
0.0996
Convexity
171.406
Dirty price
86.274

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 11.751 years against a modified duration of 11.543.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 22.89 cents per 100 of face.

That is -0.65 standard deviations from its own typical residual.

Yield to maturity, 821 observations

3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%May 31, 2023Sep 9, 2026May 31, 2023Yield to maturity4.012%Jun 6, 2023Yield to maturity4.026%Jun 12, 2023Yield to maturity4.045%Jun 16, 2023Yield to maturity4.050%Jun 23, 2023Yield to maturity4.015%Jun 29, 2023Yield to maturity4.118%Jul 6, 2023Yield to maturity4.238%Jul 12, 2023Yield to maturity4.140%Jul 18, 2023Yield to maturity4.083%Jul 24, 2023Yield to maturity4.121%Jul 28, 2023Yield to maturity4.224%Aug 3, 2023Yield to maturity4.494%Aug 9, 2023Yield to maturity4.334%Aug 15, 2023Yield to maturity4.500%Aug 21, 2023Yield to maturity4.647%Aug 25, 2023Yield to maturity4.521%Aug 31, 2023Yield to maturity4.402%Sep 7, 2023Yield to maturity4.570%Sep 13, 2023Yield to maturity4.545%Sep 19, 2023Yield to maturity4.639%Sep 25, 2023Yield to maturity4.868%Sep 29, 2023Yield to maturity4.945%Oct 5, 2023Yield to maturity5.090%Oct 12, 2023Yield to maturity5.074%Oct 18, 2023Yield to maturity5.241%Oct 24, 2023Yield to maturity5.181%Oct 30, 2023Yield to maturity5.245%Nov 3, 2023Yield to maturity4.954%Nov 9, 2023Yield to maturity4.991%Nov 15, 2023Yield to maturity4.895%Nov 21, 2023Yield to maturity4.795%Nov 28, 2023Yield to maturity4.747%Dec 4, 2023Yield to maturity4.652%Dec 8, 2023Yield to maturity4.538%Dec 14, 2023Yield to maturity4.248%Dec 20, 2023Yield to maturity4.200%Dec 27, 2023Yield to maturity4.134%Jan 3, 2024Yield to maturity4.227%Jan 9, 2024Yield to maturity4.344%Jan 16, 2024Yield to maturity4.450%Jan 22, 2024Yield to maturity4.466%Jan 26, 2024Yield to maturity4.523%Feb 1, 2024Yield to maturity4.230%Feb 7, 2024Yield to maturity4.438%Feb 13, 2024Yield to maturity4.617%Feb 20, 2024Yield to maturity4.592%Feb 26, 2024Yield to maturity4.584%Mar 1, 2024Yield to maturity4.501%Mar 7, 2024Yield to maturity4.392%Mar 13, 2024Yield to maturity4.489%Mar 19, 2024Yield to maturity4.583%Mar 25, 2024Yield to maturity4.544%Mar 29, 2024Yield to maturity4.477%Apr 4, 2024Yield to maturity4.592%Apr 10, 2024Yield to maturity4.782%Apr 16, 2024Yield to maturity4.909%Apr 22, 2024Yield to maturity4.866%Apr 26, 2024Yield to maturity4.913%May 2, 2024Yield to maturity4.836%May 8, 2024Yield to maturity4.747%May 14, 2024Yield to maturity4.707%May 20, 2024Yield to maturity4.691%May 24, 2024Yield to maturity4.695%May 31, 2024Yield to maturity4.760%Jun 6, 2024Yield to maturity4.541%Jun 12, 2024Yield to maturity4.589%Jun 18, 2024Yield to maturity4.492%Jun 25, 2024Yield to maturity4.493%Jul 1, 2024Yield to maturity4.779%Jul 8, 2024Yield to maturity4.580%Jul 12, 2024Yield to maturity4.507%Jul 18, 2024Yield to maturity4.528%Jul 24, 2024Yield to maturity4.632%Jul 30, 2024Yield to maturity4.500%Aug 5, 2024Yield to maturity4.155%Aug 9, 2024Yield to maturity4.325%Aug 15, 2024Yield to maturity4.280%Aug 21, 2024Yield to maturity4.162%Aug 27, 2024Yield to maturity4.220%Sep 3, 2024Yield to maturity4.218%Sep 9, 2024Yield to maturity4.082%Sep 13, 2024Yield to maturity4.048%Sep 19, 2024Yield to maturity4.114%Sep 25, 2024Yield to maturity4.173%Oct 1, 2024Yield to maturity4.119%Oct 7, 2024Yield to maturity4.361%Oct 11, 2024Yield to maturity4.434%Oct 18, 2024Yield to maturity4.432%Oct 24, 2024Yield to maturity4.543%Oct 30, 2024Yield to maturity4.596%Nov 5, 2024Yield to maturity4.551%Nov 12, 2024Yield to maturity4.700%Nov 18, 2024Yield to maturity4.706%Nov 22, 2024Yield to maturity4.690%Nov 29, 2024Yield to maturity4.458%Dec 5, 2024Yield to maturity4.429%Dec 11, 2024Yield to maturity4.556%Dec 17, 2024Yield to maturity4.686%Dec 23, 2024Yield to maturity4.873%Dec 30, 2024Yield to maturity4.851%Jan 6, 2025Yield to maturity4.911%Jan 10, 2025Yield to maturity5.049%Jan 16, 2025Yield to maturity4.920%Jan 23, 2025Yield to maturity4.932%Jan 29, 2025Yield to maturity4.842%Feb 4, 2025Yield to maturity4.798%Feb 10, 2025Yield to maturity4.754%Feb 14, 2025Yield to maturity4.741%Feb 21, 2025Yield to maturity4.706%Feb 27, 2025Yield to maturity4.594%Mar 5, 2025Yield to maturity4.608%Mar 11, 2025Yield to maturity4.628%Mar 17, 2025Yield to maturity4.631%Mar 21, 2025Yield to maturity4.599%Mar 27, 2025Yield to maturity4.736%Apr 2, 2025Yield to maturity4.559%Apr 8, 2025Yield to maturity4.740%Apr 14, 2025Yield to maturity4.830%Apr 18, 2025Yield to maturity4.825%Apr 24, 2025Yield to maturity4.781%Apr 30, 2025Yield to maturity4.659%May 6, 2025Yield to maturity4.813%May 12, 2025Yield to maturity4.910%May 16, 2025Yield to maturity4.914%May 22, 2025Yield to maturity5.074%May 29, 2025Yield to maturity4.944%Jun 4, 2025Yield to maturity4.890%Jun 10, 2025Yield to maturity4.953%Jun 16, 2025Yield to maturity4.969%Jun 23, 2025Yield to maturity4.857%Jun 27, 2025Yield to maturity4.832%Jul 3, 2025Yield to maturity4.856%Jul 10, 2025Yield to maturity4.847%Jul 16, 2025Yield to maturity4.995%Jul 22, 2025Yield to maturity4.874%Jul 28, 2025Yield to maturity4.935%Aug 1, 2025Yield to maturity4.753%Aug 7, 2025Yield to maturity4.768%Aug 13, 2025Yield to maturity4.771%Aug 19, 2025Yield to maturity4.854%Aug 25, 2025Yield to maturity4.835%Aug 29, 2025Yield to maturity4.836%Sep 5, 2025Yield to maturity4.684%Sep 11, 2025Yield to maturity4.570%Sep 17, 2025Yield to maturity4.590%Sep 23, 2025Yield to maturity4.663%Sep 29, 2025Yield to maturity4.655%Oct 3, 2025Yield to maturity4.644%Oct 9, 2025Yield to maturity4.659%Oct 16, 2025Yield to maturity4.505%Oct 22, 2025Yield to maturity4.473%Oct 28, 2025Yield to maturity4.484%Nov 3, 2025Yield to maturity4.622%Nov 7, 2025Yield to maturity4.625%Nov 14, 2025Yield to maturity4.676%Nov 20, 2025Yield to maturity4.646%Nov 26, 2025Yield to maturity4.552%Dec 3, 2025Yield to maturity4.638%Dec 9, 2025Yield to maturity4.734%Dec 15, 2025Yield to maturity4.763%Dec 19, 2025Yield to maturity4.735%Dec 26, 2025Yield to maturity4.719%Jan 2, 2026Yield to maturity4.759%Jan 8, 2026Yield to maturity4.737%Jan 14, 2026Yield to maturity4.672%Jan 21, 2026Yield to maturity4.778%Jan 27, 2026Yield to maturity4.736%Feb 2, 2026Yield to maturity4.800%Feb 6, 2026Yield to maturity4.740%Feb 12, 2026Yield to maturity4.619%Feb 19, 2026Yield to maturity4.591%Feb 25, 2026Yield to maturity4.578%Mar 3, 2026Yield to maturity4.592%Mar 9, 2026Yield to maturity4.646%Mar 13, 2026Yield to maturity4.845%Mar 19, 2026Yield to maturity4.784%Mar 25, 2026Yield to maturity4.863%Mar 31, 2026Yield to maturity4.829%Apr 6, 2026Yield to maturity4.844%Apr 10, 2026Yield to maturity4.851%Apr 16, 2026Yield to maturity4.854%Apr 22, 2026Yield to maturity4.826%Apr 28, 2026Yield to maturity4.876%May 4, 2026Yield to maturity4.972%May 8, 2026Yield to maturity4.880%May 14, 2026Yield to maturity4.964%May 20, 2026Yield to maturity5.073%May 27, 2026Yield to maturity4.965%Jun 2, 2026Yield to maturity4.915%Jun 8, 2026Yield to maturity5.003%Jun 12, 2026Yield to maturity4.935%Jun 18, 2026Yield to maturity4.870%Jun 25, 2026Yield to maturity4.818%Jul 1, 2026Yield to maturity4.928%Jul 8, 2026Yield to maturity5.031%Jul 14, 2026Yield to maturity5.046%Jul 20, 2026Yield to maturity5.069%Jul 24, 2026Yield to maturity5.149%Jul 30, 2026Yield to maturity5.181%Aug 5, 2026Yield to maturity5.135%Aug 11, 2026Yield to maturity5.204%Aug 17, 2026Yield to maturity5.252%Aug 21, 2026Yield to maturity5.209%Aug 27, 2026Yield to maturity5.135%Sep 2, 2026Yield to maturity5.226%Sep 9, 2026Yield to maturity5.231%

Price history

821 trading days to Sep 9, 2026

80859095100May 31, 2023Sep 9, 2026May 31, 2023Close98.125Jun 6, 2023Close97.938Jun 12, 2023Close97.688Jun 16, 2023Close97.625Jun 23, 2023Close98.094Jun 29, 2023Close96.719Jul 6, 2023Close95.156Jul 12, 2023Close96.438Jul 18, 2023Close97.188Jul 24, 2023Close96.688Jul 28, 2023Close95.344Aug 3, 2023Close91.938Aug 9, 2023Close93.938Aug 15, 2023Close91.875Aug 21, 2023Close90.094Aug 25, 2023Close91.625Aug 31, 2023Close93.094Sep 7, 2023Close91.031Sep 13, 2023Close91.344Sep 19, 2023Close90.219Sep 25, 2023Close87.531Sep 29, 2023Close86.656Oct 5, 2023Close85.031Oct 12, 2023Close85.219Oct 18, 2023Close83.406Oct 24, 2023Close84.063Oct 30, 2023Close83.375Nov 3, 2023Close86.594Nov 9, 2023Close86.188Nov 15, 2023Close87.281Nov 21, 2023Close88.438Nov 28, 2023Close89.000Dec 4, 2023Close90.125Dec 8, 2023Close91.500Dec 14, 2023Close95.094Dec 20, 2023Close95.719Dec 27, 2023Close96.563Jan 3, 2024Close95.375Jan 9, 2024Close93.906Jan 16, 2024Close92.594Jan 22, 2024Close92.406Jan 26, 2024Close91.719Feb 1, 2024Close95.344Feb 7, 2024Close92.750Feb 13, 2024Close90.594Feb 20, 2024Close90.906Feb 26, 2024Close91.000Mar 1, 2024Close92.000Mar 7, 2024Close93.344Mar 13, 2024Close92.156Mar 19, 2024Close91.031Mar 25, 2024Close91.500Mar 29, 2024Close92.313Apr 4, 2024Close90.938Apr 10, 2024Close88.719Apr 16, 2024Close87.281Apr 22, 2024Close87.781Apr 26, 2024Close87.250May 2, 2024Close88.125May 8, 2024Close89.156May 14, 2024Close89.625May 20, 2024Close89.813May 24, 2024Close89.781May 31, 2024Close89.031Jun 6, 2024Close91.594Jun 12, 2024Close91.031Jun 18, 2024Close92.188Jun 25, 2024Close92.188Jul 1, 2024Close88.844Jul 8, 2024Close91.156Jul 12, 2024Close92.031Jul 18, 2024Close91.781Jul 24, 2024Close90.563Jul 30, 2024Close92.125Aug 5, 2024Close96.375Aug 9, 2024Close94.250Aug 15, 2024Close94.813Aug 21, 2024Close96.281Aug 27, 2024Close95.563Sep 3, 2024Close95.594Sep 9, 2024Close97.313Sep 13, 2024Close97.750Sep 19, 2024Close96.906Sep 25, 2024Close96.156Oct 1, 2024Close96.844Oct 7, 2024Close93.844Oct 11, 2024Close92.969Oct 18, 2024Close93.000Oct 24, 2024Close91.688Oct 30, 2024Close91.063Nov 5, 2024Close91.594Nov 12, 2024Close89.875Nov 18, 2024Close89.813Nov 22, 2024Close90.000Nov 29, 2024Close92.719Dec 5, 2024Close93.063Dec 11, 2024Close91.563Dec 17, 2024Close90.063Dec 23, 2024Close87.969Dec 30, 2024Close88.219Jan 6, 2025Close87.563Jan 10, 2025Close86.063Jan 16, 2025Close87.469Jan 23, 2025Close87.344Jan 29, 2025Close88.344Feb 4, 2025Close88.844Feb 10, 2025Close89.344Feb 14, 2025Close89.500Feb 21, 2025Close89.906Feb 27, 2025Close91.188Mar 5, 2025Close91.031Mar 11, 2025Close90.813Mar 17, 2025Close90.781Mar 21, 2025Close91.156Mar 27, 2025Close89.594Apr 2, 2025Close91.625Apr 8, 2025Close89.563Apr 14, 2025Close88.563Apr 18, 2025Close88.625Apr 24, 2025Close89.125Apr 30, 2025Close90.500May 6, 2025Close88.781May 12, 2025Close87.719May 16, 2025Close87.688May 22, 2025Close85.969May 29, 2025Close87.375Jun 4, 2025Close87.969Jun 10, 2025Close87.281Jun 16, 2025Close87.125Jun 23, 2025Close88.344Jun 27, 2025Close88.625Jul 3, 2025Close88.375Jul 10, 2025Close88.469Jul 16, 2025Close86.875Jul 22, 2025Close88.188Jul 28, 2025Close87.531Aug 1, 2025Close89.531Aug 7, 2025Close89.375Aug 13, 2025Close89.344Aug 19, 2025Close88.438Aug 25, 2025Close88.656Aug 29, 2025Close88.656Sep 5, 2025Close90.344Sep 11, 2025Close91.625Sep 17, 2025Close91.406Sep 23, 2025Close90.594Sep 29, 2025Close90.688Oct 3, 2025Close90.813Oct 9, 2025Close90.656Oct 16, 2025Close92.406Oct 22, 2025Close92.781Oct 28, 2025Close92.656Nov 3, 2025Close91.094Nov 7, 2025Close91.063Nov 14, 2025Close90.500Nov 20, 2025Close90.844Nov 26, 2025Close91.906Dec 3, 2025Close90.938Dec 9, 2025Close89.875Dec 15, 2025Close89.563Dec 19, 2025Close89.875Dec 26, 2025Close90.063Jan 2, 2026Close89.625Jan 8, 2026Close89.875Jan 14, 2026Close90.594Jan 21, 2026Close89.438Jan 27, 2026Close89.906Feb 2, 2026Close89.219Feb 6, 2026Close89.875Feb 12, 2026Close91.219Feb 19, 2026Close91.531Feb 25, 2026Close91.688Mar 3, 2026Close91.531Mar 9, 2026Close90.938Mar 13, 2026Close88.781Mar 19, 2026Close89.438Mar 25, 2026Close88.594Mar 31, 2026Close88.969Apr 6, 2026Close88.813Apr 10, 2026Close88.750Apr 16, 2026Close88.719Apr 22, 2026Close89.031Apr 28, 2026Close88.500May 4, 2026Close87.500May 8, 2026Close88.469May 14, 2026Close87.594May 20, 2026Close86.469May 27, 2026Close87.594Jun 2, 2026Close88.125Jun 8, 2026Close87.219Jun 12, 2026Close87.938Jun 18, 2026Close88.625Jun 25, 2026Close89.188Jul 1, 2026Close88.031Jul 8, 2026Close86.969Jul 14, 2026Close86.813Jul 20, 2026Close86.594Jul 24, 2026Close85.781Jul 30, 2026Close85.469Aug 5, 2026Close85.938Aug 11, 2026Close85.250Aug 17, 2026Close84.781Aug 21, 2026Close85.219Aug 27, 2026Close85.969Sep 2, 2026Close85.063Sep 9, 2026Close85.031
The most recent 20 trading days of prices for 912810TS7.
DateBidOfferClose
Sep 9, 202684.81384.78185.031
Sep 8, 202685.40685.37585.219
Sep 4, 202685.43885.40685.344
Sep 3, 202685.53185.50085.375
Sep 2, 202685.07885.06385.063
Sep 1, 202685.37585.34485.063
Aug 31, 202685.25085.21985.375
Aug 28, 202686.00085.96985.656
Aug 27, 202686.17286.15685.969
Aug 26, 202686.14186.12586.094
Aug 25, 202686.23486.21986.281
Aug 24, 202685.84485.81385.688
Aug 21, 202685.32885.31385.219
Aug 20, 202685.53185.50085.688
Aug 19, 202685.93885.90686.063
Aug 18, 202684.92284.90685.031
Aug 17, 202685.04785.03184.781
Aug 14, 202685.23485.21985.250
Aug 13, 202685.71985.68885.750
Aug 12, 202685.45385.43885.281

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 912810TS7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 17, 2023May 31, 2023New issue$15.0bn$17.8bn2.56x3.954%
Jun 21, 2023Jun 30, 2023Reopening$12.0bn$12.0bn2.87x4.010%
Jul 19, 2023Jul 31, 2023Reopening$12.0bn$12.0bn2.68x4.036%

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.