Treasury bond

912810TU2 · 4.375% due August 15, 2043

Original term
20-Year
Maturity
Aug 15, 2043
Coupon
4.375%
Pays
Semi-Annual
Dated
Aug 15, 2023
First coupon
Feb 15, 2024
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$43.65bn
Held stripped
$8.6m
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
5.233%
Modified duration
11.507 yr
DV01
0.1044
Convexity
171.079
Dirty price
90.747

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 11.707 years against a modified duration of 11.507.

Against the fitted curve

Priced 2.6 bp cheap to the curve on that day, 26.82 cents per 100 of face.

That is -0.69 standard deviations from its own typical residual.

Yield to maturity, 757 observations

3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%Aug 31, 2023Sep 9, 2026Aug 31, 2023Yield to maturity4.389%Sep 7, 2023Yield to maturity4.550%Sep 13, 2023Yield to maturity4.523%Sep 19, 2023Yield to maturity4.616%Sep 25, 2023Yield to maturity4.848%Sep 29, 2023Yield to maturity4.929%Oct 5, 2023Yield to maturity5.074%Oct 12, 2023Yield to maturity5.058%Oct 18, 2023Yield to maturity5.224%Oct 24, 2023Yield to maturity5.167%Oct 30, 2023Yield to maturity5.227%Nov 3, 2023Yield to maturity4.938%Nov 9, 2023Yield to maturity4.975%Nov 15, 2023Yield to maturity4.881%Nov 21, 2023Yield to maturity4.781%Nov 28, 2023Yield to maturity4.733%Dec 4, 2023Yield to maturity4.638%Dec 8, 2023Yield to maturity4.524%Dec 14, 2023Yield to maturity4.240%Dec 20, 2023Yield to maturity4.189%Dec 27, 2023Yield to maturity4.120%Jan 3, 2024Yield to maturity4.219%Jan 9, 2024Yield to maturity4.334%Jan 16, 2024Yield to maturity4.437%Jan 22, 2024Yield to maturity4.454%Jan 26, 2024Yield to maturity4.511%Feb 1, 2024Yield to maturity4.217%Feb 7, 2024Yield to maturity4.423%Feb 13, 2024Yield to maturity4.605%Feb 20, 2024Yield to maturity4.578%Feb 26, 2024Yield to maturity4.575%Mar 1, 2024Yield to maturity4.491%Mar 7, 2024Yield to maturity4.382%Mar 13, 2024Yield to maturity4.477%Mar 19, 2024Yield to maturity4.570%Mar 25, 2024Yield to maturity4.533%Mar 29, 2024Yield to maturity4.462%Apr 4, 2024Yield to maturity4.581%Apr 10, 2024Yield to maturity4.773%Apr 16, 2024Yield to maturity4.899%Apr 22, 2024Yield to maturity4.859%Apr 26, 2024Yield to maturity4.904%May 2, 2024Yield to maturity4.826%May 8, 2024Yield to maturity4.738%May 14, 2024Yield to maturity4.697%May 20, 2024Yield to maturity4.682%May 24, 2024Yield to maturity4.685%May 31, 2024Yield to maturity4.752%Jun 6, 2024Yield to maturity4.534%Jun 12, 2024Yield to maturity4.579%Jun 18, 2024Yield to maturity4.487%Jun 25, 2024Yield to maturity4.487%Jul 1, 2024Yield to maturity4.769%Jul 8, 2024Yield to maturity4.575%Jul 12, 2024Yield to maturity4.498%Jul 18, 2024Yield to maturity4.518%Jul 24, 2024Yield to maturity4.621%Jul 30, 2024Yield to maturity4.488%Aug 5, 2024Yield to maturity4.143%Aug 9, 2024Yield to maturity4.312%Aug 15, 2024Yield to maturity4.269%Aug 21, 2024Yield to maturity4.154%Aug 27, 2024Yield to maturity4.209%Sep 3, 2024Yield to maturity4.204%Sep 9, 2024Yield to maturity4.072%Sep 13, 2024Yield to maturity4.032%Sep 19, 2024Yield to maturity4.100%Sep 25, 2024Yield to maturity4.165%Oct 1, 2024Yield to maturity4.111%Oct 7, 2024Yield to maturity4.353%Oct 11, 2024Yield to maturity4.424%Oct 18, 2024Yield to maturity4.424%Oct 24, 2024Yield to maturity4.531%Oct 30, 2024Yield to maturity4.582%Nov 5, 2024Yield to maturity4.539%Nov 12, 2024Yield to maturity4.690%Nov 18, 2024Yield to maturity4.695%Nov 22, 2024Yield to maturity4.677%Nov 29, 2024Yield to maturity4.446%Dec 5, 2024Yield to maturity4.417%Dec 11, 2024Yield to maturity4.547%Dec 17, 2024Yield to maturity4.675%Dec 23, 2024Yield to maturity4.865%Dec 30, 2024Yield to maturity4.844%Jan 6, 2025Yield to maturity4.903%Jan 10, 2025Yield to maturity5.040%Jan 16, 2025Yield to maturity4.912%Jan 23, 2025Yield to maturity4.926%Jan 29, 2025Yield to maturity4.832%Feb 4, 2025Yield to maturity4.787%Feb 10, 2025Yield to maturity4.746%Feb 14, 2025Yield to maturity4.735%Feb 21, 2025Yield to maturity4.696%Feb 27, 2025Yield to maturity4.585%Mar 5, 2025Yield to maturity4.605%Mar 11, 2025Yield to maturity4.621%Mar 17, 2025Yield to maturity4.621%Mar 21, 2025Yield to maturity4.590%Mar 27, 2025Yield to maturity4.728%Apr 2, 2025Yield to maturity4.552%Apr 8, 2025Yield to maturity4.729%Apr 14, 2025Yield to maturity4.817%Apr 18, 2025Yield to maturity4.814%Apr 24, 2025Yield to maturity4.772%Apr 30, 2025Yield to maturity4.650%May 6, 2025Yield to maturity4.801%May 12, 2025Yield to maturity4.899%May 16, 2025Yield to maturity4.902%May 22, 2025Yield to maturity5.065%May 29, 2025Yield to maturity4.941%Jun 4, 2025Yield to maturity4.886%Jun 10, 2025Yield to maturity4.950%Jun 16, 2025Yield to maturity4.961%Jun 23, 2025Yield to maturity4.847%Jun 27, 2025Yield to maturity4.823%Jul 3, 2025Yield to maturity4.847%Jul 10, 2025Yield to maturity4.848%Jul 16, 2025Yield to maturity4.994%Jul 22, 2025Yield to maturity4.873%Jul 28, 2025Yield to maturity4.931%Aug 1, 2025Yield to maturity4.749%Aug 7, 2025Yield to maturity4.765%Aug 13, 2025Yield to maturity4.768%Aug 19, 2025Yield to maturity4.853%Aug 25, 2025Yield to maturity4.834%Aug 29, 2025Yield to maturity4.831%Sep 5, 2025Yield to maturity4.681%Sep 11, 2025Yield to maturity4.565%Sep 17, 2025Yield to maturity4.589%Sep 23, 2025Yield to maturity4.663%Sep 29, 2025Yield to maturity4.652%Oct 3, 2025Yield to maturity4.644%Oct 9, 2025Yield to maturity4.658%Oct 16, 2025Yield to maturity4.506%Oct 22, 2025Yield to maturity4.475%Oct 28, 2025Yield to maturity4.485%Nov 3, 2025Yield to maturity4.624%Nov 7, 2025Yield to maturity4.627%Nov 14, 2025Yield to maturity4.675%Nov 20, 2025Yield to maturity4.645%Nov 26, 2025Yield to maturity4.553%Dec 3, 2025Yield to maturity4.641%Dec 9, 2025Yield to maturity4.737%Dec 15, 2025Yield to maturity4.765%Dec 19, 2025Yield to maturity4.738%Dec 26, 2025Yield to maturity4.719%Jan 2, 2026Yield to maturity4.760%Jan 8, 2026Yield to maturity4.739%Jan 14, 2026Yield to maturity4.674%Jan 21, 2026Yield to maturity4.780%Jan 27, 2026Yield to maturity4.739%Feb 2, 2026Yield to maturity4.800%Feb 6, 2026Yield to maturity4.740%Feb 12, 2026Yield to maturity4.616%Feb 19, 2026Yield to maturity4.592%Feb 25, 2026Yield to maturity4.576%Mar 3, 2026Yield to maturity4.592%Mar 9, 2026Yield to maturity4.646%Mar 13, 2026Yield to maturity4.846%Mar 19, 2026Yield to maturity4.780%Mar 25, 2026Yield to maturity4.860%Mar 31, 2026Yield to maturity4.824%Apr 6, 2026Yield to maturity4.841%Apr 10, 2026Yield to maturity4.847%Apr 16, 2026Yield to maturity4.853%Apr 22, 2026Yield to maturity4.825%Apr 28, 2026Yield to maturity4.873%May 4, 2026Yield to maturity4.969%May 8, 2026Yield to maturity4.876%May 14, 2026Yield to maturity4.964%May 20, 2026Yield to maturity5.073%May 27, 2026Yield to maturity4.965%Jun 2, 2026Yield to maturity4.917%Jun 8, 2026Yield to maturity5.006%Jun 12, 2026Yield to maturity4.935%Jun 18, 2026Yield to maturity4.867%Jun 25, 2026Yield to maturity4.817%Jul 1, 2026Yield to maturity4.925%Jul 8, 2026Yield to maturity5.031%Jul 14, 2026Yield to maturity5.049%Jul 20, 2026Yield to maturity5.067%Jul 24, 2026Yield to maturity5.146%Jul 30, 2026Yield to maturity5.179%Aug 5, 2026Yield to maturity5.132%Aug 11, 2026Yield to maturity5.204%Aug 17, 2026Yield to maturity5.252%Aug 21, 2026Yield to maturity5.208%Aug 27, 2026Yield to maturity5.134%Sep 2, 2026Yield to maturity5.227%Sep 9, 2026Yield to maturity5.233%

Price history

757 trading days to Sep 9, 2026

859095100105110Aug 31, 2023Sep 9, 2026Aug 31, 2023Close99.813Sep 7, 2023Close97.719Sep 13, 2023Close98.063Sep 19, 2023Close96.875Sep 25, 2023Close94.000Sep 29, 2023Close93.031Oct 5, 2023Close91.313Oct 12, 2023Close91.500Oct 18, 2023Close89.594Oct 24, 2023Close90.250Oct 30, 2023Close89.563Nov 3, 2023Close92.938Nov 9, 2023Close92.500Nov 15, 2023Close93.625Nov 21, 2023Close94.844Nov 28, 2023Close95.438Dec 4, 2023Close96.625Dec 8, 2023Close98.063Dec 14, 2023Close101.781Dec 20, 2023Close102.469Dec 27, 2023Close103.406Jan 3, 2024Close102.063Jan 9, 2024Close100.531Jan 16, 2024Close99.188Jan 22, 2024Close98.969Jan 26, 2024Close98.250Feb 1, 2024Close102.094Feb 7, 2024Close99.375Feb 13, 2024Close97.063Feb 20, 2024Close97.406Feb 26, 2024Close97.438Mar 1, 2024Close98.500Mar 7, 2024Close99.906Mar 13, 2024Close98.688Mar 19, 2024Close97.500Mar 25, 2024Close97.969Mar 29, 2024Close98.875Apr 4, 2024Close97.375Apr 10, 2024Close95.000Apr 16, 2024Close93.500Apr 22, 2024Close93.969Apr 26, 2024Close93.438May 2, 2024Close94.375May 8, 2024Close95.438May 14, 2024Close95.938May 20, 2024Close96.125May 24, 2024Close96.094May 31, 2024Close95.281Jun 6, 2024Close97.969Jun 12, 2024Close97.406Jun 18, 2024Close98.563Jun 25, 2024Close98.563Jul 1, 2024Close95.094Jul 8, 2024Close97.469Jul 12, 2024Close98.438Jul 18, 2024Close98.188Jul 24, 2024Close96.906Jul 30, 2024Close98.563Aug 5, 2024Close103.031Aug 9, 2024Close100.813Aug 15, 2024Close101.375Aug 21, 2024Close102.875Aug 27, 2024Close102.156Sep 3, 2024Close102.219Sep 9, 2024Close103.969Sep 13, 2024Close104.500Sep 19, 2024Close103.594Sep 25, 2024Close102.719Oct 1, 2024Close103.438Oct 7, 2024Close100.281Oct 11, 2024Close99.375Oct 18, 2024Close99.375Oct 24, 2024Close98.031Oct 30, 2024Close97.406Nov 5, 2024Close97.938Nov 12, 2024Close96.094Nov 18, 2024Close96.031Nov 22, 2024Close96.250Nov 29, 2024Close99.094Dec 5, 2024Close99.469Dec 11, 2024Close97.844Dec 17, 2024Close96.281Dec 23, 2024Close94.031Dec 30, 2024Close94.281Jan 6, 2025Close93.594Jan 10, 2025Close92.031Jan 16, 2025Close93.500Jan 23, 2025Close93.344Jan 29, 2025Close94.438Feb 4, 2025Close94.969Feb 10, 2025Close95.469Feb 14, 2025Close95.594Feb 21, 2025Close96.063Feb 27, 2025Close97.406Mar 5, 2025Close97.156Mar 11, 2025Close96.969Mar 17, 2025Close96.969Mar 21, 2025Close97.344Mar 27, 2025Close95.688Apr 2, 2025Close97.813Apr 8, 2025Close95.688Apr 14, 2025Close94.656Apr 18, 2025Close94.688Apr 24, 2025Close95.188Apr 30, 2025Close96.625May 6, 2025Close94.844May 12, 2025Close93.719May 16, 2025Close93.688May 22, 2025Close91.844May 29, 2025Close93.250Jun 4, 2025Close93.875Jun 10, 2025Close93.156Jun 16, 2025Close93.031Jun 23, 2025Close94.344Jun 27, 2025Close94.625Jul 3, 2025Close94.344Jul 10, 2025Close94.344Jul 16, 2025Close92.688Jul 22, 2025Close94.063Jul 28, 2025Close93.406Aug 1, 2025Close95.500Aug 7, 2025Close95.313Aug 13, 2025Close95.281Aug 19, 2025Close94.313Aug 25, 2025Close94.531Aug 29, 2025Close94.563Sep 5, 2025Close96.313Sep 11, 2025Close97.688Sep 17, 2025Close97.406Sep 23, 2025Close96.531Sep 29, 2025Close96.656Oct 3, 2025Close96.750Oct 9, 2025Close96.594Oct 16, 2025Close98.406Oct 22, 2025Close98.781Oct 28, 2025Close98.656Nov 3, 2025Close97.000Nov 7, 2025Close96.969Nov 14, 2025Close96.406Nov 20, 2025Close96.750Nov 26, 2025Close97.844Dec 3, 2025Close96.813Dec 9, 2025Close95.688Dec 15, 2025Close95.375Dec 19, 2025Close95.688Dec 26, 2025Close95.906Jan 2, 2026Close95.438Jan 8, 2026Close95.688Jan 14, 2026Close96.438Jan 21, 2026Close95.219Jan 27, 2026Close95.688Feb 2, 2026Close95.000Feb 6, 2026Close95.688Feb 12, 2026Close97.125Feb 19, 2026Close97.406Feb 25, 2026Close97.594Mar 3, 2026Close97.406Mar 9, 2026Close96.781Mar 13, 2026Close94.500Mar 19, 2026Close95.250Mar 25, 2026Close94.344Mar 31, 2026Close94.750Apr 6, 2026Close94.563Apr 10, 2026Close94.500Apr 16, 2026Close94.438Apr 22, 2026Close94.750Apr 28, 2026Close94.219May 4, 2026Close93.156May 8, 2026Close94.188May 14, 2026Close93.219May 20, 2026Close92.031May 27, 2026Close93.219Jun 2, 2026Close93.750Jun 8, 2026Close92.781Jun 12, 2026Close93.563Jun 18, 2026Close94.313Jun 25, 2026Close94.875Jul 1, 2026Close93.688Jul 8, 2026Close92.531Jul 14, 2026Close92.344Jul 20, 2026Close92.156Jul 24, 2026Close91.313Jul 30, 2026Close90.969Aug 5, 2026Close91.469Aug 11, 2026Close90.719Aug 17, 2026Close90.219Aug 21, 2026Close90.688Aug 27, 2026Close91.469Sep 2, 2026Close90.500Sep 9, 2026Close90.438
The most recent 20 trading days of prices for 912810TU2.
DateBidOfferClose
Sep 9, 202690.18890.15690.438
Sep 8, 202690.84490.81390.656
Sep 4, 202690.87590.84490.781
Sep 3, 202691.00090.96990.781
Sep 2, 202690.51690.50090.500
Sep 1, 202690.81390.78190.500
Aug 31, 202690.71990.68890.813
Aug 28, 202691.46991.43891.125
Aug 27, 202691.65691.62591.469
Aug 26, 202691.65691.62591.594
Aug 25, 202691.75091.71991.781
Aug 24, 202691.31391.28191.125
Aug 21, 202690.78190.75090.688
Aug 20, 202690.98490.96991.156
Aug 19, 202691.40691.37591.531
Aug 18, 202690.34490.31390.469
Aug 17, 202690.50090.46990.219
Aug 14, 202690.70390.68890.719
Aug 13, 202691.21991.18891.250
Aug 12, 202690.93890.90690.750

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 912810TU2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 23, 2023Aug 31, 2023New issue$16.0bn$17.7bn2.56x4.499%
Sep 19, 2023Oct 2, 2023Reopening$13.0bn$13.0bn2.74x4.592%
Oct 18, 2023Oct 31, 2023Reopening$13.0bn$13.0bn2.59x5.245%

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.