Treasury bond

912810TZ1 · 4.5% due February 15, 2044

Original term
20-Year
Maturity
Feb 15, 2044
Coupon
4.500%
Pays
Semi-Annual
Dated
Feb 15, 2024
First coupon
Aug 15, 2024
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$42.72bn
Held stripped
$88.9m
Share stripped
0.21%

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
5.253%
Modified duration
11.646 yr
DV01
0.1069
Convexity
176.787
Dirty price
91.787

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 11.843 years against a modified duration of 11.646.

Against the fitted curve

Priced 3.0 bp cheap to the curve on that day, 31.81 cents per 100 of face.

That is -0.01 standard deviations from its own typical residual.

Yield to maturity, 634 observations

4.00%4.25%4.50%4.75%5.00%5.25%5.50%Feb 29, 2024Sep 9, 2026Feb 29, 2024Yield to maturity4.509%Mar 5, 2024Yield to maturity4.393%Mar 8, 2024Yield to maturity4.360%Mar 13, 2024Yield to maturity4.447%Mar 18, 2024Yield to maturity4.574%Mar 21, 2024Yield to maturity4.538%Mar 26, 2024Yield to maturity4.497%Mar 29, 2024Yield to maturity4.454%Apr 3, 2024Yield to maturity4.616%Apr 8, 2024Yield to maturity4.655%Apr 11, 2024Yield to maturity4.777%Apr 16, 2024Yield to maturity4.886%Apr 19, 2024Yield to maturity4.843%Apr 24, 2024Yield to maturity4.894%Apr 29, 2024Yield to maturity4.864%May 2, 2024Yield to maturity4.820%May 7, 2024Yield to maturity4.705%May 10, 2024Yield to maturity4.747%May 15, 2024Yield to maturity4.611%May 20, 2024Yield to maturity4.678%May 23, 2024Yield to maturity4.695%May 29, 2024Yield to maturity4.844%Jun 3, 2024Yield to maturity4.648%Jun 6, 2024Yield to maturity4.531%Jun 11, 2024Yield to maturity4.641%Jun 14, 2024Yield to maturity4.480%Jun 20, 2024Yield to maturity4.514%Jun 25, 2024Yield to maturity4.483%Jun 28, 2024Yield to maturity4.624%Jul 3, 2024Yield to maturity4.646%Jul 9, 2024Yield to maturity4.600%Jul 12, 2024Yield to maturity4.502%Jul 17, 2024Yield to maturity4.471%Jul 22, 2024Yield to maturity4.580%Jul 25, 2024Yield to maturity4.600%Jul 30, 2024Yield to maturity4.497%Aug 2, 2024Yield to maturity4.182%Aug 7, 2024Yield to maturity4.349%Aug 12, 2024Yield to maturity4.293%Aug 15, 2024Yield to maturity4.281%Aug 20, 2024Yield to maturity4.184%Aug 23, 2024Yield to maturity4.190%Aug 28, 2024Yield to maturity4.227%Sep 3, 2024Yield to maturity4.215%Sep 6, 2024Yield to maturity4.107%Sep 11, 2024Yield to maturity4.035%Sep 16, 2024Yield to maturity4.003%Sep 19, 2024Yield to maturity4.116%Sep 24, 2024Yield to maturity4.130%Sep 27, 2024Yield to maturity4.136%Oct 2, 2024Yield to maturity4.177%Oct 7, 2024Yield to maturity4.362%Oct 10, 2024Yield to maturity4.429%Oct 16, 2024Yield to maturity4.353%Oct 21, 2024Yield to maturity4.536%Oct 24, 2024Yield to maturity4.541%Oct 29, 2024Yield to maturity4.610%Nov 1, 2024Yield to maturity4.673%Nov 6, 2024Yield to maturity4.703%Nov 12, 2024Yield to maturity4.698%Nov 15, 2024Yield to maturity4.701%Nov 20, 2024Yield to maturity4.686%Nov 25, 2024Yield to maturity4.551%Nov 29, 2024Yield to maturity4.465%Dec 4, 2024Yield to maturity4.456%Dec 9, 2024Yield to maturity4.475%Dec 12, 2024Yield to maturity4.628%Dec 17, 2024Yield to maturity4.686%Dec 20, 2024Yield to maturity4.814%Dec 26, 2024Yield to maturity4.853%Dec 31, 2024Yield to maturity4.861%Jan 6, 2025Yield to maturity4.908%Jan 9, 2025Yield to maturity4.988%Jan 14, 2025Yield to maturity5.071%Jan 17, 2025Yield to maturity4.925%Jan 23, 2025Yield to maturity4.936%Jan 28, 2025Yield to maturity4.844%Jan 31, 2025Yield to maturity4.873%Feb 5, 2025Yield to maturity4.687%Feb 10, 2025Yield to maturity4.757%Feb 13, 2025Yield to maturity4.788%Feb 19, 2025Yield to maturity4.814%Feb 24, 2025Yield to maturity4.700%Feb 27, 2025Yield to maturity4.599%Mar 4, 2025Yield to maturity4.569%Mar 7, 2025Yield to maturity4.668%Mar 12, 2025Yield to maturity4.673%Mar 17, 2025Yield to maturity4.637%Mar 20, 2025Yield to maturity4.577%Mar 25, 2025Yield to maturity4.665%Mar 28, 2025Yield to maturity4.640%Apr 2, 2025Yield to maturity4.567%Apr 7, 2025Yield to maturity4.594%Apr 10, 2025Yield to maturity4.888%Apr 15, 2025Yield to maturity4.812%Apr 18, 2025Yield to maturity4.828%Apr 23, 2025Yield to maturity4.854%Apr 28, 2025Yield to maturity4.701%May 1, 2025Yield to maturity4.737%May 6, 2025Yield to maturity4.810%May 9, 2025Yield to maturity4.852%May 14, 2025Yield to maturity4.996%May 19, 2025Yield to maturity4.945%May 22, 2025Yield to maturity5.072%May 28, 2025Yield to maturity5.002%Jun 2, 2025Yield to maturity5.000%Jun 5, 2025Yield to maturity4.903%Jun 10, 2025Yield to maturity4.960%Jun 13, 2025Yield to maturity4.922%Jun 18, 2025Yield to maturity4.888%Jun 24, 2025Yield to maturity4.822%Jun 27, 2025Yield to maturity4.835%Jul 2, 2025Yield to maturity4.822%Jul 8, 2025Yield to maturity4.934%Jul 11, 2025Yield to maturity4.956%Jul 16, 2025Yield to maturity5.005%Jul 21, 2025Yield to maturity4.919%Jul 24, 2025Yield to maturity4.940%Jul 29, 2025Yield to maturity4.842%Aug 1, 2025Yield to maturity4.763%Aug 6, 2025Yield to maturity4.771%Aug 11, 2025Yield to maturity4.803%Aug 14, 2025Yield to maturity4.837%Aug 19, 2025Yield to maturity4.867%Aug 22, 2025Yield to maturity4.832%Aug 27, 2025Yield to maturity4.851%Sep 2, 2025Yield to maturity4.902%Sep 5, 2025Yield to maturity4.691%Sep 10, 2025Yield to maturity4.614%Sep 15, 2025Yield to maturity4.599%Sep 18, 2025Yield to maturity4.665%Sep 23, 2025Yield to maturity4.673%Sep 26, 2025Yield to maturity4.723%Oct 1, 2025Yield to maturity4.658%Oct 6, 2025Yield to maturity4.707%Oct 9, 2025Yield to maturity4.671%Oct 15, 2025Yield to maturity4.581%Oct 20, 2025Yield to maturity4.522%Oct 23, 2025Yield to maturity4.525%Oct 28, 2025Yield to maturity4.500%Oct 31, 2025Yield to maturity4.617%Nov 5, 2025Yield to maturity4.687%Nov 10, 2025Yield to maturity4.653%Nov 14, 2025Yield to maturity4.689%Nov 19, 2025Yield to maturity4.687%Nov 24, 2025Yield to maturity4.607%Nov 28, 2025Yield to maturity4.596%Dec 3, 2025Yield to maturity4.656%Dec 8, 2025Yield to maturity4.756%Dec 11, 2025Yield to maturity4.727%Dec 16, 2025Yield to maturity4.743%Dec 19, 2025Yield to maturity4.753%Dec 24, 2025Yield to maturity4.730%Dec 30, 2025Yield to maturity4.722%Jan 5, 2026Yield to maturity4.754%Jan 8, 2026Yield to maturity4.756%Jan 13, 2026Yield to maturity4.728%Jan 16, 2026Yield to maturity4.746%Jan 22, 2026Yield to maturity4.768%Jan 27, 2026Yield to maturity4.754%Jan 30, 2026Yield to maturity4.784%Feb 4, 2026Yield to maturity4.827%Feb 9, 2026Yield to maturity4.752%Feb 12, 2026Yield to maturity4.634%Feb 18, 2026Yield to maturity4.616%Feb 23, 2026Yield to maturity4.590%Feb 26, 2026Yield to maturity4.559%Mar 3, 2026Yield to maturity4.608%Mar 6, 2026Yield to maturity4.697%Mar 11, 2026Yield to maturity4.788%Mar 16, 2026Yield to maturity4.801%Mar 19, 2026Yield to maturity4.796%Mar 24, 2026Yield to maturity4.937%Mar 27, 2026Yield to maturity4.973%Apr 1, 2026Yield to maturity4.877%Apr 6, 2026Yield to maturity4.855%Apr 9, 2026Yield to maturity4.845%Apr 14, 2026Yield to maturity4.802%Apr 17, 2026Yield to maturity4.810%Apr 22, 2026Yield to maturity4.840%Apr 27, 2026Yield to maturity4.881%Apr 30, 2026Yield to maturity4.936%May 5, 2026Yield to maturity4.947%May 8, 2026Yield to maturity4.892%May 13, 2026Yield to maturity4.991%May 18, 2026Yield to maturity5.115%May 21, 2026Yield to maturity5.073%May 27, 2026Yield to maturity4.978%Jun 1, 2026Yield to maturity4.954%Jun 4, 2026Yield to maturity4.948%Jun 9, 2026Yield to maturity4.993%Jun 12, 2026Yield to maturity4.949%Jun 17, 2026Yield to maturity4.921%Jun 23, 2026Yield to maturity4.924%Jun 26, 2026Yield to maturity4.829%Jul 1, 2026Yield to maturity4.938%Jul 7, 2026Yield to maturity5.020%Jul 10, 2026Yield to maturity5.048%Jul 15, 2026Yield to maturity5.040%Jul 20, 2026Yield to maturity5.082%Jul 23, 2026Yield to maturity5.180%Jul 28, 2026Yield to maturity5.083%Jul 31, 2026Yield to maturity5.265%Aug 5, 2026Yield to maturity5.149%Aug 10, 2026Yield to maturity5.231%Aug 13, 2026Yield to maturity5.170%Aug 18, 2026Yield to maturity5.246%Aug 21, 2026Yield to maturity5.229%Aug 26, 2026Yield to maturity5.139%Aug 31, 2026Yield to maturity5.212%Sep 3, 2026Yield to maturity5.215%Sep 9, 2026Yield to maturity5.253%

Price history

634 trading days to Sep 9, 2026

90.092.595.097.5100.0102.5105.0107.5Feb 29, 2024Sep 9, 2026Feb 29, 2024Close99.875Mar 5, 2024Close101.406Mar 8, 2024Close101.844Mar 13, 2024Close100.688Mar 18, 2024Close99.031Mar 21, 2024Close99.500Mar 26, 2024Close100.031Mar 29, 2024Close100.594Apr 3, 2024Close98.500Apr 8, 2024Close98.000Apr 11, 2024Close96.469Apr 16, 2024Close95.125Apr 19, 2024Close95.656Apr 24, 2024Close95.031Apr 29, 2024Close95.406May 2, 2024Close95.938May 7, 2024Close97.375May 10, 2024Close96.844May 15, 2024Close98.563May 20, 2024Close97.719May 23, 2024Close97.500May 29, 2024Close95.656Jun 3, 2024Close98.094Jun 6, 2024Close99.594Jun 11, 2024Close98.188Jun 14, 2024Close100.250Jun 20, 2024Close99.813Jun 25, 2024Close100.219Jun 28, 2024Close98.406Jul 3, 2024Close98.125Jul 9, 2024Close98.719Jul 12, 2024Close99.969Jul 17, 2024Close100.375Jul 22, 2024Close98.969Jul 25, 2024Close98.719Jul 30, 2024Close100.031Aug 2, 2024Close104.219Aug 7, 2024Close101.969Aug 12, 2024Close102.719Aug 15, 2024Close102.875Aug 20, 2024Close104.188Aug 23, 2024Close104.094Aug 28, 2024Close103.594Sep 3, 2024Close103.750Sep 6, 2024Close105.219Sep 11, 2024Close106.219Sep 16, 2024Close106.656Sep 19, 2024Close105.094Sep 24, 2024Close104.906Sep 27, 2024Close104.813Oct 2, 2024Close104.250Oct 7, 2024Close101.781Oct 10, 2024Close100.906Oct 16, 2024Close101.906Oct 21, 2024Close99.531Oct 24, 2024Close99.469Oct 29, 2024Close98.594Nov 1, 2024Close97.813Nov 6, 2024Close97.438Nov 12, 2024Close97.500Nov 15, 2024Close97.469Nov 20, 2024Close97.656Nov 25, 2024Close99.344Nov 29, 2024Close100.438Dec 4, 2024Close100.563Dec 9, 2024Close100.313Dec 12, 2024Close98.375Dec 17, 2024Close97.656Dec 20, 2024Close96.094Dec 26, 2024Close95.625Dec 31, 2024Close95.531Jan 6, 2025Close94.969Jan 9, 2025Close94.031Jan 14, 2025Close93.063Jan 17, 2025Close94.781Jan 23, 2025Close94.656Jan 28, 2025Close95.750Jan 31, 2025Close95.406Feb 5, 2025Close97.656Feb 10, 2025Close96.813Feb 13, 2025Close96.438Feb 19, 2025Close96.125Feb 24, 2025Close97.500Feb 27, 2025Close98.750Mar 4, 2025Close99.125Mar 7, 2025Close97.906Mar 12, 2025Close97.844Mar 17, 2025Close98.281Mar 20, 2025Close99.031Mar 25, 2025Close97.938Mar 28, 2025Close98.250Apr 2, 2025Close99.156Apr 7, 2025Close98.813Apr 10, 2025Close95.250Apr 15, 2025Close96.156Apr 18, 2025Close95.969Apr 23, 2025Close95.656Apr 28, 2025Close97.500May 1, 2025Close97.063May 6, 2025Close96.188May 9, 2025Close95.688May 14, 2025Close94.000May 19, 2025Close94.594May 22, 2025Close93.125May 28, 2025Close93.938Jun 2, 2025Close93.969Jun 5, 2025Close95.094Jun 10, 2025Close94.438Jun 13, 2025Close94.875Jun 18, 2025Close95.281Jun 24, 2025Close96.063Jun 27, 2025Close95.906Jul 2, 2025Close96.063Jul 8, 2025Close94.750Jul 11, 2025Close94.500Jul 16, 2025Close93.938Jul 21, 2025Close94.938Jul 24, 2025Close94.688Jul 29, 2025Close95.844Aug 1, 2025Close96.781Aug 6, 2025Close96.688Aug 11, 2025Close96.313Aug 14, 2025Close95.906Aug 19, 2025Close95.563Aug 22, 2025Close95.969Aug 27, 2025Close95.750Sep 2, 2025Close95.156Sep 5, 2025Close97.656Sep 10, 2025Close98.594Sep 15, 2025Close98.781Sep 18, 2025Close97.969Sep 23, 2025Close97.875Sep 26, 2025Close97.281Oct 1, 2025Close98.063Oct 6, 2025Close97.469Oct 9, 2025Close97.906Oct 15, 2025Close99.000Oct 20, 2025Close99.719Oct 23, 2025Close99.688Oct 28, 2025Close100.000Oct 31, 2025Close98.563Nov 5, 2025Close97.719Nov 10, 2025Close98.125Nov 14, 2025Close97.688Nov 19, 2025Close97.719Nov 24, 2025Close98.688Nov 28, 2025Close98.813Dec 3, 2025Close98.094Dec 8, 2025Close96.906Dec 11, 2025Close97.250Dec 16, 2025Close97.063Dec 19, 2025Close96.938Dec 24, 2025Close97.219Dec 30, 2025Close97.313Jan 5, 2026Close96.938Jan 8, 2026Close96.906Jan 13, 2026Close97.250Jan 16, 2026Close97.031Jan 22, 2026Close96.781Jan 27, 2026Close96.938Jan 30, 2026Close96.594Feb 4, 2026Close96.094Feb 9, 2026Close96.969Feb 12, 2026Close98.375Feb 18, 2026Close98.594Feb 23, 2026Close98.906Feb 26, 2026Close99.281Mar 3, 2026Close98.688Mar 6, 2026Close97.625Mar 11, 2026Close96.563Mar 16, 2026Close96.406Mar 19, 2026Close96.469Mar 24, 2026Close94.844Mar 27, 2026Close94.438Apr 1, 2026Close95.531Apr 6, 2026Close95.781Apr 9, 2026Close95.906Apr 14, 2026Close96.406Apr 17, 2026Close96.313Apr 22, 2026Close95.969Apr 27, 2026Close95.500Apr 30, 2026Close94.875May 5, 2026Close94.750May 8, 2026Close95.375May 13, 2026Close94.250May 18, 2026Close92.875May 21, 2026Close93.344May 27, 2026Close94.406Jun 1, 2026Close94.688Jun 4, 2026Close94.750Jun 9, 2026Close94.250Jun 12, 2026Close94.750Jun 17, 2026Close95.063Jun 23, 2026Close95.031Jun 26, 2026Close96.125Jul 1, 2026Close94.875Jul 7, 2026Close93.969Jul 10, 2026Close93.656Jul 15, 2026Close93.750Jul 20, 2026Close93.281Jul 23, 2026Close92.219Jul 28, 2026Close93.281Jul 31, 2026Close91.313Aug 5, 2026Close92.563Aug 10, 2026Close91.688Aug 13, 2026Close92.344Aug 18, 2026Close91.531Aug 21, 2026Close91.719Aug 26, 2026Close92.688Aug 31, 2026Close91.906Sep 3, 2026Close91.875Sep 9, 2026Close91.469
The most recent 20 trading days of prices for 912810TZ1.
DateBidOfferClose
Sep 9, 202691.25091.21991.469
Sep 8, 202691.90691.87591.719
Sep 4, 202691.93891.90691.875
Sep 3, 202692.07892.06391.875
Sep 2, 202691.59491.56391.594
Sep 1, 202691.90691.87591.594
Aug 31, 202691.79791.75091.906
Aug 28, 202692.56392.53192.219
Aug 27, 202692.75092.71992.563
Aug 26, 202692.71992.68892.688
Aug 25, 202692.81392.78192.844
Aug 24, 202692.39192.37592.219
Aug 21, 202691.84491.81391.719
Aug 20, 202692.06392.03192.219
Aug 19, 202692.50092.46992.625
Aug 18, 202691.40691.37591.531
Aug 17, 202691.54791.53191.250
Aug 14, 202691.76691.75091.781
Aug 13, 202692.31392.28192.344
Aug 12, 202692.01692.00091.844

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 912810TZ1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 21, 2024Feb 29, 2024New issue$16.0bn$16.7bn2.39x4.595%
Mar 19, 2024Apr 1, 2024Reopening$13.0bn$13.0bn2.79x4.542%
Apr 17, 2024Apr 30, 2024Reopening$13.0bn$13.1bn2.82x4.818%

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.