Treasury bond

912810UB2 · 4.625% due May 15, 2044

Original term
20-Year
Maturity
May 15, 2044
Coupon
4.625%
Pays
Semi-Annual
Dated
May 15, 2024
First coupon
Nov 15, 2024
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$44.11bn
Held stripped
$118.1m
Share stripped
0.27%

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
5.256%
Modified duration
11.540 yr
DV01
0.1088
Convexity
176.729
Dirty price
94.264

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 11.728 years against a modified duration of 11.540.

Against the fitted curve

Priced 2.9 bp cheap to the curve on that day, 31.64 cents per 100 of face.

That is -0.10 standard deviations from its own typical residual.

Yield to maturity, 569 observations

4.00%4.25%4.50%4.75%5.00%5.25%5.50%May 31, 2024Sep 9, 2026May 31, 2024Yield to maturity4.727%Jun 5, 2024Yield to maturity4.522%Jun 10, 2024Yield to maturity4.685%Jun 13, 2024Yield to maturity4.496%Jun 18, 2024Yield to maturity4.467%Jun 24, 2024Yield to maturity4.481%Jun 27, 2024Yield to maturity4.538%Jul 2, 2024Yield to maturity4.710%Jul 8, 2024Yield to maturity4.567%Jul 11, 2024Yield to maturity4.505%Jul 16, 2024Yield to maturity4.481%Jul 19, 2024Yield to maturity4.557%Jul 24, 2024Yield to maturity4.625%Jul 29, 2024Yield to maturity4.512%Aug 1, 2024Yield to maturity4.345%Aug 6, 2024Yield to maturity4.273%Aug 9, 2024Yield to maturity4.321%Aug 14, 2024Yield to maturity4.209%Aug 19, 2024Yield to maturity4.223%Aug 22, 2024Yield to maturity4.232%Aug 27, 2024Yield to maturity4.220%Aug 30, 2024Yield to maturity4.296%Sep 5, 2024Yield to maturity4.116%Sep 10, 2024Yield to maturity4.041%Sep 13, 2024Yield to maturity4.054%Sep 18, 2024Yield to maturity4.093%Sep 23, 2024Yield to maturity4.133%Sep 26, 2024Yield to maturity4.172%Oct 1, 2024Yield to maturity4.126%Oct 4, 2024Yield to maturity4.320%Oct 9, 2024Yield to maturity4.402%Oct 15, 2024Yield to maturity4.367%Oct 18, 2024Yield to maturity4.432%Oct 23, 2024Yield to maturity4.583%Oct 28, 2024Yield to maturity4.608%Oct 31, 2024Yield to maturity4.571%Nov 5, 2024Yield to maturity4.552%Nov 8, 2024Yield to maturity4.579%Nov 14, 2024Yield to maturity4.684%Nov 19, 2024Yield to maturity4.664%Nov 22, 2024Yield to maturity4.694%Nov 27, 2024Yield to maturity4.540%Dec 3, 2024Yield to maturity4.508%Dec 6, 2024Yield to maturity4.434%Dec 11, 2024Yield to maturity4.564%Dec 16, 2024Yield to maturity4.689%Dec 19, 2024Yield to maturity4.853%Dec 24, 2024Yield to maturity4.863%Dec 30, 2024Yield to maturity4.855%Jan 3, 2025Yield to maturity4.886%Jan 8, 2025Yield to maturity4.982%Jan 13, 2025Yield to maturity5.061%Jan 16, 2025Yield to maturity4.922%Jan 22, 2025Yield to maturity4.892%Jan 27, 2025Yield to maturity4.822%Jan 30, 2025Yield to maturity4.807%Feb 4, 2025Yield to maturity4.800%Feb 7, 2025Yield to maturity4.744%Feb 12, 2025Yield to maturity4.895%Feb 18, 2025Yield to maturity4.825%Feb 21, 2025Yield to maturity4.714%Feb 26, 2025Yield to maturity4.561%Mar 3, 2025Yield to maturity4.500%Mar 6, 2025Yield to maturity4.639%Mar 11, 2025Yield to maturity4.639%Mar 14, 2025Yield to maturity4.657%Mar 19, 2025Yield to maturity4.590%Mar 24, 2025Yield to maturity4.682%Mar 27, 2025Yield to maturity4.745%Apr 1, 2025Yield to maturity4.548%Apr 4, 2025Yield to maturity4.429%Apr 9, 2025Yield to maturity4.765%Apr 14, 2025Yield to maturity4.837%Apr 17, 2025Yield to maturity4.832%Apr 22, 2025Yield to maturity4.910%Apr 25, 2025Yield to maturity4.750%Apr 30, 2025Yield to maturity4.670%May 5, 2025Yield to maturity4.832%May 8, 2025Yield to maturity4.856%May 13, 2025Yield to maturity4.968%May 16, 2025Yield to maturity4.916%May 21, 2025Yield to maturity5.104%May 27, 2025Yield to maturity4.968%May 30, 2025Yield to maturity4.945%Jun 4, 2025Yield to maturity4.900%Jun 9, 2025Yield to maturity4.984%Jun 12, 2025Yield to maturity4.854%Jun 17, 2025Yield to maturity4.895%Jun 23, 2025Yield to maturity4.864%Jun 26, 2025Yield to maturity4.810%Jul 1, 2025Yield to maturity4.776%Jul 7, 2025Yield to maturity4.922%Jul 10, 2025Yield to maturity4.859%Jul 15, 2025Yield to maturity5.020%Jul 18, 2025Yield to maturity4.988%Jul 23, 2025Yield to maturity4.927%Jul 28, 2025Yield to maturity4.943%Jul 31, 2025Yield to maturity4.873%Aug 5, 2025Yield to maturity4.743%Aug 8, 2025Yield to maturity4.821%Aug 13, 2025Yield to maturity4.787%Aug 18, 2025Yield to maturity4.902%Aug 21, 2025Yield to maturity4.891%Aug 26, 2025Yield to maturity4.852%Aug 29, 2025Yield to maturity4.847%Sep 4, 2025Yield to maturity4.793%Sep 9, 2025Yield to maturity4.650%Sep 12, 2025Yield to maturity4.625%Sep 17, 2025Yield to maturity4.607%Sep 22, 2025Yield to maturity4.713%Sep 25, 2025Yield to maturity4.708%Sep 30, 2025Yield to maturity4.685%Oct 3, 2025Yield to maturity4.660%Oct 8, 2025Yield to maturity4.670%Oct 14, 2025Yield to maturity4.564%Oct 17, 2025Yield to maturity4.552%Oct 22, 2025Yield to maturity4.495%Oct 27, 2025Yield to maturity4.522%Oct 30, 2025Yield to maturity4.610%Nov 4, 2025Yield to maturity4.620%Nov 7, 2025Yield to maturity4.645%Nov 13, 2025Yield to maturity4.655%Nov 18, 2025Yield to maturity4.683%Nov 21, 2025Yield to maturity4.645%Nov 26, 2025Yield to maturity4.572%Dec 2, 2025Yield to maturity4.681%Dec 5, 2025Yield to maturity4.732%Dec 10, 2025Yield to maturity4.730%Dec 15, 2025Yield to maturity4.784%Dec 18, 2025Yield to maturity4.727%Dec 23, 2025Yield to maturity4.761%Dec 29, 2025Yield to maturity4.719%Jan 2, 2026Yield to maturity4.782%Jan 7, 2026Yield to maturity4.725%Jan 12, 2026Yield to maturity4.743%Jan 15, 2026Yield to maturity4.704%Jan 21, 2026Yield to maturity4.800%Jan 26, 2026Yield to maturity4.727%Jan 29, 2026Yield to maturity4.777%Feb 3, 2026Yield to maturity4.819%Feb 6, 2026Yield to maturity4.761%Feb 11, 2026Yield to maturity4.727%Feb 17, 2026Yield to maturity4.591%Feb 20, 2026Yield to maturity4.632%Feb 25, 2026Yield to maturity4.599%Mar 2, 2026Yield to maturity4.601%Mar 5, 2026Yield to maturity4.676%Mar 10, 2026Yield to maturity4.707%Mar 13, 2026Yield to maturity4.865%Mar 18, 2026Yield to maturity4.828%Mar 23, 2026Yield to maturity4.913%Mar 26, 2026Yield to maturity4.940%Mar 31, 2026Yield to maturity4.846%Apr 3, 2026Yield to maturity4.887%Apr 8, 2026Yield to maturity4.841%Apr 13, 2026Yield to maturity4.847%Apr 16, 2026Yield to maturity4.874%Apr 21, 2026Yield to maturity4.836%Apr 24, 2026Yield to maturity4.850%Apr 29, 2026Yield to maturity4.947%May 4, 2026Yield to maturity4.988%May 7, 2026Yield to maturity4.925%May 12, 2026Yield to maturity4.991%May 15, 2026Yield to maturity5.112%May 20, 2026Yield to maturity5.093%May 26, 2026Yield to maturity5.005%May 29, 2026Yield to maturity4.953%Jun 3, 2026Yield to maturity4.970%Jun 8, 2026Yield to maturity5.022%Jun 11, 2026Yield to maturity4.926%Jun 16, 2026Yield to maturity4.894%Jun 22, 2026Yield to maturity4.940%Jun 25, 2026Yield to maturity4.835%Jun 30, 2026Yield to maturity4.894%Jul 6, 2026Yield to maturity4.959%Jul 9, 2026Yield to maturity5.034%Jul 14, 2026Yield to maturity5.064%Jul 17, 2026Yield to maturity5.040%Jul 22, 2026Yield to maturity5.148%Jul 27, 2026Yield to maturity5.126%Jul 30, 2026Yield to maturity5.197%Aug 4, 2026Yield to maturity5.158%Aug 7, 2026Yield to maturity5.175%Aug 12, 2026Yield to maturity5.220%Aug 17, 2026Yield to maturity5.275%Aug 20, 2026Yield to maturity5.187%Aug 25, 2026Yield to maturity5.130%Aug 28, 2026Yield to maturity5.187%Sep 2, 2026Yield to maturity5.244%Sep 8, 2026Yield to maturity5.233%Sep 9, 2026Yield to maturity5.256%

Price history

569 trading days to Sep 9, 2026

92.595.097.5100.0102.5105.0107.5110.0May 31, 2024Sep 9, 2026May 31, 2024Close98.688Jun 5, 2024Close101.344Jun 10, 2024Close99.219Jun 13, 2024Close101.688Jun 18, 2024Close102.063Jun 24, 2024Close101.875Jun 27, 2024Close101.125Jul 2, 2024Close98.906Jul 8, 2024Close100.750Jul 11, 2024Close101.563Jul 16, 2024Close101.875Jul 19, 2024Close100.875Jul 24, 2024Close100.000Jul 29, 2024Close101.469Aug 1, 2024Close103.688Aug 6, 2024Close104.656Aug 9, 2024Close104.000Aug 14, 2024Close105.531Aug 19, 2024Close105.344Aug 22, 2024Close105.219Aug 27, 2024Close105.375Aug 30, 2024Close104.344Sep 5, 2024Close106.813Sep 10, 2024Close107.875Sep 13, 2024Close107.688Sep 18, 2024Close107.125Sep 23, 2024Close106.563Sep 26, 2024Close106.031Oct 1, 2024Close106.656Oct 4, 2024Close104.000Oct 9, 2024Close102.906Oct 15, 2024Close103.375Oct 18, 2024Close102.500Oct 23, 2024Close100.531Oct 28, 2024Close100.219Oct 31, 2024Close100.688Nov 5, 2024Close100.938Nov 8, 2024Close100.594Nov 14, 2024Close99.250Nov 19, 2024Close99.500Nov 22, 2024Close99.125Nov 27, 2024Close101.094Dec 3, 2024Close101.500Dec 6, 2024Close102.469Dec 11, 2024Close100.781Dec 16, 2024Close99.188Dec 19, 2024Close97.156Dec 24, 2024Close97.031Dec 30, 2024Close97.125Jan 3, 2025Close96.750Jan 8, 2025Close95.594Jan 13, 2025Close94.656Jan 16, 2025Close96.313Jan 22, 2025Close96.688Jan 27, 2025Close97.531Jan 30, 2025Close97.719Feb 4, 2025Close97.813Feb 7, 2025Close98.500Feb 12, 2025Close96.656Feb 18, 2025Close97.500Feb 21, 2025Close98.875Feb 26, 2025Close100.813Mar 3, 2025Close101.594Mar 6, 2025Close99.813Mar 11, 2025Close99.813Mar 14, 2025Close99.594Mar 19, 2025Close100.438Mar 24, 2025Close99.281Mar 27, 2025Close98.500Apr 1, 2025Close100.969Apr 4, 2025Close102.500Apr 9, 2025Close98.250Apr 14, 2025Close97.375Apr 17, 2025Close97.438Apr 22, 2025Close96.500Apr 25, 2025Close98.438Apr 30, 2025Close99.438May 5, 2025Close97.438May 8, 2025Close97.156May 13, 2025Close95.813May 16, 2025Close96.438May 21, 2025Close94.219May 27, 2025Close95.813May 30, 2025Close96.094Jun 4, 2025Close96.625Jun 9, 2025Close95.625Jun 12, 2025Close97.188Jun 17, 2025Close96.688Jun 23, 2025Close97.063Jun 26, 2025Close97.719Jul 1, 2025Close98.125Jul 7, 2025Close96.375Jul 10, 2025Close97.125Jul 15, 2025Close95.219Jul 18, 2025Close95.594Jul 23, 2025Close96.313Jul 28, 2025Close96.125Jul 31, 2025Close96.969Aug 5, 2025Close98.531Aug 8, 2025Close97.594Aug 13, 2025Close98.000Aug 18, 2025Close96.625Aug 21, 2025Close96.750Aug 26, 2025Close97.219Aug 29, 2025Close97.281Sep 4, 2025Close97.938Sep 9, 2025Close99.688Sep 12, 2025Close100.000Sep 17, 2025Close100.219Sep 22, 2025Close98.906Sep 25, 2025Close98.969Sep 30, 2025Close99.250Oct 3, 2025Close99.563Oct 8, 2025Close99.438Oct 14, 2025Close100.750Oct 17, 2025Close100.906Oct 22, 2025Close101.625Oct 27, 2025Close101.281Oct 30, 2025Close100.188Nov 4, 2025Close100.063Nov 7, 2025Close99.750Nov 13, 2025Close99.625Nov 18, 2025Close99.281Nov 21, 2025Close99.750Nov 26, 2025Close100.656Dec 2, 2025Close99.313Dec 5, 2025Close98.688Dec 10, 2025Close98.719Dec 15, 2025Close98.063Dec 18, 2025Close98.750Dec 23, 2025Close98.344Dec 29, 2025Close98.844Jan 2, 2026Close98.094Jan 7, 2026Close98.781Jan 12, 2026Close98.563Jan 15, 2026Close99.031Jan 21, 2026Close97.875Jan 26, 2026Close98.750Jan 29, 2026Close98.156Feb 3, 2026Close97.656Feb 6, 2026Close98.344Feb 11, 2026Close98.750Feb 17, 2026Close100.406Feb 20, 2026Close99.906Feb 25, 2026Close100.313Mar 2, 2026Close100.281Mar 5, 2026Close99.375Mar 10, 2026Close99.000Mar 13, 2026Close97.125Mar 18, 2026Close97.563Mar 23, 2026Close96.563Mar 26, 2026Close96.250Mar 31, 2026Close97.344Apr 3, 2026Close96.875Apr 8, 2026Close97.406Apr 13, 2026Close97.344Apr 16, 2026Close97.031Apr 21, 2026Close97.469Apr 24, 2026Close97.313Apr 29, 2026Close96.188May 4, 2026Close95.719May 7, 2026Close96.438May 12, 2026Close95.688May 15, 2026Close94.313May 20, 2026Close94.531May 26, 2026Close95.531May 29, 2026Close96.125Jun 3, 2026Close95.938Jun 8, 2026Close95.344Jun 11, 2026Close96.438Jun 16, 2026Close96.813Jun 22, 2026Close96.281Jun 25, 2026Close97.500Jun 30, 2026Close96.813Jul 6, 2026Close96.063Jul 9, 2026Close95.219Jul 14, 2026Close94.875Jul 17, 2026Close95.156Jul 22, 2026Close93.938Jul 27, 2026Close94.188Jul 30, 2026Close93.406Aug 4, 2026Close93.844Aug 7, 2026Close93.656Aug 12, 2026Close93.156Aug 17, 2026Close92.563Aug 20, 2026Close93.531Aug 25, 2026Close94.156Aug 28, 2026Close93.531Sep 2, 2026Close92.906Sep 8, 2026Close93.031Sep 9, 2026Close92.781
The most recent 20 trading days of prices for 912810UB2.
DateBidOfferClose
Sep 9, 202692.54792.50092.781
Sep 8, 202693.23493.21993.031
Sep 4, 202693.26693.25093.188
Sep 3, 202693.40693.37593.188
Sep 2, 202692.92292.90692.906
Sep 1, 202693.23493.21992.906
Aug 31, 202693.09493.06393.219
Aug 28, 202693.87593.84493.531
Aug 27, 202694.04794.03193.875
Aug 26, 202694.03194.00093.969
Aug 25, 202694.10994.09494.156
Aug 24, 202693.67293.65693.500
Aug 21, 202693.12593.09493.031
Aug 20, 202693.34493.31393.531
Aug 19, 202693.78193.75093.938
Aug 18, 202692.70392.68892.813
Aug 17, 202692.84492.81392.563
Aug 14, 202693.06393.03193.094
Aug 13, 202693.64193.62593.656
Aug 12, 202693.34493.31393.156

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 912810UB2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 22, 2024May 31, 2024New issue$16.0bn$16.9bn2.51x4.635%
Jun 18, 2024Jul 1, 2024Reopening$13.0bn$13.5bn2.74x4.452%
Jul 17, 2024Jul 31, 2024Reopening$13.0bn$13.7bn2.68x4.466%

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.