Treasury bond

912810UF3 · 4.625% due November 15, 2044

Original term
20-Year
Maturity
Nov 15, 2044
Coupon
4.625%
Pays
Semi-Annual
Dated
Nov 15, 2024
First coupon
May 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$43.92bn
Held stripped
$118.0m
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
5.271%
Modified duration
11.733 yr
DV01
0.1103
Convexity
183.718
Dirty price
93.983

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 11.917 years against a modified duration of 11.733.

Against the fitted curve

Priced 2.8 bp cheap to the curve on that day, 30.40 cents per 100 of face.

That is -0.16 standard deviations from its own typical residual.

Yield to maturity, 444 observations

4.4%4.6%4.8%5.0%5.2%5.4%Dec 2, 2024Sep 9, 2026Dec 2, 2024Yield to maturity4.458%Dec 4, 2024Yield to maturity4.446%Dec 6, 2024Yield to maturity4.421%Dec 10, 2024Yield to maturity4.486%Dec 12, 2024Yield to maturity4.622%Dec 16, 2024Yield to maturity4.676%Dec 18, 2024Yield to maturity4.754%Dec 20, 2024Yield to maturity4.799%Dec 24, 2024Yield to maturity4.847%Dec 27, 2024Yield to maturity4.900%Dec 31, 2024Yield to maturity4.862%Jan 3, 2025Yield to maturity4.887%Jan 7, 2025Yield to maturity4.976%Jan 9, 2025Yield to maturity4.989%Jan 13, 2025Yield to maturity5.052%Jan 15, 2025Yield to maturity4.951%Jan 17, 2025Yield to maturity4.915%Jan 22, 2025Yield to maturity4.887%Jan 24, 2025Yield to maturity4.918%Jan 28, 2025Yield to maturity4.845%Jan 30, 2025Yield to maturity4.814%Feb 3, 2025Yield to maturity4.825%Feb 5, 2025Yield to maturity4.695%Feb 7, 2025Yield to maturity4.750%Feb 11, 2025Yield to maturity4.802%Feb 13, 2025Yield to maturity4.792%Feb 18, 2025Yield to maturity4.830%Feb 20, 2025Yield to maturity4.800%Feb 24, 2025Yield to maturity4.715%Feb 26, 2025Yield to maturity4.571%Feb 28, 2025Yield to maturity4.574%Mar 4, 2025Yield to maturity4.583%Mar 6, 2025Yield to maturity4.649%Mar 10, 2025Yield to maturity4.595%Mar 12, 2025Yield to maturity4.686%Mar 14, 2025Yield to maturity4.669%Mar 18, 2025Yield to maturity4.627%Mar 20, 2025Yield to maturity4.593%Mar 24, 2025Yield to maturity4.696%Mar 26, 2025Yield to maturity4.723%Mar 28, 2025Yield to maturity4.659%Apr 1, 2025Yield to maturity4.562%Apr 3, 2025Yield to maturity4.511%Apr 7, 2025Yield to maturity4.615%Apr 9, 2025Yield to maturity4.781%Apr 11, 2025Yield to maturity4.918%Apr 15, 2025Yield to maturity4.829%Apr 17, 2025Yield to maturity4.841%Apr 21, 2025Yield to maturity4.954%Apr 23, 2025Yield to maturity4.869%Apr 25, 2025Yield to maturity4.758%Apr 29, 2025Yield to maturity4.662%May 1, 2025Yield to maturity4.756%May 5, 2025Yield to maturity4.847%May 7, 2025Yield to maturity4.786%May 9, 2025Yield to maturity4.870%May 13, 2025Yield to maturity4.976%May 15, 2025Yield to maturity4.942%May 19, 2025Yield to maturity4.955%May 21, 2025Yield to maturity5.112%May 23, 2025Yield to maturity5.065%May 28, 2025Yield to maturity5.015%May 30, 2025Yield to maturity4.958%Jun 3, 2025Yield to maturity5.012%Jun 5, 2025Yield to maturity4.916%Jun 9, 2025Yield to maturity4.992%Jun 11, 2025Yield to maturity4.937%Jun 13, 2025Yield to maturity4.937%Jun 17, 2025Yield to maturity4.906%Jun 20, 2025Yield to maturity4.909%Jun 24, 2025Yield to maturity4.840%Jun 26, 2025Yield to maturity4.820%Jun 30, 2025Yield to maturity4.787%Jul 2, 2025Yield to maturity4.835%Jul 7, 2025Yield to maturity4.933%Jul 9, 2025Yield to maturity4.873%Jul 11, 2025Yield to maturity4.966%Jul 15, 2025Yield to maturity5.027%Jul 17, 2025Yield to maturity5.022%Jul 21, 2025Yield to maturity4.938%Jul 23, 2025Yield to maturity4.941%Jul 25, 2025Yield to maturity4.923%Jul 29, 2025Yield to maturity4.861%Jul 31, 2025Yield to maturity4.889%Aug 4, 2025Yield to maturity4.774%Aug 6, 2025Yield to maturity4.792%Aug 8, 2025Yield to maturity4.835%Aug 12, 2025Yield to maturity4.859%Aug 14, 2025Yield to maturity4.856%Aug 18, 2025Yield to maturity4.918%Aug 20, 2025Yield to maturity4.869%Aug 22, 2025Yield to maturity4.851%Aug 26, 2025Yield to maturity4.869%Aug 28, 2025Yield to maturity4.833%Sep 2, 2025Yield to maturity4.921%Sep 4, 2025Yield to maturity4.808%Sep 8, 2025Yield to maturity4.642%Sep 10, 2025Yield to maturity4.632%Sep 12, 2025Yield to maturity4.637%Sep 16, 2025Yield to maturity4.607%Sep 18, 2025Yield to maturity4.687%Sep 22, 2025Yield to maturity4.730%Sep 24, 2025Yield to maturity4.722%Sep 26, 2025Yield to maturity4.742%Sep 30, 2025Yield to maturity4.702%Oct 2, 2025Yield to maturity4.652%Oct 6, 2025Yield to maturity4.725%Oct 8, 2025Yield to maturity4.685%Oct 10, 2025Yield to maturity4.593%Oct 15, 2025Yield to maturity4.600%Oct 17, 2025Yield to maturity4.568%Oct 21, 2025Yield to maturity4.514%Oct 23, 2025Yield to maturity4.543%Oct 27, 2025Yield to maturity4.536%Oct 29, 2025Yield to maturity4.578%Oct 31, 2025Yield to maturity4.637%Nov 4, 2025Yield to maturity4.637%Nov 6, 2025Yield to maturity4.652%Nov 10, 2025Yield to maturity4.677%Nov 13, 2025Yield to maturity4.670%Nov 17, 2025Yield to maturity4.695%Nov 19, 2025Yield to maturity4.708%Nov 21, 2025Yield to maturity4.665%Nov 25, 2025Yield to maturity4.615%Nov 28, 2025Yield to maturity4.617%Dec 2, 2025Yield to maturity4.698%Dec 4, 2025Yield to maturity4.715%Dec 8, 2025Yield to maturity4.774%Dec 10, 2025Yield to maturity4.743%Dec 12, 2025Yield to maturity4.815%Dec 16, 2025Yield to maturity4.766%Dec 18, 2025Yield to maturity4.746%Dec 22, 2025Yield to maturity4.784%Dec 24, 2025Yield to maturity4.759%Dec 29, 2025Yield to maturity4.738%Dec 31, 2025Yield to maturity4.779%Jan 5, 2026Yield to maturity4.774%Jan 7, 2026Yield to maturity4.738%Jan 9, 2026Yield to maturity4.746%Jan 13, 2026Yield to maturity4.751%Jan 15, 2026Yield to maturity4.720%Jan 20, 2026Yield to maturity4.857%Jan 22, 2026Yield to maturity4.787%Jan 26, 2026Yield to maturity4.743%Jan 28, 2026Yield to maturity4.800%Jan 30, 2026Yield to maturity4.805%Feb 3, 2026Yield to maturity4.834%Feb 5, 2026Yield to maturity4.777%Feb 9, 2026Yield to maturity4.772%Feb 11, 2026Yield to maturity4.741%Feb 13, 2026Yield to maturity4.617%Feb 18, 2026Yield to maturity4.640%Feb 20, 2026Yield to maturity4.650%Feb 24, 2026Yield to maturity4.617%Feb 26, 2026Yield to maturity4.584%Mar 2, 2026Yield to maturity4.619%Mar 4, 2026Yield to maturity4.652%Mar 6, 2026Yield to maturity4.723%Mar 10, 2026Yield to maturity4.723%Mar 12, 2026Yield to maturity4.853%Mar 16, 2026Yield to maturity4.821%Mar 18, 2026Yield to maturity4.845%Mar 20, 2026Yield to maturity4.980%Mar 24, 2026Yield to maturity4.956%Mar 26, 2026Yield to maturity4.956%Mar 30, 2026Yield to maturity4.903%Apr 1, 2026Yield to maturity4.898%Apr 3, 2026Yield to maturity4.903%Apr 7, 2026Yield to maturity4.887%Apr 9, 2026Yield to maturity4.864%Apr 13, 2026Yield to maturity4.861%Apr 15, 2026Yield to maturity4.848%Apr 17, 2026Yield to maturity4.833%Apr 21, 2026Yield to maturity4.856%Apr 23, 2026Yield to maturity4.891%Apr 27, 2026Yield to maturity4.901%Apr 29, 2026Yield to maturity4.960%May 1, 2026Yield to maturity4.941%May 5, 2026Yield to maturity4.965%May 7, 2026Yield to maturity4.944%May 11, 2026Yield to maturity4.955%May 13, 2026Yield to maturity5.014%May 15, 2026Yield to maturity5.126%May 19, 2026Yield to maturity5.184%May 21, 2026Yield to maturity5.093%May 26, 2026Yield to maturity5.020%May 28, 2026Yield to maturity4.969%Jun 1, 2026Yield to maturity4.977%Jun 3, 2026Yield to maturity4.985%Jun 5, 2026Yield to maturity5.020%Jun 9, 2026Yield to maturity5.012%Jun 11, 2026Yield to maturity4.942%Jun 15, 2026Yield to maturity4.956%Jun 17, 2026Yield to maturity4.940%Jun 22, 2026Yield to maturity4.953%Jun 24, 2026Yield to maturity4.858%Jun 26, 2026Yield to maturity4.850%Jun 30, 2026Yield to maturity4.908%Jul 2, 2026Yield to maturity4.980%Jul 7, 2026Yield to maturity5.037%Jul 9, 2026Yield to maturity5.051%Jul 13, 2026Yield to maturity5.106%Jul 15, 2026Yield to maturity5.059%Jul 17, 2026Yield to maturity5.054%Jul 21, 2026Yield to maturity5.131%Jul 23, 2026Yield to maturity5.195%Jul 27, 2026Yield to maturity5.140%Jul 29, 2026Yield to maturity5.204%Jul 31, 2026Yield to maturity5.280%Aug 4, 2026Yield to maturity5.170%Aug 6, 2026Yield to maturity5.210%Aug 10, 2026Yield to maturity5.246%Aug 12, 2026Yield to maturity5.232%Aug 14, 2026Yield to maturity5.241%Aug 18, 2026Yield to maturity5.267%Aug 20, 2026Yield to maturity5.202%Aug 24, 2026Yield to maturity5.205%Aug 26, 2026Yield to maturity5.160%Aug 28, 2026Yield to maturity5.200%Sep 1, 2026Yield to maturity5.262%Sep 3, 2026Yield to maturity5.234%Sep 8, 2026Yield to maturity5.248%Sep 9, 2026Yield to maturity5.271%

Price history

444 trading days to Sep 9, 2026

92949698100102104Dec 2, 2024Sep 9, 2026Dec 2, 2024Close102.188Dec 4, 2024Close102.344Dec 6, 2024Close102.688Dec 10, 2024Close101.813Dec 12, 2024Close100.031Dec 16, 2024Close99.344Dec 18, 2024Close98.344Dec 20, 2024Close97.781Dec 24, 2024Close97.188Dec 27, 2024Close96.531Dec 31, 2024Close97.000Jan 3, 2025Close96.688Jan 7, 2025Close95.594Jan 9, 2025Close95.438Jan 13, 2025Close94.688Jan 15, 2025Close95.906Jan 17, 2025Close96.344Jan 22, 2025Close96.688Jan 24, 2025Close96.313Jan 28, 2025Close97.219Jan 30, 2025Close97.594Feb 3, 2025Close97.469Feb 5, 2025Close99.094Feb 7, 2025Close98.406Feb 11, 2025Close97.750Feb 13, 2025Close97.875Feb 18, 2025Close97.406Feb 20, 2025Close97.781Feb 24, 2025Close98.844Feb 26, 2025Close100.688Feb 28, 2025Close100.656Mar 4, 2025Close100.531Mar 6, 2025Close99.688Mar 10, 2025Close100.375Mar 12, 2025Close99.219Mar 14, 2025Close99.438Mar 18, 2025Close99.969Mar 20, 2025Close100.406Mar 24, 2025Close99.094Mar 26, 2025Close98.750Mar 28, 2025Close99.563Apr 1, 2025Close100.813Apr 3, 2025Close101.469Apr 7, 2025Close100.125Apr 9, 2025Close98.031Apr 11, 2025Close96.344Apr 15, 2025Close97.438Apr 17, 2025Close97.281Apr 21, 2025Close95.906Apr 23, 2025Close96.938Apr 25, 2025Close98.313Apr 29, 2025Close99.531May 1, 2025Close98.344May 5, 2025Close97.219May 7, 2025Close97.969May 9, 2025Close96.938May 13, 2025Close95.656May 15, 2025Close96.063May 19, 2025Close95.906May 21, 2025Close94.031May 23, 2025Close94.594May 28, 2025Close95.188May 30, 2025Close95.875Jun 3, 2025Close95.219Jun 5, 2025Close96.375Jun 9, 2025Close95.469Jun 11, 2025Close96.125Jun 13, 2025Close96.125Jun 17, 2025Close96.500Jun 20, 2025Close96.469Jun 24, 2025Close97.313Jun 26, 2025Close97.563Jun 30, 2025Close97.969Jul 2, 2025Close97.375Jul 7, 2025Close96.188Jul 9, 2025Close96.906Jul 11, 2025Close95.781Jul 15, 2025Close95.063Jul 17, 2025Close95.125Jul 21, 2025Close96.125Jul 23, 2025Close96.094Jul 25, 2025Close96.313Jul 29, 2025Close97.063Jul 31, 2025Close96.719Aug 4, 2025Close98.125Aug 6, 2025Close97.906Aug 8, 2025Close97.375Aug 12, 2025Close97.094Aug 14, 2025Close97.125Aug 18, 2025Close96.375Aug 20, 2025Close96.969Aug 22, 2025Close97.188Aug 26, 2025Close96.969Aug 28, 2025Close97.406Sep 2, 2025Close96.344Sep 4, 2025Close97.719Sep 8, 2025Close99.781Sep 10, 2025Close99.906Sep 12, 2025Close99.844Sep 16, 2025Close100.219Sep 18, 2025Close99.219Sep 22, 2025Close98.688Sep 24, 2025Close98.781Sep 26, 2025Close98.531Sep 30, 2025Close99.031Oct 2, 2025Close99.656Oct 6, 2025Close98.750Oct 8, 2025Close99.250Oct 10, 2025Close100.406Oct 15, 2025Close100.313Oct 17, 2025Close100.719Oct 21, 2025Close101.406Oct 23, 2025Close101.031Oct 27, 2025Close101.125Oct 29, 2025Close100.594Oct 31, 2025Close99.844Nov 4, 2025Close99.844Nov 6, 2025Close99.656Nov 10, 2025Close99.344Nov 13, 2025Close99.438Nov 17, 2025Close99.125Nov 19, 2025Close98.969Nov 21, 2025Close99.500Nov 25, 2025Close100.125Nov 28, 2025Close100.094Dec 2, 2025Close99.094Dec 4, 2025Close98.875Dec 8, 2025Close98.156Dec 10, 2025Close98.531Dec 12, 2025Close97.656Dec 16, 2025Close98.250Dec 18, 2025Close98.500Dec 22, 2025Close98.031Dec 24, 2025Close98.344Dec 29, 2025Close98.594Dec 31, 2025Close98.094Jan 5, 2026Close98.156Jan 7, 2026Close98.594Jan 9, 2026Close98.500Jan 13, 2026Close98.438Jan 15, 2026Close98.813Jan 20, 2026Close97.156Jan 22, 2026Close98.000Jan 26, 2026Close98.531Jan 28, 2026Close97.844Jan 30, 2026Close97.781Feb 3, 2026Close97.438Feb 5, 2026Close98.125Feb 9, 2026Close98.188Feb 11, 2026Close98.563Feb 13, 2026Close100.094Feb 18, 2026Close99.813Feb 20, 2026Close99.688Feb 24, 2026Close100.094Feb 26, 2026Close100.500Mar 2, 2026Close100.063Mar 4, 2026Close99.656Mar 6, 2026Close98.781Mar 10, 2026Close98.781Mar 12, 2026Close97.219Mar 16, 2026Close97.594Mar 18, 2026Close97.313Mar 20, 2026Close95.719Mar 24, 2026Close96.000Mar 26, 2026Close96.000Mar 30, 2026Close96.625Apr 1, 2026Close96.688Apr 3, 2026Close96.625Apr 7, 2026Close96.813Apr 9, 2026Close97.094Apr 13, 2026Close97.125Apr 15, 2026Close97.281Apr 17, 2026Close97.469Apr 21, 2026Close97.188Apr 23, 2026Close96.781Apr 27, 2026Close96.656Apr 29, 2026Close95.969May 1, 2026Close96.188May 5, 2026Close95.906May 7, 2026Close96.156May 11, 2026Close96.031May 13, 2026Close95.344May 15, 2026Close94.063May 19, 2026Close93.406May 21, 2026Close94.438May 26, 2026Close95.281May 28, 2026Close95.875Jun 1, 2026Close95.781Jun 3, 2026Close95.688Jun 5, 2026Close95.281Jun 9, 2026Close95.375Jun 11, 2026Close96.188Jun 15, 2026Close96.031Jun 17, 2026Close96.219Jun 22, 2026Close96.063Jun 24, 2026Close97.188Jun 26, 2026Close97.281Jun 30, 2026Close96.594Jul 2, 2026Close95.750Jul 7, 2026Close95.094Jul 9, 2026Close94.938Jul 13, 2026Close94.313Jul 15, 2026Close94.844Jul 17, 2026Close94.906Jul 21, 2026Close94.031Jul 23, 2026Close93.313Jul 27, 2026Close93.938Jul 29, 2026Close93.219Jul 31, 2026Close92.375Aug 4, 2026Close93.594Aug 6, 2026Close93.156Aug 10, 2026Close92.750Aug 12, 2026Close92.906Aug 14, 2026Close92.813Aug 18, 2026Close92.531Aug 20, 2026Close93.250Aug 24, 2026Close93.219Aug 26, 2026Close93.719Aug 28, 2026Close93.281Sep 1, 2026Close92.594Sep 3, 2026Close92.906Sep 8, 2026Close92.750Sep 9, 2026Close92.500
The most recent 20 trading days of prices for 912810UF3.
DateBidOfferClose
Sep 9, 202692.25092.21992.500
Sep 8, 202692.92292.90692.750
Sep 4, 202692.96992.93892.906
Sep 3, 202693.12593.09492.906
Sep 2, 202692.60992.59492.625
Sep 1, 202692.93892.90692.594
Aug 31, 202692.81392.78192.938
Aug 28, 202693.62593.59493.281
Aug 27, 202693.78193.75093.594
Aug 26, 202693.76693.75093.719
Aug 25, 202693.84493.81393.906
Aug 24, 202693.40693.37593.219
Aug 21, 202692.85992.84492.750
Aug 20, 202693.07893.06393.250
Aug 19, 202693.53193.50093.656
Aug 18, 202692.42292.40692.531
Aug 17, 202692.56392.53192.281
Aug 14, 202692.79792.78192.813
Aug 13, 202693.37593.34493.406
Aug 12, 202693.07893.06392.906

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 912810UF3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 20, 2024Dec 2, 2024New issue$16.0bn$17.1bn2.34x4.680%
Dec 17, 2024Dec 31, 2024Reopening$13.0bn$13.1bn2.50x4.686%
Jan 22, 2025Jan 31, 2025Reopening$13.0bn$13.7bn2.75x4.900%

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.