Treasury bond

912810UJ5 · 4.75% due February 15, 2045

Original term
20-Year
Maturity
Feb 15, 2045
Coupon
4.750%
Pays
Semi-Annual
Dated
Feb 15, 2025
First coupon
Aug 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$44.86bn
Held stripped
$133.6m
Share stripped
0.30%

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
5.273%
Modified duration
11.909 yr
DV01
0.1122
Convexity
188.029
Dirty price
94.211

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 12.092 years against a modified duration of 11.909.

Against the fitted curve

Priced 2.5 bp cheap to the curve on that day, 27.76 cents per 100 of face.

That is -0.21 standard deviations from its own typical residual.

Yield to maturity, 384 observations

4.4%4.6%4.8%5.0%5.2%5.4%Feb 28, 2025Sep 9, 2026Feb 28, 2025Yield to maturity4.551%Mar 4, 2025Yield to maturity4.558%Mar 6, 2025Yield to maturity4.627%Mar 10, 2025Yield to maturity4.576%Mar 12, 2025Yield to maturity4.665%Mar 14, 2025Yield to maturity4.650%Mar 18, 2025Yield to maturity4.617%Mar 20, 2025Yield to maturity4.581%Mar 24, 2025Yield to maturity4.686%Mar 26, 2025Yield to maturity4.715%Mar 28, 2025Yield to maturity4.655%Apr 1, 2025Yield to maturity4.557%Apr 3, 2025Yield to maturity4.503%Apr 7, 2025Yield to maturity4.609%Apr 9, 2025Yield to maturity4.777%Apr 11, 2025Yield to maturity4.911%Apr 15, 2025Yield to maturity4.821%Apr 17, 2025Yield to maturity4.836%Apr 21, 2025Yield to maturity4.949%Apr 23, 2025Yield to maturity4.866%Apr 25, 2025Yield to maturity4.757%Apr 29, 2025Yield to maturity4.659%May 1, 2025Yield to maturity4.752%May 5, 2025Yield to maturity4.843%May 7, 2025Yield to maturity4.781%May 9, 2025Yield to maturity4.863%May 13, 2025Yield to maturity4.972%May 15, 2025Yield to maturity4.937%May 19, 2025Yield to maturity4.952%May 21, 2025Yield to maturity5.109%May 23, 2025Yield to maturity5.065%May 28, 2025Yield to maturity5.013%May 30, 2025Yield to maturity4.955%Jun 3, 2025Yield to maturity5.011%Jun 5, 2025Yield to maturity4.917%Jun 9, 2025Yield to maturity4.993%Jun 11, 2025Yield to maturity4.940%Jun 13, 2025Yield to maturity4.937%Jun 17, 2025Yield to maturity4.907%Jun 20, 2025Yield to maturity4.909%Jun 24, 2025Yield to maturity4.841%Jun 26, 2025Yield to maturity4.819%Jun 30, 2025Yield to maturity4.784%Jul 2, 2025Yield to maturity4.834%Jul 7, 2025Yield to maturity4.930%Jul 9, 2025Yield to maturity4.872%Jul 11, 2025Yield to maturity4.963%Jul 15, 2025Yield to maturity5.022%Jul 17, 2025Yield to maturity5.017%Jul 21, 2025Yield to maturity4.935%Jul 23, 2025Yield to maturity4.941%Jul 25, 2025Yield to maturity4.923%Jul 29, 2025Yield to maturity4.865%Jul 31, 2025Yield to maturity4.887%Aug 4, 2025Yield to maturity4.775%Aug 6, 2025Yield to maturity4.795%Aug 8, 2025Yield to maturity4.837%Aug 12, 2025Yield to maturity4.862%Aug 14, 2025Yield to maturity4.857%Aug 18, 2025Yield to maturity4.918%Aug 20, 2025Yield to maturity4.873%Aug 22, 2025Yield to maturity4.855%Aug 26, 2025Yield to maturity4.873%Aug 28, 2025Yield to maturity4.837%Sep 2, 2025Yield to maturity4.926%Sep 4, 2025Yield to maturity4.812%Sep 8, 2025Yield to maturity4.646%Sep 10, 2025Yield to maturity4.637%Sep 12, 2025Yield to maturity4.641%Sep 16, 2025Yield to maturity4.610%Sep 18, 2025Yield to maturity4.688%Sep 22, 2025Yield to maturity4.730%Sep 24, 2025Yield to maturity4.725%Sep 26, 2025Yield to maturity4.745%Sep 30, 2025Yield to maturity4.703%Oct 2, 2025Yield to maturity4.653%Oct 6, 2025Yield to maturity4.727%Oct 8, 2025Yield to maturity4.685%Oct 10, 2025Yield to maturity4.595%Oct 15, 2025Yield to maturity4.604%Oct 17, 2025Yield to maturity4.570%Oct 21, 2025Yield to maturity4.518%Oct 23, 2025Yield to maturity4.546%Oct 27, 2025Yield to maturity4.539%Oct 29, 2025Yield to maturity4.585%Oct 31, 2025Yield to maturity4.641%Nov 4, 2025Yield to maturity4.638%Nov 6, 2025Yield to maturity4.655%Nov 10, 2025Yield to maturity4.680%Nov 13, 2025Yield to maturity4.675%Nov 17, 2025Yield to maturity4.697%Nov 19, 2025Yield to maturity4.712%Nov 21, 2025Yield to maturity4.670%Nov 25, 2025Yield to maturity4.619%Nov 28, 2025Yield to maturity4.618%Dec 2, 2025Yield to maturity4.700%Dec 4, 2025Yield to maturity4.717%Dec 8, 2025Yield to maturity4.775%Dec 10, 2025Yield to maturity4.744%Dec 12, 2025Yield to maturity4.817%Dec 16, 2025Yield to maturity4.767%Dec 18, 2025Yield to maturity4.747%Dec 22, 2025Yield to maturity4.785%Dec 24, 2025Yield to maturity4.747%Dec 29, 2025Yield to maturity4.740%Dec 31, 2025Yield to maturity4.785%Jan 5, 2026Yield to maturity4.775%Jan 7, 2026Yield to maturity4.742%Jan 9, 2026Yield to maturity4.745%Jan 13, 2026Yield to maturity4.755%Jan 15, 2026Yield to maturity4.722%Jan 20, 2026Yield to maturity4.859%Jan 22, 2026Yield to maturity4.790%Jan 26, 2026Yield to maturity4.745%Jan 28, 2026Yield to maturity4.803%Jan 30, 2026Yield to maturity4.808%Feb 3, 2026Yield to maturity4.836%Feb 5, 2026Yield to maturity4.780%Feb 9, 2026Yield to maturity4.775%Feb 11, 2026Yield to maturity4.745%Feb 13, 2026Yield to maturity4.618%Feb 18, 2026Yield to maturity4.640%Feb 20, 2026Yield to maturity4.650%Feb 24, 2026Yield to maturity4.618%Feb 26, 2026Yield to maturity4.586%Mar 2, 2026Yield to maturity4.623%Mar 4, 2026Yield to maturity4.655%Mar 6, 2026Yield to maturity4.725%Mar 10, 2026Yield to maturity4.725%Mar 12, 2026Yield to maturity4.854%Mar 16, 2026Yield to maturity4.823%Mar 18, 2026Yield to maturity4.846%Mar 20, 2026Yield to maturity4.981%Mar 24, 2026Yield to maturity4.958%Mar 26, 2026Yield to maturity4.958%Mar 30, 2026Yield to maturity4.903%Apr 1, 2026Yield to maturity4.898%Apr 3, 2026Yield to maturity4.903%Apr 7, 2026Yield to maturity4.888%Apr 9, 2026Yield to maturity4.867%Apr 13, 2026Yield to maturity4.864%Apr 15, 2026Yield to maturity4.849%Apr 17, 2026Yield to maturity4.834%Apr 21, 2026Yield to maturity4.857%Apr 23, 2026Yield to maturity4.890%Apr 27, 2026Yield to maturity4.903%Apr 29, 2026Yield to maturity4.961%May 1, 2026Yield to maturity4.942%May 5, 2026Yield to maturity4.966%May 7, 2026Yield to maturity4.942%May 11, 2026Yield to maturity4.956%May 13, 2026Yield to maturity5.014%May 15, 2026Yield to maturity5.126%May 19, 2026Yield to maturity5.185%May 21, 2026Yield to maturity5.094%May 26, 2026Yield to maturity5.022%May 28, 2026Yield to maturity4.972%Jun 1, 2026Yield to maturity4.980%Jun 3, 2026Yield to maturity4.988%Jun 5, 2026Yield to maturity5.022%Jun 9, 2026Yield to maturity5.014%Jun 11, 2026Yield to maturity4.946%Jun 15, 2026Yield to maturity4.959%Jun 17, 2026Yield to maturity4.941%Jun 22, 2026Yield to maturity4.956%Jun 24, 2026Yield to maturity4.860%Jun 26, 2026Yield to maturity4.852%Jun 30, 2026Yield to maturity4.912%Jul 2, 2026Yield to maturity4.978%Jul 7, 2026Yield to maturity5.039%Jul 9, 2026Yield to maturity5.052%Jul 13, 2026Yield to maturity5.109%Jul 15, 2026Yield to maturity5.063%Jul 17, 2026Yield to maturity5.056%Jul 21, 2026Yield to maturity5.131%Jul 23, 2026Yield to maturity5.197%Jul 27, 2026Yield to maturity5.140%Jul 29, 2026Yield to maturity5.202%Jul 31, 2026Yield to maturity5.283%Aug 4, 2026Yield to maturity5.173%Aug 6, 2026Yield to maturity5.214%Aug 10, 2026Yield to maturity5.250%Aug 12, 2026Yield to maturity5.236%Aug 14, 2026Yield to maturity5.245%Aug 18, 2026Yield to maturity5.270%Aug 20, 2026Yield to maturity5.203%Aug 24, 2026Yield to maturity5.209%Aug 26, 2026Yield to maturity5.165%Aug 28, 2026Yield to maturity5.204%Sep 1, 2026Yield to maturity5.265%Sep 3, 2026Yield to maturity5.237%Sep 8, 2026Yield to maturity5.251%Sep 9, 2026Yield to maturity5.273%

Price history

384 trading days to Sep 9, 2026

92949698100102104106Feb 28, 2025Sep 9, 2026Feb 28, 2025Close102.594Mar 4, 2025Close102.500Mar 6, 2025Close101.594Mar 10, 2025Close102.250Mar 12, 2025Close101.094Mar 14, 2025Close101.281Mar 18, 2025Close101.719Mar 20, 2025Close102.188Mar 24, 2025Close100.813Mar 26, 2025Close100.438Mar 28, 2025Close101.219Apr 1, 2025Close102.500Apr 3, 2025Close103.219Apr 7, 2025Close101.813Apr 9, 2025Close99.656Apr 11, 2025Close97.969Apr 15, 2025Close99.094Apr 17, 2025Close98.906Apr 21, 2025Close97.500Apr 23, 2025Close98.531Apr 25, 2025Close99.906Apr 29, 2025Close101.156May 1, 2025Close99.969May 5, 2025Close98.813May 7, 2025Close99.594May 9, 2025Close98.563May 13, 2025Close97.219May 15, 2025Close97.656May 19, 2025Close97.469May 21, 2025Close95.563May 23, 2025Close96.094May 28, 2025Close96.719May 30, 2025Close97.438Jun 3, 2025Close96.750Jun 5, 2025Close97.906Jun 9, 2025Close96.969Jun 11, 2025Close97.625Jun 13, 2025Close97.656Jun 17, 2025Close98.031Jun 20, 2025Close98.000Jun 24, 2025Close98.844Jun 26, 2025Close99.125Jun 30, 2025Close99.563Jul 2, 2025Close98.938Jul 7, 2025Close97.750Jul 9, 2025Close98.469Jul 11, 2025Close97.344Jul 15, 2025Close96.625Jul 17, 2025Close96.688Jul 21, 2025Close97.688Jul 23, 2025Close97.625Jul 25, 2025Close97.844Jul 29, 2025Close98.563Jul 31, 2025Close98.281Aug 4, 2025Close99.688Aug 6, 2025Close99.438Aug 8, 2025Close98.906Aug 12, 2025Close98.594Aug 14, 2025Close98.656Aug 18, 2025Close97.906Aug 20, 2025Close98.469Aug 22, 2025Close98.688Aug 26, 2025Close98.469Aug 28, 2025Close98.906Sep 2, 2025Close97.813Sep 4, 2025Close99.219Sep 8, 2025Close101.313Sep 10, 2025Close101.438Sep 12, 2025Close101.375Sep 16, 2025Close101.781Sep 18, 2025Close100.781Sep 22, 2025Close100.250Sep 24, 2025Close100.313Sep 26, 2025Close100.063Sep 30, 2025Close100.594Oct 2, 2025Close101.219Oct 6, 2025Close100.281Oct 8, 2025Close100.813Oct 10, 2025Close101.969Oct 15, 2025Close101.844Oct 17, 2025Close102.281Oct 21, 2025Close102.969Oct 23, 2025Close102.594Oct 27, 2025Close102.688Oct 29, 2025Close102.094Oct 31, 2025Close101.375Nov 4, 2025Close101.406Nov 6, 2025Close101.188Nov 10, 2025Close100.875Nov 13, 2025Close100.938Nov 17, 2025Close100.656Nov 19, 2025Close100.469Nov 21, 2025Close101.000Nov 25, 2025Close101.656Nov 28, 2025Close101.656Dec 2, 2025Close100.625Dec 4, 2025Close100.406Dec 8, 2025Close99.688Dec 10, 2025Close100.063Dec 12, 2025Close99.156Dec 16, 2025Close99.781Dec 18, 2025Close100.031Dec 22, 2025Close99.563Dec 24, 2025Close100.031Dec 29, 2025Close100.125Dec 31, 2025Close99.563Jan 5, 2026Close99.688Jan 7, 2026Close100.094Jan 9, 2026Close100.063Jan 13, 2026Close99.938Jan 15, 2026Close100.344Jan 20, 2026Close98.656Jan 22, 2026Close99.500Jan 26, 2026Close100.063Jan 28, 2026Close99.344Jan 30, 2026Close99.281Feb 3, 2026Close98.938Feb 5, 2026Close99.625Feb 9, 2026Close99.688Feb 11, 2026Close100.063Feb 13, 2026Close101.656Feb 18, 2026Close101.375Feb 20, 2026Close101.250Feb 24, 2026Close101.656Feb 26, 2026Close102.063Mar 2, 2026Close101.594Mar 4, 2026Close101.188Mar 6, 2026Close100.313Mar 10, 2026Close100.313Mar 12, 2026Close98.719Mar 16, 2026Close99.094Mar 18, 2026Close98.813Mar 20, 2026Close97.188Mar 24, 2026Close97.469Mar 26, 2026Close97.469Mar 30, 2026Close98.125Apr 1, 2026Close98.188Apr 3, 2026Close98.125Apr 7, 2026Close98.313Apr 9, 2026Close98.563Apr 13, 2026Close98.594Apr 15, 2026Close98.781Apr 17, 2026Close98.969Apr 21, 2026Close98.688Apr 23, 2026Close98.281Apr 27, 2026Close98.125Apr 29, 2026Close97.438May 1, 2026Close97.656May 5, 2026Close97.375May 7, 2026Close97.656May 11, 2026Close97.500May 13, 2026Close96.813May 15, 2026Close95.500May 19, 2026Close94.813May 21, 2026Close95.875May 26, 2026Close96.719May 28, 2026Close97.313Jun 1, 2026Close97.219Jun 3, 2026Close97.125Jun 5, 2026Close96.719Jun 9, 2026Close96.813Jun 11, 2026Close97.625Jun 15, 2026Close97.469Jun 17, 2026Close97.688Jun 22, 2026Close97.500Jun 24, 2026Close98.656Jun 26, 2026Close98.750Jun 30, 2026Close98.031Jul 2, 2026Close97.250Jul 7, 2026Close96.531Jul 9, 2026Close96.375Jul 13, 2026Close95.719Jul 15, 2026Close96.250Jul 17, 2026Close96.344Jul 21, 2026Close95.469Jul 23, 2026Close94.719Jul 27, 2026Close95.375Jul 29, 2026Close94.656Jul 31, 2026Close93.750Aug 4, 2026Close95.000Aug 6, 2026Close94.531Aug 10, 2026Close94.125Aug 12, 2026Close94.281Aug 14, 2026Close94.188Aug 18, 2026Close93.906Aug 20, 2026Close94.656Aug 24, 2026Close94.594Aug 26, 2026Close95.094Aug 28, 2026Close94.656Sep 1, 2026Close93.969Sep 3, 2026Close94.281Sep 8, 2026Close94.125Sep 9, 2026Close93.875
The most recent 20 trading days of prices for 912810UJ5.
DateBidOfferClose
Sep 9, 202693.62593.59493.875
Sep 8, 202694.31394.28194.125
Sep 4, 202694.35994.34494.281
Sep 3, 202694.50094.46994.281
Sep 2, 202693.98493.96994.000
Sep 1, 202694.32894.31393.969
Aug 31, 202694.20394.18894.313
Aug 28, 202695.01695.00094.656
Aug 27, 202695.17295.15694.969
Aug 26, 202695.14195.12595.094
Aug 25, 202695.21995.18895.281
Aug 24, 202694.78194.75094.594
Aug 21, 202694.23494.21994.125
Aug 20, 202694.45394.43894.656
Aug 19, 202694.90694.87595.063
Aug 18, 202693.76693.75093.906
Aug 17, 202693.92293.90693.625
Aug 14, 202694.15694.12594.188
Aug 13, 202694.73494.71994.750
Aug 12, 202694.45394.43894.281

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 912810UJ5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 19, 2025Feb 28, 2025New issue$16.0bn$17.6bn2.43x4.830%
Mar 18, 2025Mar 31, 2025Reopening$13.0bn$13.4bn2.78x4.632%
Apr 16, 2025Apr 30, 2025Reopening$13.0bn$13.9bn2.63x4.810%

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.