Treasury bond

912810UL0 · 5% due May 15, 2045

Original term
20-Year
Maturity
May 15, 2045
Coupon
5.000%
Pays
Semi-Annual
Dated
May 15, 2025
First coupon
Nov 15, 2025
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$46.36bn
Held stripped
$219.8m
Share stripped
0.47%

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
5.272%
Modified duration
11.729 yr
DV01
0.1154
Convexity
186.181
Dirty price
98.385

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 11.899 years against a modified duration of 11.729.

Against the fitted curve

Priced 2.4 bp cheap to the curve on that day, 27.59 cents per 100 of face.

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

Yield to maturity, 319 observations

4.4%4.6%4.8%5.0%5.2%5.4%Jun 2, 2025Sep 9, 2026Jun 2, 2025Yield to maturity4.995%Jun 4, 2025Yield to maturity4.893%Jun 6, 2025Yield to maturity4.992%Jun 10, 2025Yield to maturity4.957%Jun 12, 2025Yield to maturity4.854%Jun 16, 2025Yield to maturity4.975%Jun 18, 2025Yield to maturity4.896%Jun 23, 2025Yield to maturity4.871%Jun 25, 2025Yield to maturity4.835%Jun 27, 2025Yield to maturity4.847%Jul 1, 2025Yield to maturity4.781%Jul 3, 2025Yield to maturity4.864%Jul 8, 2025Yield to maturity4.942%Jul 10, 2025Yield to maturity4.863%Jul 14, 2025Yield to maturity4.967%Jul 16, 2025Yield to maturity5.007%Jul 18, 2025Yield to maturity4.992%Jul 22, 2025Yield to maturity4.895%Jul 24, 2025Yield to maturity4.950%Jul 28, 2025Yield to maturity4.954%Jul 30, 2025Yield to maturity4.893%Aug 1, 2025Yield to maturity4.783%Aug 5, 2025Yield to maturity4.756%Aug 7, 2025Yield to maturity4.797%Aug 11, 2025Yield to maturity4.822%Aug 13, 2025Yield to maturity4.800%Aug 15, 2025Yield to maturity4.905%Aug 19, 2025Yield to maturity4.880%Aug 21, 2025Yield to maturity4.905%Aug 25, 2025Yield to maturity4.868%Aug 27, 2025Yield to maturity4.873%Aug 29, 2025Yield to maturity4.865%Sep 3, 2025Yield to maturity4.848%Sep 5, 2025Yield to maturity4.717%Sep 9, 2025Yield to maturity4.667%Sep 11, 2025Yield to maturity4.601%Sep 15, 2025Yield to maturity4.620%Sep 17, 2025Yield to maturity4.622%Sep 19, 2025Yield to maturity4.710%Sep 23, 2025Yield to maturity4.693%Sep 25, 2025Yield to maturity4.724%Sep 29, 2025Yield to maturity4.686%Oct 1, 2025Yield to maturity4.678%Oct 3, 2025Yield to maturity4.674%Oct 7, 2025Yield to maturity4.683%Oct 9, 2025Yield to maturity4.688%Oct 14, 2025Yield to maturity4.576%Oct 16, 2025Yield to maturity4.541%Oct 20, 2025Yield to maturity4.543%Oct 22, 2025Yield to maturity4.508%Oct 24, 2025Yield to maturity4.553%Oct 28, 2025Yield to maturity4.515%Oct 30, 2025Yield to maturity4.626%Nov 3, 2025Yield to maturity4.659%Nov 5, 2025Yield to maturity4.709%Nov 7, 2025Yield to maturity4.661%Nov 12, 2025Yield to maturity4.632%Nov 14, 2025Yield to maturity4.714%Nov 18, 2025Yield to maturity4.702%Nov 20, 2025Yield to maturity4.685%Nov 24, 2025Yield to maturity4.630%Nov 26, 2025Yield to maturity4.589%Dec 1, 2025Yield to maturity4.699%Dec 3, 2025Yield to maturity4.677%Dec 5, 2025Yield to maturity4.747%Dec 9, 2025Yield to maturity4.771%Dec 11, 2025Yield to maturity4.747%Dec 15, 2025Yield to maturity4.798%Dec 17, 2025Yield to maturity4.776%Dec 19, 2025Yield to maturity4.773%Dec 23, 2025Yield to maturity4.776%Dec 26, 2025Yield to maturity4.756%Dec 30, 2025Yield to maturity4.741%Jan 2, 2026Yield to maturity4.792%Jan 6, 2026Yield to maturity4.787%Jan 8, 2026Yield to maturity4.778%Jan 12, 2026Yield to maturity4.763%Jan 14, 2026Yield to maturity4.714%Jan 16, 2026Yield to maturity4.768%Jan 21, 2026Yield to maturity4.814%Jan 23, 2026Yield to maturity4.772%Jan 27, 2026Yield to maturity4.777%Jan 29, 2026Yield to maturity4.792%Feb 2, 2026Yield to maturity4.839%Feb 4, 2026Yield to maturity4.849%Feb 6, 2026Yield to maturity4.779%Feb 10, 2026Yield to maturity4.709%Feb 12, 2026Yield to maturity4.655%Feb 17, 2026Yield to maturity4.610%Feb 19, 2026Yield to maturity4.631%Feb 23, 2026Yield to maturity4.617%Feb 25, 2026Yield to maturity4.617%Feb 27, 2026Yield to maturity4.552%Mar 3, 2026Yield to maturity4.633%Mar 5, 2026Yield to maturity4.693%Mar 9, 2026Yield to maturity4.686%Mar 11, 2026Yield to maturity4.811%Mar 13, 2026Yield to maturity4.881%Mar 17, 2026Yield to maturity4.803%Mar 19, 2026Yield to maturity4.816%Mar 23, 2026Yield to maturity4.928%Mar 25, 2026Yield to maturity4.896%Mar 27, 2026Yield to maturity4.992%Mar 31, 2026Yield to maturity4.863%Apr 2, 2026Yield to maturity4.865%Apr 6, 2026Yield to maturity4.878%Apr 8, 2026Yield to maturity4.855%Apr 10, 2026Yield to maturity4.883%Apr 14, 2026Yield to maturity4.823%Apr 16, 2026Yield to maturity4.888%Apr 20, 2026Yield to maturity4.828%Apr 22, 2026Yield to maturity4.863%Apr 24, 2026Yield to maturity4.868%Apr 28, 2026Yield to maturity4.908%Apr 30, 2026Yield to maturity4.959%May 4, 2026Yield to maturity5.000%May 6, 2026Yield to maturity4.906%May 8, 2026Yield to maturity4.916%May 12, 2026Yield to maturity5.005%May 14, 2026Yield to maturity5.000%May 18, 2026Yield to maturity5.132%May 20, 2026Yield to maturity5.106%May 22, 2026Yield to maturity5.067%May 27, 2026Yield to maturity5.002%May 29, 2026Yield to maturity4.972%Jun 2, 2026Yield to maturity4.954%Jun 4, 2026Yield to maturity4.969%Jun 8, 2026Yield to maturity5.038%Jun 10, 2026Yield to maturity5.036%Jun 12, 2026Yield to maturity4.971%Jun 16, 2026Yield to maturity4.913%Jun 18, 2026Yield to maturity4.905%Jun 23, 2026Yield to maturity4.948%Jun 25, 2026Yield to maturity4.854%Jun 29, 2026Yield to maturity4.847%Jul 1, 2026Yield to maturity4.961%Jul 6, 2026Yield to maturity4.976%Jul 8, 2026Yield to maturity5.062%Jul 10, 2026Yield to maturity5.067%Jul 14, 2026Yield to maturity5.080%Jul 16, 2026Yield to maturity5.080%Jul 20, 2026Yield to maturity5.104%Jul 22, 2026Yield to maturity5.164%Jul 24, 2026Yield to maturity5.178%Jul 28, 2026Yield to maturity5.104%Jul 30, 2026Yield to maturity5.210%Aug 3, 2026Yield to maturity5.231%Aug 5, 2026Yield to maturity5.167%Aug 7, 2026Yield to maturity5.191%Aug 11, 2026Yield to maturity5.239%Aug 13, 2026Yield to maturity5.191%Aug 17, 2026Yield to maturity5.293%Aug 19, 2026Yield to maturity5.167%Aug 21, 2026Yield to maturity5.250%Aug 25, 2026Yield to maturity5.151%Aug 27, 2026Yield to maturity5.178%Aug 31, 2026Yield to maturity5.237%Sep 2, 2026Yield to maturity5.264%Sep 4, 2026Yield to maturity5.237%Sep 9, 2026Yield to maturity5.272%

Price history

319 trading days to Sep 9, 2026

9698100102104106108Jun 2, 2025Sep 9, 2026Jun 2, 2025Close100.063Jun 4, 2025Close101.344Jun 6, 2025Close100.094Jun 10, 2025Close100.531Jun 12, 2025Close101.844Jun 16, 2025Close100.313Jun 18, 2025Close101.313Jun 23, 2025Close101.625Jun 25, 2025Close102.094Jun 27, 2025Close101.938Jul 1, 2025Close102.781Jul 3, 2025Close101.719Jul 8, 2025Close100.719Jul 10, 2025Close101.719Jul 14, 2025Close100.406Jul 16, 2025Close99.906Jul 18, 2025Close100.094Jul 22, 2025Close101.313Jul 24, 2025Close100.625Jul 28, 2025Close100.563Jul 30, 2025Close101.344Aug 1, 2025Close102.750Aug 5, 2025Close103.094Aug 7, 2025Close102.563Aug 11, 2025Close102.250Aug 13, 2025Close102.531Aug 15, 2025Close101.188Aug 19, 2025Close101.500Aug 21, 2025Close101.188Aug 25, 2025Close101.656Aug 27, 2025Close101.594Aug 29, 2025Close101.688Sep 3, 2025Close101.906Sep 5, 2025Close103.594Sep 9, 2025Close104.250Sep 11, 2025Close105.125Sep 15, 2025Close104.875Sep 17, 2025Close104.844Sep 19, 2025Close103.688Sep 23, 2025Close103.906Sep 25, 2025Close103.500Sep 29, 2025Close104.000Oct 1, 2025Close104.094Oct 3, 2025Close104.156Oct 7, 2025Close104.031Oct 9, 2025Close103.969Oct 14, 2025Close105.438Oct 16, 2025Close105.906Oct 20, 2025Close105.875Oct 22, 2025Close106.344Oct 24, 2025Close105.750Oct 28, 2025Close106.250Oct 30, 2025Close104.781Nov 3, 2025Close104.344Nov 5, 2025Close103.688Nov 7, 2025Close104.313Nov 12, 2025Close104.688Nov 14, 2025Close103.625Nov 18, 2025Close103.781Nov 20, 2025Close104.000Nov 24, 2025Close104.719Nov 26, 2025Close105.250Dec 1, 2025Close103.813Dec 3, 2025Close104.094Dec 5, 2025Close103.188Dec 9, 2025Close102.875Dec 11, 2025Close103.188Dec 15, 2025Close102.531Dec 17, 2025Close102.813Dec 19, 2025Close102.844Dec 23, 2025Close102.813Dec 26, 2025Close103.063Dec 30, 2025Close103.250Jan 2, 2026Close102.594Jan 6, 2026Close102.656Jan 8, 2026Close102.781Jan 12, 2026Close102.969Jan 14, 2026Close103.594Jan 16, 2026Close102.906Jan 21, 2026Close102.313Jan 23, 2026Close102.844Jan 27, 2026Close102.781Jan 29, 2026Close102.594Feb 2, 2026Close102.000Feb 4, 2026Close101.875Feb 6, 2026Close102.750Feb 10, 2026Close103.656Feb 12, 2026Close104.344Feb 17, 2026Close104.938Feb 19, 2026Close104.656Feb 23, 2026Close104.844Feb 25, 2026Close104.844Feb 27, 2026Close105.688Mar 3, 2026Close104.625Mar 5, 2026Close103.844Mar 9, 2026Close103.938Mar 11, 2026Close102.344Mar 13, 2026Close101.469Mar 17, 2026Close102.438Mar 19, 2026Close102.281Mar 23, 2026Close100.875Mar 25, 2026Close101.281Mar 27, 2026Close100.094Mar 31, 2026Close101.688Apr 2, 2026Close101.656Apr 6, 2026Close101.500Apr 8, 2026Close101.781Apr 10, 2026Close101.438Apr 14, 2026Close102.188Apr 16, 2026Close101.375Apr 20, 2026Close102.125Apr 22, 2026Close101.688Apr 24, 2026Close101.625Apr 28, 2026Close101.125Apr 30, 2026Close100.500May 4, 2026Close100.000May 6, 2026Close101.156May 8, 2026Close101.031May 12, 2026Close99.938May 14, 2026Close100.000May 18, 2026Close98.406May 20, 2026Close98.719May 22, 2026Close99.188May 27, 2026Close99.969May 29, 2026Close100.344Jun 2, 2026Close100.563Jun 4, 2026Close100.375Jun 8, 2026Close99.531Jun 10, 2026Close99.563Jun 12, 2026Close100.344Jun 16, 2026Close101.063Jun 18, 2026Close101.156Jun 23, 2026Close100.625Jun 25, 2026Close101.781Jun 29, 2026Close101.875Jul 1, 2026Close100.469Jul 6, 2026Close100.281Jul 8, 2026Close99.250Jul 10, 2026Close99.188Jul 14, 2026Close99.031Jul 16, 2026Close99.031Jul 20, 2026Close98.750Jul 22, 2026Close98.031Jul 24, 2026Close97.875Jul 28, 2026Close98.750Jul 30, 2026Close97.500Aug 3, 2026Close97.250Aug 5, 2026Close98.000Aug 7, 2026Close97.719Aug 11, 2026Close97.156Aug 13, 2026Close97.719Aug 17, 2026Close96.531Aug 19, 2026Close98.000Aug 21, 2026Close97.031Aug 25, 2026Close98.188Aug 27, 2026Close97.875Aug 31, 2026Close97.188Sep 2, 2026Close96.875Sep 4, 2026Close97.188Sep 9, 2026Close96.781
The most recent 20 trading days of prices for 912810UL0.
DateBidOfferClose
Sep 9, 202696.50096.46996.781
Sep 8, 202697.21997.18897.031
Sep 4, 202697.26697.25097.188
Sep 3, 202697.39197.37597.188
Sep 2, 202696.87596.84496.875
Sep 1, 202697.20397.18896.875
Aug 31, 202697.06397.03197.188
Aug 28, 202697.90697.87597.531
Aug 27, 202698.09498.06397.875
Aug 26, 202698.06398.03198.000
Aug 25, 202698.14198.12598.188
Aug 24, 202697.70397.68897.531
Aug 21, 202697.15697.12597.031
Aug 20, 202697.39197.37597.563
Aug 19, 202697.84497.81398.000
Aug 18, 202696.67296.65696.813
Aug 17, 202696.84496.81396.531
Aug 14, 202697.07897.06397.094
Aug 13, 202697.68897.65697.719
Aug 12, 202697.39197.37597.219

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 912810UL0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 21, 2025Jun 2, 2025New issue$16.0bn$18.2bn2.46x5.047%
Jun 16, 2025Jun 30, 2025Reopening$13.0bn$14.3bn2.68x4.942%
Jul 23, 2025Jul 31, 2025Reopening$13.0bn$13.9bn2.79x4.935%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.