Treasury bond

912810UN6 · 4.875% due August 15, 2045

Original term
20-Year
Maturity
Aug 15, 2045
Coupon
4.875%
Pays
Semi-Annual
Dated
Aug 15, 2025
First coupon
Feb 15, 2026
Priced through
Sep 9, 2026
Analyzed through
Sep 9, 2026

Statement of August 31, 2026

Amount outstanding
$45.37bn
Held stripped
$175.2m
Share stripped
0.39%

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
5.280%
Modified duration
12.032 yr
DV01
0.1149
Convexity
193.522
Dirty price
95.532

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 12.205 years against a modified duration of 12.032.

Against the fitted curve

Priced 2.2 bp cheap to the curve on that day, 24.72 cents per 100 of face.

That is -0.20 standard deviations from its own typical residual.

Yield to maturity, 256 observations

4.4%4.6%4.8%5.0%5.2%5.4%Sep 2, 2025Sep 9, 2026Sep 2, 2025Yield to maturity4.924%Sep 4, 2025Yield to maturity4.809%Sep 8, 2025Yield to maturity4.647%Sep 10, 2025Yield to maturity4.638%Sep 12, 2025Yield to maturity4.642%Sep 16, 2025Yield to maturity4.609%Sep 18, 2025Yield to maturity4.687%Sep 22, 2025Yield to maturity4.731%Sep 24, 2025Yield to maturity4.726%Sep 26, 2025Yield to maturity4.743%Sep 30, 2025Yield to maturity4.704%Oct 2, 2025Yield to maturity4.656%Oct 6, 2025Yield to maturity4.728%Oct 8, 2025Yield to maturity4.687%Oct 10, 2025Yield to maturity4.594%Oct 15, 2025Yield to maturity4.603%Oct 17, 2025Yield to maturity4.570%Oct 21, 2025Yield to maturity4.519%Oct 23, 2025Yield to maturity4.549%Oct 27, 2025Yield to maturity4.542%Oct 29, 2025Yield to maturity4.584%Oct 31, 2025Yield to maturity4.643%Nov 4, 2025Yield to maturity4.643%Nov 6, 2025Yield to maturity4.660%Nov 10, 2025Yield to maturity4.684%Nov 13, 2025Yield to maturity4.679%Nov 17, 2025Yield to maturity4.703%Nov 19, 2025Yield to maturity4.718%Nov 21, 2025Yield to maturity4.677%Nov 25, 2025Yield to maturity4.626%Nov 28, 2025Yield to maturity4.626%Dec 2, 2025Yield to maturity4.705%Dec 4, 2025Yield to maturity4.725%Dec 8, 2025Yield to maturity4.781%Dec 10, 2025Yield to maturity4.749%Dec 12, 2025Yield to maturity4.822%Dec 16, 2025Yield to maturity4.776%Dec 18, 2025Yield to maturity4.754%Dec 22, 2025Yield to maturity4.790%Dec 24, 2025Yield to maturity4.751%Dec 29, 2025Yield to maturity4.746%Dec 31, 2025Yield to maturity4.790%Jan 5, 2026Yield to maturity4.783%Jan 7, 2026Yield to maturity4.751%Jan 9, 2026Yield to maturity4.756%Jan 13, 2026Yield to maturity4.761%Jan 15, 2026Yield to maturity4.729%Jan 20, 2026Yield to maturity4.865%Jan 22, 2026Yield to maturity4.795%Jan 26, 2026Yield to maturity4.751%Jan 28, 2026Yield to maturity4.808%Jan 30, 2026Yield to maturity4.813%Feb 3, 2026Yield to maturity4.840%Feb 5, 2026Yield to maturity4.786%Feb 9, 2026Yield to maturity4.781%Feb 11, 2026Yield to maturity4.749%Feb 13, 2026Yield to maturity4.627%Feb 18, 2026Yield to maturity4.649%Feb 20, 2026Yield to maturity4.659%Feb 24, 2026Yield to maturity4.627%Feb 26, 2026Yield to maturity4.596%Mar 2, 2026Yield to maturity4.634%Mar 4, 2026Yield to maturity4.661%Mar 6, 2026Yield to maturity4.731%Mar 10, 2026Yield to maturity4.731%Mar 12, 2026Yield to maturity4.860%Mar 16, 2026Yield to maturity4.830%Mar 18, 2026Yield to maturity4.852%Mar 20, 2026Yield to maturity4.986%Mar 24, 2026Yield to maturity4.963%Mar 26, 2026Yield to maturity4.966%Mar 30, 2026Yield to maturity4.912%Apr 1, 2026Yield to maturity4.907%Apr 3, 2026Yield to maturity4.910%Apr 7, 2026Yield to maturity4.895%Apr 9, 2026Yield to maturity4.875%Apr 13, 2026Yield to maturity4.874%Apr 15, 2026Yield to maturity4.859%Apr 17, 2026Yield to maturity4.844%Apr 21, 2026Yield to maturity4.864%Apr 23, 2026Yield to maturity4.900%Apr 27, 2026Yield to maturity4.912%Apr 29, 2026Yield to maturity4.968%May 1, 2026Yield to maturity4.950%May 5, 2026Yield to maturity4.973%May 7, 2026Yield to maturity4.953%May 11, 2026Yield to maturity4.963%May 13, 2026Yield to maturity5.022%May 15, 2026Yield to maturity5.134%May 19, 2026Yield to maturity5.190%May 21, 2026Yield to maturity5.100%May 26, 2026Yield to maturity5.028%May 28, 2026Yield to maturity4.981%Jun 1, 2026Yield to maturity4.987%Jun 3, 2026Yield to maturity4.994%Jun 5, 2026Yield to maturity5.028%Jun 9, 2026Yield to maturity5.020%Jun 11, 2026Yield to maturity4.953%Jun 15, 2026Yield to maturity4.969%Jun 17, 2026Yield to maturity4.951%Jun 22, 2026Yield to maturity4.961%Jun 24, 2026Yield to maturity4.867%Jun 26, 2026Yield to maturity4.862%Jun 30, 2026Yield to maturity4.918%Jul 2, 2026Yield to maturity4.990%Jul 7, 2026Yield to maturity5.047%Jul 9, 2026Yield to maturity5.057%Jul 13, 2026Yield to maturity5.115%Jul 15, 2026Yield to maturity5.070%Jul 17, 2026Yield to maturity5.065%Jul 21, 2026Yield to maturity5.142%Jul 23, 2026Yield to maturity5.206%Jul 27, 2026Yield to maturity5.150%Jul 29, 2026Yield to maturity5.214%Jul 31, 2026Yield to maturity5.290%Aug 4, 2026Yield to maturity5.182%Aug 6, 2026Yield to maturity5.222%Aug 10, 2026Yield to maturity5.257%Aug 12, 2026Yield to maturity5.244%Aug 14, 2026Yield to maturity5.252%Aug 18, 2026Yield to maturity5.277%Aug 20, 2026Yield to maturity5.212%Aug 24, 2026Yield to maturity5.215%Aug 26, 2026Yield to maturity5.175%Aug 28, 2026Yield to maturity5.212%Sep 1, 2026Yield to maturity5.272%Sep 3, 2026Yield to maturity5.244%Sep 8, 2026Yield to maturity5.258%Sep 9, 2026Yield to maturity5.280%

Price history

256 trading days to Sep 9, 2026

949698100102104106Sep 2, 2025Sep 9, 2026Sep 2, 2025Close99.375Sep 4, 2025Close100.844Sep 8, 2025Close102.938Sep 10, 2025Close103.063Sep 12, 2025Close103.000Sep 16, 2025Close103.438Sep 18, 2025Close102.406Sep 22, 2025Close101.844Sep 24, 2025Close101.906Sep 26, 2025Close101.688Sep 30, 2025Close102.188Oct 2, 2025Close102.813Oct 6, 2025Close101.875Oct 8, 2025Close102.406Oct 10, 2025Close103.625Oct 15, 2025Close103.500Oct 17, 2025Close103.938Oct 21, 2025Close104.625Oct 23, 2025Close104.219Oct 27, 2025Close104.313Oct 29, 2025Close103.750Oct 31, 2025Close102.969Nov 4, 2025Close102.969Nov 6, 2025Close102.750Nov 10, 2025Close102.438Nov 13, 2025Close102.500Nov 17, 2025Close102.188Nov 19, 2025Close102.000Nov 21, 2025Close102.531Nov 25, 2025Close103.188Nov 28, 2025Close103.188Dec 2, 2025Close102.156Dec 4, 2025Close101.906Dec 8, 2025Close101.188Dec 10, 2025Close101.594Dec 12, 2025Close100.656Dec 16, 2025Close101.250Dec 18, 2025Close101.531Dec 22, 2025Close101.063Dec 24, 2025Close101.563Dec 29, 2025Close101.625Dec 31, 2025Close101.063Jan 5, 2026Close101.156Jan 7, 2026Close101.563Jan 9, 2026Close101.500Jan 13, 2026Close101.438Jan 15, 2026Close101.844Jan 20, 2026Close100.125Jan 22, 2026Close101.000Jan 26, 2026Close101.563Jan 28, 2026Close100.844Jan 30, 2026Close100.781Feb 3, 2026Close100.438Feb 5, 2026Close101.125Feb 9, 2026Close101.188Feb 11, 2026Close101.594Feb 13, 2026Close103.156Feb 18, 2026Close102.875Feb 20, 2026Close102.750Feb 24, 2026Close103.156Feb 26, 2026Close103.563Mar 2, 2026Close103.063Mar 4, 2026Close102.719Mar 6, 2026Close101.813Mar 10, 2026Close101.813Mar 12, 2026Close100.188Mar 16, 2026Close100.563Mar 18, 2026Close100.281Mar 20, 2026Close98.625Mar 24, 2026Close98.906Mar 26, 2026Close98.875Mar 30, 2026Close99.531Apr 1, 2026Close99.594Apr 3, 2026Close99.563Apr 7, 2026Close99.750Apr 9, 2026Close100.000Apr 13, 2026Close100.000Apr 15, 2026Close100.188Apr 17, 2026Close100.375Apr 21, 2026Close100.125Apr 23, 2026Close99.688Apr 27, 2026Close99.531Apr 29, 2026Close98.844May 1, 2026Close99.063May 5, 2026Close98.781May 7, 2026Close99.031May 11, 2026Close98.906May 13, 2026Close98.188May 15, 2026Close96.844May 19, 2026Close96.188May 21, 2026Close97.250May 26, 2026Close98.125May 28, 2026Close98.688Jun 1, 2026Close98.625Jun 3, 2026Close98.531Jun 5, 2026Close98.125Jun 9, 2026Close98.219Jun 11, 2026Close99.031Jun 15, 2026Close98.844Jun 17, 2026Close99.063Jun 22, 2026Close98.938Jun 24, 2026Close100.094Jun 26, 2026Close100.156Jun 30, 2026Close99.469Jul 2, 2026Close98.594Jul 7, 2026Close97.906Jul 9, 2026Close97.781Jul 13, 2026Close97.094Jul 15, 2026Close97.625Jul 17, 2026Close97.688Jul 21, 2026Close96.781Jul 23, 2026Close96.031Jul 27, 2026Close96.688Jul 29, 2026Close95.938Jul 31, 2026Close95.063Aug 4, 2026Close96.313Aug 6, 2026Close95.844Aug 10, 2026Close95.438Aug 12, 2026Close95.594Aug 14, 2026Close95.500Aug 18, 2026Close95.219Aug 20, 2026Close95.969Aug 24, 2026Close95.938Aug 26, 2026Close96.406Aug 28, 2026Close95.969Sep 1, 2026Close95.281Sep 3, 2026Close95.594Sep 8, 2026Close95.438Sep 9, 2026Close95.188
The most recent 20 trading days of prices for 912810UN6.
DateBidOfferClose
Sep 9, 202694.92294.90695.188
Sep 8, 202695.60995.59495.438
Sep 4, 202695.67295.65695.594
Sep 3, 202695.79795.78195.594
Sep 2, 202695.26695.25095.281
Sep 1, 202695.60995.59495.281
Aug 31, 202695.48495.46995.625
Aug 28, 202696.32896.31395.969
Aug 27, 202696.46996.43896.281
Aug 26, 202696.45396.43896.406
Aug 25, 202696.54796.53196.594
Aug 24, 202696.10996.09495.938
Aug 21, 202695.54795.53195.438
Aug 20, 202695.76695.75095.969
Aug 19, 202696.23496.21996.406
Aug 18, 202695.07895.06395.219
Aug 17, 202695.23495.21994.938
Aug 14, 202695.45395.43895.500
Aug 13, 202696.06396.03196.094
Aug 12, 202695.76695.75095.594

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 912810UN6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 20, 2025Sep 2, 2025New issue$16.0bn$17.9bn2.54x4.876%
Sep 16, 2025Sep 30, 2025Reopening$13.0bn$13.7bn2.74x4.613%
Oct 22, 2025Oct 31, 2025Reopening$13.0bn$13.7bn2.73x4.506%

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.