Inflation-linked (TIPS)

9128282L3 · 0.375% due July 15, 2027

Original term
10-Year
Maturity
Jul 15, 2027
Coupon
0.375%
Pays
Semi-Annual
Dated
Jul 15, 2017
First coupon
Jan 15, 2018
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$50.08bn
Held stripped
$0.0m
Share stripped
0.00%

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. For an inflation-linked security the difference is mostly inflation rather than float: Treasury reports what a holder is owed today, which includes the uplift shown as the index ratio above, while the index keeps original par and carries the uplift in the price. The index figures are published per holding.

Inflation-linked measures, September 9, 2026

An inflation-linked security prices off a real curve, so its yield is a real yield, a return above inflation rather than in cash terms, and its principal is indexed. The figures below are in REAL terms unless labeled otherwise.

Real yield
1.759%
Index ratio
1.3652
Real duration
0.837 yr
DV01
0.0083
Convexity
1.115
Real clean price
98.844
Accrued (real)
0.058
Real dirty price
98.902
Indexed principal
136.515
Money clean price
134.937

The index ratio is a multiplier, not a percentage: 1.3652 means the principal is worth that many times its original face today. So the real clean price of 98.844 is not what a buyer pays , multiply by the ratio to get 134.937 per 100 of original face.

Against the fitted real curve

Priced 45.1 bp rich to the real curve on that day, 37.32 cents per 100 of face.

Not scored against its own history. A linker needs twenty observations before a score means anything.

Real yield, 2,280 observations

-2%-1%0%1%2%3%Jul 31, 2017Sep 9, 2026Jul 31, 2017Real yield0.475%Aug 14, 2017Real yield0.449%Aug 28, 2017Real yield0.407%Sep 12, 2017Real yield0.327%Sep 26, 2017Real yield0.398%Oct 11, 2017Real yield0.457%Oct 25, 2017Real yield0.557%Nov 8, 2017Real yield0.441%Nov 22, 2017Real yield0.475%Dec 7, 2017Real yield0.495%Dec 21, 2017Real yield0.543%Jan 8, 2018Real yield0.466%Jan 23, 2018Real yield0.541%Feb 6, 2018Real yield0.652%Feb 21, 2018Real yield0.786%Mar 7, 2018Real yield0.725%Mar 21, 2018Real yield0.754%Apr 5, 2018Real yield0.699%Apr 19, 2018Real yield0.690%May 3, 2018Real yield0.734%May 17, 2018Real yield0.891%Jun 1, 2018Real yield0.745%Jun 15, 2018Real yield0.753%Jun 29, 2018Real yield0.682%Jul 16, 2018Real yield0.698%Jul 30, 2018Real yield0.836%Aug 13, 2018Real yield0.756%Aug 27, 2018Real yield0.713%Sep 11, 2018Real yield0.842%Sep 25, 2018Real yield0.916%Oct 10, 2018Real yield1.041%Oct 24, 2018Real yield1.021%Nov 7, 2018Real yield1.137%Nov 23, 2018Real yield1.078%Dec 10, 2018Real yield0.987%Dec 24, 2018Real yield0.994%Jan 9, 2019Real yield0.891%Jan 24, 2019Real yield0.909%Feb 7, 2019Real yield0.758%Feb 22, 2019Real yield0.671%Mar 8, 2019Real yield0.652%Mar 22, 2019Real yield0.463%Apr 5, 2019Real yield0.522%Apr 22, 2019Real yield0.574%May 6, 2019Real yield0.531%May 20, 2019Real yield0.528%Jun 4, 2019Real yield0.316%Jun 18, 2019Real yield0.355%Jul 2, 2019Real yield0.265%Jul 17, 2019Real yield0.241%Jul 31, 2019Real yield0.232%Aug 14, 2019Real yield0.027%Aug 28, 2019Real yield-0.072%Sep 12, 2019Real yield0.174%Sep 26, 2019Real yield0.145%Oct 10, 2019Real yield0.148%Oct 25, 2019Real yield0.143%Nov 8, 2019Real yield0.215%Nov 25, 2019Real yield0.124%Dec 10, 2019Real yield0.127%Dec 24, 2019Real yield0.109%Jan 9, 2020Real yield0.054%Jan 24, 2020Real yield-0.059%Feb 7, 2020Real yield-0.148%Feb 24, 2020Real yield-0.290%Mar 9, 2020Real yield-0.334%Mar 23, 2020Real yield0.177%Apr 6, 2020Real yield-0.338%Apr 21, 2020Real yield-0.296%May 5, 2020Real yield-0.437%May 19, 2020Real yield-0.499%Jun 3, 2020Real yield-0.525%Jun 17, 2020Real yield-0.655%Jul 1, 2020Real yield-0.830%Jul 16, 2020Real yield-0.952%Jul 30, 2020Real yield-1.103%Aug 13, 2020Real yield-1.140%Aug 27, 2020Real yield-1.214%Sep 11, 2020Real yield-1.224%Sep 25, 2020Real yield-1.163%Oct 9, 2020Real yield-1.188%Oct 26, 2020Real yield-1.168%Nov 9, 2020Real yield-1.040%Nov 24, 2020Real yield-1.126%Dec 9, 2020Real yield-1.298%Dec 23, 2020Real yield-1.384%Jan 8, 2021Real yield-1.380%Jan 25, 2021Real yield-1.580%Feb 8, 2021Real yield-1.605%Feb 23, 2021Real yield-1.457%Mar 9, 2021Real yield-1.309%Mar 23, 2021Real yield-1.341%Apr 6, 2021Real yield-1.325%Apr 20, 2021Real yield-1.430%May 4, 2021Real yield-1.594%May 18, 2021Real yield-1.673%Jun 2, 2021Real yield-1.587%Jun 16, 2021Real yield-1.360%Jun 30, 2021Real yield-1.459%Jul 15, 2021Real yield-1.639%Jul 29, 2021Real yield-1.819%Aug 12, 2021Real yield-1.684%Aug 26, 2021Real yield-1.612%Sep 10, 2021Real yield-1.699%Sep 24, 2021Real yield-1.476%Oct 8, 2021Real yield-1.528%Oct 25, 2021Real yield-1.653%Nov 8, 2021Real yield-1.710%Nov 23, 2021Real yield-1.567%Dec 8, 2021Real yield-1.500%Dec 22, 2021Real yield-1.416%Jan 6, 2022Real yield-1.228%Jan 21, 2022Real yield-1.105%Feb 4, 2022Real yield-0.944%Feb 18, 2022Real yield-0.959%Mar 7, 2022Real yield-1.490%Mar 21, 2022Real yield-1.093%Apr 4, 2022Real yield-0.614%Apr 19, 2022Real yield-0.409%May 3, 2022Real yield-0.269%May 17, 2022Real yield-0.132%Jun 1, 2022Real yield-0.034%Jun 15, 2022Real yield0.344%Jun 30, 2022Real yield0.406%Jul 15, 2022Real yield0.419%Jul 29, 2022Real yield-0.103%Aug 12, 2022Real yield0.228%Aug 26, 2022Real yield0.388%Sep 12, 2022Real yield0.878%Sep 26, 2022Real yield1.773%Oct 11, 2022Real yield1.721%Oct 25, 2022Real yield1.653%Nov 8, 2022Real yield1.736%Nov 23, 2022Real yield1.581%Dec 8, 2022Real yield1.388%Dec 22, 2022Real yield1.579%Jan 9, 2023Real yield1.533%Jan 24, 2023Real yield1.350%Feb 7, 2023Real yield1.486%Feb 22, 2023Real yield1.633%Mar 8, 2023Real yield1.908%Mar 22, 2023Real yield1.240%Apr 5, 2023Real yield1.072%Apr 19, 2023Real yield1.404%May 3, 2023Real yield1.163%May 17, 2023Real yield1.415%Jun 1, 2023Real yield1.635%Jun 15, 2023Real yield1.762%Jun 30, 2023Real yield2.012%Jul 17, 2023Real yield1.928%Jul 31, 2023Real yield1.977%Aug 14, 2023Real yield2.131%Aug 28, 2023Real yield2.227%Sep 12, 2023Real yield2.175%Sep 26, 2023Real yield2.437%Oct 11, 2023Real yield2.422%Oct 25, 2023Real yield2.573%Nov 8, 2023Real yield2.334%Nov 22, 2023Real yield2.337%Dec 7, 2023Real yield2.151%Dec 21, 2023Real yield1.830%Jan 8, 2024Real yield1.898%Jan 23, 2024Real yield1.868%Feb 6, 2024Real yield1.845%Feb 21, 2024Real yield1.932%Mar 6, 2024Real yield1.781%Mar 20, 2024Real yield1.878%Apr 3, 2024Real yield1.966%Apr 17, 2024Real yield2.161%May 1, 2024Real yield2.266%May 15, 2024Real yield2.119%May 30, 2024Real yield2.261%Jun 13, 2024Real yield2.175%Jun 28, 2024Real yield2.126%Jul 15, 2024Real yield1.950%Jul 29, 2024Real yield1.981%Aug 12, 2024Real yield1.809%Aug 26, 2024Real yield1.668%Sep 10, 2024Real yield1.560%Sep 24, 2024Real yield1.274%Oct 8, 2024Real yield1.568%Oct 23, 2024Real yield1.646%Nov 6, 2024Real yield1.652%Nov 21, 2024Real yield1.709%Dec 6, 2024Real yield1.619%Dec 20, 2024Real yield1.868%Jan 7, 2025Real yield1.776%Jan 22, 2025Real yield1.615%Feb 5, 2025Real yield1.329%Feb 20, 2025Real yield1.291%Mar 6, 2025Real yield1.129%Mar 20, 2025Real yield1.086%Apr 3, 2025Real yield0.693%Apr 17, 2025Real yield0.954%May 1, 2025Real yield0.776%May 15, 2025Real yield1.122%May 30, 2025Real yield1.063%Jun 13, 2025Real yield1.245%Jun 30, 2025Real yield1.043%Jul 15, 2025Real yield1.025%Jul 29, 2025Real yield0.956%Aug 12, 2025Real yield0.885%Aug 26, 2025Real yield0.710%Sep 10, 2025Real yield0.666%Sep 24, 2025Real yield0.724%Oct 8, 2025Real yield0.732%Oct 23, 2025Real yield0.703%Nov 6, 2025Real yield0.974%Nov 21, 2025Real yield1.029%Dec 8, 2025Real yield1.086%Dec 22, 2025Real yield1.164%Jan 7, 2026Real yield1.040%Jan 22, 2026Real yield0.930%Feb 5, 2026Real yield0.659%Feb 20, 2026Real yield0.646%Mar 6, 2026Real yield0.329%Mar 20, 2026Real yield0.375%Apr 3, 2026Real yield0.424%Apr 17, 2026Real yield0.451%May 1, 2026Real yield0.323%May 15, 2026Real yield0.510%Jun 1, 2026Real yield0.881%Jun 15, 2026Real yield1.310%Jun 30, 2026Real yield1.994%Jul 15, 2026Real yield2.190%Jul 29, 2026Real yield2.330%Aug 12, 2026Real yield2.411%Aug 26, 2026Real yield2.062%Sep 9, 2026Real yield1.759%

Price history

2,280 trading days to Sep 9, 2026

9095100105110115Jul 31, 2017Sep 9, 2026Jul 31, 2017Close99.031Aug 14, 2017Close99.281Aug 28, 2017Close99.688Sep 12, 2017Close100.469Sep 26, 2017Close99.781Oct 11, 2017Close99.219Oct 25, 2017Close98.281Nov 8, 2017Close99.375Nov 22, 2017Close99.063Dec 7, 2017Close98.875Dec 21, 2017Close98.438Jan 8, 2018Close99.156Jan 23, 2018Close98.469Feb 6, 2018Close97.469Feb 21, 2018Close96.281Mar 7, 2018Close96.844Mar 21, 2018Close96.594Apr 5, 2018Close97.094Apr 19, 2018Close97.188May 3, 2018Close96.813May 17, 2018Close95.469Jun 1, 2018Close96.750Jun 15, 2018Close96.688Jun 29, 2018Close97.313Jul 16, 2018Close97.188Jul 30, 2018Close96.031Aug 13, 2018Close96.719Aug 27, 2018Close97.094Sep 11, 2018Close96.031Sep 25, 2018Close95.438Oct 10, 2018Close94.438Oct 24, 2018Close94.625Nov 7, 2018Close93.719Nov 23, 2018Close94.219Dec 10, 2018Close94.969Dec 24, 2018Close94.938Jan 9, 2019Close95.781Jan 24, 2019Close95.656Feb 7, 2019Close96.875Feb 22, 2019Close97.594Mar 8, 2019Close97.750Mar 22, 2019Close99.281Apr 5, 2019Close98.813Apr 22, 2019Close98.406May 6, 2019Close98.750May 20, 2019Close98.781Jun 4, 2019Close100.469Jun 18, 2019Close100.156Jul 2, 2019Close100.875Jul 17, 2019Close101.063Jul 31, 2019Close101.125Aug 14, 2019Close102.750Aug 28, 2019Close103.531Sep 12, 2019Close101.563Sep 26, 2019Close101.781Oct 10, 2019Close101.750Oct 25, 2019Close101.781Nov 8, 2019Close101.219Nov 25, 2019Close101.906Dec 10, 2019Close101.875Dec 24, 2019Close102.000Jan 9, 2020Close102.406Jan 24, 2020Close103.250Feb 7, 2020Close103.906Feb 24, 2020Close104.969Mar 9, 2020Close105.281Mar 23, 2020Close101.438Apr 6, 2020Close105.250Apr 21, 2020Close104.906May 5, 2020Close105.938May 19, 2020Close106.375Jun 3, 2020Close106.531Jun 17, 2020Close107.469Jul 1, 2020Close108.750Jul 16, 2020Close109.625Jul 30, 2020Close110.719Aug 13, 2020Close110.938Aug 27, 2020Close111.438Sep 11, 2020Close111.438Sep 25, 2020Close110.906Oct 9, 2020Close111.031Oct 26, 2020Close110.813Nov 9, 2020Close109.813Nov 24, 2020Close110.375Dec 9, 2020Close111.563Dec 23, 2020Close112.125Jan 8, 2021Close112.000Jan 25, 2021Close113.375Feb 8, 2021Close113.469Feb 23, 2021Close112.313Mar 9, 2021Close111.188Mar 23, 2021Close111.344Apr 6, 2021Close111.156Apr 20, 2021Close111.813May 4, 2021Close112.875May 18, 2021Close113.344Jun 2, 2021Close112.656Jun 16, 2021Close111.031Jun 30, 2021Close111.625Jul 15, 2021Close112.750Jul 29, 2021Close113.875Aug 12, 2021Close112.875Aug 26, 2021Close112.313Sep 10, 2021Close112.781Sep 24, 2021Close111.250Oct 8, 2021Close111.500Oct 25, 2021Close112.219Nov 8, 2021Close112.500Nov 23, 2021Close111.500Dec 8, 2021Close111.000Dec 22, 2021Close110.406Jan 6, 2022Close109.188Jan 21, 2022Close108.375Feb 4, 2022Close107.375Feb 18, 2022Close107.406Mar 7, 2022Close110.438Mar 21, 2022Close108.063Apr 4, 2022Close105.313Apr 19, 2022Close104.156May 3, 2022Close103.375May 17, 2022Close102.625Jun 1, 2022Close102.094Jun 15, 2022Close100.156Jun 30, 2022Close99.844Jul 15, 2022Close99.781Jul 29, 2022Close102.375Aug 12, 2022Close100.719Aug 26, 2022Close99.938Sep 12, 2022Close97.625Sep 26, 2022Close93.594Oct 11, 2022Close93.875Oct 25, 2022Close94.219Nov 8, 2022Close93.906Nov 23, 2022Close94.625Dec 8, 2022Close95.500Dec 22, 2022Close94.719Jan 9, 2023Close94.969Jan 24, 2023Close95.781Feb 7, 2023Close95.250Feb 22, 2023Close94.688Mar 8, 2023Close93.625Mar 22, 2023Close96.375Apr 5, 2023Close97.094Apr 19, 2023Close95.781May 3, 2023Close96.781May 17, 2023Close95.813Jun 1, 2023Close95.000Jun 15, 2023Close94.563Jun 30, 2023Close93.688Jul 17, 2023Close94.063Jul 31, 2023Close93.938Aug 14, 2023Close93.438Aug 28, 2023Close93.156Sep 12, 2023Close93.406Sep 26, 2023Close92.563Oct 11, 2023Close92.688Oct 25, 2023Close92.250Nov 8, 2023Close93.125Nov 22, 2023Close93.188Dec 7, 2023Close93.875Dec 21, 2023Close95.000Jan 8, 2024Close94.844Jan 23, 2024Close95.000Feb 6, 2024Close95.125Feb 21, 2024Close94.906Mar 6, 2024Close95.438Mar 20, 2024Close95.188Apr 3, 2024Close94.969Apr 17, 2024Close94.438May 1, 2024Close94.188May 15, 2024Close94.688May 30, 2024Close94.344Jun 13, 2024Close94.656Jun 28, 2024Close94.875Jul 15, 2024Close95.438Jul 29, 2024Close95.406Aug 12, 2024Close95.938Aug 26, 2024Close96.375Sep 10, 2024Close96.719Sep 24, 2024Close97.531Oct 8, 2024Close96.781Oct 23, 2024Close96.625Nov 6, 2024Close96.656Nov 21, 2024Close96.563Dec 6, 2024Close96.844Dec 20, 2024Close96.281Jan 7, 2025Close96.563Jan 22, 2025Close97.000Feb 5, 2025Close97.719Feb 20, 2025Close97.844Mar 6, 2025Close98.250Mar 20, 2025Close98.375Apr 3, 2025Close99.281Apr 17, 2025Close98.719May 1, 2025Close99.125May 15, 2025Close98.406May 30, 2025Close98.563Jun 13, 2025Close98.219Jun 30, 2025Close98.656Jul 15, 2025Close98.719Jul 29, 2025Close98.875Aug 12, 2025Close99.031Aug 26, 2025Close99.375Sep 10, 2025Close99.469Sep 24, 2025Close99.375Oct 8, 2025Close99.375Oct 23, 2025Close99.438Nov 6, 2025Close99.000Nov 21, 2025Close98.938Dec 8, 2025Close98.875Dec 22, 2025Close98.781Jan 7, 2026Close99.000Jan 22, 2026Close99.188Feb 5, 2026Close99.594Feb 20, 2026Close99.625Mar 6, 2026Close100.063Mar 20, 2026Close100.000Apr 3, 2026Close99.938Apr 17, 2026Close99.906May 1, 2026Close100.063May 15, 2026Close99.844Jun 1, 2026Close99.438Jun 15, 2026Close99.000Jun 30, 2026Close98.344Jul 15, 2026Close98.219Jul 29, 2026Close98.156Aug 12, 2026Close98.156Aug 26, 2026Close98.531Sep 9, 2026Close98.844
The most recent 20 trading days of prices for 9128282L3.
DateBidOfferClose
Sep 9, 202698.89198.84498.844
Sep 8, 202698.84498.81398.813
Sep 4, 202698.75098.71998.750
Sep 3, 202698.75098.71998.719
Sep 2, 202698.71998.68898.656
Sep 1, 202698.64198.59498.656
Aug 31, 202698.59498.56398.563
Aug 28, 202698.53198.50098.469
Aug 27, 202698.59498.56398.563
Aug 26, 202698.53198.50098.531
Aug 25, 202698.53198.50098.500
Aug 24, 202698.53198.50098.500
Aug 21, 202698.56398.53198.531
Aug 20, 202698.46998.43898.469
Aug 19, 202698.37598.34498.344
Aug 18, 202698.31398.28198.281
Aug 17, 202698.25098.21998.250
Aug 14, 202698.23498.18898.188
Aug 13, 202698.21998.18898.156
Aug 12, 202698.20398.15698.156

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 9128282L3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 20, 2017Jul 31, 2017New issue$13.0bn$14.3bn1.98x0.489%
Sep 21, 2017Sep 29, 2017Reopening$11.0bn$11.0bn2.32x0.450%
Nov 16, 2017Nov 30, 2017Reopening$11.0bn$11.6bn2.43x0.512%

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.