Inflation-linked (TIPS)

912828ZZ6 · 0.125% due July 15, 2030

Original term
10-Year
Maturity
Jul 15, 2030
Coupon
0.125%
Pays
Semi-Annual
Dated
Jul 15, 2020
First coupon
Jan 15, 2021
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$54.69bn
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
2.027%
Index ratio
1.3025
Real duration
3.797 yr
DV01
0.0353
Convexity
16.323
Real clean price
93.000
Accrued (real)
0.019
Real dirty price
93.019
Indexed principal
130.247
Money clean price
121.130

The index ratio is a multiplier, not a percentage: 1.3025 means the principal is worth that many times its original face today. So the real clean price of 93.000 is not what a buyer pays , multiply by the ratio to get 121.130 per 100 of original face.

Against the fitted real curve

Priced 5.5 bp rich to the real curve on that day, 19.58 cents per 100 of face.

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

Real yield, 1,529 observations

-2%-1%0%1%2%3%Jul 31, 2020Sep 9, 2026Jul 31, 2020Real yield-1.004%Aug 11, 2020Real yield-0.993%Aug 20, 2020Real yield-0.973%Aug 31, 2020Real yield-1.086%Sep 10, 2020Real yield-1.013%Sep 21, 2020Real yield-0.948%Sep 30, 2020Real yield-0.954%Oct 9, 2020Real yield-0.949%Oct 21, 2020Real yield-0.922%Oct 30, 2020Real yield-0.835%Nov 10, 2020Real yield-0.799%Nov 20, 2020Real yield-0.873%Dec 2, 2020Real yield-0.917%Dec 11, 2020Real yield-0.988%Dec 22, 2020Real yield-1.032%Jan 4, 2021Real yield-1.106%Jan 13, 2021Real yield-0.983%Jan 25, 2021Real yield-1.111%Feb 3, 2021Real yield-1.132%Feb 12, 2021Real yield-1.118%Feb 24, 2021Real yield-0.897%Mar 5, 2021Real yield-0.769%Mar 16, 2021Real yield-0.802%Mar 25, 2021Real yield-0.826%Apr 5, 2021Real yield-0.761%Apr 14, 2021Real yield-0.828%Apr 23, 2021Real yield-0.897%May 4, 2021Real yield-0.958%May 13, 2021Real yield-0.995%May 24, 2021Real yield-0.968%Jun 3, 2021Real yield-0.934%Jun 14, 2021Real yield-0.968%Jun 23, 2021Real yield-0.946%Jul 2, 2021Real yield-1.003%Jul 14, 2021Real yield-1.091%Jul 23, 2021Real yield-1.176%Aug 3, 2021Real yield-1.318%Aug 12, 2021Real yield-1.177%Aug 23, 2021Real yield-1.150%Sep 1, 2021Real yield-1.163%Sep 13, 2021Real yield-1.177%Sep 22, 2021Real yield-1.104%Oct 1, 2021Real yield-1.041%Oct 13, 2021Real yield-1.103%Oct 22, 2021Real yield-1.116%Nov 2, 2021Real yield-1.091%Nov 12, 2021Real yield-1.285%Nov 23, 2021Real yield-1.082%Dec 3, 2021Real yield-1.185%Dec 14, 2021Real yield-1.054%Dec 23, 2021Real yield-1.095%Jan 4, 2022Real yield-1.059%Jan 13, 2022Real yield-0.868%Jan 25, 2022Real yield-0.831%Feb 3, 2022Real yield-0.738%Feb 14, 2022Real yield-0.640%Feb 24, 2022Real yield-0.747%Mar 7, 2022Real yield-1.137%Mar 16, 2022Real yield-0.732%Mar 25, 2022Real yield-0.583%Apr 5, 2022Real yield-0.351%Apr 14, 2022Real yield-0.142%Apr 26, 2022Real yield-0.162%May 5, 2022Real yield0.110%May 16, 2022Real yield0.144%May 25, 2022Real yield0.152%Jun 6, 2022Real yield0.234%Jun 15, 2022Real yield0.601%Jun 27, 2022Real yield0.660%Jul 7, 2022Real yield0.695%Jul 18, 2022Real yield0.578%Jul 27, 2022Real yield0.348%Aug 5, 2022Real yield0.345%Aug 16, 2022Real yield0.370%Aug 25, 2022Real yield0.411%Sep 6, 2022Real yield0.859%Sep 15, 2022Real yield1.042%Sep 26, 2022Real yield1.651%Oct 5, 2022Real yield1.651%Oct 17, 2022Real yield1.644%Oct 26, 2022Real yield1.649%Nov 4, 2022Real yield1.762%Nov 16, 2022Real yield1.453%Nov 28, 2022Real yield1.505%Dec 7, 2022Real yield1.217%Dec 16, 2022Real yield1.394%Dec 28, 2022Real yield1.632%Jan 9, 2023Real yield1.363%Jan 19, 2023Real yield1.193%Jan 30, 2023Real yield1.261%Feb 8, 2023Real yield1.307%Feb 17, 2023Real yield1.472%Mar 1, 2023Real yield1.576%Mar 10, 2023Real yield1.453%Mar 21, 2023Real yield1.349%Mar 30, 2023Real yield1.184%Apr 10, 2023Real yield1.118%Apr 19, 2023Real yield1.305%Apr 28, 2023Real yield1.224%May 9, 2023Real yield1.243%May 18, 2023Real yield1.400%May 30, 2023Real yield1.504%Jun 8, 2023Real yield1.543%Jun 20, 2023Real yield1.569%Jun 29, 2023Real yield1.745%Jul 11, 2023Real yield1.849%Jul 20, 2023Real yield1.627%Jul 31, 2023Real yield1.714%Aug 9, 2023Real yield1.694%Aug 18, 2023Real yield1.985%Aug 29, 2023Real yield1.882%Sep 8, 2023Real yield1.943%Sep 19, 2023Real yield2.012%Sep 28, 2023Real yield2.222%Oct 10, 2023Real yield2.341%Oct 19, 2023Real yield2.459%Oct 30, 2023Real yield2.408%Nov 8, 2023Real yield2.159%Nov 17, 2023Real yield2.157%Nov 29, 2023Real yield2.046%Dec 8, 2023Real yield2.027%Dec 19, 2023Real yield1.700%Dec 29, 2023Real yield1.687%Jan 10, 2024Real yield1.779%Jan 22, 2024Real yield1.727%Jan 31, 2024Real yield1.615%Feb 9, 2024Real yield1.823%Feb 21, 2024Real yield1.880%Mar 1, 2024Real yield1.767%Mar 12, 2024Real yield1.762%Mar 21, 2024Real yield1.813%Apr 1, 2024Real yield1.889%Apr 10, 2024Real yield2.060%Apr 19, 2024Real yield2.110%Apr 30, 2024Real yield2.181%May 9, 2024Real yield2.016%May 20, 2024Real yield2.002%May 30, 2024Real yield2.086%Jun 10, 2024Real yield2.067%Jun 20, 2024Real yield1.906%Jul 1, 2024Real yield2.038%Jul 11, 2024Real yield1.829%Jul 22, 2024Real yield1.856%Jul 31, 2024Real yield1.716%Aug 9, 2024Real yield1.701%Aug 20, 2024Real yield1.602%Aug 29, 2024Real yield1.526%Sep 10, 2024Real yield1.446%Sep 19, 2024Real yield1.346%Sep 30, 2024Real yield1.405%Oct 9, 2024Real yield1.577%Oct 21, 2024Real yield1.633%Oct 30, 2024Real yield1.749%Nov 8, 2024Real yield1.758%Nov 20, 2024Real yield1.845%Dec 2, 2024Real yield1.750%Dec 11, 2024Real yield1.763%Dec 20, 2024Real yield2.042%Jan 2, 2025Real yield1.989%Jan 13, 2025Real yield2.082%Jan 23, 2025Real yield1.938%Feb 3, 2025Real yield1.750%Feb 12, 2025Real yield1.834%Feb 24, 2025Real yield1.647%Mar 5, 2025Real yield1.539%Mar 14, 2025Real yield1.637%Mar 25, 2025Real yield1.528%Apr 3, 2025Real yield1.253%Apr 14, 2025Real yield1.692%Apr 23, 2025Real yield1.595%May 2, 2025Real yield1.532%May 13, 2025Real yield1.650%May 22, 2025Real yield1.591%Jun 3, 2025Real yield1.561%Jun 12, 2025Real yield1.588%Jun 24, 2025Real yield1.457%Jul 3, 2025Real yield1.459%Jul 15, 2025Real yield1.452%Jul 24, 2025Real yield1.357%Aug 4, 2025Real yield1.216%Aug 13, 2025Real yield1.215%Aug 22, 2025Real yield1.140%Sep 3, 2025Real yield1.098%Sep 12, 2025Real yield1.077%Sep 23, 2025Real yield1.116%Oct 2, 2025Real yield1.162%Oct 14, 2025Real yield1.128%Oct 23, 2025Real yield1.133%Nov 3, 2025Real yield1.259%Nov 13, 2025Real yield1.273%Nov 24, 2025Real yield1.252%Dec 4, 2025Real yield1.294%Dec 15, 2025Real yield1.375%Dec 24, 2025Real yield1.404%Jan 6, 2026Real yield1.347%Jan 15, 2026Real yield1.332%Jan 27, 2026Real yield1.251%Feb 5, 2026Real yield1.161%Feb 17, 2026Real yield1.139%Feb 26, 2026Real yield1.039%Mar 9, 2026Real yield1.046%Mar 18, 2026Real yield1.097%Mar 27, 2026Real yield1.388%Apr 7, 2026Real yield1.225%Apr 16, 2026Real yield1.185%Apr 27, 2026Real yield1.091%May 6, 2026Real yield1.199%May 15, 2026Real yield1.357%May 27, 2026Real yield1.462%Jun 5, 2026Real yield1.643%Jun 16, 2026Real yield1.653%Jun 26, 2026Real yield1.799%Jul 8, 2026Real yield1.852%Jul 17, 2026Real yield1.882%Jul 28, 2026Real yield2.074%Aug 6, 2026Real yield2.042%Aug 17, 2026Real yield1.961%Aug 26, 2026Real yield1.877%Sep 4, 2026Real yield1.997%Sep 9, 2026Real yield2.027%

Price history

1,529 trading days to Sep 9, 2026

859095100105110115Jul 31, 2020Sep 9, 2026Jul 31, 2020Close111.844Aug 11, 2020Close111.688Aug 20, 2020Close111.438Aug 31, 2020Close112.656Sep 10, 2020Close111.813Sep 21, 2020Close111.063Sep 30, 2020Close111.094Oct 9, 2020Close111.000Oct 21, 2020Close110.688Oct 30, 2020Close109.719Nov 10, 2020Close109.313Nov 20, 2020Close110.063Dec 2, 2020Close110.500Dec 11, 2020Close111.219Dec 22, 2020Close111.656Jan 4, 2021Close112.406Jan 13, 2021Close111.063Jan 25, 2021Close112.375Feb 3, 2021Close112.563Feb 12, 2021Close112.375Feb 24, 2021Close110.031Mar 5, 2021Close108.688Mar 16, 2021Close109.000Mar 25, 2021Close109.219Apr 5, 2021Close108.531Apr 14, 2021Close109.188Apr 23, 2021Close109.844May 4, 2021Close110.438May 13, 2021Close110.781May 24, 2021Close110.469Jun 3, 2021Close110.094Jun 14, 2021Close110.406Jun 23, 2021Close110.156Jul 2, 2021Close110.688Jul 14, 2021Close111.531Jul 23, 2021Close112.344Aug 3, 2021Close113.750Aug 12, 2021Close112.281Aug 23, 2021Close111.969Sep 1, 2021Close112.063Sep 13, 2021Close112.156Sep 22, 2021Close111.406Oct 1, 2021Close110.750Oct 13, 2021Close111.313Oct 22, 2021Close111.406Nov 2, 2021Close111.125Nov 12, 2021Close112.969Nov 23, 2021Close110.969Dec 3, 2021Close111.906Dec 14, 2021Close110.625Dec 23, 2021Close110.969Jan 4, 2022Close110.594Jan 13, 2022Close108.781Jan 25, 2022Close108.406Feb 3, 2022Close107.531Feb 14, 2022Close106.625Feb 24, 2022Close107.563Mar 7, 2022Close111.094Mar 16, 2022Close107.375Mar 25, 2022Close106.031Apr 5, 2022Close104.000Apr 14, 2022Close102.219Apr 26, 2022Close102.375May 5, 2022Close100.125May 16, 2022Close99.844May 25, 2022Close99.781Jun 6, 2022Close99.125Jun 15, 2022Close96.250Jun 27, 2022Close95.813Jul 7, 2022Close95.563Jul 18, 2022Close96.469Jul 27, 2022Close98.250Aug 5, 2022Close98.281Aug 16, 2022Close98.094Aug 25, 2022Close97.781Sep 6, 2022Close94.438Sep 15, 2022Close93.125Sep 26, 2022Close88.875Oct 5, 2022Close88.906Oct 17, 2022Close89.000Oct 26, 2022Close89.000Nov 4, 2022Close88.281Nov 16, 2022Close90.406Nov 28, 2022Close90.094Dec 7, 2022Close92.094Dec 16, 2022Close90.906Dec 28, 2022Close89.344Jan 9, 2023Close91.188Jan 19, 2023Close92.375Jan 30, 2023Close91.938Feb 8, 2023Close91.656Feb 17, 2023Close90.594Mar 1, 2023Close89.938Mar 10, 2023Close90.781Mar 21, 2023Close91.500Mar 30, 2023Close92.625Apr 10, 2023Close93.094Apr 19, 2023Close91.875Apr 28, 2023Close92.438May 9, 2023Close92.344May 18, 2023Close91.344May 30, 2023Close90.719Jun 8, 2023Close90.500Jun 20, 2023Close90.375Jun 29, 2023Close89.313Jul 11, 2023Close88.719Jul 20, 2023Close90.125Jul 31, 2023Close89.625Aug 9, 2023Close89.781Aug 18, 2023Close88.063Aug 29, 2023Close88.719Sep 8, 2023Close88.406Sep 19, 2023Close88.031Sep 28, 2023Close86.844Oct 10, 2023Close86.219Oct 19, 2023Close85.594Oct 30, 2023Close85.938Nov 8, 2023Close87.406Nov 17, 2023Close87.469Nov 29, 2023Close88.156Dec 8, 2023Close88.313Dec 19, 2023Close90.250Dec 29, 2023Close90.375Jan 10, 2024Close89.875Jan 22, 2024Close90.219Jan 31, 2024Close90.906Feb 9, 2024Close89.750Feb 21, 2024Close89.469Mar 1, 2024Close90.156Mar 12, 2024Close90.219Mar 21, 2024Close89.969Apr 1, 2024Close89.594Apr 10, 2024Close88.688Apr 19, 2024Close88.469Apr 30, 2024Close88.125May 9, 2024Close89.063May 20, 2024Close89.188May 30, 2024Close88.781Jun 10, 2024Close88.938Jun 20, 2024Close89.844Jul 1, 2024Close89.188Jul 11, 2024Close90.344Jul 22, 2024Close90.250Jul 31, 2024Close91.031Aug 9, 2024Close91.156Aug 20, 2024Close91.719Aug 29, 2024Close92.156Sep 10, 2024Close92.625Sep 19, 2024Close93.188Sep 30, 2024Close92.906Oct 9, 2024Close92.031Oct 21, 2024Close91.781Oct 30, 2024Close91.219Nov 8, 2024Close91.219Nov 20, 2024Close90.813Dec 2, 2024Close91.344Dec 11, 2024Close91.313Dec 20, 2024Close89.969Jan 2, 2025Close90.281Jan 13, 2025Close89.875Jan 23, 2025Close90.625Feb 3, 2025Close91.594Feb 12, 2025Close91.219Feb 24, 2025Close92.188Mar 5, 2025Close92.750Mar 14, 2025Close92.313Mar 25, 2025Close92.875Apr 3, 2025Close94.250Apr 14, 2025Close92.156Apr 23, 2025Close92.656May 2, 2025Close93.000May 13, 2025Close92.469May 22, 2025Close92.781Jun 3, 2025Close92.969Jun 12, 2025Close92.875Jun 24, 2025Close93.531Jul 3, 2025Close93.563Jul 15, 2025Close93.625Jul 24, 2025Close94.094Aug 4, 2025Close94.781Aug 13, 2025Close94.813Aug 22, 2025Close95.188Sep 3, 2025Close95.406Sep 12, 2025Close95.531Sep 23, 2025Close95.375Oct 2, 2025Close95.188Oct 14, 2025Close95.375Oct 23, 2025Close95.375Nov 3, 2025Close94.844Nov 13, 2025Close94.813Nov 24, 2025Close94.938Dec 4, 2025Close94.781Dec 15, 2025Close94.469Dec 24, 2025Close94.375Jan 6, 2026Close94.656Jan 15, 2026Close94.750Jan 27, 2026Close95.125Feb 5, 2026Close95.531Feb 17, 2026Close95.656Feb 26, 2026Close96.094Mar 9, 2026Close96.094Mar 18, 2026Close95.906Mar 27, 2026Close94.750Apr 7, 2026Close95.438Apr 16, 2026Close95.625Apr 27, 2026Close96.031May 6, 2026Close95.625May 15, 2026Close95.031May 27, 2026Close94.656Jun 5, 2026Close94.000Jun 16, 2026Close94.000Jun 26, 2026Close93.500Jul 8, 2026Close93.344Jul 17, 2026Close93.281Jul 28, 2026Close92.625Aug 6, 2026Close92.781Aug 17, 2026Close93.125Aug 26, 2026Close93.469Sep 4, 2026Close93.094Sep 9, 2026Close93.000
The most recent 20 trading days of prices for 912828ZZ6.
DateBidOfferClose
Sep 9, 202693.03193.00093.000
Sep 8, 202693.12593.09493.094
Sep 4, 202693.09493.06393.094
Sep 3, 202693.26693.25093.125
Sep 2, 202693.03193.00092.969
Sep 1, 202693.00092.96993.000
Aug 31, 202693.03193.00093.031
Aug 28, 202693.15693.12592.969
Aug 27, 202693.46993.43893.406
Aug 26, 202693.43893.40693.469
Aug 25, 202693.53193.50093.531
Aug 24, 202693.42293.40693.344
Aug 21, 202693.34493.31393.344
Aug 20, 202693.37593.34493.438
Aug 19, 202693.34493.31393.344
Aug 18, 202693.23493.21993.219
Aug 17, 202693.17293.15693.125
Aug 14, 202693.15693.12593.125
Aug 13, 202693.18893.15693.125
Aug 12, 202693.06393.03193.000

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 912828ZZ6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 23, 2020Jul 31, 2020New issue$14.0bn$15.6bn2.24x-0.930%
Sep 17, 2020Sep 30, 2020Reopening$12.0bn$13.6bn2.65x-0.966%
Nov 19, 2020Nov 30, 2020Reopening$12.0bn$13.7bn2.71x-0.867%

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.