Inflation-linked (TIPS)

91282CDC2 · 0.125% due October 15, 2026

Original term
5-Year
Maturity
Oct 15, 2026
Coupon
0.125%
Pays
Semi-Annual
Dated
Oct 15, 2021
First coupon
Apr 15, 2022
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$46.76bn
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
2.745%
Index ratio
1.2221
Real duration
0.095 yr
DV01
0.0010
Convexity
0.018
Real clean price
99.750
Accrued (real)
0.051
Real dirty price
99.801
Indexed principal
122.208
Money clean price
121.902

The index ratio is a multiplier, not a percentage: 1.2221 means the principal is worth that many times its original face today. So the real clean price of 99.750 is not what a buyer pays , multiply by the ratio to get 121.902 per 100 of original face.

Against the fitted real curve

Priced 42.8 bp cheap to the real curve on that day, 4.08 cents per 100 of face.

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

Real yield, 1,216 observations

-4%-2%0%2%4%6%Oct 29, 2021Sep 9, 2026Oct 29, 2021Real yield-1.716%Nov 8, 2021Real yield-1.828%Nov 17, 2021Real yield-1.923%Nov 26, 2021Real yield-1.786%Dec 6, 2021Real yield-1.601%Dec 14, 2021Real yield-1.455%Dec 22, 2021Real yield-1.533%Dec 31, 2021Real yield-1.646%Jan 10, 2022Real yield-1.278%Jan 19, 2022Real yield-1.150%Jan 27, 2022Real yield-1.137%Feb 4, 2022Real yield-1.044%Feb 14, 2022Real yield-1.055%Feb 23, 2022Real yield-1.170%Mar 3, 2022Real yield-1.485%Mar 11, 2022Real yield-1.632%Mar 21, 2022Real yield-1.267%Mar 29, 2022Real yield-0.969%Apr 6, 2022Real yield-0.623%Apr 14, 2022Real yield-0.620%Apr 25, 2022Real yield-0.612%May 3, 2022Real yield-0.356%May 11, 2022Real yield-0.261%May 19, 2022Real yield-0.284%May 27, 2022Real yield-0.399%Jun 7, 2022Real yield-0.225%Jun 15, 2022Real yield0.198%Jun 24, 2022Real yield0.198%Jul 5, 2022Real yield0.191%Jul 13, 2022Real yield0.429%Jul 21, 2022Real yield0.333%Jul 29, 2022Real yield-0.134%Aug 8, 2022Real yield0.178%Aug 16, 2022Real yield0.261%Aug 24, 2022Real yield0.277%Sep 1, 2022Real yield0.798%Sep 12, 2022Real yield0.882%Sep 20, 2022Real yield1.199%Sep 28, 2022Real yield1.516%Oct 6, 2022Real yield1.716%Oct 17, 2022Real yield1.728%Oct 25, 2022Real yield1.694%Nov 2, 2022Real yield1.703%Nov 10, 2022Real yield1.587%Nov 21, 2022Real yield1.750%Nov 30, 2022Real yield1.527%Dec 8, 2022Real yield1.483%Dec 16, 2022Real yield1.624%Dec 27, 2022Real yield1.766%Jan 5, 2023Real yield1.875%Jan 13, 2023Real yield1.584%Jan 24, 2023Real yield1.468%Feb 1, 2023Real yield1.360%Feb 9, 2023Real yield1.574%Feb 17, 2023Real yield1.678%Feb 28, 2023Real yield1.696%Mar 8, 2023Real yield1.967%Mar 16, 2023Real yield1.548%Mar 24, 2023Real yield1.280%Apr 3, 2023Real yield1.232%Apr 11, 2023Real yield1.304%Apr 19, 2023Real yield1.520%Apr 27, 2023Real yield1.433%May 5, 2023Real yield1.348%May 15, 2023Real yield1.491%May 23, 2023Real yield1.685%Jun 1, 2023Real yield1.766%Jun 9, 2023Real yield1.940%Jun 20, 2023Real yield2.004%Jun 28, 2023Real yield2.078%Jul 7, 2023Real yield2.365%Jul 17, 2023Real yield2.140%Jul 25, 2023Real yield2.196%Aug 2, 2023Real yield2.263%Aug 10, 2023Real yield2.214%Aug 18, 2023Real yield2.383%Aug 28, 2023Real yield2.387%Sep 6, 2023Real yield2.405%Sep 14, 2023Real yield2.301%Sep 22, 2023Real yield2.453%Oct 2, 2023Real yield2.650%Oct 11, 2023Real yield2.557%Oct 19, 2023Real yield2.610%Oct 27, 2023Real yield2.529%Nov 6, 2023Real yield2.478%Nov 14, 2023Real yield2.437%Nov 22, 2023Real yield2.480%Dec 1, 2023Real yield2.232%Dec 11, 2023Real yield2.390%Dec 19, 2023Real yield2.039%Dec 28, 2023Real yield2.008%Jan 8, 2024Real yield2.041%Jan 17, 2024Real yield1.973%Jan 25, 2024Real yield1.927%Feb 2, 2024Real yield1.994%Feb 12, 2024Real yield1.985%Feb 21, 2024Real yield1.990%Feb 29, 2024Real yield1.929%Mar 8, 2024Real yield1.796%Mar 18, 2024Real yield2.041%Mar 26, 2024Real yield1.967%Apr 3, 2024Real yield2.035%Apr 11, 2024Real yield2.211%Apr 19, 2024Real yield2.221%Apr 29, 2024Real yield2.307%May 7, 2024Real yield2.299%May 15, 2024Real yield2.236%May 23, 2024Real yield2.367%Jun 3, 2024Real yield2.297%Jun 11, 2024Real yield2.374%Jun 20, 2024Real yield2.326%Jun 28, 2024Real yield2.295%Jul 9, 2024Real yield2.230%Jul 17, 2024Real yield2.147%Jul 25, 2024Real yield2.272%Aug 2, 2024Real yield2.027%Aug 12, 2024Real yield2.001%Aug 20, 2024Real yield2.020%Aug 28, 2024Real yield1.855%Sep 6, 2024Real yield1.802%Sep 16, 2024Real yield1.521%Sep 24, 2024Real yield1.394%Oct 2, 2024Real yield1.456%Oct 10, 2024Real yield1.599%Oct 21, 2024Real yield1.720%Oct 29, 2024Real yield1.755%Nov 6, 2024Real yield1.706%Nov 15, 2024Real yield1.783%Nov 25, 2024Real yield1.733%Dec 4, 2024Real yield1.615%Dec 12, 2024Real yield1.615%Dec 20, 2024Real yield1.799%Dec 31, 2024Real yield1.716%Jan 9, 2025Real yield1.625%Jan 17, 2025Real yield1.409%Jan 28, 2025Real yield1.350%Feb 5, 2025Real yield1.195%Feb 13, 2025Real yield1.151%Feb 24, 2025Real yield1.033%Mar 4, 2025Real yield0.770%Mar 12, 2025Real yield0.858%Mar 20, 2025Real yield0.869%Mar 28, 2025Real yield0.717%Apr 7, 2025Real yield0.539%Apr 15, 2025Real yield0.841%Apr 23, 2025Real yield0.744%May 1, 2025Real yield0.601%May 9, 2025Real yield0.765%May 19, 2025Real yield0.978%May 28, 2025Real yield0.994%Jun 5, 2025Real yield1.078%Jun 13, 2025Real yield1.193%Jun 24, 2025Real yield1.116%Jul 2, 2025Real yield1.058%Jul 11, 2025Real yield0.979%Jul 21, 2025Real yield0.815%Jul 29, 2025Real yield0.932%Aug 6, 2025Real yield0.867%Aug 14, 2025Real yield0.826%Aug 22, 2025Real yield0.704%Sep 2, 2025Real yield0.660%Sep 10, 2025Real yield0.642%Sep 18, 2025Real yield0.565%Sep 26, 2025Real yield0.636%Oct 6, 2025Real yield0.647%Oct 15, 2025Real yield0.629%Oct 23, 2025Real yield0.608%Oct 31, 2025Real yield1.022%Nov 10, 2025Real yield1.012%Nov 19, 2025Real yield1.174%Nov 28, 2025Real yield1.101%Dec 8, 2025Real yield1.126%Dec 16, 2025Real yield1.345%Dec 24, 2025Real yield1.304%Jan 5, 2026Real yield1.144%Jan 13, 2026Real yield0.963%Jan 22, 2026Real yield0.774%Jan 30, 2026Real yield0.215%Feb 9, 2026Real yield0.171%Feb 18, 2026Real yield0.173%Feb 26, 2026Real yield-0.074%Mar 6, 2026Real yield-0.754%Mar 16, 2026Real yield-0.948%Mar 24, 2026Real yield-1.266%Apr 1, 2026Real yield-1.266%Apr 9, 2026Real yield-1.265%Apr 17, 2026Real yield-1.089%Apr 27, 2026Real yield-1.876%May 5, 2026Real yield-2.113%May 13, 2026Real yield-2.229%May 21, 2026Real yield-1.510%Jun 1, 2026Real yield-0.720%Jun 9, 2026Real yield-0.235%Jun 17, 2026Real yield1.089%Jun 26, 2026Real yield2.149%Jul 7, 2026Real yield2.333%Jul 15, 2026Real yield3.547%Jul 23, 2026Real yield3.737%Jul 31, 2026Real yield4.710%Aug 10, 2026Real yield4.379%Aug 18, 2026Real yield4.162%Aug 26, 2026Real yield3.406%Sep 3, 2026Real yield2.922%Sep 9, 2026Real yield2.745%

Price history

1,216 trading days to Sep 9, 2026

9095100105110115Oct 29, 2021Sep 9, 2026Oct 29, 2021Close109.563Nov 8, 2021Close110.125Nov 17, 2021Close110.594Nov 26, 2021Close109.781Dec 6, 2021Close108.750Dec 14, 2021Close107.938Dec 22, 2021Close108.313Dec 31, 2021Close108.844Jan 10, 2022Close106.906Jan 19, 2022Close106.219Jan 27, 2022Close106.125Feb 4, 2022Close105.625Feb 14, 2022Close105.656Feb 23, 2022Close106.188Mar 3, 2022Close107.719Mar 11, 2022Close108.406Mar 21, 2022Close106.563Mar 29, 2022Close105.094Apr 6, 2022Close103.438Apr 14, 2022Close103.406Apr 25, 2022Close103.344May 3, 2022Close102.156May 11, 2022Close101.719May 19, 2022Close101.813May 27, 2022Close102.313Jun 7, 2022Close101.531Jun 15, 2022Close99.688Jun 24, 2022Close99.688Jul 5, 2022Close99.719Jul 13, 2022Close98.719Jul 21, 2022Close99.125Jul 29, 2022Close101.094Aug 8, 2022Close99.781Aug 16, 2022Close99.438Aug 24, 2022Close99.375Sep 1, 2022Close97.281Sep 12, 2022Close96.969Sep 20, 2022Close95.750Sep 28, 2022Close94.563Oct 6, 2022Close93.844Oct 17, 2022Close93.844Oct 25, 2022Close94.000Nov 2, 2022Close94.000Nov 10, 2022Close94.469Nov 21, 2022Close93.906Nov 30, 2022Close94.750Dec 8, 2022Close94.938Dec 16, 2022Close94.469Dec 27, 2022Close94.000Jan 5, 2023Close93.656Jan 13, 2023Close94.719Jan 24, 2023Close95.156Feb 1, 2023Close95.563Feb 9, 2023Close94.844Feb 17, 2023Close94.531Feb 28, 2023Close94.500Mar 8, 2023Close93.625Mar 16, 2023Close95.063Mar 24, 2023Close96.000Apr 3, 2023Close96.188Apr 11, 2023Close95.969Apr 19, 2023Close95.281Apr 27, 2023Close95.594May 5, 2023Close95.906May 15, 2023Close95.469May 23, 2023Close94.875Jun 1, 2023Close94.656Jun 9, 2023Close94.156Jun 20, 2023Close94.000Jun 28, 2023Close93.813Jul 7, 2023Close93.000Jul 17, 2023Close93.719Jul 25, 2023Close93.594Aug 2, 2023Close93.438Aug 10, 2023Close93.625Aug 18, 2023Close93.188Aug 28, 2023Close93.219Sep 6, 2023Close93.219Sep 14, 2023Close93.563Sep 22, 2023Close93.188Oct 2, 2023Close92.688Oct 11, 2023Close93.000Oct 19, 2023Close92.906Oct 27, 2023Close93.188Nov 6, 2023Close93.375Nov 14, 2023Close93.531Nov 22, 2023Close93.469Dec 1, 2023Close94.188Dec 11, 2023Close93.813Dec 19, 2023Close94.781Dec 28, 2023Close94.906Jan 8, 2024Close94.875Jan 17, 2024Close95.094Jan 25, 2024Close95.250Feb 2, 2024Close95.125Feb 12, 2024Close95.188Feb 21, 2024Close95.219Feb 29, 2024Close95.406Mar 8, 2024Close95.781Mar 18, 2024Close95.219Mar 26, 2024Close95.438Apr 3, 2024Close95.313Apr 11, 2024Close94.938Apr 19, 2024Close94.969Apr 29, 2024Close94.813May 7, 2024Close94.875May 15, 2024Close95.063May 23, 2024Close94.813Jun 3, 2024Close95.031Jun 11, 2024Close94.906Jun 20, 2024Close95.063Jun 28, 2024Close95.188Jul 9, 2024Close95.375Jul 17, 2024Close95.594Jul 25, 2024Close95.375Aug 2, 2024Close95.938Aug 12, 2024Close96.031Aug 20, 2024Close96.031Aug 28, 2024Close96.406Sep 6, 2024Close96.563Sep 16, 2024Close97.156Sep 24, 2024Close97.438Oct 2, 2024Close97.344Oct 10, 2024Close97.094Oct 21, 2024Close96.906Oct 29, 2024Close96.875Nov 6, 2024Close97.000Nov 15, 2024Close96.906Nov 25, 2024Close97.031Dec 4, 2024Close97.281Dec 12, 2024Close97.313Dec 20, 2024Close97.031Dec 31, 2024Close97.219Jan 9, 2025Close97.406Jan 17, 2025Close97.813Jan 28, 2025Close97.938Feb 5, 2025Close98.219Feb 13, 2025Close98.313Feb 24, 2025Close98.531Mar 4, 2025Close98.969Mar 12, 2025Close98.844Mar 20, 2025Close98.844Mar 28, 2025Close99.094Apr 7, 2025Close99.375Apr 15, 2025Close98.938Apr 23, 2025Close99.094May 1, 2025Close99.313May 9, 2025Close99.094May 19, 2025Close98.813May 28, 2025Close98.813Jun 5, 2025Close98.719Jun 13, 2025Close98.594Jun 24, 2025Close98.719Jul 2, 2025Close98.813Jul 11, 2025Close98.938Jul 21, 2025Close99.156Jul 29, 2025Close99.031Aug 6, 2025Close99.125Aug 14, 2025Close99.188Aug 22, 2025Close99.344Sep 2, 2025Close99.406Sep 10, 2025Close99.438Sep 18, 2025Close99.531Sep 26, 2025Close99.469Oct 6, 2025Close99.469Oct 15, 2025Close99.500Oct 23, 2025Close99.531Oct 31, 2025Close99.156Nov 10, 2025Close99.188Nov 19, 2025Close99.063Nov 28, 2025Close99.156Dec 8, 2025Close99.156Dec 16, 2025Close99.000Dec 24, 2025Close99.063Jan 5, 2026Close99.219Jan 13, 2026Close99.375Jan 22, 2026Close99.531Jan 30, 2026Close99.938Feb 9, 2026Close99.969Feb 18, 2026Close99.969Feb 26, 2026Close100.125Mar 6, 2026Close100.531Mar 16, 2026Close100.625Mar 24, 2026Close100.781Apr 1, 2026Close100.750Apr 9, 2026Close100.719Apr 17, 2026Close100.594Apr 27, 2026Close100.938May 5, 2026Close101.000May 13, 2026Close101.000May 21, 2026Close100.656Jun 1, 2026Close100.313Jun 9, 2026Close100.125Jun 17, 2026Close99.688Jun 26, 2026Close99.406Jul 7, 2026Close99.406Jul 15, 2026Close99.156Jul 23, 2026Close99.188Jul 31, 2026Close99.094Aug 10, 2026Close99.250Aug 18, 2026Close99.375Aug 26, 2026Close99.563Sep 3, 2026Close99.688Sep 9, 2026Close99.750
The most recent 20 trading days of prices for 91282CDC2.
DateBidOfferClose
Sep 9, 2026–99.75099.750
Sep 8, 2026–99.71999.719
Sep 4, 2026–99.71999.719
Sep 3, 2026–99.68899.688
Sep 2, 2026–99.68899.688
Sep 1, 2026–99.65699.656
Aug 31, 2026–99.65699.656
Aug 28, 2026–99.62599.625
Aug 27, 2026–99.59499.594
Aug 26, 2026–99.56399.563
Aug 25, 2026–99.53199.531
Aug 24, 2026–99.53199.500
Aug 21, 2026–99.50099.500
Aug 20, 2026–99.43899.406
Aug 19, 2026–99.40699.406
Aug 18, 2026–99.40699.375
Aug 17, 2026–99.34499.375
Aug 14, 2026–99.34499.344
Aug 13, 2026–99.25099.250
Aug 12, 2026–99.21999.219

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.

2 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 91282CDC2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 21, 2021Oct 29, 2021New issue$19.0bn$19.0bn2.45x-1.685%
Dec 22, 2021Dec 31, 2021Reopening$17.0bn$19.3bn2.42x-1.508%

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.