Inflation-linked (TIPS)

91282CNB3 · 1.625% due April 15, 2030

Original term
5-Year
Maturity
Apr 15, 2030
Coupon
1.625%
Pays
Semi-Annual
Dated
Apr 15, 2025
First coupon
Oct 15, 2025
Priced through
Sep 9, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$53.97bn
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
2.161%
Index ratio
1.0490
Real duration
3.446 yr
DV01
0.0341
Convexity
13.844
Real clean price
98.156
Accrued (real)
0.657
Real dirty price
98.813
Indexed principal
104.904
Money clean price
102.970

The index ratio is a multiplier, not a percentage: 1.0490 means the principal is worth that many times its original face today. So the real clean price of 98.156 is not what a buyer pays , multiply by the ratio to get 102.970 per 100 of original face.

Against the fitted real curve

Priced 8.4 bp cheap to the real curve on that day, 28.53 cents per 100 of face.

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

Real yield, 341 observations

1.00%1.25%1.50%1.75%2.00%2.25%2.50%Apr 30, 2025Sep 9, 2026Apr 30, 2025Real yield1.422%May 2, 2025Real yield1.605%May 6, 2025Real yield1.552%May 8, 2025Real yield1.605%May 12, 2025Real yield1.731%May 14, 2025Real yield1.718%May 16, 2025Real yield1.632%May 20, 2025Real yield1.645%May 22, 2025Real yield1.678%May 27, 2025Real yield1.618%May 29, 2025Real yield1.605%Jun 2, 2025Real yield1.618%Jun 4, 2025Real yield1.591%Jun 6, 2025Real yield1.767%Jun 10, 2025Real yield1.746%Jun 12, 2025Real yield1.679%Jun 16, 2025Real yield1.706%Jun 18, 2025Real yield1.618%Jun 23, 2025Real yield1.564%Jun 25, 2025Real yield1.530%Jun 27, 2025Real yield1.503%Jul 1, 2025Real yield1.503%Jul 3, 2025Real yield1.543%Jul 8, 2025Real yield1.570%Jul 10, 2025Real yield1.516%Jul 14, 2025Real yield1.502%Jul 16, 2025Real yield1.468%Jul 18, 2025Real yield1.426%Jul 22, 2025Real yield1.372%Jul 24, 2025Real yield1.453%Jul 28, 2025Real yield1.460%Jul 30, 2025Real yield1.446%Aug 1, 2025Real yield1.356%Aug 5, 2025Real yield1.328%Aug 7, 2025Real yield1.342%Aug 11, 2025Real yield1.334%Aug 13, 2025Real yield1.313%Aug 15, 2025Real yield1.389%Aug 19, 2025Real yield1.388%Aug 21, 2025Real yield1.374%Aug 25, 2025Real yield1.263%Aug 27, 2025Real yield1.139%Aug 29, 2025Real yield1.158%Sep 3, 2025Real yield1.178%Sep 5, 2025Real yield1.122%Sep 9, 2025Real yield1.128%Sep 11, 2025Real yield1.134%Sep 15, 2025Real yield1.154%Sep 17, 2025Real yield1.147%Sep 19, 2025Real yield1.201%Sep 23, 2025Real yield1.208%Sep 25, 2025Real yield1.278%Sep 29, 2025Real yield1.284%Oct 1, 2025Real yield1.241%Oct 3, 2025Real yield1.290%Oct 7, 2025Real yield1.268%Oct 9, 2025Real yield1.296%Oct 14, 2025Real yield1.217%Oct 16, 2025Real yield1.202%Oct 20, 2025Real yield1.251%Oct 22, 2025Real yield1.187%Oct 24, 2025Real yield1.257%Oct 28, 2025Real yield1.278%Oct 30, 2025Real yield1.378%Nov 3, 2025Real yield1.349%Nov 5, 2025Real yield1.406%Nov 7, 2025Real yield1.355%Nov 12, 2025Real yield1.347%Nov 14, 2025Real yield1.390%Nov 18, 2025Real yield1.375%Nov 20, 2025Real yield1.382%Nov 24, 2025Real yield1.353%Nov 26, 2025Real yield1.315%Dec 1, 2025Real yield1.403%Dec 3, 2025Real yield1.366%Dec 5, 2025Real yield1.417%Dec 9, 2025Real yield1.506%Dec 11, 2025Real yield1.439%Dec 15, 2025Real yield1.475%Dec 17, 2025Real yield1.475%Dec 19, 2025Real yield1.475%Dec 23, 2025Real yield1.520%Dec 26, 2025Real yield1.497%Dec 30, 2025Real yield1.466%Jan 2, 2026Real yield1.489%Jan 6, 2026Real yield1.443%Jan 8, 2026Real yield1.450%Jan 12, 2026Real yield1.427%Jan 14, 2026Real yield1.382%Jan 16, 2026Real yield1.449%Jan 21, 2026Real yield1.419%Jan 23, 2026Real yield1.388%Jan 27, 2026Real yield1.342%Jan 29, 2026Real yield1.273%Feb 2, 2026Real yield1.302%Feb 4, 2026Real yield1.310%Feb 6, 2026Real yield1.255%Feb 10, 2026Real yield1.224%Feb 12, 2026Real yield1.216%Feb 17, 2026Real yield1.238%Feb 19, 2026Real yield1.230%Feb 23, 2026Real yield1.190%Feb 25, 2026Real yield1.190%Feb 27, 2026Real yield1.104%Mar 3, 2026Real yield1.165%Mar 5, 2026Real yield1.195%Mar 9, 2026Real yield1.140%Mar 11, 2026Real yield1.186%Mar 13, 2026Real yield1.255%Mar 17, 2026Real yield1.145%Mar 19, 2026Real yield1.262%Mar 23, 2026Real yield1.402%Mar 25, 2026Real yield1.434%Mar 27, 2026Real yield1.473%Mar 31, 2026Real yield1.354%Apr 2, 2026Real yield1.345%Apr 6, 2026Real yield1.353%Apr 8, 2026Real yield1.344%Apr 10, 2026Real yield1.336%Apr 14, 2026Real yield1.255%Apr 16, 2026Real yield1.279%Apr 20, 2026Real yield1.262%Apr 22, 2026Real yield1.269%Apr 24, 2026Real yield1.188%Apr 28, 2026Real yield1.212%Apr 30, 2026Real yield1.211%May 4, 2026Real yield1.226%May 6, 2026Real yield1.298%May 8, 2026Real yield1.298%May 12, 2026Real yield1.313%May 14, 2026Real yield1.362%May 18, 2026Real yield1.476%May 20, 2026Real yield1.534%May 22, 2026Real yield1.650%May 27, 2026Real yield1.575%May 29, 2026Real yield1.550%Jun 2, 2026Real yield1.575%Jun 4, 2026Real yield1.625%Jun 8, 2026Real yield1.760%Jun 10, 2026Real yield1.768%Jun 12, 2026Real yield1.769%Jun 16, 2026Real yield1.769%Jun 18, 2026Real yield1.932%Jun 23, 2026Real yield2.027%Jun 25, 2026Real yield1.933%Jun 29, 2026Real yield1.917%Jul 1, 2026Real yield1.995%Jul 6, 2026Real yield1.953%Jul 8, 2026Real yield1.988%Jul 10, 2026Real yield2.024%Jul 14, 2026Real yield2.042%Jul 16, 2026Real yield2.051%Jul 20, 2026Real yield2.062%Jul 22, 2026Real yield2.124%Jul 24, 2026Real yield2.197%Jul 28, 2026Real yield2.224%Jul 30, 2026Real yield2.163%Aug 3, 2026Real yield2.191%Aug 5, 2026Real yield2.174%Aug 7, 2026Real yield2.139%Aug 11, 2026Real yield2.149%Aug 13, 2026Real yield2.105%Aug 17, 2026Real yield2.106%Aug 19, 2026Real yield2.053%Aug 21, 2026Real yield2.054%Aug 25, 2026Real yield2.010%Aug 27, 2026Real yield2.037%Aug 31, 2026Real yield2.148%Sep 2, 2026Real yield2.158%Sep 4, 2026Real yield2.141%Sep 9, 2026Real yield2.161%

Price history

341 trading days to Sep 9, 2026

979899100101102103Apr 30, 2025Sep 9, 2026Apr 30, 2025Close100.969May 2, 2025Close100.094May 6, 2025Close100.344May 8, 2025Close100.094May 12, 2025Close99.500May 14, 2025Close99.563May 16, 2025Close99.969May 20, 2025Close99.906May 22, 2025Close99.750May 27, 2025Close100.031May 29, 2025Close100.094Jun 2, 2025Close100.031Jun 4, 2025Close100.156Jun 6, 2025Close99.344Jun 10, 2025Close99.438Jun 12, 2025Close99.750Jun 16, 2025Close99.625Jun 18, 2025Close100.031Jun 23, 2025Close100.281Jun 25, 2025Close100.438Jun 27, 2025Close100.563Jul 1, 2025Close100.563Jul 3, 2025Close100.375Jul 8, 2025Close100.250Jul 10, 2025Close100.500Jul 14, 2025Close100.563Jul 16, 2025Close100.719Jul 18, 2025Close100.906Jul 22, 2025Close101.156Jul 24, 2025Close100.781Jul 28, 2025Close100.750Jul 30, 2025Close100.813Aug 1, 2025Close101.219Aug 5, 2025Close101.344Aug 7, 2025Close101.281Aug 11, 2025Close101.313Aug 13, 2025Close101.406Aug 15, 2025Close101.063Aug 19, 2025Close101.063Aug 21, 2025Close101.125Aug 25, 2025Close101.625Aug 27, 2025Close102.188Aug 29, 2025Close102.094Sep 3, 2025Close102.000Sep 5, 2025Close102.250Sep 9, 2025Close102.219Sep 11, 2025Close102.188Sep 15, 2025Close102.094Sep 17, 2025Close102.125Sep 19, 2025Close101.875Sep 23, 2025Close101.844Sep 25, 2025Close101.531Sep 29, 2025Close101.500Oct 1, 2025Close101.688Oct 3, 2025Close101.469Oct 7, 2025Close101.563Oct 9, 2025Close101.438Oct 14, 2025Close101.781Oct 16, 2025Close101.844Oct 20, 2025Close101.625Oct 22, 2025Close101.906Oct 24, 2025Close101.594Oct 28, 2025Close101.500Oct 30, 2025Close101.063Nov 3, 2025Close101.188Nov 5, 2025Close100.938Nov 7, 2025Close101.156Nov 12, 2025Close101.188Nov 14, 2025Close101.000Nov 18, 2025Close101.063Nov 20, 2025Close101.031Nov 24, 2025Close101.156Nov 26, 2025Close101.313Dec 1, 2025Close100.938Dec 3, 2025Close101.094Dec 5, 2025Close100.875Dec 9, 2025Close100.500Dec 11, 2025Close100.781Dec 15, 2025Close100.625Dec 17, 2025Close100.625Dec 19, 2025Close100.625Dec 23, 2025Close100.438Dec 26, 2025Close100.531Dec 30, 2025Close100.656Jan 2, 2026Close100.563Jan 6, 2026Close100.750Jan 8, 2026Close100.719Jan 12, 2026Close100.813Jan 14, 2026Close101.000Jan 16, 2026Close100.719Jan 21, 2026Close100.844Jan 23, 2026Close100.969Jan 27, 2026Close101.156Jan 29, 2026Close101.438Feb 2, 2026Close101.313Feb 4, 2026Close101.281Feb 6, 2026Close101.500Feb 10, 2026Close101.625Feb 12, 2026Close101.656Feb 17, 2026Close101.563Feb 19, 2026Close101.594Feb 23, 2026Close101.750Feb 25, 2026Close101.750Feb 27, 2026Close102.094Mar 3, 2026Close101.844Mar 5, 2026Close101.719Mar 9, 2026Close101.938Mar 11, 2026Close101.750Mar 13, 2026Close101.469Mar 17, 2026Close101.906Mar 19, 2026Close101.438Mar 23, 2026Close100.875Mar 25, 2026Close100.750Mar 27, 2026Close100.594Mar 31, 2026Close101.063Apr 2, 2026Close101.094Apr 6, 2026Close101.063Apr 8, 2026Close101.094Apr 10, 2026Close101.125Apr 14, 2026Close101.438Apr 16, 2026Close101.344Apr 20, 2026Close101.406Apr 22, 2026Close101.375Apr 24, 2026Close101.688Apr 28, 2026Close101.594Apr 30, 2026Close101.594May 4, 2026Close101.531May 6, 2026Close101.250May 8, 2026Close101.250May 12, 2026Close101.188May 14, 2026Close101.000May 18, 2026Close100.563May 20, 2026Close100.344May 22, 2026Close99.906May 27, 2026Close100.188May 29, 2026Close100.281Jun 2, 2026Close100.188Jun 4, 2026Close100.000Jun 8, 2026Close99.500Jun 10, 2026Close99.469Jun 12, 2026Close99.469Jun 16, 2026Close99.469Jun 18, 2026Close98.875Jun 23, 2026Close98.531Jun 25, 2026Close98.875Jun 29, 2026Close98.938Jul 1, 2026Close98.656Jul 6, 2026Close98.813Jul 8, 2026Close98.688Jul 10, 2026Close98.563Jul 14, 2026Close98.500Jul 16, 2026Close98.469Jul 20, 2026Close98.438Jul 22, 2026Close98.219Jul 24, 2026Close97.969Jul 28, 2026Close97.875Jul 30, 2026Close98.094Aug 3, 2026Close98.000Aug 5, 2026Close98.063Aug 7, 2026Close98.188Aug 11, 2026Close98.156Aug 13, 2026Close98.313Aug 17, 2026Close98.313Aug 19, 2026Close98.500Aug 21, 2026Close98.500Aug 25, 2026Close98.656Aug 27, 2026Close98.563Aug 31, 2026Close98.188Sep 2, 2026Close98.156Sep 4, 2026Close98.219Sep 9, 2026Close98.156
The most recent 20 trading days of prices for 91282CNB3.
DateBidOfferClose
Sep 9, 202698.18898.15698.156
Sep 8, 202698.28198.25098.250
Sep 4, 202698.23498.18898.219
Sep 3, 202698.42298.40698.281
Sep 2, 202698.18898.15698.156
Sep 1, 202698.18898.15698.156
Aug 31, 202698.20398.18898.188
Aug 28, 202698.29798.25098.156
Aug 27, 202698.62598.59498.563
Aug 26, 202698.57898.56398.594
Aug 25, 202698.68898.65698.656
Aug 24, 202698.57898.56398.500
Aug 21, 202698.53198.50098.500
Aug 20, 202698.54798.53198.594
Aug 19, 202698.51698.50098.500
Aug 18, 202698.40698.37598.406
Aug 17, 202698.34498.31398.313
Aug 14, 202698.34498.31398.313
Aug 13, 202698.37598.34498.313
Aug 12, 202698.28198.25098.188

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 91282CNB3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 17, 2025Apr 30, 2025New issue$25.0bn$26.7bn2.28x1.702%
Jun 17, 2025Jun 30, 2025Reopening$23.0bn$25.3bn2.53x1.650%

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.