Inflation-linked (TIPS)

912810FH6 · 3.875% due April 15, 2029

Original term
30-Year
Maturity
Apr 15, 2029
Coupon
3.875%
Pays
Semi-Annual
Dated
Apr 15, 1999
First coupon
Oct 15, 1999
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$39.15bn
Held stripped
$12.2m
Share stripped
0.03%

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 10, 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
2.240%
Index ratio
2.0314
Real duration
2.430 yr
DV01
0.0257
Convexity
7.335
Real clean price
104.094
Accrued (real)
1.578
Real dirty price
105.671
Indexed principal
203.135
Money clean price
211.451

The index ratio is a multiplier, not a percentage: 2.0314 means the principal is worth that many times its original face today. So the real clean price of 104.094 is not what a buyer pays , multiply by the ratio to get 211.451 per 100 of original face.

Against the fitted real curve

Priced 8.6 bp cheap to the real curve on that day, 22.09 cents per 100 of face.

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

Real yield, 4,509 observations

-2%-1%0%1%2%3%4%Sep 2, 2008Sep 10, 2026Sep 2, 2008Real yield2.178%Feb 2, 2009Real yield2.539%Jun 30, 2009Real yield2.221%Nov 27, 2009Real yield1.797%Apr 27, 2010Real yield1.901%Sep 21, 2010Real yield1.436%Feb 18, 2011Real yield1.977%Jul 19, 2011Real yield1.238%Dec 15, 2011Real yield0.513%May 14, 2012Real yield0.218%Oct 10, 2012Real yield-0.143%Mar 13, 2013Real yield0.072%Aug 8, 2013Real yield0.787%Jan 8, 2014Real yield1.121%Jun 6, 2014Real yield0.744%Nov 4, 2014Real yield0.691%Apr 7, 2015Real yield0.319%Sep 1, 2015Real yield0.846%Feb 2, 2016Real yield0.771%Jun 29, 2016Real yield0.358%Nov 28, 2016Real yield0.712%Apr 27, 2017Real yield0.531%Sep 22, 2017Real yield0.577%Feb 22, 2018Real yield0.859%Jul 20, 2018Real yield0.857%Dec 19, 2018Real yield1.055%May 20, 2019Real yield0.628%Oct 16, 2019Real yield0.261%Mar 17, 2020Real yield0.614%Aug 12, 2020Real yield-0.997%Jan 12, 2021Real yield-1.058%Jun 9, 2021Real yield-1.127%Nov 4, 2021Real yield-1.295%Apr 5, 2022Real yield-0.311%Sep 1, 2022Real yield0.941%Feb 2, 2023Real yield1.329%Jun 30, 2023Real yield1.963%Nov 28, 2023Real yield2.255%Apr 25, 2024Real yield2.283%Sep 23, 2024Real yield1.470%Feb 24, 2025Real yield1.660%Jul 22, 2025Real yield1.259%Dec 18, 2025Real yield1.410%May 18, 2026Real yield1.345%Sep 10, 2026Real yield2.240%

Price history

4,509 trading days to Sep 10, 2026

100110120130140150160170Sep 2, 2008Sep 10, 2026Sep 2, 2008Close128.063Feb 2, 2009Close121.000Jun 30, 2009Close126.375Nov 27, 2009Close133.875Apr 27, 2010Close131.313Sep 21, 2010Close139.625Feb 18, 2011Close128.813Jul 19, 2011Close141.875Dec 15, 2011Close155.688May 14, 2012Close160.719Oct 10, 2012Close167.156Mar 13, 2013Close160.813Aug 8, 2013Close145.469Jan 8, 2014Close138.531Jun 6, 2014Close143.938Nov 4, 2014Close143.688Apr 7, 2015Close148.719Sep 1, 2015Close138.875Feb 2, 2016Close138.875Jun 29, 2016Close143.938Nov 28, 2016Close137.406Apr 27, 2017Close138.719Sep 22, 2017Close136.813Feb 22, 2018Close131.969Jul 20, 2018Close130.875Dec 19, 2018Close127.500May 20, 2019Close131.125Oct 16, 2019Close133.875Mar 17, 2020Close128.750Aug 12, 2020Close144.250Jan 12, 2021Close142.656Jun 9, 2021Close141.156Nov 4, 2021Close140.531Apr 5, 2022Close129.750Sep 1, 2022Close118.781Feb 2, 2023Close115.094Jun 30, 2023Close110.406Nov 28, 2023Close108.156Apr 25, 2024Close107.438Sep 23, 2024Close110.563Feb 24, 2025Close108.813Jul 22, 2025Close109.500Dec 18, 2025Close107.969May 18, 2026Close107.188Sep 10, 2026Close104.094
The most recent 20 trading days of prices for 912810FH6.
DateBidOfferClose
Sep 10, 2026104.203104.156104.094
Sep 9, 2026104.328104.281104.281
Sep 8, 2026104.391104.344104.375
Sep 4, 2026104.344104.313104.313
Sep 3, 2026104.484104.438104.406
Sep 2, 2026104.328104.281104.281
Sep 1, 2026104.297104.250104.281
Aug 31, 2026104.313104.281104.250
Aug 28, 2026104.344104.281104.188
Aug 27, 2026104.609104.563104.531
Aug 26, 2026104.578104.531104.563
Aug 25, 2026104.672104.625104.625
Aug 24, 2026104.594104.563104.531
Aug 21, 2026104.578104.531104.563
Aug 20, 2026104.594104.563104.594
Aug 19, 2026104.531104.500104.500
Aug 18, 2026104.484104.438104.438
Aug 17, 2026104.422104.375104.375
Aug 14, 2026104.422104.375104.375
Aug 13, 2026104.422104.375104.344

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 912810FH6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 7, 1999Apr 15, 1999New issue$7.0bn$7.4bn–3.899%
Oct 6, 1999Oct 15, 1999Reopening$7.0bn$7.4bn–4.138%
Oct 11, 2000Oct 16, 2000Reopening$5.0bn$5.0bn1.98x3.953%

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.