Inflation-linked (TIPS)

912810PS1 · 2.375% due January 15, 2027

Original term
20-Year
Maturity
Jan 15, 2027
Coupon
2.375%
Pays
Semi-Annual
Dated
Jan 15, 2007
First coupon
Jul 15, 2007
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$27.12bn
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 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
1.726%
Index ratio
1.6559
Real duration
0.340 yr
DV01
0.0034
Convexity
0.232
Real clean price
100.219
Accrued (real)
0.374
Real dirty price
100.593
Indexed principal
165.592
Money clean price
165.954

The index ratio is a multiplier, not a percentage: 1.6559 means the principal is worth that many times its original face today. So the real clean price of 100.219 is not what a buyer pays , multiply by the ratio to get 165.954 per 100 of original face.

Against the fitted real curve

Priced 59.4 bp rich to the real curve on that day, 20.35 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%5%Sep 2, 2008Sep 10, 2026Sep 2, 2008Real yield2.156%Feb 2, 2009Real yield2.422%Jun 30, 2009Real yield2.149%Nov 27, 2009Real yield1.711%Apr 27, 2010Real yield1.837%Sep 21, 2010Real yield1.298%Feb 18, 2011Real yield1.847%Jul 19, 2011Real yield1.093%Dec 15, 2011Real yield0.395%May 14, 2012Real yield0.070%Oct 10, 2012Real yield-0.303%Mar 13, 2013Real yield-0.096%Aug 8, 2013Real yield0.672%Jan 8, 2014Real yield1.025%Jun 6, 2014Real yield0.638%Nov 4, 2014Real yield0.638%Apr 7, 2015Real yield0.232%Sep 1, 2015Real yield0.744%Feb 2, 2016Real yield0.640%Jun 29, 2016Real yield0.210%Nov 28, 2016Real yield0.589%Apr 27, 2017Real yield0.423%Sep 22, 2017Real yield0.449%Feb 22, 2018Real yield0.789%Jul 20, 2018Real yield0.790%Dec 19, 2018Real yield1.013%May 20, 2019Real yield0.554%Oct 16, 2019Real yield0.246%Mar 17, 2020Real yield0.672%Aug 12, 2020Real yield-1.163%Jan 12, 2021Real yield-1.411%Jun 9, 2021Real yield-1.572%Nov 4, 2021Real yield-1.725%Apr 5, 2022Real yield-0.558%Sep 1, 2022Real yield0.891%Feb 2, 2023Real yield1.451%Jun 30, 2023Real yield2.236%Nov 28, 2023Real yield2.458%Apr 25, 2024Real yield2.422%Sep 23, 2024Real yield1.599%Feb 24, 2025Real yield1.298%Jul 22, 2025Real yield1.072%Dec 18, 2025Real yield1.608%May 18, 2026Real yield0.092%Sep 10, 2026Real yield1.726%

Price history

4,509 trading days to Sep 10, 2026

8090100110120130140150Sep 2, 2008Sep 10, 2026Sep 2, 2008Close103.313Feb 2, 2009Close99.313Jun 30, 2009Close103.281Nov 27, 2009Close109.813Apr 27, 2010Close107.719Sep 21, 2010Close115.781Feb 18, 2011Close107.250Jul 19, 2011Close118.219Dec 15, 2011Close128.969May 14, 2012Close133.625Oct 10, 2012Close139.063Mar 13, 2013Close134.438Aug 8, 2013Close121.844Jan 8, 2014Close116.406Jun 6, 2014Close121.000Nov 4, 2014Close120.344Apr 7, 2015Close124.875Sep 1, 2015Close117.750Feb 2, 2016Close118.313Jun 29, 2016Close122.563Nov 28, 2016Close117.531Apr 27, 2017Close118.563Sep 22, 2017Close117.531Feb 22, 2018Close113.594Jul 20, 2018Close112.969Dec 19, 2018Close110.531May 20, 2019Close113.625Oct 16, 2019Close115.281Mar 17, 2020Close111.344Aug 12, 2020Close123.656Jan 12, 2021Close123.813Jun 9, 2021Close123.188Nov 4, 2021Close122.375Apr 5, 2022Close114.219Sep 1, 2022Close106.344Feb 2, 2023Close103.531Jun 30, 2023Close100.469Nov 28, 2023Close99.750Apr 25, 2024Close99.875Sep 23, 2024Close101.750Feb 24, 2025Close102.000Jul 22, 2025Close101.906Dec 18, 2025Close100.813May 18, 2026Close101.500Sep 10, 2026Close100.219
The most recent 20 trading days of prices for 912810PS1.
DateBidOfferClose
Sep 10, 2026–100.188100.219
Sep 9, 2026–100.094100.094
Sep 8, 2026–100.094100.094
Sep 4, 2026–99.969100.031
Sep 3, 2026–99.96999.969
Sep 2, 2026–99.96999.938
Sep 1, 2026–99.87599.938
Aug 31, 2026–99.84499.844
Aug 28, 2026–99.75099.781
Aug 27, 2026–99.78199.781
Aug 26, 2026–99.71999.750
Aug 25, 2026–99.71999.719
Aug 24, 2026–99.75099.719
Aug 21, 2026–99.78199.813
Aug 20, 2026–99.71999.688
Aug 19, 2026–99.65699.688
Aug 18, 2026–99.62599.625
Aug 17, 2026–99.46999.563
Aug 14, 2026–99.40699.438
Aug 13, 2026–99.37599.406

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 912810PS1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 23, 2007Jan 31, 2007New issue$8.0bn$9.2bn2.05x2.420%
Jul 24, 2007Jul 31, 2007Reopening$6.0bn$7.3bn2.23x2.600%

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.