Treasury bond

912810PW2 · 4.375% due February 15, 2038

Original term
30-Year
Maturity
Feb 15, 2038
Coupon
4.375%
Pays
Semi-Annual
Dated
Feb 15, 2008
First coupon
Aug 15, 2008
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$22.53bn
Held stripped
$668.8m
Share stripped
2.97%

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. The index figures are published per holding.

Risk, November 9, 2026

Yield to maturity
4.832%
Modified duration
8.655 yr
DV01
0.0840
Convexity
0.915
Dirty price
97.097

Where its rate sensitivity sits

0.01
0.01
0.04
0.08
0.19
0.36
0.59
5.79
1.77
3M
6M
1Y
2Y
3Y
5Y
7Y
10Y
15Y
20Y
25Y
30Y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 9 of twelve buckets, summing to 8.829 years against a modified duration of 8.655.

Against the fitted curve

Priced 12.1 bp rich to the curve on that day, 101.67 cents per 100 of face.

That is -1.06 standard deviations from its own typical residual.

Yield to maturity, 4,547 observations

0%1%2%3%4%5%6%Sep 2, 2008Nov 9, 2026Sep 2, 2008Yield to maturity4.356%Sep 29, 2008Yield to maturity4.181%Oct 27, 2008Yield to maturity4.113%Nov 24, 2008Yield to maturity3.791%Dec 22, 2008Yield to maturity2.603%Jan 21, 2009Yield to maturity3.165%Feb 18, 2009Yield to maturity3.582%Mar 17, 2009Yield to maturity3.897%Apr 14, 2009Yield to maturity3.675%May 11, 2009Yield to maturity4.189%Jun 8, 2009Yield to maturity4.657%Jul 6, 2009Yield to maturity4.344%Jul 31, 2009Yield to maturity4.314%Aug 27, 2009Yield to maturity4.225%Sep 24, 2009Yield to maturity4.175%Oct 22, 2009Yield to maturity4.247%Nov 19, 2009Yield to maturity4.284%Dec 17, 2009Yield to maturity4.416%Jan 15, 2010Yield to maturity4.561%Feb 12, 2010Yield to maturity4.629%Mar 12, 2010Yield to maturity4.597%Apr 8, 2010Yield to maturity4.730%May 5, 2010Yield to maturity4.367%Jun 2, 2010Yield to maturity4.228%Jun 29, 2010Yield to maturity3.920%Jul 27, 2010Yield to maturity4.069%Aug 23, 2010Yield to maturity3.604%Sep 20, 2010Yield to maturity3.820%Oct 18, 2010Yield to maturity3.880%Nov 15, 2010Yield to maturity4.324%Dec 13, 2010Yield to maturity4.349%Jan 10, 2011Yield to maturity4.435%Feb 7, 2011Yield to maturity4.672%Mar 7, 2011Yield to maturity4.584%Apr 1, 2011Yield to maturity4.457%Apr 29, 2011Yield to maturity4.371%May 26, 2011Yield to maturity4.177%Jun 23, 2011Yield to maturity4.109%Jul 21, 2011Yield to maturity4.249%Aug 17, 2011Yield to maturity3.475%Sep 14, 2011Yield to maturity3.231%Oct 12, 2011Yield to maturity3.142%Nov 8, 2011Yield to maturity3.060%Dec 7, 2011Yield to maturity2.947%Jan 5, 2012Yield to maturity2.956%Feb 2, 2012Yield to maturity2.884%Mar 1, 2012Yield to maturity3.028%Mar 28, 2012Yield to maturity3.191%Apr 24, 2012Yield to maturity2.987%May 21, 2012Yield to maturity2.657%Jun 18, 2012Yield to maturity2.525%Jul 16, 2012Yield to maturity2.406%Aug 10, 2012Yield to maturity2.575%Sep 7, 2012Yield to maturity2.637%Oct 4, 2012Yield to maturity2.708%Nov 2, 2012Yield to maturity2.726%Dec 3, 2012Yield to maturity2.606%Dec 31, 2012Yield to maturity2.755%Jan 29, 2013Yield to maturity2.986%Feb 26, 2013Yield to maturity2.899%Mar 25, 2013Yield to maturity2.972%Apr 22, 2013Yield to maturity2.708%May 17, 2013Yield to maturity2.984%Jun 14, 2013Yield to maturity3.133%Jul 12, 2013Yield to maturity3.491%Aug 8, 2013Yield to maturity3.514%Sep 5, 2013Yield to maturity3.765%Oct 2, 2013Yield to maturity3.573%Oct 30, 2013Yield to maturity3.494%Nov 27, 2013Yield to maturity3.666%Dec 26, 2013Yield to maturity3.790%Jan 24, 2014Yield to maturity3.512%Feb 21, 2014Yield to maturity3.555%Mar 20, 2014Yield to maturity3.532%Apr 16, 2014Yield to maturity3.323%May 14, 2014Yield to maturity3.220%Jun 11, 2014Yield to maturity3.322%Jul 9, 2014Yield to maturity3.230%Aug 5, 2014Yield to maturity3.141%Sep 2, 2014Yield to maturity3.036%Sep 30, 2014Yield to maturity3.086%Oct 28, 2014Yield to maturity2.921%Nov 26, 2014Yield to maturity2.808%Dec 24, 2014Yield to maturity2.666%Jan 23, 2015Yield to maturity2.251%Feb 20, 2015Yield to maturity2.609%Mar 19, 2015Yield to maturity2.429%Apr 15, 2015Yield to maturity2.421%May 12, 2015Yield to maturity2.889%Jun 9, 2015Yield to maturity3.032%Jul 7, 2015Yield to maturity2.893%Aug 3, 2015Yield to maturity2.688%Aug 28, 2015Yield to maturity2.742%Sep 25, 2015Yield to maturity2.754%Oct 23, 2015Yield to maturity2.667%Nov 20, 2015Yield to maturity2.800%Dec 18, 2015Yield to maturity2.654%Jan 19, 2016Yield to maturity2.567%Feb 16, 2016Yield to maturity2.312%Mar 14, 2016Yield to maturity2.441%Apr 11, 2016Yield to maturity2.252%May 6, 2016Yield to maturity2.296%Jun 3, 2016Yield to maturity2.189%Jun 30, 2016Yield to maturity1.948%Jul 28, 2016Yield to maturity1.910%Aug 24, 2016Yield to maturity1.953%Sep 21, 2016Yield to maturity2.126%Oct 19, 2016Yield to maturity2.245%Nov 16, 2016Yield to maturity2.674%Dec 14, 2016Yield to maturity2.920%Jan 12, 2017Yield to maturity2.736%Feb 9, 2017Yield to maturity2.780%Mar 9, 2017Yield to maturity2.977%Apr 5, 2017Yield to maturity2.750%May 3, 2017Yield to maturity2.738%May 31, 2017Yield to maturity2.627%Jun 27, 2017Yield to maturity2.549%Jul 25, 2017Yield to maturity2.702%Aug 21, 2017Yield to maturity2.545%Sep 18, 2017Yield to maturity2.578%Oct 16, 2017Yield to maturity2.597%Nov 10, 2017Yield to maturity2.686%Dec 8, 2017Yield to maturity2.594%Jan 8, 2018Yield to maturity2.657%Feb 5, 2018Yield to maturity2.926%Mar 5, 2018Yield to maturity3.039%Apr 2, 2018Yield to maturity2.843%Apr 27, 2018Yield to maturity3.030%May 24, 2018Yield to maturity3.055%Jun 21, 2018Yield to maturity2.960%Jul 19, 2018Yield to maturity2.889%Aug 15, 2018Yield to maturity2.938%Sep 12, 2018Yield to maturity3.032%Oct 10, 2018Yield to maturity3.314%Nov 6, 2018Yield to maturity3.325%Dec 6, 2018Yield to maturity2.981%Jan 4, 2019Yield to maturity2.794%Feb 1, 2019Yield to maturity2.839%Mar 1, 2019Yield to maturity2.924%Mar 28, 2019Yield to maturity2.573%Apr 25, 2019Yield to maturity2.719%May 22, 2019Yield to maturity2.587%Jun 19, 2019Yield to maturity2.263%Jul 17, 2019Yield to maturity2.292%Aug 13, 2019Yield to maturity1.876%Sep 10, 2019Yield to maturity1.934%Oct 7, 2019Yield to maturity1.780%Nov 4, 2019Yield to maturity2.023%Dec 3, 2019Yield to maturity1.952%Dec 31, 2019Yield to maturity2.162%Jan 29, 2020Yield to maturity1.814%Feb 26, 2020Yield to maturity1.551%Mar 24, 2020Yield to maturity1.070%Apr 21, 2020Yield to maturity0.865%May 18, 2020Yield to maturity1.022%Jun 15, 2020Yield to maturity1.010%Jul 13, 2020Yield to maturity0.894%Aug 7, 2020Yield to maturity0.806%Sep 3, 2020Yield to maturity0.914%Oct 1, 2020Yield to maturity0.983%Oct 29, 2020Yield to maturity1.152%Nov 27, 2020Yield to maturity1.133%Dec 24, 2020Yield to maturity1.240%Jan 25, 2021Yield to maturity1.382%Feb 22, 2021Yield to maturity1.771%Mar 19, 2021Yield to maturity2.140%Apr 15, 2021Yield to maturity1.908%May 12, 2021Yield to maturity2.070%Jun 9, 2021Yield to maturity1.852%Jul 7, 2021Yield to maturity1.618%Aug 3, 2021Yield to maturity1.487%Aug 30, 2021Yield to maturity1.553%Sep 27, 2021Yield to maturity1.704%Oct 25, 2021Yield to maturity1.840%Nov 22, 2021Yield to maturity1.752%Dec 20, 2021Yield to maturity1.601%Jan 18, 2022Yield to maturity2.045%Feb 14, 2022Yield to maturity2.163%Mar 14, 2022Yield to maturity2.229%Apr 8, 2022Yield to maturity2.775%May 6, 2022Yield to maturity3.199%Jun 3, 2022Yield to maturity3.033%Jul 1, 2022Yield to maturity2.950%Jul 29, 2022Yield to maturity2.728%Aug 25, 2022Yield to maturity3.103%Sep 22, 2022Yield to maturity3.691%Oct 20, 2022Yield to maturity4.260%Nov 17, 2022Yield to maturity3.869%Dec 15, 2022Yield to maturity3.438%Jan 13, 2023Yield to maturity3.566%Feb 10, 2023Yield to maturity3.779%Mar 10, 2023Yield to maturity3.689%Apr 6, 2023Yield to maturity3.373%May 3, 2023Yield to maturity3.474%May 31, 2023Yield to maturity3.727%Jun 28, 2023Yield to maturity3.725%Jul 26, 2023Yield to maturity3.858%Aug 22, 2023Yield to maturity4.387%Sep 19, 2023Yield to maturity4.383%Oct 17, 2023Yield to maturity4.945%Nov 13, 2023Yield to maturity4.736%Dec 11, 2023Yield to maturity4.300%Jan 9, 2024Yield to maturity4.058%Feb 6, 2024Yield to maturity4.138%Mar 5, 2024Yield to maturity4.149%Apr 2, 2024Yield to maturity4.375%Apr 29, 2024Yield to maturity4.637%May 24, 2024Yield to maturity4.460%Jun 24, 2024Yield to maturity4.250%Jul 22, 2024Yield to maturity4.310%Aug 16, 2024Yield to maturity3.945%Sep 13, 2024Yield to maturity3.716%Oct 10, 2024Yield to maturity4.165%Nov 7, 2024Yield to maturity4.393%Dec 6, 2024Yield to maturity4.200%Jan 6, 2025Yield to maturity4.710%Feb 3, 2025Yield to maturity4.606%Mar 3, 2025Yield to maturity4.233%Mar 28, 2025Yield to maturity4.365%Apr 25, 2025Yield to maturity4.426%May 22, 2025Yield to maturity4.730%Jun 20, 2025Yield to maturity4.528%Jul 18, 2025Yield to maturity4.603%Aug 14, 2025Yield to maturity4.444%Sep 11, 2025Yield to maturity4.170%Oct 8, 2025Yield to maturity4.266%Nov 5, 2025Yield to maturity4.289%Dec 4, 2025Yield to maturity4.222%Jan 2, 2026Yield to maturity4.291%Jan 30, 2026Yield to maturity4.335%Feb 27, 2026Yield to maturity4.052%Mar 26, 2026Yield to maturity4.491%Apr 22, 2026Yield to maturity4.364%May 19, 2026Yield to maturity4.721%Jun 16, 2026Yield to maturity4.461%Jul 15, 2026Yield to maturity4.582%Aug 11, 2026Yield to maturity4.727%Sep 8, 2026Yield to maturity4.786%Oct 5, 2026Yield to maturity5.287%Nov 2, 2026Yield to maturity4.861%Nov 9, 2026Yield to maturity4.832%

Price history

4,547 trading days to Nov 9, 2026

80100120140160180Sep 2, 2008Nov 9, 2026Sep 2, 2008Close100.313Sep 29, 2008Close103.266Oct 27, 2008Close104.438Nov 24, 2008Close110.250Dec 22, 2008Close136.031Jan 21, 2009Close122.875Feb 18, 2009Close114.219Mar 17, 2009Close108.250Apr 14, 2009Close112.375May 11, 2009Close103.094Jun 8, 2009Close95.563Jul 6, 2009Close100.500Jul 31, 2009Close101.000Aug 27, 2009Close102.469Sep 24, 2009Close103.313Oct 22, 2009Close102.094Nov 19, 2009Close101.469Dec 17, 2009Close99.344Jan 15, 2010Close97.063Feb 12, 2010Close96.031Mar 12, 2010Close96.531Apr 8, 2010Close94.531May 5, 2010Close100.125Jun 2, 2010Close102.375Jun 29, 2010Close107.625Jul 27, 2010Close105.031Aug 23, 2010Close113.375Sep 20, 2010Close109.375Oct 18, 2010Close108.281Nov 15, 2010Close100.813Dec 13, 2010Close100.406Jan 10, 2011Close99.063Feb 7, 2011Close95.469Mar 7, 2011Close96.781Apr 1, 2011Close98.719Apr 29, 2011Close100.063May 26, 2011Close103.156Jun 23, 2011Close104.281Jul 21, 2011Close102.000Aug 17, 2011Close115.500Sep 14, 2011Close120.219Oct 12, 2011Close121.969Nov 8, 2011Close123.625Dec 7, 2011Close125.938Jan 5, 2012Close125.688Feb 2, 2012Close127.156Mar 1, 2012Close124.094Mar 28, 2012Close120.750Apr 24, 2012Close124.844May 21, 2012Close131.875Jun 18, 2012Close134.781Jul 16, 2012Close137.438Aug 10, 2012Close133.500Sep 7, 2012Close132.063Oct 4, 2012Close130.438Nov 2, 2012Close129.969Dec 3, 2012Close132.531Dec 31, 2012Close129.219Jan 29, 2013Close124.375Feb 26, 2013Close126.094Mar 25, 2013Close124.563Apr 22, 2013Close129.969May 17, 2013Close124.219Jun 14, 2013Close121.219Jul 12, 2013Close114.500Aug 8, 2013Close114.063Sep 5, 2013Close109.688Oct 2, 2013Close112.969Oct 30, 2013Close114.344Nov 27, 2013Close111.313Dec 26, 2013Close109.188Jan 24, 2014Close113.938Feb 21, 2014Close113.156Mar 20, 2014Close113.531Apr 16, 2014Close117.219May 14, 2014Close119.063Jun 11, 2014Close117.156Jul 9, 2014Close118.813Aug 5, 2014Close120.406Sep 2, 2014Close122.344Sep 30, 2014Close121.344Oct 28, 2014Close124.438Nov 26, 2014Close126.594Dec 24, 2014Close129.375Jan 23, 2015Close138.031Feb 20, 2015Close130.375Mar 19, 2015Close134.031Apr 15, 2015Close134.125May 12, 2015Close124.656Jun 9, 2015Close121.906Jul 7, 2015Close124.469Aug 3, 2015Close128.375Aug 28, 2015Close127.250Sep 25, 2015Close126.938Oct 23, 2015Close128.563Nov 20, 2015Close125.938Dec 18, 2015Close128.688Jan 19, 2016Close130.313Feb 16, 2016Close135.406Mar 14, 2016Close132.688Apr 11, 2016Close136.469May 6, 2016Close135.469Jun 3, 2016Close137.594Jun 30, 2016Close142.656Jul 28, 2016Close143.375Aug 24, 2016Close142.313Sep 21, 2016Close138.500Oct 19, 2016Close135.938Nov 16, 2016Close127.438Dec 14, 2016Close122.844Jan 12, 2017Close126.125Feb 9, 2017Close125.250Mar 9, 2017Close121.656Apr 5, 2017Close125.656May 3, 2017Close125.813May 31, 2017Close127.781Jun 27, 2017Close129.156Jul 25, 2017Close126.250Aug 21, 2017Close129.063Sep 18, 2017Close128.375Oct 16, 2017Close127.938Nov 10, 2017Close126.250Dec 8, 2017Close127.844Jan 8, 2018Close126.625Feb 5, 2018Close121.844Mar 5, 2018Close119.875Apr 2, 2018Close123.125Apr 27, 2018Close119.906May 24, 2018Close119.438Jun 21, 2018Close120.969Jul 19, 2018Close122.094Aug 15, 2018Close121.219Sep 12, 2018Close119.594Oct 10, 2018Close115.063Nov 6, 2018Close114.844Dec 6, 2018Close120.250Jan 4, 2019Close123.281Feb 1, 2019Close122.469Mar 1, 2019Close121.000Mar 28, 2019Close126.813Apr 25, 2019Close124.250May 22, 2019Close126.406Jun 19, 2019Close132.000Jul 17, 2019Close131.375Aug 13, 2019Close138.906Sep 10, 2019Close137.688Oct 7, 2019Close140.469Nov 4, 2019Close135.781Dec 3, 2019Close136.969Dec 31, 2019Close133.031Jan 29, 2020Close139.250Feb 26, 2020Close144.125Mar 24, 2020Close153.688Apr 21, 2020Close157.844May 18, 2020Close154.281Jun 15, 2020Close154.313Jul 13, 2020Close156.531Aug 7, 2020Close158.188Sep 3, 2020Close155.688Oct 1, 2020Close154.031Oct 29, 2020Close150.406Nov 27, 2020Close150.563Dec 24, 2020Close148.250Jan 25, 2021Close145.344Feb 22, 2021Close138.031Mar 19, 2021Close131.563Apr 15, 2021Close135.375May 12, 2021Close132.500Jun 9, 2021Close136.063Jul 7, 2021Close140.000Aug 3, 2021Close142.188Aug 30, 2021Close140.844Sep 27, 2021Close138.031Oct 25, 2021Close135.563Nov 22, 2021Close136.906Dec 20, 2021Close139.344Jan 18, 2022Close131.781Feb 14, 2022Close129.781Mar 14, 2022Close128.625Apr 8, 2022Close120.406May 6, 2022Close114.469Jun 3, 2022Close116.656Jul 1, 2022Close117.719Jul 29, 2022Close120.750Aug 25, 2022Close115.531Sep 22, 2022Close107.969Oct 20, 2022Close101.281Nov 17, 2022Close105.781Dec 15, 2022Close111.000Jan 13, 2023Close109.375Feb 10, 2023Close106.781Mar 10, 2023Close107.813Apr 6, 2023Close111.625May 3, 2023Close110.344May 31, 2023Close107.281Jun 28, 2023Close107.281Jul 26, 2023Close105.719Aug 22, 2023Close99.875Sep 19, 2023Close99.906Oct 17, 2023Close94.188Nov 13, 2023Close96.281Dec 11, 2023Close100.781Jan 9, 2024Close103.375Feb 6, 2024Close102.500Mar 5, 2024Close102.375Apr 2, 2024Close100.000Apr 29, 2024Close97.344May 24, 2024Close99.125Jun 24, 2024Close101.281Jul 22, 2024Close100.656Aug 16, 2024Close104.469Sep 13, 2024Close106.906Oct 10, 2024Close102.125Nov 7, 2024Close99.813Dec 6, 2024Close101.750Jan 6, 2025Close96.750Feb 3, 2025Close97.750Mar 3, 2025Close101.406Mar 28, 2025Close100.094Apr 25, 2025Close99.500May 22, 2025Close96.625Jun 20, 2025Close98.531Jul 18, 2025Close97.844Aug 14, 2025Close99.344Sep 11, 2025Close101.969Oct 8, 2025Close101.031Nov 5, 2025Close100.813Dec 4, 2025Close101.438Jan 2, 2026Close100.781Jan 30, 2026Close100.375Feb 27, 2026Close103.031Mar 26, 2026Close98.938Apr 22, 2026Close100.094May 19, 2026Close96.906Jun 16, 2026Close99.219Jul 15, 2026Close98.156Aug 11, 2026Close96.906Sep 8, 2026Close96.406Oct 5, 2026Close92.281Nov 2, 2026Close95.813Nov 9, 2026Close96.063
The most recent 20 trading days of prices for 912810PW2.
DateBidOfferClose
Nov 9, 202696.06396.20396.063
Nov 6, 202696.18896.31396.188
Nov 5, 202696.25096.40696.375
Nov 4, 202695.71995.82895.938
Nov 3, 202695.53195.68895.469
Nov 2, 202696.00096.12595.813
Oct 30, 202695.43895.54795.594
Oct 29, 202695.21995.35995.188
Oct 28, 202694.87594.98494.656
Oct 27, 202695.15695.28195.156
Oct 26, 202695.12595.25095.094
Oct 23, 202695.09495.20395.031
Oct 22, 202694.90695.03195.344
Oct 21, 202694.15694.26694.000
Oct 20, 202694.09494.20394.031
Oct 19, 202693.87594.01693.750
Oct 16, 202694.28194.40694.219
Oct 15, 202694.09494.23494.125
Oct 14, 202692.90693.01693.344
Oct 13, 202693.12593.23493.156

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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 912810PW2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 7, 2008Feb 15, 2008New issue$9.0bn$13.3bn1.82x4.449%
May 8, 2008May 15, 2008Reopening$6.0bn$9.2bn2.69x4.599%

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.