Inflation-linked (TIPS)

912810PZ5 · 2.5% due January 15, 2029

Original term
20-Year
Maturity
Jan 15, 2029
Coupon
2.500%
Pays
Semi-Annual
Dated
Jan 15, 2009
First coupon
Jul 15, 2009
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$21.94bn
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
2.183%
Index ratio
1.5554
Real duration
2.257 yr
DV01
0.0228
Convexity
6.296
Real clean price
100.719
Accrued (real)
0.394
Real dirty price
101.113
Indexed principal
155.538
Money clean price
156.656

The index ratio is a multiplier, not a percentage: 1.5554 means the principal is worth that many times its original face today. So the real clean price of 100.719 is not what a buyer pays , multiply by the ratio to get 156.656 per 100 of original face.

Against the fitted real curve

Priced 2.1 bp cheap to the real curve on that day, 4.90 cents per 100 of face.

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

Real yield, 4,407 observations

-2%-1%0%1%2%3%Jan 30, 2009Sep 10, 2026Jan 30, 2009Real yield2.430%Jun 25, 2009Real yield2.227%Nov 19, 2009Real yield1.843%Apr 16, 2010Real yield1.981%Sep 8, 2010Real yield1.465%Feb 3, 2011Real yield1.894%Jun 29, 2011Real yield1.453%Nov 23, 2011Real yield0.445%Apr 19, 2012Real yield0.325%Sep 12, 2012Real yield0.021%Feb 11, 2013Real yield0.026%Jul 8, 2013Real yield0.985%Dec 2, 2013Real yield1.131%Apr 29, 2014Real yield0.845%Sep 23, 2014Real yield0.781%Feb 23, 2015Real yield0.573%Jul 16, 2015Real yield0.731%Dec 10, 2015Real yield0.923%May 6, 2016Real yield0.436%Sep 29, 2016Real yield0.254%Feb 28, 2017Real yield0.471%Jul 24, 2017Real yield0.613%Dec 15, 2017Real yield0.546%May 14, 2018Real yield0.874%Oct 5, 2018Real yield1.117%Mar 7, 2019Real yield0.753%Jul 31, 2019Real yield0.314%Dec 26, 2019Real yield0.209%May 21, 2020Real yield-0.414%Oct 15, 2020Real yield-1.030%Mar 15, 2021Real yield-0.990%Aug 5, 2021Real yield-1.437%Dec 31, 2021Real yield-1.261%May 26, 2022Real yield0.038%Oct 21, 2022Real yield1.812%Mar 21, 2023Real yield1.509%Aug 14, 2023Real yield2.041%Jan 9, 2024Real yield1.851%Jun 3, 2024Real yield2.121%Oct 28, 2024Real yield1.872%Mar 26, 2025Real yield1.482%Aug 19, 2025Real yield1.230%Jan 15, 2026Real yield1.316%Jun 10, 2026Real yield1.623%Sep 10, 2026Real yield2.183%

Price history

4,407 trading days to Sep 10, 2026

90100110120130140150Jan 30, 2009Sep 10, 2026Jan 30, 2009Close101.094Jun 25, 2009Close104.313Nov 19, 2009Close110.563Apr 16, 2010Close108.094Sep 8, 2010Close116.594Feb 3, 2011Close109.188Jun 29, 2011Close116.156Nov 23, 2011Close133.875Apr 19, 2012Close135.406Sep 12, 2012Close140.438Feb 11, 2013Close139.313Jul 8, 2013Close121.750Dec 2, 2013Close118.969Apr 29, 2014Close122.844Sep 23, 2014Close123.219Feb 23, 2015Close125.688Jul 16, 2015Close122.688Dec 10, 2015Close119.406May 6, 2016Close125.438Sep 29, 2016Close127.156Feb 28, 2017Close123.406Jul 24, 2017Close120.875Dec 15, 2017Close120.969May 14, 2018Close116.531Oct 5, 2018Close113.375Mar 7, 2019Close116.563Jul 31, 2019Close120.344Dec 26, 2019Close120.531May 21, 2020Close125.688Oct 15, 2020Close130.469Mar 15, 2021Close128.500Aug 5, 2021Close131.031Dec 31, 2021Close127.750May 26, 2022Close116.313Oct 21, 2022Close104.031Mar 21, 2023Close105.500Aug 14, 2023Close102.344Jan 9, 2024Close103.094Jun 3, 2024Close101.656Oct 28, 2024Close102.531Mar 26, 2025Close103.750Aug 19, 2025Close104.219Jan 15, 2026Close103.469Jun 10, 2026Close102.219Sep 10, 2026Close100.719
The most recent 20 trading days of prices for 912810PZ5.
DateBidOfferClose
Sep 10, 2026100.813100.781100.719
Sep 9, 2026100.922100.875100.875
Sep 8, 2026100.969100.938100.938
Sep 4, 2026100.922100.875100.875
Sep 3, 2026101.016100.969100.938
Sep 2, 2026100.891100.844100.844
Sep 1, 2026100.828100.781100.844
Aug 31, 2026100.813100.781100.781
Aug 28, 2026100.844100.781100.719
Aug 27, 2026101.063101.031101.000
Aug 26, 2026101.031101.000101.031
Aug 25, 2026101.094101.063101.063
Aug 24, 2026101.047101.000100.969
Aug 21, 2026101.031101.000101.000
Aug 20, 2026101.031101.000101.063
Aug 19, 2026100.969100.938100.938
Aug 18, 2026100.922100.875100.906
Aug 17, 2026100.891100.844100.844
Aug 14, 2026100.859100.813100.844
Aug 13, 2026100.859100.813100.813

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 912810PZ5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 26, 2009Jan 30, 2009New issue$8.0bn$8.0bn1.92x2.500%
Jul 27, 2009Jul 31, 2009Reopening$6.0bn$6.2bn2.27x2.387%

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.