Treasury bond

912810QC5 · 4.5% due August 15, 2039

Original term
30-Year
Maturity
Aug 15, 2039
Coupon
4.500%
Pays
Semi-Annual
Dated
Aug 15, 2009
First coupon
Feb 15, 2010
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$41.43bn
Held stripped
$1.14bn
Share stripped
2.75%

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, September 10, 2026

Yield to maturity
5.106%
Modified duration
9.558 yr
DV01
0.0905
Convexity
113.268
Dirty price
94.643

Where its rate sensitivity sits

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 9.754 years against a modified duration of 9.558.

Against the fitted curve

Priced 3.6 bp rich to the curve on that day, 32.41 cents per 100 of face.

That is -1.51 standard deviations from its own typical residual.

Yield to maturity, 4,270 observations

0%1%2%3%4%5%6%Aug 17, 2009Sep 10, 2026Aug 17, 2009Yield to maturity4.326%Jan 8, 2010Yield to maturity4.700%May 28, 2010Yield to maturity4.224%Oct 18, 2010Yield to maturity3.919%Mar 10, 2011Yield to maturity4.510%Jul 29, 2011Yield to maturity4.091%Dec 20, 2011Yield to maturity2.852%May 10, 2012Yield to maturity2.945%Sep 28, 2012Yield to maturity2.668%Feb 25, 2013Yield to maturity2.930%Jul 16, 2013Yield to maturity3.451%Dec 5, 2013Yield to maturity3.802%Apr 29, 2014Yield to maturity3.387%Sep 18, 2014Yield to maturity3.255%Feb 12, 2015Yield to maturity2.506%Jul 2, 2015Yield to maturity3.104%Nov 23, 2015Yield to maturity2.862%Apr 15, 2016Yield to maturity2.360%Sep 2, 2016Yield to maturity2.110%Jan 27, 2017Yield to maturity2.954%Jun 19, 2017Yield to maturity2.641%Nov 7, 2017Yield to maturity2.627%Apr 2, 2018Yield to maturity2.873%Aug 20, 2018Yield to maturity2.924%Jan 14, 2019Yield to maturity2.941%Jun 5, 2019Yield to maturity2.424%Oct 24, 2019Yield to maturity2.064%Mar 18, 2020Yield to maturity1.575%Aug 6, 2020Yield to maturity0.876%Dec 29, 2020Yield to maturity1.319%May 19, 2021Yield to maturity2.134%Oct 7, 2021Yield to maturity1.899%Mar 2, 2022Yield to maturity2.104%Jul 22, 2022Yield to maturity2.948%Dec 13, 2022Yield to maturity3.573%May 4, 2023Yield to maturity3.553%Sep 25, 2023Yield to maturity4.717%Feb 15, 2024Yield to maturity4.396%Jul 8, 2024Yield to maturity4.394%Nov 26, 2024Yield to maturity4.441%Apr 18, 2025Yield to maturity4.632%Sep 9, 2025Yield to maturity4.388%Feb 2, 2026Yield to maturity4.547%Jun 23, 2026Yield to maturity4.679%Sep 10, 2026Yield to maturity5.106%

Price history

4,270 trading days to Sep 10, 2026

80100120140160180Aug 17, 2009Sep 10, 2026Aug 17, 2009Close102.906Jan 8, 2010Close96.813May 28, 2010Close104.594Oct 18, 2010Close109.969Mar 10, 2011Close99.844Jul 29, 2011Close106.781Dec 20, 2011Close131.375May 10, 2012Close129.000Sep 28, 2012Close134.969Feb 25, 2013Close128.781Jul 16, 2013Close117.938Dec 5, 2013Close111.375Apr 29, 2014Close118.813Sep 18, 2014Close121.125Feb 12, 2015Close136.344Jul 2, 2015Close123.563Nov 23, 2015Close128.063Apr 15, 2016Close138.219Sep 2, 2016Close143.281Jan 27, 2017Close125.313Jun 19, 2017Close131.031Nov 7, 2017Close130.906Apr 2, 2018Close125.844Aug 20, 2018Close124.594Jan 14, 2019Close123.938Jun 5, 2019Close133.000Oct 24, 2019Close139.438Mar 18, 2020Close148.750Aug 6, 2020Close163.375Dec 29, 2020Close152.375May 19, 2021Close135.594Oct 7, 2021Close139.219Mar 2, 2022Close134.844Jul 22, 2022Close120.688Dec 13, 2022Close111.563May 4, 2023Close111.625Sep 25, 2023Close97.594Feb 15, 2024Close101.156Jul 8, 2024Close101.156Nov 26, 2024Close100.625Apr 18, 2025Close98.625Sep 9, 2025Close101.156Feb 2, 2026Close99.531Jun 23, 2026Close98.250Sep 10, 2026Close94.313
The most recent 20 trading days of prices for 912810QC5.
DateBidOfferClose
Sep 10, 202694.75094.68894.313
Sep 9, 202695.32895.25095.438
Sep 8, 202695.84495.78195.688
Sep 4, 202695.93895.87595.813
Sep 3, 202696.09496.03195.875
Sep 2, 202695.65695.59495.625
Sep 1, 202695.93895.87595.625
Aug 31, 202695.90695.84495.938
Aug 28, 202696.51696.43896.188
Aug 27, 202696.81396.75096.594
Aug 26, 202696.79796.75096.688
Aug 25, 202696.87596.81396.875
Aug 24, 202696.50096.43896.281
Aug 21, 202696.03195.96995.906
Aug 20, 202696.26696.18896.344
Aug 19, 202696.65696.59496.719
Aug 18, 202695.90695.84495.938
Aug 17, 202696.01695.96995.750
Aug 14, 202696.20396.15696.125
Aug 13, 202696.64196.59496.594

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 912810QC5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 13, 2009Aug 17, 2009New issue$15.0bn$17.3bn2.54x4.541%
Sep 10, 2009Sep 15, 2009Reopening$12.0bn$12.0bn2.92x4.238%
Oct 8, 2009Oct 15, 2009Reopening$12.0bn$12.1bn2.37x4.009%

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.