Treasury bond

912810QD3 · 4.375% due November 15, 2039

Original term
30-Year
Maturity
Nov 15, 2039
Coupon
4.375%
Pays
Semi-Annual
Dated
Nov 15, 2009
First coupon
May 15, 2010
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$44.56bn
Held stripped
$1.89bn
Share stripped
4.25%

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
5.128%
Modified duration
9.621 yr
DV01
0.0907
Convexity
116.114
Dirty price
94.258

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 9.818 years against a modified duration of 9.621.

Against the fitted curve

Priced 2.9 bp rich to the curve on that day, 26.41 cents per 100 of face.

That is -1.50 standard deviations from its own typical residual.

Yield to maturity, 4,208 observations

0%1%2%3%4%5%6%Nov 16, 2009Sep 10, 2026Nov 16, 2009Yield to maturity4.260%Apr 6, 2010Yield to maturity4.838%Aug 19, 2010Yield to maturity3.666%Jan 7, 2011Yield to maturity4.478%May 26, 2011Yield to maturity4.218%Oct 13, 2011Yield to maturity3.118%Mar 5, 2012Yield to maturity3.045%Jul 19, 2012Yield to maturity2.503%Dec 7, 2012Yield to maturity2.661%Apr 29, 2013Yield to maturity2.744%Sep 13, 2013Yield to maturity3.758%Feb 4, 2014Yield to maturity3.486%Jun 23, 2014Yield to maturity3.337%Nov 10, 2014Yield to maturity2.983%Apr 2, 2015Yield to maturity2.461%Aug 18, 2015Yield to maturity2.763%Jan 7, 2016Yield to maturity2.778%May 25, 2016Yield to maturity2.480%Oct 12, 2016Yield to maturity2.367%Mar 3, 2017Yield to maturity2.981%Jul 20, 2017Yield to maturity2.708%Dec 6, 2017Yield to maturity2.600%Apr 26, 2018Yield to maturity3.107%Sep 12, 2018Yield to maturity3.064%Feb 4, 2019Yield to maturity2.952%Jun 21, 2019Yield to maturity2.387%Nov 7, 2019Yield to maturity2.245%Mar 30, 2020Yield to maturity1.089%Aug 14, 2020Yield to maturity1.117%Jan 5, 2021Yield to maturity1.355%May 21, 2021Yield to maturity2.098%Oct 7, 2021Yield to maturity1.923%Feb 28, 2022Yield to maturity2.105%Jul 18, 2022Yield to maturity3.159%Dec 5, 2022Yield to maturity3.741%Apr 24, 2023Yield to maturity3.668%Sep 11, 2023Yield to maturity4.424%Jan 30, 2024Yield to maturity4.243%Jun 14, 2024Yield to maturity4.296%Nov 1, 2024Yield to maturity4.528%Mar 25, 2025Yield to maturity4.519%Aug 11, 2025Yield to maturity4.588%Dec 30, 2025Yield to maturity4.460%May 18, 2026Yield to maturity4.879%Sep 10, 2026Yield to maturity5.128%

Price history

4,208 trading days to Sep 10, 2026

80100120140160180Nov 16, 2009Sep 10, 2026Nov 16, 2009Close101.938Apr 6, 2010Close92.750Aug 19, 2010Close112.656Jan 7, 2011Close98.344May 26, 2011Close102.594Oct 13, 2011Close123.406Mar 5, 2012Close124.750Jul 19, 2012Close136.875Dec 7, 2012Close132.813Apr 29, 2013Close130.594Sep 13, 2013Close110.219Feb 4, 2014Close115.031Jun 23, 2014Close117.688Nov 10, 2014Close124.406Apr 2, 2015Close135.188Aug 18, 2015Close128.344Jan 7, 2016Close127.719May 25, 2016Close133.563Oct 12, 2016Close135.563Mar 3, 2017Close122.875Jul 20, 2017Close127.781Dec 6, 2017Close129.531Apr 26, 2018Close119.813Sep 12, 2018Close120.313Feb 4, 2019Close121.969Jun 21, 2019Close131.938Nov 7, 2019Close134.188Mar 30, 2020Close157.906Aug 14, 2020Close156.281Jan 5, 2021Close150.094May 21, 2021Close134.719Oct 7, 2021Close137.344Feb 28, 2022Close133.406Jul 18, 2022Close116.125Dec 5, 2022Close107.906Apr 24, 2023Close108.719Sep 11, 2023Close99.438Jan 30, 2024Close101.500Jun 14, 2024Close100.875Nov 1, 2024Close98.344Mar 25, 2025Close98.469Aug 11, 2025Close97.781Dec 30, 2025Close99.125May 18, 2026Close95.063Sep 10, 2026Close92.844
The most recent 20 trading days of prices for 912810QD3.
DateBidOfferClose
Sep 10, 202693.28193.21992.844
Sep 9, 202693.85993.78193.969
Sep 8, 202694.37594.31394.188
Sep 4, 202694.46994.40694.313
Sep 3, 202694.62594.56394.375
Sep 2, 202694.15694.09494.125
Sep 1, 202694.43894.37594.125
Aug 31, 202694.42294.34494.469
Aug 28, 202695.03194.96994.688
Aug 27, 202695.31395.25095.094
Aug 26, 202695.28195.21995.188
Aug 25, 202695.37595.31395.375
Aug 24, 202695.00094.93894.781
Aug 21, 202694.50094.43894.406
Aug 20, 202694.75094.68894.813
Aug 19, 202695.12595.06395.188
Aug 18, 202694.37594.31394.406
Aug 17, 202694.48494.43894.219
Aug 14, 202694.68894.62594.625
Aug 13, 202695.12595.06395.063

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 912810QD3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 12, 2009Nov 16, 2009New issue$16.0bn$18.0bn2.26x4.469%
Dec 10, 2009Dec 15, 2009Reopening$13.0bn$13.1bn2.45x4.520%
Jan 14, 2010Jan 15, 2010Reopening$13.0bn$13.5bn2.68x4.640%

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.