Inflation-linked (TIPS)

912810QF8 · 2.125% due February 15, 2040

Original term
30-Year
Maturity
Feb 15, 2040
Coupon
2.125%
Pays
Semi-Annual
Dated
Feb 15, 2010
First coupon
Aug 15, 2010
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$23.17bn
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
2.773%
Index ratio
1.5450
Real duration
11.493 yr
DV01
0.1068
Convexity
150.390
Real clean price
92.781
Accrued (real)
0.156
Real dirty price
92.937
Indexed principal
154.502
Money clean price
143.349

The index ratio is a multiplier, not a percentage: 1.5450 means the principal is worth that many times its original face today. So the real clean price of 92.781 is not what a buyer pays , multiply by the ratio to get 143.349 per 100 of original face.

Against the fitted real curve

Priced 0.9 bp rich to the real curve on that day, 10.07 cents per 100 of face.

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

Real yield, 4,139 observations

-1%0%1%2%3%Feb 26, 2010Sep 10, 2026Feb 26, 2010Real yield2.128%Jul 12, 2010Real yield1.839%Nov 26, 2010Real yield1.651%Apr 13, 2011Real yield1.788%Aug 29, 2011Real yield1.165%Jan 18, 2012Real yield0.710%Jun 1, 2012Real yield0.284%Oct 17, 2012Real yield0.418%Mar 8, 2013Real yield0.563%Jul 24, 2013Real yield1.300%Dec 10, 2013Real yield1.504%Apr 29, 2014Real yield1.140%Sep 15, 2014Real yield1.041%Feb 4, 2015Real yield0.568%Jun 19, 2015Real yield1.024%Nov 4, 2015Real yield1.214%Mar 24, 2016Real yield0.950%Aug 9, 2016Real yield0.602%Dec 27, 2016Real yield1.032%May 15, 2017Real yield0.974%Sep 28, 2017Real yield0.850%Feb 15, 2018Real yield0.933%Jul 3, 2018Real yield0.788%Nov 19, 2018Real yield1.248%Apr 9, 2019Real yield0.900%Aug 23, 2019Real yield0.317%Jan 13, 2020Real yield0.399%May 29, 2020Real yield-0.116%Oct 14, 2020Real yield-0.501%Mar 4, 2021Real yield-0.119%Jul 19, 2021Real yield-0.561%Dec 3, 2021Real yield-0.729%Apr 21, 2022Real yield0.184%Sep 7, 2022Real yield1.089%Jan 26, 2023Real yield1.315%Jun 12, 2023Real yield1.637%Oct 27, 2023Real yield2.583%Mar 15, 2024Real yield2.127%Jul 31, 2024Real yield2.019%Dec 17, 2024Real yield2.242%May 5, 2025Real yield2.298%Sep 19, 2025Real yield2.042%Feb 9, 2026Real yield2.130%Jun 25, 2026Real yield2.365%Sep 10, 2026Real yield2.773%

Price history

4,139 trading days to Sep 10, 2026

90100110120130140150160Feb 26, 2010Sep 10, 2026Feb 26, 2010Close99.938Jul 12, 2010Close106.500Nov 26, 2010Close110.938Apr 13, 2011Close107.563Aug 29, 2011Close123.188Jan 18, 2012Close135.969Jun 1, 2012Close149.000Oct 17, 2012Close144.031Mar 8, 2013Close139.000Jul 24, 2013Close118.469Dec 10, 2013Close113.406Apr 29, 2014Close121.969Sep 15, 2014Close124.156Feb 4, 2015Close136.281Jun 19, 2015Close123.938Nov 4, 2015Close119.094Mar 24, 2016Close125.063Aug 9, 2016Close133.344Dec 27, 2016Close122.438May 15, 2017Close123.438Sep 28, 2017Close125.938Feb 15, 2018Close123.656Jul 3, 2018Close126.531Nov 19, 2018Close116.313Apr 9, 2019Close123.250Aug 23, 2019Close135.813Jan 13, 2020Close133.281May 29, 2020Close144.688Oct 14, 2020Close153.375Mar 4, 2021Close143.031Jul 19, 2021Close152.656Dec 3, 2021Close155.625Apr 21, 2022Close134.000Sep 7, 2022Close116.406Jan 26, 2023Close112.344Jun 12, 2023Close107.094Oct 27, 2023Close93.938Mar 15, 2024Close99.969Jul 31, 2024Close101.406Dec 17, 2024Close98.500May 5, 2025Close97.844Sep 19, 2025Close101.031Feb 9, 2026Close99.938Jun 25, 2026Close97.219Sep 10, 2026Close92.781
The most recent 20 trading days of prices for 912810QF8.
DateBidOfferClose
Sep 10, 202693.20393.12592.781
Sep 9, 202693.65693.56393.719
Sep 8, 202694.17294.09494.031
Sep 4, 202694.07894.00094.063
Sep 3, 202694.43894.37594.094
Sep 2, 202693.96993.90693.906
Sep 1, 202694.03193.96993.906
Aug 31, 202693.93893.87593.969
Aug 28, 202694.70394.62594.219
Aug 27, 202695.00094.93894.875
Aug 26, 202694.93894.87594.906
Aug 25, 202694.98494.90694.969
Aug 24, 202694.62594.56394.375
Aug 21, 202694.34494.28194.063
Aug 20, 202694.34494.28194.594
Aug 19, 202694.71994.65694.656
Aug 18, 202693.70393.62593.781
Aug 17, 202693.73493.65693.438
Aug 14, 202693.89193.81393.906
Aug 13, 202694.35994.28194.219

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 912810QF8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 22, 2010Feb 26, 2010New issue$8.0bn$8.0bn2.45x2.229%
Aug 23, 2010Aug 31, 2010Reopening$7.0bn$7.2bn2.78x1.768%

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.