Treasury bond

912810QH4 · 4.375% due May 15, 2040

Original term
30-Year
Maturity
May 15, 2040
Coupon
4.375%
Pays
Semi-Annual
Dated
May 15, 2010
First coupon
Nov 15, 2010
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$43.47bn
Held stripped
$2.54bn
Share stripped
5.85%

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
5.152%
Modified duration
9.874 yr
DV01
0.0927
Convexity
122.962
Dirty price
93.852

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 10.070 years against a modified duration of 9.874.

Against the fitted curve

Priced 3.1 bp rich to the curve on that day, 28.77 cents per 100 of face.

That is -1.98 standard deviations from its own typical residual.

Yield to maturity, 4,083 observations

0%1%2%3%4%5%6%May 17, 2010Sep 10, 2026May 17, 2010Yield to maturity4.349%Sep 27, 2010Yield to maturity3.704%Feb 10, 2011Yield to maturity4.763%Jun 24, 2011Yield to maturity4.160%Nov 7, 2011Yield to maturity3.024%Mar 23, 2012Yield to maturity3.246%Aug 3, 2012Yield to maturity2.553%Dec 19, 2012Yield to maturity2.851%May 6, 2013Yield to maturity2.866%Sep 17, 2013Yield to maturity3.759%Feb 3, 2014Yield to maturity3.454%Jun 17, 2014Yield to maturity3.337%Oct 30, 2014Yield to maturity2.938%Mar 19, 2015Yield to maturity2.484%Jul 30, 2015Yield to maturity2.870%Dec 14, 2015Yield to maturity2.823%Apr 28, 2016Yield to maturity2.519%Sep 9, 2016Yield to maturity2.262%Jan 26, 2017Yield to maturity3.004%Jun 9, 2017Yield to maturity2.739%Oct 23, 2017Yield to maturity2.766%Mar 8, 2018Yield to maturity3.058%Jul 20, 2018Yield to maturity2.989%Dec 4, 2018Yield to maturity3.092%Apr 22, 2019Yield to maturity2.858%Sep 3, 2019Yield to maturity1.793%Jan 17, 2020Yield to maturity2.183%Jun 2, 2020Yield to maturity1.174%Oct 14, 2020Yield to maturity1.171%Mar 2, 2021Yield to maturity1.951%Jul 13, 2021Yield to maturity1.826%Nov 24, 2021Yield to maturity1.911%Apr 8, 2022Yield to maturity2.874%Aug 23, 2022Yield to maturity3.295%Jan 9, 2023Yield to maturity3.697%May 22, 2023Yield to maturity3.943%Oct 4, 2023Yield to maturity5.012%Feb 20, 2024Yield to maturity4.486%Jul 2, 2024Yield to maturity4.584%Nov 14, 2024Yield to maturity4.562%Apr 1, 2025Yield to maturity4.392%Aug 13, 2025Yield to maturity4.583%Dec 29, 2025Yield to maturity4.488%May 12, 2026Yield to maturity4.779%Sep 10, 2026Yield to maturity5.152%

Price history

4,083 trading days to Sep 10, 2026

80100120140160180May 17, 2010Sep 10, 2026May 17, 2010Close100.438Sep 27, 2010Close112.000Feb 10, 2011Close93.906Jun 24, 2011Close103.594Nov 7, 2011Close125.688Mar 23, 2012Close120.719Aug 3, 2012Close136.094Dec 19, 2012Close128.844May 6, 2013Close128.250Sep 17, 2013Close110.313Feb 3, 2014Close115.813Jun 17, 2014Close117.906Oct 30, 2014Close125.688Mar 19, 2015Close135.219Jul 30, 2015Close126.563Dec 14, 2015Close127.250Apr 28, 2016Close133.313Sep 9, 2016Close138.563Jan 26, 2017Close122.844Jun 9, 2017Close127.719Oct 23, 2017Close126.875Mar 8, 2018Close121.094Jul 20, 2018Close122.094Dec 4, 2018Close120.000Apr 22, 2019Close123.875Sep 3, 2019Close144.469Jan 17, 2020Close135.813Jun 2, 2020Close156.781Oct 14, 2020Close155.938Mar 2, 2021Close138.656Jul 13, 2021Close140.469Nov 24, 2021Close138.188Apr 8, 2022Close121.063Aug 23, 2022Close114.406Jan 9, 2023Close108.625May 22, 2023Close105.313Oct 4, 2023Close92.875Feb 20, 2024Close98.719Jul 2, 2024Close97.656Nov 14, 2024Close97.938Apr 1, 2025Close99.813Aug 13, 2025Close97.781Dec 29, 2025Close98.813May 12, 2026Close95.906Sep 10, 2026Close92.438
The most recent 20 trading days of prices for 912810QH4.
DateBidOfferClose
Sep 10, 202692.87592.81392.438
Sep 9, 202693.42293.34493.563
Sep 8, 202693.96993.90693.813
Sep 4, 202694.03193.96993.938
Sep 3, 202694.18894.12593.969
Sep 2, 202693.73493.68893.719
Sep 1, 202694.01693.96993.719
Aug 31, 202693.98493.93894.031
Aug 28, 202694.62594.56394.281
Aug 27, 202694.87594.81394.656
Aug 26, 202694.85994.81394.781
Aug 25, 202694.92294.87594.969
Aug 24, 202694.54794.50094.344
Aug 21, 202694.07894.03193.969
Aug 20, 202694.31394.25094.375
Aug 19, 202694.70394.65694.781
Aug 18, 202693.92293.87593.969
Aug 17, 202694.01693.96993.750
Aug 14, 202694.20394.15694.156
Aug 13, 202694.65694.59494.625

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 912810QH4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 13, 2010May 17, 2010New issue$16.0bn$17.4bn2.60x4.490%
Jun 10, 2010Jun 15, 2010Reopening$13.0bn$13.1bn2.87x4.182%
Jul 14, 2010Jul 15, 2010Reopening$13.0bn$13.0bn2.89x4.080%

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.