Treasury bond

912810QL5 · 4.25% due November 15, 2040

Original term
30-Year
Maturity
Nov 15, 2040
Coupon
4.250%
Pays
Semi-Annual
Dated
Nov 15, 2010
First coupon
May 15, 2011
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$42.90bn
Held stripped
$969.0m
Share stripped
2.26%

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
5.185%
Modified duration
10.172 yr
DV01
0.0936
Convexity
130.836
Dirty price
92.062

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 10.372 years against a modified duration of 10.172.

Against the fitted curve

Priced 2.5 bp rich to the curve on that day, 23.83 cents per 100 of face.

That is -2.74 standard deviations from its own typical residual.

Yield to maturity, 3,957 observations

0%1%2%3%4%5%6%Nov 15, 2010Sep 10, 2026Nov 15, 2010Yield to maturity4.384%Mar 25, 2011Yield to maturity4.519%Aug 3, 2011Yield to maturity3.890%Dec 13, 2011Yield to maturity2.941%Apr 23, 2012Yield to maturity3.021%Aug 29, 2012Yield to maturity2.667%Jan 11, 2013Yield to maturity2.930%May 22, 2013Yield to maturity3.097%Sep 30, 2013Yield to maturity3.626%Feb 11, 2014Yield to maturity3.609%Jun 20, 2014Yield to maturity3.348%Oct 30, 2014Yield to maturity2.949%Mar 16, 2015Yield to maturity2.617%Jul 22, 2015Yield to maturity2.972%Dec 1, 2015Yield to maturity2.811%Apr 12, 2016Yield to maturity2.463%Aug 18, 2016Yield to maturity2.119%Dec 29, 2016Yield to maturity3.023%May 10, 2017Yield to maturity2.951%Sep 18, 2017Yield to maturity2.689%Jan 29, 2018Yield to maturity2.878%Jun 7, 2018Yield to maturity3.039%Oct 16, 2018Yield to maturity3.294%Feb 28, 2019Yield to maturity3.012%Jul 9, 2019Yield to maturity2.399%Nov 15, 2019Yield to maturity2.211%Mar 27, 2020Yield to maturity1.128%Aug 5, 2020Yield to maturity0.962%Dec 15, 2020Yield to maturity1.354%Apr 26, 2021Yield to maturity2.036%Sep 1, 2021Yield to maturity1.719%Jan 12, 2022Yield to maturity2.064%May 23, 2022Yield to maturity3.206%Sep 30, 2022Yield to maturity4.015%Feb 13, 2023Yield to maturity3.825%Jun 22, 2023Yield to maturity3.945%Oct 31, 2023Yield to maturity5.200%Mar 12, 2024Yield to maturity4.342%Jul 19, 2024Yield to maturity4.426%Nov 27, 2024Yield to maturity4.429%Apr 9, 2025Yield to maturity4.665%Aug 18, 2025Yield to maturity4.749%Dec 29, 2025Yield to maturity4.535%May 7, 2026Yield to maturity4.752%Sep 10, 2026Yield to maturity5.185%

Price history

3,957 trading days to Sep 10, 2026

80100120140160180Nov 15, 2010Sep 10, 2026Nov 15, 2010Close97.781Mar 25, 2011Close95.625Aug 3, 2011Close106.250Dec 13, 2011Close125.375Apr 23, 2012Close123.406Aug 29, 2012Close131.250Jan 11, 2013Close125.000May 22, 2013Close121.219Sep 30, 2013Close110.719Feb 11, 2014Close110.938Jun 20, 2014Close115.719Oct 30, 2014Close123.531Mar 16, 2015Close130.375Jul 22, 2015Close122.625Dec 1, 2015Close125.688Apr 12, 2016Close132.813Aug 18, 2016Close140.219Dec 29, 2016Close120.750May 10, 2017Close121.906Sep 18, 2017Close126.781Jan 29, 2018Close122.813Jun 7, 2018Close119.594Oct 16, 2018Close114.906Feb 28, 2019Close119.625Jul 9, 2019Close130.781Nov 15, 2019Close134.094Mar 27, 2020Close157.313Aug 5, 2020Close160.438Dec 15, 2020Close150.406Apr 26, 2021Close135.563Sep 1, 2021Close141.250Jan 12, 2022Close133.969May 23, 2022Close114.469Sep 30, 2022Close103.000Feb 13, 2023Close105.438Jun 22, 2023Close103.813Oct 31, 2023Close89.344Mar 12, 2024Close98.906Jul 19, 2024Close97.969Nov 27, 2024Close97.969Apr 9, 2025Close95.438Aug 18, 2025Close94.625Dec 29, 2025Close96.938May 7, 2026Close94.781Sep 10, 2026Close90.688
The most recent 20 trading days of prices for 912810QL5.
DateBidOfferClose
Sep 10, 202691.12591.06390.688
Sep 9, 202691.67291.59491.813
Sep 8, 202692.21992.15692.031
Sep 4, 202692.28192.21992.156
Sep 3, 202692.42292.37592.188
Sep 2, 202691.96991.90691.938
Sep 1, 202692.25092.18891.938
Aug 31, 202692.20392.15692.250
Aug 28, 202692.85992.78192.531
Aug 27, 202693.10993.06392.875
Aug 26, 202693.07893.03192.969
Aug 25, 202693.14193.09493.188
Aug 24, 202692.75092.68892.563
Aug 21, 202692.26692.21992.156
Aug 20, 202692.46992.40692.594
Aug 19, 202692.87592.81392.938
Aug 18, 202692.04792.00092.094
Aug 17, 202692.15692.09491.875
Aug 14, 202692.35992.31392.313
Aug 13, 202692.82892.75092.781

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 912810QL5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 10, 2010Nov 15, 2010New issue$16.0bn$16.4bn2.31x4.320%
Dec 9, 2010Dec 15, 2010Reopening$13.0bn$13.2bn2.74x4.410%
Jan 13, 2011Jan 18, 2011Reopening$13.0bn$13.3bn2.67x4.515%

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.