Inflation-linked (TIPS)

912810QP6 · 2.125% due February 15, 2041

Original term
30-Year
Maturity
Feb 15, 2041
Coupon
2.125%
Pays
Semi-Annual
Dated
Feb 15, 2011
First coupon
Aug 15, 2011
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$36.55bn
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
2.814%
Index ratio
1.5249
Real duration
12.204 yr
DV01
0.1123
Convexity
170.419
Real clean price
91.875
Accrued (real)
0.156
Real dirty price
92.031
Indexed principal
152.491
Money clean price
140.101

The index ratio is a multiplier, not a percentage: 1.5249 means the principal is worth that many times its original face today. So the real clean price of 91.875 is not what a buyer pays , multiply by the ratio to get 140.101 per 100 of original face.

Against the fitted real curve

Priced 1.5 bp rich to the real curve on that day, 17.17 cents per 100 of face.

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

Real yield, 3,886 observations

-1%0%1%2%3%Feb 28, 2011Sep 10, 2026Feb 28, 2011Real yield1.962%Jul 6, 2011Real yield1.740%Nov 10, 2011Real yield0.790%Mar 22, 2012Real yield0.853%Jul 27, 2012Real yield0.354%Dec 6, 2012Real yield0.184%Apr 17, 2013Real yield0.387%Aug 22, 2013Real yield1.548%Jan 2, 2014Real yield1.519%May 12, 2014Real yield1.129%Sep 18, 2014Real yield1.129%Jan 30, 2015Real yield0.487%Jun 8, 2015Real yield1.109%Oct 14, 2015Real yield1.160%Feb 24, 2016Real yield1.056%Jun 30, 2016Real yield0.702%Nov 7, 2016Real yield0.711%Mar 20, 2017Real yield0.947%Jul 26, 2017Real yield0.950%Dec 1, 2017Real yield0.763%Apr 12, 2018Real yield0.831%Aug 17, 2018Real yield0.903%Dec 28, 2018Real yield1.188%May 8, 2019Real yield0.917%Sep 13, 2019Real yield0.568%Jan 24, 2020Real yield0.323%Jun 2, 2020Real yield-0.064%Oct 7, 2020Real yield-0.375%Feb 18, 2021Real yield-0.305%Jun 24, 2021Real yield-0.308%Nov 1, 2021Real yield-0.445%Mar 11, 2022Real yield-0.367%Jul 20, 2022Real yield1.053%Nov 28, 2022Real yield1.658%Apr 6, 2023Real yield1.353%Aug 14, 2023Real yield1.993%Dec 20, 2023Real yield1.841%Apr 29, 2024Real yield2.312%Sep 5, 2024Real yield1.855%Jan 15, 2025Real yield2.405%May 22, 2025Real yield2.507%Sep 30, 2025Real yield2.134%Feb 10, 2026Real yield2.167%Jun 17, 2026Real yield2.462%Sep 10, 2026Real yield2.814%

Price history

3,886 trading days to Sep 10, 2026

90100110120130140150160Feb 28, 2011Sep 10, 2026Feb 28, 2011Close103.688Jul 6, 2011Close108.875Nov 10, 2011Close134.813Mar 22, 2012Close132.531Jul 27, 2012Close148.031Dec 6, 2012Close153.281Apr 17, 2013Close145.813Aug 22, 2013Close112.875Jan 2, 2014Close113.438May 12, 2014Close122.938Sep 18, 2014Close122.688Jan 30, 2015Close140.000Jun 8, 2015Close122.656Oct 14, 2015Close121.125Feb 24, 2016Close123.406Jun 30, 2016Close132.125Nov 7, 2016Close131.469Mar 20, 2017Close125.156Jul 26, 2017Close124.750Dec 1, 2017Close128.906Apr 12, 2018Close126.875Aug 17, 2018Close124.813Dec 28, 2018Close118.188May 8, 2019Close123.781Sep 13, 2019Close131.344Jan 24, 2020Close136.656Jun 2, 2020Close145.625Oct 7, 2020Close152.938Feb 18, 2021Close150.125Jun 24, 2021Close149.313Nov 1, 2021Close151.813Mar 11, 2022Close148.875Jul 20, 2022Close118.031Nov 28, 2022Close107.313Apr 6, 2023Close112.219Aug 14, 2023Close101.938Dec 20, 2023Close104.156Apr 29, 2024Close97.406Sep 5, 2024Close103.813Jan 15, 2025Close96.281May 22, 2025Close95.063Sep 30, 2025Close99.875Feb 10, 2026Close99.469Jun 17, 2026Close95.875Sep 10, 2026Close91.875
The most recent 20 trading days of prices for 912810QP6.
DateBidOfferClose
Sep 10, 202692.28192.21991.875
Sep 9, 202692.68892.59492.813
Sep 8, 202693.20393.12593.063
Sep 4, 202693.07893.00093.063
Sep 3, 202693.43893.37593.125
Sep 2, 202692.96992.90692.906
Sep 1, 202693.01692.93892.875
Aug 31, 202692.87592.81392.938
Aug 28, 202693.68893.62593.188
Aug 27, 202693.96993.90693.813
Aug 26, 202693.87593.81393.844
Aug 25, 202693.92293.84493.938
Aug 24, 202693.54793.46993.313
Aug 21, 202693.23493.15692.969
Aug 20, 202693.25093.18893.563
Aug 19, 202693.65693.59493.594
Aug 18, 202692.54792.46992.656
Aug 17, 202692.59492.53192.281
Aug 14, 202692.76692.68892.813
Aug 13, 202693.26693.18893.125

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 912810QP6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 17, 2011Feb 28, 2011New issue$9.0bn$9.5bn2.54x2.190%
Jun 23, 2011Jun 30, 2011Reopening$7.0bn$7.2bn3.02x1.744%
Oct 20, 2011Oct 31, 2011Reopening$7.0bn$7.3bn3.06x0.999%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.