Treasury bond

912810QQ4 · 4.375% due May 15, 2041

Original term
30-Year
Maturity
May 15, 2041
Coupon
4.375%
Pays
Semi-Annual
Dated
May 15, 2011
First coupon
Nov 15, 2011
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$42.00bn
Held stripped
$811.7m
Share stripped
1.93%

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
5.220%
Modified duration
10.351 yr
DV01
0.0961
Convexity
136.701
Dirty price
92.821

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 10.550 years against a modified duration of 10.351.

Against the fitted curve

Priced 1.1 bp rich to the curve on that day, 10.82 cents per 100 of face.

That is -1.80 standard deviations from its own typical residual.

Yield to maturity, 3,832 observations

0%1%2%3%4%5%6%May 16, 2011Sep 10, 2026May 16, 2011Yield to maturity4.278%Sep 20, 2011Yield to maturity3.185%Jan 30, 2012Yield to maturity2.945%Jun 4, 2012Yield to maturity2.500%Oct 9, 2012Yield to maturity2.826%Feb 19, 2013Yield to maturity3.110%Jun 25, 2013Yield to maturity3.521%Oct 30, 2013Yield to maturity3.561%Mar 11, 2014Yield to maturity3.626%Jul 16, 2014Yield to maturity3.253%Nov 24, 2014Yield to maturity2.918%Apr 2, 2015Yield to maturity2.461%Aug 6, 2015Yield to maturity2.817%Dec 14, 2015Yield to maturity2.838%Apr 21, 2016Yield to maturity2.562%Aug 25, 2016Yield to maturity2.147%Jan 4, 2017Yield to maturity2.980%May 11, 2017Yield to maturity2.951%Sep 15, 2017Yield to maturity2.661%Jan 24, 2018Yield to maturity2.867%May 31, 2018Yield to maturity2.959%Oct 4, 2018Yield to maturity3.329%Feb 14, 2019Yield to maturity2.931%Jun 21, 2019Yield to maturity2.454%Oct 28, 2019Yield to maturity2.233%Mar 6, 2020Yield to maturity1.148%Jul 13, 2020Yield to maturity1.103%Nov 17, 2020Yield to maturity1.330%Mar 26, 2021Yield to maturity2.186%Jul 30, 2021Yield to maturity1.722%Dec 7, 2021Yield to maturity1.799%Apr 13, 2022Yield to maturity2.959%Aug 19, 2022Yield to maturity3.332%Dec 28, 2022Yield to maturity4.080%May 4, 2023Yield to maturity3.667%Sep 11, 2023Yield to maturity4.488%Jan 18, 2024Yield to maturity4.427%May 22, 2024Yield to maturity4.575%Sep 27, 2024Yield to maturity3.979%Feb 6, 2025Yield to maturity4.628%Jun 12, 2025Yield to maturity4.727%Oct 20, 2025Yield to maturity4.383%Feb 27, 2026Yield to maturity4.372%Jul 6, 2026Yield to maturity4.817%Sep 10, 2026Yield to maturity5.220%

Price history

3,832 trading days to Sep 10, 2026

80100120140160180May 16, 2011Sep 10, 2026May 16, 2011Close101.625Sep 20, 2011Close122.719Jan 30, 2012Close127.938Jun 4, 2012Close138.469Oct 9, 2012Close130.250Feb 19, 2013Close123.656Jun 25, 2013Close115.094Oct 30, 2013Close114.219Mar 11, 2014Close112.875Jul 16, 2014Close119.969Nov 24, 2014Close126.750Apr 2, 2015Close136.719Aug 6, 2015Close128.406Dec 14, 2015Close127.688Apr 21, 2016Close133.375Aug 25, 2016Close142.563Jan 4, 2017Close124.031May 11, 2017Close124.375Sep 15, 2017Close129.938Jan 24, 2018Close125.500May 31, 2018Close123.469Oct 4, 2018Close116.531Feb 14, 2019Close123.469Jun 21, 2019Close132.375Oct 28, 2019Close136.469Mar 6, 2020Close160.531Jul 13, 2020Close160.750Nov 17, 2020Close154.469Mar 26, 2021Close135.500Jul 30, 2021Close144.313Dec 7, 2021Close142.094Apr 13, 2022Close120.531Aug 19, 2022Close114.438Dec 28, 2022Close103.781May 4, 2023Close109.281Sep 11, 2023Close98.625Jan 18, 2024Close99.375May 22, 2024Close97.656Sep 27, 2024Close104.781Feb 6, 2025Close97.125Jun 12, 2025Close96.094Oct 20, 2025Close99.906Feb 27, 2026Close100.031Jul 6, 2026Close95.344Sep 10, 2026Close91.406
The most recent 20 trading days of prices for 912810QQ4.
DateBidOfferClose
Sep 10, 202691.84491.78191.406
Sep 9, 202692.37592.31392.563
Sep 8, 202692.95392.90692.781
Sep 4, 202693.00092.93892.906
Sep 3, 202693.14193.09492.938
Sep 2, 202692.68892.62592.656
Sep 1, 202692.98492.93892.656
Aug 31, 202692.92292.87592.969
Aug 28, 202693.59493.53193.250
Aug 27, 202693.82893.78193.625
Aug 26, 202693.79793.75093.719
Aug 25, 202693.89193.84493.906
Aug 24, 202693.48493.43893.281
Aug 21, 202692.98492.93892.875
Aug 20, 202693.17293.12593.313
Aug 19, 202693.57893.53193.688
Aug 18, 202692.70392.65692.781
Aug 17, 202692.82892.78192.531
Aug 14, 202693.01692.96993.000
Aug 13, 202693.50093.43893.469

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 912810QQ4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 12, 2011May 16, 2011New issue$16.0bn$16.0bn2.43x4.380%
Jun 9, 2011Jun 15, 2011Reopening$13.0bn$13.0bn2.63x4.238%
Jul 14, 2011Jul 15, 2011Reopening$13.0bn$13.0bn2.80x4.198%

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.