Inflation-linked (TIPS)

912810QV3 · 0.75% due February 15, 2042

Original term
30-Year
Maturity
Feb 15, 2042
Coupon
0.750%
Pays
Semi-Annual
Dated
Feb 15, 2012
First coupon
Aug 15, 2012
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$33.52bn
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
2.915%
Index ratio
1.4779
Real duration
14.193 yr
DV01
0.1040
Convexity
217.911
Real clean price
73.250
Accrued (real)
0.055
Real dirty price
73.305
Indexed principal
147.787
Money clean price
108.254

The index ratio is a multiplier, not a percentage: 1.4779 means the principal is worth that many times its original face today. So the real clean price of 73.250 is not what a buyer pays , multiply by the ratio to get 108.254 per 100 of original face.

Against the fitted real curve

Priced 1.1 bp cheap to the real curve on that day, 11.36 cents per 100 of face.

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

Real yield, 3,635 observations

-1%0%1%2%3%Feb 29, 2012Sep 10, 2026Feb 29, 2012Real yield0.731%Jun 26, 2012Real yield0.524%Oct 24, 2012Real yield0.420%Feb 27, 2013Real yield0.541%Jun 26, 2013Real yield1.355%Oct 24, 2013Real yield1.319%Feb 26, 2014Real yield1.384%Jun 25, 2014Real yield1.035%Oct 24, 2014Real yield0.991%Feb 27, 2015Real yield0.673%Jun 25, 2015Real yield1.136%Oct 23, 2015Real yield1.207%Feb 25, 2016Real yield1.045%Jun 23, 2016Real yield0.920%Oct 21, 2016Real yield0.676%Feb 23, 2017Real yield0.903%Jun 22, 2017Real yield0.861%Oct 20, 2017Real yield0.930%Feb 21, 2018Real yield1.041%Jun 20, 2018Real yield0.933%Oct 18, 2018Real yield1.232%Feb 21, 2019Real yield1.079%Jun 20, 2019Real yield0.670%Oct 18, 2019Real yield0.545%Feb 20, 2020Real yield0.224%Jun 18, 2020Real yield-0.066%Oct 16, 2020Real yield-0.404%Feb 18, 2021Real yield-0.222%Jun 16, 2021Real yield-0.194%Oct 14, 2021Real yield-0.437%Feb 14, 2022Real yield0.083%Jun 14, 2022Real yield1.175%Oct 13, 2022Real yield1.961%Feb 14, 2023Real yield1.614%Jun 13, 2023Real yield1.779%Oct 12, 2023Real yield2.569%Feb 12, 2024Real yield2.155%Jun 10, 2024Real yield2.285%Oct 8, 2024Real yield1.998%Feb 10, 2025Real yield2.252%Jun 9, 2025Real yield2.556%Oct 7, 2025Real yield2.266%Feb 9, 2026Real yield2.350%Jun 8, 2026Real yield2.601%Sep 10, 2026Real yield2.915%

Price history

3,635 trading days to Sep 10, 2026

708090100110120130140Feb 29, 2012Sep 10, 2026Feb 29, 2012Close100.500Jun 26, 2012Close106.188Oct 24, 2012Close109.094Feb 27, 2013Close105.594Jun 26, 2013Close85.688Oct 24, 2013Close86.594Feb 26, 2014Close85.344Jun 25, 2014Close93.156Oct 24, 2014Close94.250Feb 27, 2015Close101.906Jun 25, 2015Close91.156Oct 23, 2015Close89.719Feb 25, 2016Close93.313Jun 23, 2016Close96.125Oct 21, 2016Close101.719Feb 23, 2017Close96.594Jun 22, 2017Close97.531Oct 20, 2017Close96.094Feb 21, 2018Close93.844Jun 20, 2018Close96.125Oct 18, 2018Close90.250Feb 21, 2019Close93.313Jun 20, 2019Close101.688Oct 18, 2019Close104.313Feb 20, 2020Close111.281Jun 18, 2020Close117.813Oct 16, 2020Close125.719Feb 18, 2021Close120.906Jun 16, 2021Close119.906Oct 14, 2021Close125.281Feb 14, 2022Close113.219Jun 14, 2022Close92.563Oct 13, 2022Close80.594Feb 14, 2023Close85.906Jun 13, 2023Close83.719Oct 12, 2023Close73.531Feb 12, 2024Close79.125Jun 10, 2024Close77.781Oct 8, 2024Close81.781Feb 10, 2025Close78.875Jun 9, 2025Close75.594Oct 7, 2025Close79.375Feb 9, 2026Close78.750Jun 8, 2026Close76.281Sep 10, 2026Close73.250
The most recent 20 trading days of prices for 912810QV3.
DateBidOfferClose
Sep 10, 202673.64173.56373.250
Sep 9, 202673.93873.84474.063
Sep 8, 202674.40674.34474.281
Sep 4, 202674.28174.21974.250
Sep 3, 202674.57874.50074.281
Sep 2, 202674.12574.06374.063
Sep 1, 202674.15674.09474.031
Aug 31, 202673.96973.90674.031
Aug 28, 202674.76674.68874.313
Aug 27, 202674.92274.87574.813
Aug 26, 202674.87574.81374.875
Aug 25, 202674.89174.81374.906
Aug 24, 202674.53174.46974.313
Aug 21, 202674.28174.21974.000
Aug 20, 202674.23474.18874.531
Aug 19, 202674.59474.53174.563
Aug 18, 202673.53173.46973.625
Aug 17, 202673.57873.50073.281
Aug 14, 202673.73473.65673.781
Aug 13, 202674.18874.12574.063

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 912810QV3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 16, 2012Feb 29, 2012New issue$9.0bn$9.1bn2.46x0.770%
Jun 21, 2012Jun 29, 2012Reopening$7.0bn$7.0bn2.64x0.520%
Oct 18, 2012Oct 31, 2012Reopening$7.0bn$7.0bn2.82x0.479%

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.