Inflation-linked (TIPS)

912810RA8 · 0.625% due February 15, 2043

Original term
30-Year
Maturity
Feb 15, 2043
Coupon
0.625%
Pays
Semi-Annual
Dated
Feb 15, 2013
First coupon
Aug 15, 2013
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$33.34bn
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
2.956%
Index ratio
1.4525
Real duration
15.194 yr
DV01
0.1062
Convexity
248.372
Real clean price
69.844
Accrued (real)
0.046
Real dirty price
69.890
Indexed principal
145.248
Money clean price
101.447

The index ratio is a multiplier, not a percentage: 1.4525 means the principal is worth that many times its original face today. So the real clean price of 69.844 is not what a buyer pays , multiply by the ratio to get 101.447 per 100 of original face.

Against the fitted real curve

Priced 0.7 bp cheap to the real curve on that day, 7.85 cents per 100 of face.

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

Real yield, 3,385 observations

-1%0%1%2%3%Feb 28, 2013Sep 10, 2026Feb 28, 2013Real yield0.547%Jun 19, 2013Real yield1.261%Oct 8, 2013Real yield1.385%Jan 31, 2014Real yield1.335%May 22, 2014Real yield1.117%Sep 11, 2014Real yield1.020%Jan 7, 2015Real yield0.685%Apr 28, 2015Real yield0.731%Aug 17, 2015Real yield1.064%Dec 8, 2015Real yield1.222%Mar 31, 2016Real yield0.871%Jul 20, 2016Real yield0.701%Nov 8, 2016Real yield0.735%Mar 3, 2017Real yield0.959%Jun 22, 2017Real yield0.869%Oct 12, 2017Real yield0.886%Feb 2, 2018Real yield0.893%May 24, 2018Real yield0.998%Sep 13, 2018Real yield0.983%Jan 8, 2019Real yield1.157%Apr 30, 2019Real yield0.933%Aug 19, 2019Real yield0.480%Dec 10, 2019Real yield0.484%Apr 1, 2020Real yield0.114%Jul 22, 2020Real yield-0.321%Nov 10, 2020Real yield-0.220%Mar 5, 2021Real yield0.014%Jun 23, 2021Real yield-0.211%Oct 13, 2021Real yield-0.368%Feb 3, 2022Real yield-0.016%May 25, 2022Real yield0.817%Sep 15, 2022Real yield1.411%Jan 9, 2023Real yield1.515%Apr 28, 2023Real yield1.595%Aug 18, 2023Real yield2.163%Dec 8, 2023Real yield2.167%Apr 1, 2024Real yield2.224%Jul 22, 2024Real yield2.201%Nov 8, 2024Real yield2.141%Mar 5, 2025Real yield2.229%Jun 24, 2025Real yield2.467%Oct 14, 2025Real yield2.237%Feb 5, 2026Real yield2.413%May 27, 2026Real yield2.568%Sep 10, 2026Real yield2.956%

Price history

3,385 trading days to Sep 10, 2026

60708090100110120130Feb 28, 2013Sep 10, 2026Feb 28, 2013Close102.156Jun 19, 2013Close84.313Oct 8, 2013Close81.719Jan 31, 2014Close82.969May 22, 2014Close87.938Sep 11, 2014Close90.281Jan 7, 2015Close98.469Apr 28, 2015Close97.344Aug 17, 2015Close89.563Dec 8, 2015Close86.219Mar 31, 2016Close94.125Jul 20, 2016Close98.156Nov 8, 2016Close97.375Mar 3, 2017Close92.344Jun 22, 2017Close94.406Oct 12, 2017Close94.094Feb 2, 2018Close94.000May 24, 2018Close91.844Sep 13, 2018Close92.250Jan 8, 2019Close88.844Apr 30, 2019Close93.438Aug 19, 2019Close103.219Dec 10, 2019Close103.094Apr 1, 2020Close111.531Jul 22, 2020Close122.156Nov 10, 2020Close119.281Mar 5, 2021Close113.375Jun 23, 2021Close118.531Oct 13, 2021Close122.063Feb 3, 2022Close113.500May 25, 2022Close96.344Sep 15, 2022Close86.094Jan 9, 2023Close84.625Apr 28, 2023Close83.594Aug 18, 2023Close75.656Dec 8, 2023Close75.906Apr 1, 2024Close75.469Jul 22, 2024Close76.094Nov 8, 2024Close77.188Mar 5, 2025Close76.375Jun 24, 2025Close73.781Oct 14, 2025Close76.938Feb 5, 2026Close75.156May 27, 2026Close73.719Sep 10, 2026Close69.844
The most recent 20 trading days of prices for 912810RA8.
DateBidOfferClose
Sep 10, 202670.21970.15669.844
Sep 9, 202670.53170.43870.656
Sep 8, 202670.98470.90670.875
Sep 4, 202670.84470.78170.813
Sep 3, 202671.12571.06370.844
Sep 2, 202670.67270.59470.594
Sep 1, 202670.67270.59470.531
Aug 31, 202670.46970.40670.531
Aug 28, 202671.31371.25070.844
Aug 27, 202671.42271.37571.313
Aug 26, 202671.34471.28171.344
Aug 25, 202671.37571.31371.375
Aug 24, 202671.03170.96970.781
Aug 21, 202670.71970.65670.438
Aug 20, 202670.67270.62570.969
Aug 19, 202671.06371.00071.000
Aug 18, 202669.95369.87570.063
Aug 17, 202670.00069.93869.688
Aug 14, 202670.17270.09470.250
Aug 13, 202670.67270.59470.531

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 912810RA8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 21, 2013Feb 28, 2013New issue$9.0bn$9.0bn2.47x0.639%
Jun 20, 2013Jun 28, 2013Reopening$7.0bn$7.0bn2.48x1.420%
Oct 24, 2013Oct 31, 2013Reopening$7.0bn$7.0bn2.76x1.330%

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.