Treasury bond

912810RH3 · 3.125% due August 15, 2044

Original term
30-Year
Maturity
Aug 15, 2044
Coupon
3.125%
Pays
Semi-Annual
Dated
Aug 15, 2014
First coupon
Feb 15, 2015
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$42.00bn
Held stripped
$3.45bn
Share stripped
8.22%

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
5.408%
Modified duration
12.678 yr
DV01
0.0941
Convexity
203.179
Dirty price
74.229

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 10 of twelve buckets, summing to 12.916 years against a modified duration of 12.678.

Against the fitted curve

Priced 2.5 bp cheap to the curve on that day, 23.93 cents per 100 of face.

That is -0.46 standard deviations from its own typical residual.

Yield to maturity, 3,018 observations

1%2%3%4%5%6%Aug 15, 2014Sep 10, 2026Aug 15, 2014Yield to maturity3.135%Nov 28, 2014Yield to maturity2.899%Mar 11, 2015Yield to maturity2.682%Jun 17, 2015Yield to maturity3.110%Sep 24, 2015Yield to maturity2.919%Jan 6, 2016Yield to maturity2.930%Apr 15, 2016Yield to maturity2.529%Jul 25, 2016Yield to maturity2.265%Nov 1, 2016Yield to maturity2.544%Feb 13, 2017Yield to maturity3.031%May 23, 2017Yield to maturity2.936%Aug 30, 2017Yield to maturity2.718%Dec 8, 2017Yield to maturity2.751%Mar 21, 2018Yield to maturity3.118%Jun 28, 2018Yield to maturity2.971%Oct 5, 2018Yield to maturity3.404%Jan 18, 2019Yield to maturity3.082%Apr 30, 2019Yield to maturity2.911%Aug 7, 2019Yield to maturity2.191%Nov 15, 2019Yield to maturity2.300%Feb 27, 2020Yield to maturity1.788%Jun 5, 2020Yield to maturity1.622%Sep 14, 2020Yield to maturity1.315%Dec 23, 2020Yield to maturity1.564%Apr 5, 2021Yield to maturity2.306%Jul 13, 2021Yield to maturity1.999%Oct 20, 2021Yield to maturity2.106%Jan 31, 2022Yield to maturity2.187%May 10, 2022Yield to maturity3.378%Aug 18, 2022Yield to maturity3.456%Nov 29, 2022Yield to maturity4.125%Mar 10, 2023Yield to maturity3.937%Jun 16, 2023Yield to maturity4.079%Sep 26, 2023Yield to maturity4.921%Jan 5, 2024Yield to maturity4.405%Apr 15, 2024Yield to maturity4.885%Jul 24, 2024Yield to maturity4.666%Oct 31, 2024Yield to maturity4.625%Feb 12, 2025Yield to maturity4.934%May 21, 2025Yield to maturity5.168%Aug 29, 2025Yield to maturity4.912%Dec 10, 2025Yield to maturity4.790%Mar 23, 2026Yield to maturity4.968%Jun 30, 2026Yield to maturity4.942%Sep 10, 2026Yield to maturity5.408%

Price history

3,018 trading days to Sep 10, 2026

6080100120140160Aug 15, 2014Sep 10, 2026Aug 15, 2014Close99.813Nov 28, 2014Close104.469Mar 11, 2015Close108.969Jun 17, 2015Close100.281Sep 24, 2015Close104.000Jan 6, 2016Close103.750Apr 15, 2016Close112.000Jul 25, 2016Close117.781Nov 1, 2016Close111.531Feb 13, 2017Close101.750May 23, 2017Close103.531Aug 30, 2017Close107.750Dec 8, 2017Close107.031Mar 21, 2018Close100.125Jun 28, 2018Close102.781Oct 5, 2018Close95.219Jan 18, 2019Close100.750Apr 30, 2019Close103.813Aug 7, 2019Close117.906Nov 15, 2019Close115.500Feb 27, 2020Close126.406Jun 5, 2020Close129.969Sep 14, 2020Close137.031Dec 23, 2020Close130.750Apr 5, 2021Close114.719Jul 13, 2021Close120.750Oct 20, 2021Close118.375Jan 31, 2022Close116.625May 10, 2022Close96.063Aug 18, 2022Close94.938Nov 29, 2022Close85.750Mar 10, 2023Close88.313Jun 16, 2023Close86.563Sep 26, 2023Close76.719Jan 5, 2024Close82.781Apr 15, 2024Close77.469Jul 24, 2024Close80.063Oct 31, 2024Close80.688Feb 12, 2025Close77.500May 21, 2025Close75.281Aug 29, 2025Close78.125Dec 10, 2025Close79.594Mar 23, 2026Close77.938Jun 30, 2026Close78.406Sep 10, 2026Close74.000
The most recent 20 trading days of prices for 912810RH3.
DateBidOfferClose
Sep 10, 202674.40674.37574.000
Sep 9, 202674.87574.81375.094
Sep 8, 202675.46975.43875.281
Sep 4, 202675.50075.46975.406
Sep 3, 202675.60975.56375.406
Sep 2, 202675.17275.12575.156
Sep 1, 202675.43875.40675.156
Aug 31, 202675.34475.31375.406
Aug 28, 202676.03176.00075.719
Aug 27, 202676.15676.12575.969
Aug 26, 202676.15676.12576.094
Aug 25, 202676.21976.18876.219
Aug 24, 202675.84475.81375.656
Aug 21, 202675.32875.28175.219
Aug 20, 202675.50075.46975.656
Aug 19, 202675.89175.84476.000
Aug 18, 202674.90674.87575.031
Aug 17, 202675.01674.96974.750
Aug 14, 202675.21975.18875.219
Aug 13, 202675.70375.65675.719

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 912810RH3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 14, 2014Aug 15, 2014New issue$16.0bn$16.0bn2.60x3.224%
Sep 11, 2014Sep 15, 2014Reopening$13.0bn$13.0bn2.67x3.240%
Oct 9, 2014Oct 15, 2014Reopening$13.0bn$13.0bn2.40x3.074%

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.