Inflation-linked (TIPS)

912810RL4 · 0.75% due February 15, 2045

Original term
30-Year
Maturity
Feb 15, 2045
Coupon
0.750%
Pays
Semi-Annual
Dated
Feb 15, 2015
First coupon
Aug 15, 2015
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$32.44bn
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
3.034%
Index ratio
1.4181
Real duration
16.641 yr
DV01
0.1131
Convexity
301.726
Real clean price
67.938
Accrued (real)
0.055
Real dirty price
67.993
Indexed principal
141.812
Money clean price
96.343

The index ratio is a multiplier, not a percentage: 1.4181 means the principal is worth that many times its original face today. So the real clean price of 67.938 is not what a buyer pays , multiply by the ratio to get 96.343 per 100 of original face.

Against the fitted real curve

Priced 2.4 bp cheap to the real curve on that day, 27.41 cents per 100 of face.

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

Real yield, 2,888 observations

-1%0%1%2%3%4%Feb 27, 2015Sep 10, 2026Feb 27, 2015Real yield0.677%Jun 2, 2015Real yield1.082%Sep 3, 2015Real yield1.218%Dec 10, 2015Real yield1.257%Mar 17, 2016Real yield1.029%Jun 21, 2016Real yield0.943%Sep 23, 2016Real yield0.598%Dec 30, 2016Real yield0.999%Apr 6, 2017Real yield0.913%Jul 12, 2017Real yield1.029%Oct 16, 2017Real yield0.899%Jan 22, 2018Real yield0.830%Apr 26, 2018Real yield1.000%Jul 31, 2018Real yield0.937%Nov 2, 2018Real yield1.380%Feb 12, 2019Real yield1.147%May 17, 2019Real yield0.959%Aug 21, 2019Real yield0.518%Nov 26, 2019Real yield0.443%Mar 4, 2020Real yield0.050%Jun 8, 2020Real yield0.089%Sep 10, 2020Real yield-0.348%Dec 16, 2020Real yield-0.350%Mar 24, 2021Real yield0.007%Jun 25, 2021Real yield-0.142%Sep 29, 2021Real yield-0.193%Jan 5, 2022Real yield-0.173%Apr 11, 2022Real yield0.414%Jul 18, 2022Real yield1.158%Oct 20, 2022Real yield2.020%Jan 27, 2023Real yield1.419%May 2, 2023Real yield1.625%Aug 7, 2023Real yield1.992%Nov 9, 2023Real yield2.434%Feb 15, 2024Real yield2.205%May 20, 2024Real yield2.275%Aug 23, 2024Real yield1.978%Nov 29, 2024Real yield2.168%Mar 7, 2025Real yield2.331%Jun 10, 2025Real yield2.621%Sep 15, 2025Real yield2.340%Dec 19, 2025Real yield2.542%Mar 27, 2026Real yield2.728%Jul 1, 2026Real yield2.771%Sep 10, 2026Real yield3.034%

Price history

2,888 trading days to Sep 10, 2026

6080100120140Feb 27, 2015Sep 10, 2026Feb 27, 2015Close101.969Jun 2, 2015Close91.594Sep 3, 2015Close88.438Dec 10, 2015Close87.656Mar 17, 2016Close93.031Jun 21, 2016Close95.156Sep 23, 2016Close103.969Dec 30, 2016Close93.906Apr 6, 2017Close96.000Jul 12, 2017Close93.313Oct 16, 2017Close96.406Jan 22, 2018Close98.063Apr 26, 2018Close94.125Jul 31, 2018Close95.625Nov 2, 2018Close86.156Feb 12, 2019Close91.094May 17, 2019Close95.250Aug 21, 2019Close105.531Nov 26, 2019Close107.313Mar 4, 2020Close117.344Jun 8, 2020Close116.125Sep 10, 2020Close128.031Dec 16, 2020Close127.750Mar 24, 2021Close117.750Jun 25, 2021Close121.438Sep 29, 2021Close122.563Jan 5, 2022Close121.781Apr 11, 2022Close107.313Jul 18, 2022Close91.906Oct 20, 2022Close77.281Jan 27, 2023Close87.375May 2, 2023Close84.000Aug 7, 2023Close78.344Nov 9, 2023Close72.188Feb 15, 2024Close75.656May 20, 2024Close74.906Aug 23, 2024Close79.406Nov 29, 2024Close76.906Mar 7, 2025Close74.906Jun 10, 2025Close71.375Sep 15, 2025Close75.313Dec 19, 2025Close72.969Mar 27, 2026Close70.969Jul 1, 2026Close70.750Sep 10, 2026Close67.938
The most recent 20 trading days of prices for 912810RL4.
DateBidOfferClose
Sep 10, 202668.34468.28167.938
Sep 9, 202668.68868.59468.781
Sep 8, 202669.18869.12569.063
Sep 4, 202669.00068.93869.000
Sep 3, 202669.26669.21968.969
Sep 2, 202668.78168.71968.750
Sep 1, 202668.78168.71968.656
Aug 31, 202668.56368.50068.625
Aug 28, 202669.46969.40668.969
Aug 27, 202669.56369.50069.438
Aug 26, 202669.48469.43869.469
Aug 25, 202669.48469.40669.500
Aug 24, 202669.09469.03168.875
Aug 21, 202668.78168.71968.469
Aug 20, 202668.68868.62569.063
Aug 19, 202669.15669.09469.094
Aug 18, 202667.89167.81368.031
Aug 17, 202667.98467.90667.625
Aug 14, 202668.17268.09468.250
Aug 13, 202668.71968.65668.563

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 912810RL4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 19, 2015Feb 27, 2015New issue$9.0bn$9.0bn2.43x0.842%
Jun 18, 2015Jun 30, 2015Reopening$7.0bn$7.0bn2.45x1.142%
Oct 22, 2015Oct 30, 2015Reopening$7.0bn$7.0bn2.62x1.200%

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.