Treasury bond

912810RM2 · 3% due May 15, 2045

Original term
30-Year
Maturity
May 15, 2045
Coupon
3.000%
Pays
Semi-Annual
Dated
May 15, 2015
First coupon
Nov 15, 2015
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$41.29bn
Held stripped
$1.90bn
Share stripped
4.61%

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
5.428%
Modified duration
12.973 yr
DV01
0.0943
Convexity
215.798
Dirty price
72.689

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 13.205 years against a modified duration of 12.973.

Against the fitted curve

Priced 2.2 bp cheap to the curve on that day, 21.22 cents per 100 of face.

That is -0.01 standard deviations from its own typical residual.

Yield to maturity, 2,833 observations

1%2%3%4%5%6%May 15, 2015Sep 10, 2026May 15, 2015Yield to maturity2.928%Aug 18, 2015Yield to maturity2.870%Nov 20, 2015Yield to maturity3.034%Feb 26, 2016Yield to maturity2.624%May 31, 2016Yield to maturity2.628%Aug 31, 2016Yield to maturity2.222%Dec 6, 2016Yield to maturity3.086%Mar 13, 2017Yield to maturity3.215%Jun 14, 2017Yield to maturity2.786%Sep 15, 2017Yield to maturity2.755%Dec 19, 2017Yield to maturity2.816%Mar 26, 2018Yield to maturity3.077%Jun 27, 2018Yield to maturity2.969%Sep 28, 2018Yield to maturity3.193%Jan 7, 2019Yield to maturity2.988%Apr 10, 2019Yield to maturity2.875%Jul 15, 2019Yield to maturity2.585%Oct 16, 2019Yield to maturity2.213%Jan 22, 2020Yield to maturity2.225%Apr 24, 2020Yield to maturity1.166%Jul 28, 2020Yield to maturity1.171%Oct 29, 2020Yield to maturity1.508%Feb 4, 2021Yield to maturity1.829%May 7, 2021Yield to maturity2.233%Aug 10, 2021Yield to maturity1.954%Nov 12, 2021Yield to maturity1.980%Feb 16, 2022Yield to maturity2.447%May 20, 2022Yield to maturity3.248%Aug 24, 2022Yield to maturity3.656%Nov 29, 2022Yield to maturity4.120%Mar 6, 2023Yield to maturity4.176%Jun 6, 2023Yield to maturity4.068%Sep 8, 2023Yield to maturity4.566%Dec 12, 2023Yield to maturity4.533%Mar 18, 2024Yield to maturity4.622%Jun 18, 2024Yield to maturity4.519%Sep 20, 2024Yield to maturity4.160%Dec 26, 2024Yield to maturity4.899%Apr 1, 2025Yield to maturity4.613%Jul 3, 2025Yield to maturity4.925%Oct 6, 2025Yield to maturity4.775%Jan 12, 2026Yield to maturity4.822%Apr 15, 2026Yield to maturity4.908%Jul 20, 2026Yield to maturity5.150%Sep 10, 2026Yield to maturity5.428%

Price history

2,833 trading days to Sep 10, 2026

6080100120140160May 15, 2015Sep 10, 2026May 15, 2015Close101.438Aug 18, 2015Close102.594Nov 20, 2015Close99.344Feb 26, 2016Close107.625May 31, 2016Close107.500Aug 31, 2016Close116.438Dec 6, 2016Close98.375Mar 13, 2017Close96.031Jun 14, 2017Close104.125Sep 15, 2017Close104.719Dec 19, 2017Close103.500Mar 26, 2018Close98.594Jun 27, 2018Close100.563Sep 28, 2018Close96.563Jan 7, 2019Close100.219Apr 10, 2019Close102.281Jul 15, 2019Close107.781Oct 16, 2019Close115.313Jan 22, 2020Close114.938Apr 24, 2020Close139.750Jul 28, 2020Close139.250Oct 29, 2020Close130.500Feb 4, 2021Close122.875May 7, 2021Close114.188Aug 10, 2021Close119.813Nov 12, 2021Close119.094Feb 16, 2022Close109.750May 20, 2022Close96.000Aug 24, 2022Close89.938Nov 29, 2022Close83.688Mar 6, 2023Close83.094Jun 6, 2023Close84.594Sep 8, 2023Close78.594Dec 12, 2023Close79.125Mar 18, 2024Close78.250Jun 18, 2024Close79.594Sep 20, 2024Close84.031Dec 26, 2024Close75.688Apr 1, 2025Close79.000Jul 3, 2025Close75.781Oct 6, 2025Close77.563Jan 12, 2026Close77.250Apr 15, 2026Close76.531Jul 20, 2026Close74.281Sep 10, 2026Close71.719
The most recent 20 trading days of prices for 912810RM2.
DateBidOfferClose
Sep 10, 202672.15672.12571.719
Sep 9, 202672.60972.56372.813
Sep 8, 202673.18873.15673.000
Sep 4, 202673.21973.18873.125
Sep 3, 202673.31373.28173.094
Sep 2, 202672.87572.84472.844
Sep 1, 202673.15673.12572.844
Aug 31, 202673.03173.00073.125
Aug 28, 202673.73473.68873.406
Aug 27, 202673.84473.81373.656
Aug 26, 202673.84473.81373.781
Aug 25, 202673.93873.90673.938
Aug 24, 202673.56373.53173.375
Aug 21, 202673.06373.03172.938
Aug 20, 202673.21973.18873.375
Aug 19, 202673.60973.56373.719
Aug 18, 202672.60972.59472.719
Aug 17, 202672.73472.68872.438
Aug 14, 202672.93872.90672.938
Aug 13, 202673.43873.37573.438

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 912810RM2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 14, 2015May 15, 2015New issue$16.0bn$16.4bn2.20x3.044%
Jun 11, 2015Jun 15, 2015Reopening$13.0bn$13.0bn2.54x3.138%
Jul 9, 2015Jul 15, 2015Reopening$13.0bn$13.0bn2.23x3.084%

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.