Treasury bond

912810RS9 · 2.5% due May 15, 2046

Original term
30-Year
Maturity
May 15, 2046
Coupon
2.500%
Pays
Semi-Annual
Dated
May 15, 2016
First coupon
Nov 15, 2016
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$40.48bn
Held stripped
$4.23bn
Share stripped
10.45%

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
5.443%
Modified duration
13.896 yr
DV01
0.0911
Convexity
245.115
Dirty price
65.527

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 14.134 years against a modified duration of 13.896.

Against the fitted curve

Priced 0.1 bp cheap to the curve on that day, 1.03 cents per 100 of face.

That is -0.83 standard deviations from its own typical residual.

Yield to maturity, 2,583 observations

1%2%3%4%5%6%May 16, 2016Sep 10, 2026May 16, 2016Yield to maturity2.593%Aug 9, 2016Yield to maturity2.251%Nov 2, 2016Yield to maturity2.562%Jan 31, 2017Yield to maturity3.074%Apr 26, 2017Yield to maturity2.993%Jul 20, 2017Yield to maturity2.845%Oct 13, 2017Yield to maturity2.818%Jan 9, 2018Yield to maturity2.889%Apr 5, 2018Yield to maturity3.079%Jun 28, 2018Yield to maturity2.977%Sep 21, 2018Yield to maturity3.207%Dec 19, 2018Yield to maturity3.012%Mar 18, 2019Yield to maturity3.015%Jun 11, 2019Yield to maturity2.620%Sep 4, 2019Yield to maturity1.958%Nov 29, 2019Yield to maturity2.209%Feb 26, 2020Yield to maturity1.828%May 20, 2020Yield to maturity1.375%Aug 13, 2020Yield to maturity1.384%Nov 6, 2020Yield to maturity1.508%Feb 4, 2021Yield to maturity1.862%Apr 29, 2021Yield to maturity2.291%Jul 23, 2021Yield to maturity1.915%Oct 18, 2021Yield to maturity2.017%Jan 12, 2022Yield to maturity2.139%Apr 7, 2022Yield to maturity2.864%Jul 5, 2022Yield to maturity3.336%Sep 27, 2022Yield to maturity4.187%Dec 22, 2022Yield to maturity3.966%Mar 21, 2023Yield to maturity3.934%Jun 13, 2023Yield to maturity4.140%Sep 7, 2023Yield to maturity4.580%Dec 1, 2023Yield to maturity4.638%Feb 28, 2024Yield to maturity4.586%May 21, 2024Yield to maturity4.687%Aug 15, 2024Yield to maturity4.341%Nov 8, 2024Yield to maturity4.647%Feb 6, 2025Yield to maturity4.761%May 1, 2025Yield to maturity4.854%Jul 28, 2025Yield to maturity5.040%Oct 21, 2025Yield to maturity4.593%Jan 16, 2026Yield to maturity4.865%Apr 13, 2026Yield to maturity4.957%Jul 8, 2026Yield to maturity5.138%Sep 10, 2026Yield to maturity5.443%

Price history

2,583 trading days to Sep 10, 2026

6080100120140May 16, 2016Sep 10, 2026May 16, 2016Close98.063Aug 9, 2016Close105.375Nov 2, 2016Close98.719Jan 31, 2017Close88.969Apr 26, 2017Close90.469Jul 20, 2017Close93.250Oct 13, 2017Close93.781Jan 9, 2018Close92.500Apr 5, 2018Close89.156Jun 28, 2018Close91.000Sep 21, 2018Close87.094Dec 19, 2018Close90.500Mar 18, 2019Close90.500Jun 11, 2019Close97.688Sep 4, 2019Close111.219Nov 29, 2019Close105.813Feb 26, 2020Close113.938May 20, 2020Close124.500Aug 13, 2020Close124.094Nov 6, 2020Close120.938Feb 4, 2021Close112.813Apr 29, 2021Close103.969Jul 23, 2021Close111.500Oct 18, 2021Close109.313Jan 12, 2022Close106.813Apr 7, 2022Close93.688Jul 5, 2022Close86.313Sep 27, 2022Close74.844Dec 22, 2022Close77.781Mar 21, 2023Close78.344Jun 13, 2023Close75.875Sep 7, 2023Close70.844Dec 1, 2023Close70.375Feb 28, 2024Close71.125May 21, 2024Close70.188Aug 15, 2024Close74.250Nov 8, 2024Close71.000Feb 6, 2025Close69.969May 1, 2025Close69.188Jul 28, 2025Close67.500Oct 21, 2025Close72.344Jan 16, 2026Close69.688Apr 13, 2026Close68.969Jul 8, 2026Close67.406Sep 10, 2026Close64.719
The most recent 20 trading days of prices for 912810RS9.
DateBidOfferClose
Sep 10, 202665.06365.03164.719
Sep 9, 202665.50065.43865.688
Sep 8, 202666.03166.00065.875
Sep 4, 202666.04766.00065.969
Sep 3, 202666.14166.09465.938
Sep 2, 202665.71965.68865.719
Sep 1, 202666.00065.96965.719
Aug 31, 202665.87565.84465.969
Aug 28, 202666.56366.53166.250
Aug 27, 202666.62566.59466.469
Aug 26, 202666.60966.59466.563
Aug 25, 202666.70366.65666.719
Aug 24, 202666.32866.28166.156
Aug 21, 202665.84465.81365.750
Aug 20, 202666.00065.96966.156
Aug 19, 202666.32866.28166.469
Aug 18, 202665.37565.34465.500
Aug 17, 202665.48465.43865.250
Aug 14, 202665.68865.65665.688
Aug 13, 202666.18866.12566.188

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 912810RS9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 12, 2016May 16, 2016New issue$15.0bn$18.4bn2.19x2.615%
Jun 9, 2016Jun 15, 2016Reopening$12.0bn$12.0bn2.42x2.475%
Jul 13, 2016Jul 15, 2016Reopening$12.0bn$12.8bn2.48x2.172%

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.