Inflation-linked (TIPS)

912810RW0 · 0.875% due February 15, 2047

Original term
30-Year
Maturity
Feb 15, 2047
Coupon
0.875%
Pays
Semi-Annual
Dated
Feb 15, 2017
First coupon
Aug 15, 2017
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$25.74bn
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
3.065%
Index ratio
1.3834
Real duration
17.961 yr
DV01
0.1203
Convexity
356.867
Real clean price
66.938
Accrued (real)
0.064
Real dirty price
67.002
Indexed principal
138.339
Money clean price
92.601

The index ratio is a multiplier, not a percentage: 1.3834 means the principal is worth that many times its original face today. So the real clean price of 66.938 is not what a buyer pays , multiply by the ratio to get 92.601 per 100 of original face.

Against the fitted real curve

Priced 1.1 bp cheap to the real curve on that day, 12.94 cents per 100 of face.

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

Real yield, 2,387 observations

-1%0%1%2%3%4%Feb 28, 2017Sep 10, 2026Feb 28, 2017Real yield0.866%May 17, 2017Real yield0.968%Aug 4, 2017Real yield0.973%Oct 24, 2017Real yield0.974%Jan 12, 2018Real yield0.812%Apr 4, 2018Real yield0.937%Jun 21, 2018Real yield0.931%Sep 10, 2018Real yield0.963%Nov 29, 2018Real yield1.281%Feb 21, 2019Real yield1.107%May 10, 2019Real yield0.957%Jul 30, 2019Real yield0.787%Oct 17, 2019Real yield0.601%Jan 8, 2020Real yield0.540%Mar 27, 2020Real yield-0.020%Jun 16, 2020Real yield-0.007%Sep 2, 2020Real yield-0.391%Nov 23, 2020Real yield-0.294%Feb 12, 2021Real yield-0.201%May 3, 2021Real yield-0.004%Jul 21, 2021Real yield-0.269%Oct 7, 2021Real yield-0.215%Dec 29, 2021Real yield-0.374%Mar 18, 2022Real yield-0.042%Jun 7, 2022Real yield0.769%Aug 25, 2022Real yield1.095%Nov 15, 2022Real yield1.790%Feb 6, 2023Real yield1.593%Apr 25, 2023Real yield1.523%Jul 14, 2023Real yield1.771%Oct 2, 2023Real yield2.493%Dec 20, 2023Real yield1.938%Mar 12, 2024Real yield2.117%May 29, 2024Real yield2.414%Aug 16, 2024Real yield2.088%Nov 5, 2024Real yield2.195%Jan 28, 2025Real yield2.414%Apr 16, 2025Real yield2.613%Jul 7, 2025Real yield2.630%Sep 23, 2025Real yield2.454%Dec 12, 2025Real yield2.595%Mar 5, 2026Real yield2.498%May 21, 2026Real yield2.805%Aug 11, 2026Real yield3.036%Sep 10, 2026Real yield3.065%

Price history

2,387 trading days to Sep 10, 2026

6080100120140Feb 28, 2017Sep 10, 2026Feb 28, 2017Close100.250May 17, 2017Close97.594Aug 4, 2017Close97.500Oct 24, 2017Close97.469Jan 12, 2018Close101.625Apr 4, 2018Close98.438Jun 21, 2018Close98.594Sep 10, 2018Close97.813Nov 29, 2018Close90.406Feb 21, 2019Close94.438May 10, 2019Close98.000Jul 30, 2019Close102.188Oct 17, 2019Close106.906Jan 8, 2020Close108.438Mar 27, 2020Close124.125Jun 16, 2020Close123.531Sep 2, 2020Close135.313Nov 23, 2020Close131.906Feb 12, 2021Close128.719May 3, 2021Close122.688Jul 21, 2021Close130.313Oct 7, 2021Close128.406Dec 29, 2021Close132.938Mar 18, 2022Close122.969Jun 7, 2022Close102.375Aug 25, 2022Close95.281Nov 15, 2022Close82.063Feb 6, 2023Close85.719Apr 25, 2023Close87.094Jul 14, 2023Close82.781Oct 2, 2023Close71.469Dec 20, 2023Close80.250Mar 12, 2024Close77.531May 29, 2024Close73.219Aug 16, 2024Close78.313Nov 5, 2024Close76.844Jan 28, 2025Close73.813Apr 16, 2025Close71.219Jul 7, 2025Close71.219Sep 23, 2025Close73.844Dec 12, 2025Close72.125Mar 5, 2026Close73.656May 21, 2026Close69.813Aug 11, 2026Close67.188Sep 10, 2026Close66.938
The most recent 20 trading days of prices for 912810RW0.
DateBidOfferClose
Sep 10, 202667.34467.28166.938
Sep 9, 202667.70367.62567.844
Sep 8, 202668.25068.18868.125
Sep 4, 202668.04767.96968.063
Sep 3, 202668.34468.28168.031
Sep 2, 202667.84467.78167.813
Sep 1, 202667.84467.78167.719
Aug 31, 202667.59467.53167.656
Aug 28, 202668.56368.50068.031
Aug 27, 202668.64168.59468.531
Aug 26, 202668.54768.50068.531
Aug 25, 202668.54768.46968.563
Aug 24, 202668.15668.09467.906
Aug 21, 202667.78167.71967.469
Aug 20, 202667.70367.65668.094
Aug 19, 202668.15668.09468.125
Aug 18, 202666.81366.75066.969
Aug 17, 202666.93866.87566.563
Aug 14, 202667.15667.09467.281
Aug 13, 202667.75067.68867.594

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 912810RW0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 16, 2017Feb 28, 2017New issue$7.0bn$8.0bn2.25x0.923%
Jun 22, 2017Jun 30, 2017Reopening$5.0bn$5.6bn2.83x0.880%
Oct 19, 2017Oct 31, 2017Reopening$5.0bn$5.1bn2.64x0.908%

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.