Treasury bond

912810SA7 · 3% due February 15, 2048

Original term
30-Year
Maturity
Feb 15, 2048
Coupon
3.000%
Pays
Semi-Annual
Dated
Feb 15, 2018
First coupon
Aug 15, 2018
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$44.12bn
Held stripped
$10.46bn
Share stripped
23.71%

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
5.453%
Modified duration
14.209 yr
DV01
0.0987
Convexity
264.315
Dirty price
69.439

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 11 of twelve buckets, summing to 14.416 years against a modified duration of 14.209.

Against the fitted curve

Priced 0.1 bp rich to the curve on that day, 0.59 cents per 100 of face.

That is -0.64 standard deviations from its own typical residual.

Yield to maturity, 2,144 observations

1%2%3%4%5%6%Feb 15, 2018Sep 10, 2026Feb 15, 2018Yield to maturity3.150%Apr 27, 2018Yield to maturity3.126%Jul 9, 2018Yield to maturity2.965%Sep 17, 2018Yield to maturity3.132%Nov 28, 2018Yield to maturity3.347%Feb 11, 2019Yield to maturity2.997%Apr 23, 2019Yield to maturity2.987%Jul 2, 2019Yield to maturity2.508%Sep 11, 2019Yield to maturity2.208%Nov 21, 2019Yield to maturity2.238%Feb 4, 2020Yield to maturity2.088%Apr 15, 2020Yield to maturity1.255%Jun 24, 2020Yield to maturity1.417%Sep 2, 2020Yield to maturity1.344%Nov 13, 2020Yield to maturity1.573%Jan 27, 2021Yield to maturity1.725%Apr 7, 2021Yield to maturity2.327%Jun 16, 2021Yield to maturity2.186%Aug 25, 2021Yield to maturity1.935%Nov 4, 2021Yield to maturity1.956%Jan 18, 2022Yield to maturity2.207%Mar 29, 2022Yield to maturity2.600%Jun 8, 2022Yield to maturity3.341%Aug 18, 2022Yield to maturity3.350%Oct 28, 2022Yield to maturity4.343%Jan 11, 2023Yield to maturity3.832%Mar 23, 2023Yield to maturity3.773%Jun 1, 2023Yield to maturity3.972%Aug 11, 2023Yield to maturity4.445%Oct 23, 2023Yield to maturity5.222%Jan 3, 2024Yield to maturity4.243%Mar 14, 2024Yield to maturity4.597%May 22, 2024Yield to maturity4.684%Aug 2, 2024Yield to maturity4.252%Oct 11, 2024Yield to maturity4.528%Dec 24, 2024Yield to maturity4.930%Mar 7, 2025Yield to maturity4.768%May 15, 2025Yield to maturity5.040%Jul 28, 2025Yield to maturity5.055%Oct 6, 2025Yield to maturity4.826%Dec 17, 2025Yield to maturity4.887%Mar 2, 2026Yield to maturity4.741%May 8, 2026Yield to maturity5.014%Jul 21, 2026Yield to maturity5.217%Sep 10, 2026Yield to maturity5.453%

Price history

2,144 trading days to Sep 10, 2026

6080100120140160Feb 15, 2018Sep 10, 2026Feb 15, 2018Close97.094Apr 27, 2018Close97.563Jul 9, 2018Close100.688Sep 17, 2018Close97.469Nov 28, 2018Close93.563Feb 11, 2019Close100.063Apr 23, 2019Close100.250Jul 2, 2019Close110.000Sep 11, 2019Close116.656Nov 21, 2019Close115.875Feb 4, 2020Close119.281Apr 15, 2020Close140.875Jun 24, 2020Close136.094Sep 2, 2020Close137.906Nov 13, 2020Close131.531Jan 27, 2021Close127.469Apr 7, 2021Close113.375Jun 16, 2021Close116.375Aug 25, 2021Close121.969Nov 4, 2021Close121.375Jan 18, 2022Close115.656Mar 29, 2022Close107.500Jun 8, 2022Close94.156Aug 18, 2022Close94.031Oct 28, 2022Close79.500Jan 11, 2023Close86.656Mar 23, 2023Close87.594Jun 1, 2023Close84.781Aug 11, 2023Close78.563Oct 23, 2023Close69.594Jan 3, 2024Close81.344Mar 14, 2024Close76.969May 22, 2024Close76.031Aug 2, 2024Close81.500Oct 11, 2024Close78.125Dec 24, 2024Close73.531Mar 7, 2025Close75.500May 15, 2025Close72.563Jul 28, 2025Close72.531Oct 6, 2025Close75.188Dec 17, 2025Close74.625Mar 2, 2026Close76.406May 8, 2026Close73.500Jul 21, 2026Close71.500Sep 10, 2026Close69.219
The most recent 20 trading days of prices for 912810SA7.
DateBidOfferClose
Sep 10, 202669.56369.53169.219
Sep 9, 202670.03170.00070.219
Sep 8, 202670.59470.56370.438
Sep 4, 202670.62570.59470.563
Sep 3, 202670.71970.68870.531
Sep 2, 202670.31370.28170.313
Sep 1, 202670.59470.56370.281
Aug 31, 202670.45370.43870.531
Aug 28, 202671.20371.15670.875
Aug 27, 202671.28171.25071.125
Aug 26, 202671.28171.25071.250
Aug 25, 202671.34471.31371.375
Aug 24, 202670.93870.90670.781
Aug 21, 202670.40670.37570.313
Aug 20, 202670.56370.53170.750
Aug 19, 202670.96970.93871.094
Aug 18, 202669.93869.90670.063
Aug 17, 202670.06370.03169.813
Aug 14, 202670.28170.25070.313
Aug 13, 202670.81370.78170.813

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 912810SA7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 8, 2018Feb 15, 2018New issue$16.0bn$19.0bn2.26x3.121%
Mar 13, 2018Mar 15, 2018Reopening$13.0bn$13.0bn2.38x3.109%
Apr 12, 2018Apr 16, 2018Reopening$13.0bn$13.0bn2.41x3.044%

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.