Inflation-linked (TIPS)

912810SB5 · 1% due February 15, 2048

Original term
30-Year
Maturity
Feb 15, 2048
Coupon
1.000%
Pays
Semi-Annual
Dated
Feb 15, 2018
First coupon
Aug 15, 2018
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$25.20bn
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
3.074%
Index ratio
1.3542
Real duration
18.441 yr
DV01
0.1248
Convexity
381.102
Real clean price
67.625
Accrued (real)
0.073
Real dirty price
67.698
Indexed principal
135.420
Money clean price
91.578

The index ratio is a multiplier, not a percentage: 1.3542 means the principal is worth that many times its original face today. So the real clean price of 67.625 is not what a buyer pays , multiply by the ratio to get 91.578 per 100 of original face.

Against the fitted real curve

Priced 0.6 bp cheap to the real curve on that day, 7.94 cents per 100 of face.

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

Real yield, 2,136 observations

-1%0%1%2%3%4%Feb 28, 2018Sep 10, 2026Feb 28, 2018Real yield0.990%May 9, 2018Real yield0.970%Jul 19, 2018Real yield0.869%Sep 27, 2018Real yield1.030%Dec 11, 2018Real yield1.222%Feb 22, 2019Real yield1.073%May 3, 2019Real yield0.986%Jul 15, 2019Real yield0.788%Sep 23, 2019Real yield0.510%Dec 4, 2019Real yield0.474%Feb 14, 2020Real yield0.322%Apr 27, 2020Real yield-0.225%Jul 7, 2020Real yield-0.217%Sep 15, 2020Real yield-0.326%Nov 25, 2020Real yield-0.286%Feb 8, 2021Real yield-0.246%Apr 19, 2021Real yield0.030%Jun 28, 2021Real yield-0.206%Sep 7, 2021Real yield-0.272%Nov 17, 2021Real yield-0.424%Jan 28, 2022Real yield-0.133%Apr 8, 2022Real yield0.320%Jun 21, 2022Real yield1.080%Aug 30, 2022Real yield1.065%Nov 9, 2022Real yield2.016%Jan 24, 2023Real yield1.455%Apr 4, 2023Real yield1.511%Jun 13, 2023Real yield1.779%Aug 23, 2023Real yield2.011%Nov 2, 2023Real yield2.423%Jan 16, 2024Real yield2.108%Mar 26, 2024Real yield2.203%Jun 4, 2024Real yield2.194%Aug 14, 2024Real yield2.067%Oct 24, 2024Real yield2.193%Jan 7, 2025Real yield2.587%Mar 19, 2025Real yield2.325%May 28, 2025Real yield2.686%Aug 7, 2025Real yield2.564%Oct 17, 2025Real yield2.386%Dec 30, 2025Real yield2.586%Mar 12, 2026Real yield2.628%May 20, 2026Real yield2.821%Jul 31, 2026Real yield3.090%Sep 10, 2026Real yield3.074%

Price history

2,136 trading days to Sep 10, 2026

6080100120140160Feb 28, 2018Sep 10, 2026Feb 28, 2018Close100.250May 9, 2018Close100.781Jul 19, 2018Close103.406Sep 27, 2018Close99.250Dec 11, 2018Close94.563Feb 22, 2019Close98.188May 3, 2019Close100.344Jul 15, 2019Close105.406Sep 23, 2019Close112.938Dec 4, 2019Close113.875Feb 14, 2020Close118.125Apr 27, 2020Close135.156Jul 7, 2020Close134.625Sep 15, 2020Close138.063Nov 25, 2020Close136.438Feb 8, 2021Close134.844Apr 19, 2021Close125.906Jun 28, 2021Close133.031Sep 7, 2021Close134.875Nov 17, 2021Close139.563Jan 28, 2022Close130.031Apr 8, 2022Close116.844Jun 21, 2022Close98.219Aug 30, 2022Close98.563Nov 9, 2022Close79.969Jan 24, 2023Close90.469Apr 4, 2023Close89.438Jun 13, 2023Close84.500Aug 23, 2023Close80.531Nov 2, 2023Close74.000Jan 16, 2024Close79.156Mar 26, 2024Close77.750Jun 4, 2024Close78.031Aug 14, 2024Close80.219Oct 24, 2024Close78.313Jan 7, 2025Close72.531Mar 19, 2025Close76.563May 28, 2025Close71.469Aug 7, 2025Close73.375Oct 17, 2025Close76.125Dec 30, 2025Close73.406Mar 12, 2026Close73.000May 20, 2026Close70.563Jul 31, 2026Close67.313Sep 10, 2026Close67.625
The most recent 20 trading days of prices for 912810SB5.
DateBidOfferClose
Sep 10, 202668.03167.96967.625
Sep 9, 202668.42268.34468.531
Sep 8, 202668.96968.90668.813
Sep 4, 202668.78168.71968.781
Sep 3, 202669.06369.00068.750
Sep 2, 202668.56368.50068.500
Sep 1, 202668.56368.50068.406
Aug 31, 202668.28168.21968.344
Aug 28, 202669.29769.21968.781
Aug 27, 202669.37569.31369.250
Aug 26, 202669.28169.21969.281
Aug 25, 202669.29769.21969.281
Aug 24, 202668.87568.81368.625
Aug 21, 202668.50068.43868.156
Aug 20, 202668.40668.34468.813
Aug 19, 202668.90668.84468.844
Aug 18, 202667.50067.43867.656
Aug 17, 202667.62567.56367.250
Aug 14, 202667.85967.78167.969
Aug 13, 202668.48468.40668.313

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 912810SB5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 15, 2018Feb 28, 2018New issue$7.0bn$8.7bn2.31x1.003%
Jun 21, 2018Jun 29, 2018Reopening$5.0bn$5.0bn2.62x0.934%
Oct 18, 2018Oct 31, 2018Reopening$5.0bn$5.0bn2.32x1.235%

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.