Treasury bond

912810SC3 · 3.125% due May 15, 2048

Original term
30-Year
Maturity
May 15, 2048
Coupon
3.125%
Pays
Semi-Annual
Dated
May 15, 2018
First coupon
Nov 15, 2018
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$46.15bn
Held stripped
$7.12bn
Share stripped
15.43%

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
5.454%
Modified duration
14.023 yr
DV01
0.1004
Convexity
262.189
Dirty price
71.604

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 14.219 years against a modified duration of 14.023.

Against the fitted curve

Priced 0.3 bp cheap to the curve on that day, 3.05 cents per 100 of face.

That is -0.39 standard deviations from its own typical residual.

Yield to maturity, 2,083 observations

1%2%3%4%5%6%May 15, 2018Sep 10, 2026May 15, 2018Yield to maturity3.203%Jul 24, 2018Yield to maturity3.078%Oct 1, 2018Yield to maturity3.235%Dec 12, 2018Yield to maturity3.158%Feb 22, 2019Yield to maturity3.021%May 2, 2019Yield to maturity2.940%Jul 11, 2019Yield to maturity2.638%Sep 18, 2019Yield to maturity2.241%Nov 27, 2019Yield to maturity2.193%Feb 7, 2020Yield to maturity2.050%Apr 17, 2020Yield to maturity1.263%Jun 25, 2020Yield to maturity1.397%Sep 2, 2020Yield to maturity1.342%Nov 12, 2020Yield to maturity1.571%Jan 25, 2021Yield to maturity1.735%Apr 2, 2021Yield to maturity2.330%Jun 10, 2021Yield to maturity2.126%Aug 18, 2021Yield to maturity1.880%Oct 27, 2021Yield to maturity1.935%Jan 6, 2022Yield to maturity2.096%Mar 17, 2022Yield to maturity2.548%May 25, 2022Yield to maturity3.090%Aug 4, 2022Yield to maturity3.116%Oct 13, 2022Yield to maturity4.156%Dec 22, 2022Yield to maturity3.890%Mar 6, 2023Yield to maturity4.066%May 11, 2023Yield to maturity3.839%Jul 21, 2023Yield to maturity4.073%Sep 28, 2023Yield to maturity4.902%Dec 7, 2023Yield to maturity4.446%Feb 16, 2024Yield to maturity4.607%Apr 25, 2024Yield to maturity4.950%Jul 5, 2024Yield to maturity4.619%Sep 12, 2024Yield to maturity4.144%Nov 21, 2024Yield to maturity4.789%Feb 3, 2025Yield to maturity4.895%Apr 11, 2025Yield to maturity5.007%Jun 20, 2025Yield to maturity5.009%Aug 28, 2025Yield to maturity4.946%Nov 6, 2025Yield to maturity4.751%Jan 20, 2026Yield to maturity4.968%Mar 30, 2026Yield to maturity4.995%Jun 5, 2026Yield to maturity5.095%Aug 14, 2026Yield to maturity5.335%Sep 10, 2026Yield to maturity5.454%

Price history

2,083 trading days to Sep 10, 2026

6080100120140160May 15, 2018Sep 10, 2026May 15, 2018Close98.500Jul 24, 2018Close100.906Oct 1, 2018Close97.906Dec 12, 2018Close99.375Feb 22, 2019Close102.000May 2, 2019Close103.594Jul 11, 2019Close109.781Sep 18, 2019Close118.625Nov 27, 2019Close119.656Feb 7, 2020Close122.969Apr 17, 2020Close143.875Jun 25, 2020Close139.781Sep 2, 2020Close141.125Nov 12, 2020Close134.594Jan 25, 2021Close130.125Apr 2, 2021Close115.906Jun 10, 2021Close120.406Aug 18, 2021Close126.063Oct 27, 2021Close124.625Jan 6, 2022Close120.750Mar 17, 2022Close110.969May 25, 2022Close100.625Aug 4, 2022Close100.156Oct 13, 2022Close83.844Dec 22, 2022Close87.719Mar 6, 2023Close85.250May 11, 2023Close88.594Jul 21, 2023Close85.281Sep 28, 2023Close74.750Dec 7, 2023Close80.438Feb 16, 2024Close78.500Apr 25, 2024Close74.500Jul 5, 2024Close78.531Sep 12, 2024Close84.719Nov 21, 2024Close76.688Feb 3, 2025Close75.563Apr 11, 2025Close74.406Jun 20, 2025Close74.500Aug 28, 2025Close75.313Nov 6, 2025Close77.656Jan 20, 2026Close75.313Mar 30, 2026Close75.125Jun 5, 2026Close74.156Aug 14, 2026Close71.750Sep 10, 2026Close70.594
The most recent 20 trading days of prices for 912810SC3.
DateBidOfferClose
Sep 10, 202670.96970.93870.594
Sep 9, 202671.45371.40671.625
Sep 8, 202672.03172.00071.875
Sep 4, 202672.03172.00072.000
Sep 3, 202672.15672.12571.969
Sep 2, 202671.75071.71971.719
Sep 1, 202672.03172.00071.719
Aug 31, 202671.90671.87572.000
Aug 28, 202672.65672.62572.313
Aug 27, 202672.75072.71972.594
Aug 26, 202672.73472.71972.688
Aug 25, 202672.81372.78172.844
Aug 24, 202672.40672.37572.250
Aug 21, 202671.85971.81371.750
Aug 20, 202672.03172.00072.188
Aug 19, 202672.40672.37572.531
Aug 18, 202671.34471.31371.500
Aug 17, 202671.50071.46971.219
Aug 14, 202671.71971.68871.750
Aug 13, 202672.25072.21972.250

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 912810SC3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 10, 2018May 15, 2018New issue$17.0bn$21.1bn2.38x3.130%
Jun 12, 2018Jun 15, 2018Reopening$14.0bn$14.0bn2.38x3.100%
Jul 12, 2018Jul 16, 2018Reopening$14.0bn$14.1bn2.34x2.958%

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.