Treasury bond

912810SD1 · 3% due August 15, 2048

Original term
30-Year
Maturity
Aug 15, 2048
Coupon
3.000%
Pays
Semi-Annual
Dated
Aug 15, 2018
First coupon
Feb 15, 2019
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$49.98bn
Held stripped
$14.65bn
Share stripped
29.32%

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
5.459%
Modified duration
14.389 yr
DV01
0.0993
Convexity
272.608
Dirty price
69.001

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 14.592 years against a modified duration of 14.389.

Against the fitted curve

Priced 0.2 bp cheap to the curve on that day, 1.87 cents per 100 of face.

That is -0.35 standard deviations from its own typical residual.

Yield to maturity, 2,019 observations

1%2%3%4%5%6%Aug 15, 2018Sep 10, 2026Aug 15, 2018Yield to maturity3.030%Oct 22, 2018Yield to maturity3.385%Dec 31, 2018Yield to maturity3.019%Mar 8, 2019Yield to maturity3.008%May 14, 2019Yield to maturity2.860%Jul 19, 2019Yield to maturity2.572%Sep 24, 2019Yield to maturity2.093%Dec 2, 2019Yield to maturity2.280%Feb 7, 2020Yield to maturity2.051%Apr 15, 2020Yield to maturity1.260%Jun 19, 2020Yield to maturity1.440%Aug 25, 2020Yield to maturity1.362%Oct 30, 2020Yield to maturity1.591%Jan 8, 2021Yield to maturity1.814%Mar 17, 2021Yield to maturity2.399%May 20, 2021Yield to maturity2.328%Jul 27, 2021Yield to maturity1.883%Sep 30, 2021Yield to maturity2.065%Dec 8, 2021Yield to maturity1.888%Feb 14, 2022Yield to maturity2.339%Apr 21, 2022Yield to maturity3.031%Jun 28, 2022Yield to maturity3.447%Sep 1, 2022Yield to maturity3.564%Nov 8, 2022Yield to maturity4.423%Jan 18, 2023Yield to maturity3.646%Mar 24, 2023Yield to maturity3.740%May 30, 2023Yield to maturity4.039%Aug 4, 2023Yield to maturity4.355%Oct 11, 2023Yield to maturity4.905%Dec 15, 2023Yield to maturity4.199%Feb 23, 2024Yield to maturity4.536%Apr 29, 2024Yield to maturity4.878%Jul 5, 2024Yield to maturity4.617%Sep 10, 2024Yield to maturity4.108%Nov 15, 2024Yield to maturity4.779%Jan 24, 2025Yield to maturity4.989%Apr 1, 2025Yield to maturity4.656%Jun 5, 2025Yield to maturity5.011%Aug 12, 2025Yield to maturity4.963%Oct 17, 2025Yield to maturity4.666%Dec 24, 2025Yield to maturity4.866%Mar 4, 2026Yield to maturity4.774%May 7, 2026Yield to maturity5.049%Jul 15, 2026Yield to maturity5.155%Sep 10, 2026Yield to maturity5.459%

Price history

2,019 trading days to Sep 10, 2026

6080100120140160Aug 15, 2018Sep 10, 2026Aug 15, 2018Close99.406Oct 22, 2018Close92.813Dec 31, 2018Close99.625Mar 8, 2019Close99.844May 14, 2019Close102.750Jul 19, 2019Close108.719Sep 24, 2019Close119.594Dec 2, 2019Close115.094Feb 7, 2020Close120.406Apr 15, 2020Close141.344Jun 19, 2020Close136.000Aug 25, 2020Close138.000Oct 30, 2020Close131.531Jan 8, 2021Close125.656Mar 17, 2021Close112.031May 20, 2021Close113.500Jul 27, 2021Close123.594Sep 30, 2021Close119.219Dec 8, 2021Close123.219Feb 14, 2022Close113.000Apr 21, 2022Close99.438Jun 28, 2022Close92.344Sep 1, 2022Close90.500Nov 8, 2022Close78.250Jan 18, 2023Close89.313Mar 24, 2023Close87.938May 30, 2023Close83.656Aug 4, 2023Close79.469Oct 11, 2023Close72.813Dec 15, 2023Close81.688Feb 23, 2024Close77.438Apr 29, 2024Close73.438Jul 5, 2024Close76.625Sep 10, 2024Close83.219Nov 15, 2024Close74.906Jan 24, 2025Close72.625Apr 1, 2025Close76.563Jun 5, 2025Close72.594Aug 12, 2025Close73.250Oct 17, 2025Close76.750Dec 24, 2025Close74.563Mar 4, 2026Close75.719May 7, 2026Close72.781Jul 15, 2026Close71.781Sep 10, 2026Close68.781
The most recent 20 trading days of prices for 912810SD1.
DateBidOfferClose
Sep 10, 202669.15669.12568.781
Sep 9, 202669.64169.59469.813
Sep 8, 202670.20370.18870.063
Sep 4, 202670.21970.18870.156
Sep 3, 202670.34470.31370.125
Sep 2, 202669.93869.90669.906
Sep 1, 202670.18870.15669.906
Aug 31, 202670.06370.03170.156
Aug 28, 202670.82870.78170.469
Aug 27, 202670.90670.87570.750
Aug 26, 202670.89170.87570.844
Aug 25, 202670.93870.90671.000
Aug 24, 202670.53170.50070.375
Aug 21, 202670.00069.96969.906
Aug 20, 202670.17270.15670.344
Aug 19, 202670.56370.53170.688
Aug 18, 202669.53169.50069.656
Aug 17, 202669.67269.65669.406
Aug 14, 202669.87569.84469.938
Aug 13, 202670.40670.37570.406

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 912810SD1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 9, 2018Aug 15, 2018New issue$18.0bn$20.4bn2.27x3.090%
Sep 13, 2018Sep 17, 2018Reopening$15.0bn$15.0bn2.34x3.088%
Oct 11, 2018Oct 15, 2018Reopening$15.0bn$15.0bn2.42x3.344%

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.