Inflation-linked (TIPS)

912810SG4 · 1% due February 15, 2049

Original term
30-Year
Maturity
Feb 15, 2049
Coupon
1.000%
Pays
Semi-Annual
Dated
Feb 15, 2019
First coupon
Aug 15, 2019
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$19.96bn
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
3.072%
Index ratio
1.3271
Real duration
19.151 yr
DV01
0.1277
Convexity
412.761
Real clean price
66.594
Accrued (real)
0.073
Real dirty price
66.667
Indexed principal
132.708
Money clean price
88.375

The index ratio is a multiplier, not a percentage: 1.3271 means the principal is worth that many times its original face today. So the real clean price of 66.594 is not what a buyer pays , multiply by the ratio to get 88.375 per 100 of original face.

Against the fitted real curve

Priced 1.0 bp rich to the real curve on that day, 12.90 cents per 100 of face.

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

Real yield, 1,887 observations

-1%0%1%2%3%4%Feb 28, 2019Sep 10, 2026Feb 28, 2019Real yield1.113%May 1, 2019Real yield0.952%Jul 2, 2019Real yield0.792%Sep 3, 2019Real yield0.367%Nov 4, 2019Real yield0.555%Jan 8, 2020Real yield0.537%Mar 11, 2020Real yield0.182%May 12, 2020Real yield-0.051%Jul 14, 2020Real yield-0.242%Sep 14, 2020Real yield-0.318%Nov 16, 2020Real yield-0.218%Jan 20, 2021Real yield-0.304%Mar 23, 2021Real yield0.034%May 21, 2021Real yield0.012%Jul 23, 2021Real yield-0.327%Sep 23, 2021Real yield-0.308%Nov 26, 2021Real yield-0.472%Jan 28, 2022Real yield-0.135%Mar 31, 2022Real yield0.029%Jun 2, 2022Real yield0.768%Aug 4, 2022Real yield0.883%Oct 5, 2022Real yield1.875%Dec 8, 2022Real yield1.296%Feb 10, 2023Real yield1.637%Apr 13, 2023Real yield1.474%Jun 14, 2023Real yield1.722%Aug 16, 2023Real yield2.124%Oct 18, 2023Real yield2.589%Dec 19, 2023Real yield1.944%Feb 22, 2024Real yield2.225%Apr 23, 2024Real yield2.426%Jun 25, 2024Real yield2.150%Aug 26, 2024Real yield1.977%Oct 28, 2024Real yield2.255%Dec 31, 2024Real yield2.509%Mar 5, 2025Real yield2.315%May 5, 2025Real yield2.602%Jul 8, 2025Real yield2.661%Sep 8, 2025Real yield2.470%Nov 7, 2025Real yield2.483%Jan 13, 2026Real yield2.588%Mar 17, 2026Real yield2.598%May 15, 2026Real yield2.827%Jul 20, 2026Real yield2.943%Sep 10, 2026Real yield3.072%

Price history

1,887 trading days to Sep 10, 2026

6080100120140160Feb 28, 2019Sep 10, 2026Feb 28, 2019Close97.125May 1, 2019Close101.250Jul 2, 2019Close105.469Sep 3, 2019Close117.656Nov 4, 2019Close112.000Jan 8, 2020Close112.469Mar 11, 2020Close123.031May 12, 2020Close130.438Jul 14, 2020Close136.781Sep 14, 2020Close139.219Nov 16, 2020Close135.500Jan 20, 2021Close138.250Mar 23, 2021Close126.813May 21, 2021Close127.344Jul 23, 2021Close138.313Sep 23, 2021Close137.406Nov 26, 2021Close142.781Jan 28, 2022Close131.281Mar 31, 2022Close126.000Jun 2, 2022Close105.594Aug 4, 2022Close102.750Oct 5, 2022Close81.875Dec 8, 2022Close93.438Feb 10, 2023Close86.563Apr 13, 2023Close89.844Jun 14, 2023Close85.063Aug 16, 2023Close77.969Oct 18, 2023Close70.625Dec 19, 2023Close81.281Feb 22, 2024Close76.625Apr 23, 2024Close73.531Jun 25, 2024Close78.094Aug 26, 2024Close81.125Oct 28, 2024Close76.625Dec 31, 2024Close72.813Mar 5, 2025Close75.938May 5, 2025Close71.719Jul 8, 2025Close71.031Sep 8, 2025Close73.969Nov 7, 2025Close73.906Jan 13, 2026Close72.531Mar 17, 2026Close72.531May 15, 2026Close69.500Jul 20, 2026Close68.125Sep 10, 2026Close66.594
The most recent 20 trading days of prices for 912810SG4.
DateBidOfferClose
Sep 10, 202667.00066.93866.594
Sep 9, 202667.39167.31367.531
Sep 8, 202667.95367.87567.813
Sep 4, 202667.76667.68867.750
Sep 3, 202668.06368.00067.750
Sep 2, 202667.53167.46967.500
Sep 1, 202667.53167.46967.406
Aug 31, 202667.25067.18867.344
Aug 28, 202668.29768.21967.750
Aug 27, 202668.37568.31368.250
Aug 26, 202668.28168.21968.281
Aug 25, 202668.28168.21968.281
Aug 24, 202667.85967.81367.625
Aug 21, 202667.46967.40667.125
Aug 20, 202667.37567.31367.813
Aug 19, 202667.87567.81367.844
Aug 18, 202666.45366.37566.625
Aug 17, 202666.59466.53166.188
Aug 14, 202666.84466.78166.969
Aug 13, 202667.48467.40667.313

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.

2 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 912810SG4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 21, 2019Feb 28, 2019New issue$8.0bn$8.4bn2.46x1.093%
Aug 22, 2019Aug 30, 2019Reopening$7.0bn$7.0bn2.70x0.501%

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.