Treasury bond

912810SK5 · 2.375% due November 15, 2049

Original term
30-Year
Maturity
Nov 15, 2049
Coupon
2.375%
Pays
Semi-Annual
Dated
Nov 15, 2019
First coupon
May 15, 2020
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$58.17bn
Held stripped
$8.87bn
Share stripped
15.24%

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
5.465%
Modified duration
15.439 yr
DV01
0.0933
Convexity
312.807
Dirty price
60.424

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 15.652 years against a modified duration of 15.439.

Against the fitted curve

Priced 1.5 bp rich to the curve on that day, 14.07 cents per 100 of face.

That is -0.82 standard deviations from its own typical residual.

Yield to maturity, 1,707 observations

1%2%3%4%5%6%Nov 15, 2019Sep 10, 2026Nov 15, 2019Yield to maturity2.311%Jan 14, 2020Yield to maturity2.275%Mar 11, 2020Yield to maturity1.335%May 6, 2020Yield to maturity1.411%Jul 1, 2020Yield to maturity1.419%Aug 26, 2020Yield to maturity1.397%Oct 22, 2020Yield to maturity1.640%Dec 18, 2020Yield to maturity1.666%Feb 17, 2021Yield to maturity2.043%Apr 13, 2021Yield to maturity2.297%Jun 8, 2021Yield to maturity2.211%Aug 3, 2021Yield to maturity1.848%Sep 28, 2021Yield to maturity2.063%Nov 24, 2021Yield to maturity1.960%Jan 21, 2022Yield to maturity2.069%Mar 18, 2022Yield to maturity2.447%May 13, 2022Yield to maturity3.186%Jul 12, 2022Yield to maturity3.204%Sep 6, 2022Yield to maturity3.570%Nov 1, 2022Yield to maturity4.206%Dec 29, 2022Yield to maturity4.010%Feb 27, 2023Yield to maturity4.003%Apr 21, 2023Yield to maturity3.833%Jun 16, 2023Yield to maturity3.934%Aug 14, 2023Yield to maturity4.374%Oct 10, 2023Yield to maturity4.947%Dec 5, 2023Yield to maturity4.437%Feb 1, 2024Yield to maturity4.226%Mar 28, 2024Yield to maturity4.447%May 22, 2024Yield to maturity4.644%Jul 19, 2024Yield to maturity4.569%Sep 13, 2024Yield to maturity4.121%Nov 8, 2024Yield to maturity4.629%Jan 8, 2025Yield to maturity5.055%Mar 6, 2025Yield to maturity4.736%Apr 30, 2025Yield to maturity4.800%Jun 26, 2025Yield to maturity4.934%Aug 21, 2025Yield to maturity5.017%Oct 17, 2025Yield to maturity4.678%Dec 15, 2025Yield to maturity4.942%Feb 11, 2026Yield to maturity4.897%Apr 8, 2026Yield to maturity4.984%Jun 3, 2026Yield to maturity5.091%Jul 30, 2026Yield to maturity5.317%Sep 10, 2026Yield to maturity5.465%

Price history

1,707 trading days to Sep 10, 2026

406080100120140Nov 15, 2019Sep 10, 2026Nov 15, 2019Close101.375Jan 14, 2020Close102.156Mar 11, 2020Close125.406May 6, 2020Close123.219Jul 1, 2020Close122.906Aug 26, 2020Close123.406Oct 22, 2020Close116.938Dec 18, 2020Close116.219Feb 17, 2021Close107.188Apr 13, 2021Close101.625Jun 8, 2021Close103.438Aug 3, 2021Close111.563Sep 28, 2021Close106.625Nov 24, 2021Close108.906Jan 21, 2022Close106.438Mar 18, 2022Close98.563May 13, 2022Close85.219Jul 12, 2022Close84.969Sep 6, 2022Close79.313Nov 1, 2022Close70.594Dec 29, 2022Close73.250Feb 27, 2023Close73.438Apr 21, 2023Close75.844Jun 16, 2023Close74.531Aug 14, 2023Close68.969Oct 10, 2023Close62.531Dec 5, 2023Close68.406Feb 1, 2024Close71.094Mar 28, 2024Close68.500May 22, 2024Close66.313Jul 19, 2024Close67.281Sep 13, 2024Close72.813Nov 8, 2024Close66.813Jan 8, 2025Close62.313Mar 6, 2025Close65.844Apr 30, 2025Close65.250Jun 26, 2025Close63.938Aug 21, 2025Close63.188Oct 17, 2025Close66.938Dec 15, 2025Close64.219Feb 11, 2026Close64.813Apr 8, 2026Close64.031Jun 3, 2026Close63.063Jul 30, 2026Close60.969Sep 10, 2026Close59.656
The most recent 20 trading days of prices for 912810SK5.
DateBidOfferClose
Sep 10, 202659.95359.90659.656
Sep 9, 202660.37560.34460.531
Sep 8, 202660.90660.87560.781
Sep 4, 202660.92260.87560.875
Sep 3, 202661.00060.96960.813
Sep 2, 202660.60960.56360.625
Sep 1, 202660.87560.84460.594
Aug 31, 202660.71960.68860.813
Aug 28, 202661.48461.43861.125
Aug 27, 202661.50061.46961.375
Aug 26, 202661.50061.46961.469
Aug 25, 202661.53161.50061.563
Aug 24, 202661.17261.12561.000
Aug 21, 202660.67260.65660.563
Aug 20, 202660.78160.75060.938
Aug 19, 202661.18861.15661.281
Aug 18, 202660.18860.15660.313
Aug 17, 202660.32860.31360.063
Aug 14, 202660.53160.50060.594
Aug 13, 202661.03161.00061.031

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 912810SK5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 7, 2019Nov 15, 2019New issue$19.0bn$28.0bn2.23x2.430%
Dec 12, 2019Dec 16, 2019Reopening$16.0bn$16.0bn2.46x2.307%
Jan 9, 2020Jan 15, 2020Reopening$16.0bn$16.5bn2.54x2.341%

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.