Treasury bond

912810SL3 · 2% due February 15, 2050

Original term
30-Year
Maturity
Feb 15, 2050
Coupon
2.000%
Pays
Semi-Annual
Dated
Feb 15, 2020
First coupon
Aug 15, 2020
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$59.12bn
Held stripped
$9.84bn
Share stripped
16.65%

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
5.471%
Modified duration
16.259 yr
DV01
0.0888
Convexity
337.576
Dirty price
54.615

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 16.499 years against a modified duration of 16.259.

Against the fitted curve

Priced 2.3 bp rich to the curve on that day, 20.17 cents per 100 of face.

That is -0.85 standard deviations from its own typical residual.

Yield to maturity, 1,645 observations

0%1%2%3%4%5%6%Feb 18, 2020Sep 10, 2026Feb 18, 2020Yield to maturity2.003%Apr 13, 2020Yield to maturity1.388%Jun 5, 2020Yield to maturity1.667%Jul 30, 2020Yield to maturity1.187%Sep 23, 2020Yield to maturity1.410%Nov 18, 2020Yield to maturity1.596%Jan 14, 2021Yield to maturity1.866%Mar 11, 2021Yield to maturity2.277%May 4, 2021Yield to maturity2.267%Jun 28, 2021Yield to maturity2.115%Aug 20, 2021Yield to maturity1.878%Oct 15, 2021Yield to maturity2.053%Dec 10, 2021Yield to maturity1.892%Feb 4, 2022Yield to maturity2.246%Mar 31, 2022Yield to maturity2.484%May 25, 2022Yield to maturity3.045%Jul 21, 2022Yield to maturity3.153%Sep 14, 2022Yield to maturity3.559%Nov 8, 2022Yield to maturity4.342%Jan 5, 2023Yield to maturity3.876%Mar 2, 2023Yield to maturity4.079%Apr 25, 2023Yield to maturity3.702%Jun 20, 2023Yield to maturity3.888%Aug 14, 2023Yield to maturity4.363%Oct 6, 2023Yield to maturity5.039%Dec 1, 2023Yield to maturity4.517%Jan 29, 2024Yield to maturity4.431%Mar 22, 2024Yield to maturity4.488%May 15, 2024Yield to maturity4.608%Jul 11, 2024Yield to maturity4.512%Sep 4, 2024Yield to maturity4.192%Oct 29, 2024Yield to maturity4.648%Dec 24, 2024Yield to maturity4.912%Feb 20, 2025Yield to maturity4.873%Apr 15, 2025Yield to maturity4.935%Jun 9, 2025Yield to maturity5.090%Aug 4, 2025Yield to maturity4.899%Sep 26, 2025Yield to maturity4.866%Nov 21, 2025Yield to maturity4.818%Jan 20, 2026Yield to maturity5.012%Mar 16, 2026Yield to maturity4.969%May 7, 2026Yield to maturity5.085%Jul 2, 2026Yield to maturity5.094%Aug 26, 2026Yield to maturity5.281%Sep 10, 2026Yield to maturity5.471%

Price history

1,645 trading days to Sep 10, 2026

406080100120140Feb 18, 2020Sep 10, 2026Feb 18, 2020Close99.938Apr 13, 2020Close114.906Jun 5, 2020Close107.781Jul 30, 2020Close120.219Sep 23, 2020Close114.156Nov 18, 2020Close109.406Jan 14, 2021Close103.000Mar 11, 2021Close94.156May 4, 2021Close94.375Jun 28, 2021Close97.531Aug 20, 2021Close102.688Oct 15, 2021Close98.875Dec 10, 2021Close102.344Feb 4, 2022Close94.906Mar 31, 2022Close90.313May 25, 2022Close80.531Jul 21, 2022Close78.875Sep 14, 2022Close72.844Nov 8, 2022Close62.781Jan 5, 2023Close68.688Mar 2, 2023Close66.188Apr 25, 2023Close71.219Jun 20, 2023Close68.844Aug 14, 2023Close63.094Oct 6, 2023Close55.938Dec 1, 2023Close61.563Jan 29, 2024Close62.656Mar 22, 2024Close62.125May 15, 2024Close60.906Jul 11, 2024Close62.094Sep 4, 2024Close65.906Oct 29, 2024Close60.844Dec 24, 2024Close58.219Feb 20, 2025Close58.750Apr 15, 2025Close58.250Jun 9, 2025Close56.844Aug 4, 2025Close58.875Sep 26, 2025Close59.344Nov 21, 2025Close59.969Jan 20, 2026Close58.156Mar 16, 2026Close58.719May 7, 2026Close57.719Jul 2, 2026Close57.781Aug 26, 2026Close56.156Sep 10, 2026Close54.469
The most recent 20 trading days of prices for 912810SL3.
DateBidOfferClose
Sep 10, 202654.75054.71954.469
Sep 9, 202655.15655.12555.281
Sep 8, 202655.65655.62555.531
Sep 4, 202655.65655.62555.594
Sep 3, 202655.73455.71955.563
Sep 2, 202655.37555.34455.344
Sep 1, 202655.60955.56355.375
Aug 31, 202655.46955.43855.563
Aug 28, 202656.18856.15655.875
Aug 27, 202656.21956.18856.063
Aug 26, 202656.21956.18856.156
Aug 25, 202656.25056.21956.281
Aug 24, 202655.87555.84455.750
Aug 21, 202655.40655.37555.313
Aug 20, 202655.50055.46955.656
Aug 19, 202655.87555.84455.969
Aug 18, 202654.93854.90655.031
Aug 17, 202655.07855.06354.844
Aug 14, 202655.25055.21955.313
Aug 13, 202655.75055.71955.719

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 912810SL3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 13, 2020Feb 18, 2020New issue$19.0bn$27.4bn2.43x2.061%
Mar 12, 2020Mar 16, 2020Reopening$16.0bn$16.0bn2.36x1.320%
Apr 8, 2020Apr 15, 2020Reopening$17.0bn$17.1bn2.35x1.325%

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.