Inflation-linked (TIPS)

912810SM1 · 0.25% due February 15, 2050

Original term
30-Year
Maturity
Feb 15, 2050
Coupon
0.250%
Pays
Semi-Annual
Dated
Feb 15, 2020
First coupon
Aug 15, 2020
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$20.07bn
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
3.084%
Index ratio
1.2989
Real duration
22.072 yr
DV01
0.1170
Convexity
513.154
Real clean price
52.969
Accrued (real)
0.018
Real dirty price
52.987
Indexed principal
129.890
Money clean price
68.801

The index ratio is a multiplier, not a percentage: 1.2989 means the principal is worth that many times its original face today. So the real clean price of 52.969 is not what a buyer pays , multiply by the ratio to get 68.801 per 100 of original face.

Against the fitted real curve

Priced 4.0 bp rich to the real curve on that day, 46.66 cents per 100 of face.

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

Real yield, 1,637 observations

-1%0%1%2%3%4%Feb 28, 2020Sep 10, 2026Feb 28, 2020Real yield0.116%Apr 23, 2020Real yield-0.198%Jun 17, 2020Real yield-0.012%Aug 11, 2020Real yield-0.366%Oct 5, 2020Real yield-0.272%Dec 1, 2020Real yield-0.299%Jan 27, 2021Real yield-0.283%Mar 23, 2021Real yield0.044%May 14, 2021Real yield-0.021%Jul 9, 2021Real yield-0.225%Sep 1, 2021Real yield-0.303%Oct 27, 2021Real yield-0.446%Dec 22, 2021Real yield-0.430%Feb 16, 2022Real yield0.185%Apr 12, 2022Real yield0.351%Jun 7, 2022Real yield0.712%Aug 2, 2022Real yield0.897%Sep 26, 2022Real yield1.638%Nov 21, 2022Real yield1.712%Jan 18, 2023Real yield1.481%Mar 14, 2023Real yield1.549%May 5, 2023Real yield1.580%Jun 30, 2023Real yield1.659%Aug 24, 2023Real yield2.014%Oct 19, 2023Real yield2.593%Dec 13, 2023Real yield2.034%Feb 8, 2024Real yield2.153%Apr 3, 2024Real yield2.232%May 28, 2024Real yield2.336%Jul 23, 2024Real yield2.202%Sep 16, 2024Real yield1.829%Nov 8, 2024Real yield2.174%Jan 7, 2025Real yield2.574%Mar 4, 2025Real yield2.272%Apr 25, 2025Real yield2.558%Jun 20, 2025Real yield2.621%Aug 14, 2025Real yield2.634%Oct 8, 2025Real yield2.481%Dec 4, 2025Real yield2.560%Jan 30, 2026Real yield2.629%Mar 26, 2026Real yield2.735%May 19, 2026Real yield2.882%Jul 15, 2026Real yield2.922%Sep 8, 2026Real yield2.986%Sep 10, 2026Real yield3.084%

Price history

1,637 trading days to Sep 10, 2026

406080100120140Feb 28, 2020Sep 10, 2026Feb 28, 2020Close103.938Apr 23, 2020Close113.750Jun 17, 2020Close107.781Aug 11, 2020Close119.219Oct 5, 2020Close115.969Dec 1, 2020Close116.781Jan 27, 2021Close116.156Mar 23, 2021Close105.906May 14, 2021Close107.813Jul 9, 2021Close114.031Sep 1, 2021Close116.438Oct 27, 2021Close121.031Dec 22, 2021Close120.375Feb 16, 2022Close101.781Apr 12, 2022Close97.313Jun 7, 2022Close88.406Aug 2, 2022Close84.250Sep 26, 2022Close69.469Nov 21, 2022Close68.281Jan 18, 2023Close72.625Mar 14, 2023Close71.500May 5, 2023Close71.063Jun 30, 2023Close69.781Aug 24, 2023Close63.938Oct 19, 2023Close55.500Dec 13, 2023Close63.938Feb 8, 2024Close62.250Apr 3, 2024Close61.219May 28, 2024Close59.844Jul 23, 2024Close62.000Sep 16, 2024Close68.031Nov 8, 2024Close62.750Jan 7, 2025Close57.219Mar 4, 2025Close61.656Apr 25, 2025Close57.813Jun 20, 2025Close57.156Aug 14, 2025Close57.156Oct 8, 2025Close59.406Dec 4, 2025Close58.531Jan 30, 2026Close57.813Mar 26, 2026Close56.625May 19, 2026Close54.969Jul 15, 2026Close54.688Sep 8, 2026Close54.125Sep 10, 2026Close52.969
The most recent 20 trading days of prices for 912810SM1.
DateBidOfferClose
Sep 10, 202653.37553.31352.969
Sep 9, 202653.73453.65653.875
Sep 8, 202654.28154.21954.125
Sep 4, 202654.07854.00054.063
Sep 3, 202654.35954.31354.063
Sep 2, 202653.87553.81353.844
Sep 1, 202653.89153.81353.750
Aug 31, 202653.59453.53153.656
Aug 28, 202654.56354.50054.063
Aug 27, 202654.60954.56354.500
Aug 26, 202654.51654.46954.500
Aug 25, 202654.50054.43854.531
Aug 24, 202654.12554.06353.875
Aug 21, 202653.78153.71953.438
Aug 20, 202653.67253.62554.063
Aug 19, 202654.15654.09454.094
Aug 18, 202652.82852.75052.969
Aug 17, 202652.96952.90652.594
Aug 14, 202653.21953.15653.313
Aug 13, 202653.78153.71953.625

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 912810SM1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 20, 2020Feb 28, 2020New issue$8.0bn$8.0bn2.40x0.261%
Aug 20, 2020Aug 31, 2020Reopening$7.0bn$7.6bn2.25x-0.272%

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.