Treasury bond

912810SN9 · 1.25% due May 15, 2050

Original term
30-Year
Maturity
May 15, 2050
Coupon
1.250%
Pays
Semi-Annual
Dated
May 15, 2020
First coupon
Nov 15, 2020
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$73.57bn
Held stripped
$7.79bn
Share stripped
10.59%

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
5.475%
Modified duration
17.802 yr
DV01
0.0796
Convexity
386.739
Dirty price
44.717

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 18.098 years against a modified duration of 17.802.

Against the fitted curve

Priced 4.7 bp rich to the curve on that day, 37.50 cents per 100 of face.

That is 0.30 standard deviations from its own typical residual.

Yield to maturity, 1,583 observations

1%2%3%4%5%6%May 15, 2020Sep 10, 2026May 15, 2020Yield to maturity1.322%Jul 8, 2020Yield to maturity1.391%Aug 27, 2020Yield to maturity1.504%Oct 20, 2020Yield to maturity1.607%Dec 11, 2020Yield to maturity1.635%Feb 4, 2021Yield to maturity1.939%Mar 29, 2021Yield to maturity2.446%May 18, 2021Yield to maturity2.401%Jul 9, 2021Yield to maturity2.017%Aug 30, 2021Yield to maturity1.918%Oct 21, 2021Yield to maturity2.144%Dec 14, 2021Yield to maturity1.853%Feb 4, 2022Yield to maturity2.254%Mar 29, 2022Yield to maturity2.590%May 19, 2022Yield to maturity3.143%Jul 13, 2022Yield to maturity3.155%Sep 1, 2022Yield to maturity3.482%Oct 25, 2022Yield to maturity4.321%Dec 16, 2022Yield to maturity3.617%Feb 9, 2023Yield to maturity3.774%Apr 3, 2023Yield to maturity3.685%May 23, 2023Yield to maturity4.011%Jul 17, 2023Yield to maturity3.984%Sep 6, 2023Yield to maturity4.419%Oct 27, 2023Yield to maturity5.096%Dec 19, 2023Yield to maturity4.141%Feb 12, 2024Yield to maturity4.470%Apr 3, 2024Yield to maturity4.578%May 23, 2024Yield to maturity4.644%Jul 17, 2024Yield to maturity4.460%Sep 6, 2024Yield to maturity4.137%Oct 29, 2024Yield to maturity4.619%Dec 20, 2024Yield to maturity4.820%Feb 13, 2025Yield to maturity4.816%Apr 7, 2025Yield to maturity4.696%May 28, 2025Yield to maturity5.077%Jul 21, 2025Yield to maturity5.027%Sep 10, 2025Yield to maturity4.761%Oct 31, 2025Yield to maturity4.745%Dec 24, 2025Yield to maturity4.894%Feb 18, 2026Yield to maturity4.814%Apr 9, 2026Yield to maturity5.022%Jun 1, 2026Yield to maturity5.112%Jul 23, 2026Yield to maturity5.294%Sep 10, 2026Yield to maturity5.475%

Price history

1,583 trading days to Sep 10, 2026

405060708090100110May 15, 2020Sep 10, 2026May 15, 2020Close98.219Jul 8, 2020Close96.563Aug 27, 2020Close93.938Oct 20, 2020Close91.625Dec 11, 2020Close91.031Feb 4, 2021Close84.656Mar 29, 2021Close75.188May 18, 2021Close76.063Jul 9, 2021Close83.281Aug 30, 2021Close85.313Oct 21, 2021Close80.969Dec 14, 2021Close86.719Feb 4, 2022Close79.094Mar 29, 2022Close73.344May 19, 2022Close64.938Jul 13, 2022Close64.875Sep 1, 2022Close60.531Oct 25, 2022Close50.813Dec 16, 2022Close59.063Feb 9, 2023Close57.250Apr 3, 2023Close58.469May 23, 2023Close54.750Jul 17, 2023Close55.188Sep 6, 2023Close50.625Oct 27, 2023Close44.375Dec 19, 2023Close53.844Feb 12, 2024Close50.531Apr 3, 2024Close49.594May 23, 2024Close49.094Jul 17, 2024Close51.063Sep 6, 2024Close54.594Oct 29, 2024Close49.781Dec 20, 2024Close48.031Feb 13, 2025Close48.219Apr 7, 2025Close49.500May 28, 2025Close46.188Jul 21, 2025Close46.781Sep 10, 2025Close49.344Oct 31, 2025Close49.656Dec 24, 2025Close48.438Feb 18, 2026Close49.344Apr 9, 2026Close47.625Jun 1, 2026Close47.000Jul 23, 2026Close45.625Sep 10, 2026Close44.313
The most recent 20 trading days of prices for 912810SN9.
DateBidOfferClose
Sep 10, 202644.57844.53144.313
Sep 9, 202644.93844.90645.063
Sep 8, 202645.37545.34445.250
Sep 4, 202645.39145.37545.344
Sep 3, 202645.43845.40645.281
Sep 2, 202645.12545.09445.094
Sep 1, 202645.34445.31345.094
Aug 31, 202645.20345.18845.281
Aug 28, 202645.85945.81345.563
Aug 27, 202645.87545.84445.750
Aug 26, 202645.85945.84445.813
Aug 25, 202645.87545.84445.906
Aug 24, 202645.56345.53145.438
Aug 21, 202645.12545.09445.000
Aug 20, 202645.17245.12545.281
Aug 19, 202645.51645.46945.594
Aug 18, 202644.65644.62544.750
Aug 17, 202644.79744.75044.563
Aug 14, 202644.96944.93845.000
Aug 13, 202645.39145.34445.375

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 912810SN9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 13, 2020May 15, 2020New issue$22.0bn$33.6bn2.30x1.342%
Jun 11, 2020Jun 15, 2020Reopening$19.0bn$19.3bn2.30x1.450%
Jul 9, 2020Jul 15, 2020Reopening$19.0bn$20.7bn2.50x1.330%

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.