Treasury bond

912810SQ2 · 1.125% due August 15, 2040

Original term
20-Year
Maturity
Aug 15, 2040
Coupon
1.125%
Pays
Semi-Annual
Dated
Aug 15, 2020
First coupon
Feb 15, 2021
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$75.49bn
Held stripped
$120.6m
Share stripped
0.16%

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
5.235%
Modified duration
12.198 yr
DV01
0.0729
Convexity
165.811
Dirty price
59.801

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 9 of twelve buckets, summing to 12.490 years against a modified duration of 12.198.

Against the fitted curve

Priced 2.5 bp rich to the curve on that day, 18.19 cents per 100 of face.

That is -2.37 standard deviations from its own typical residual.

Yield to maturity, 1,509 observations

1%2%3%4%5%6%Aug 31, 2020Sep 10, 2026Aug 31, 2020Yield to maturity1.258%Oct 21, 2020Yield to maturity1.385%Dec 11, 2020Yield to maturity1.413%Feb 3, 2021Yield to maturity1.723%Mar 25, 2021Yield to maturity2.256%May 13, 2021Yield to maturity2.292%Jul 2, 2021Yield to maturity1.987%Aug 23, 2021Yield to maturity1.769%Oct 13, 2021Yield to maturity2.001%Dec 3, 2021Yield to maturity1.780%Jan 25, 2022Yield to maturity2.185%Mar 16, 2022Yield to maturity2.575%May 5, 2022Yield to maturity3.383%Jun 27, 2022Yield to maturity3.588%Aug 16, 2022Yield to maturity3.357%Oct 5, 2022Yield to maturity4.155%Nov 28, 2022Yield to maturity4.034%Jan 19, 2023Yield to maturity3.701%Mar 10, 2023Yield to maturity3.883%Apr 28, 2023Yield to maturity3.788%Jun 20, 2023Yield to maturity3.993%Aug 9, 2023Yield to maturity4.313%Sep 28, 2023Yield to maturity4.929%Nov 17, 2023Yield to maturity4.806%Jan 10, 2024Yield to maturity4.326%Mar 1, 2024Yield to maturity4.450%Apr 19, 2024Yield to maturity4.815%Jun 10, 2024Yield to maturity4.636%Jul 31, 2024Yield to maturity4.340%Sep 19, 2024Yield to maturity4.058%Nov 8, 2024Yield to maturity4.556%Jan 2, 2025Yield to maturity4.831%Feb 24, 2025Yield to maturity4.648%Apr 14, 2025Yield to maturity4.795%Jun 3, 2025Yield to maturity4.947%Jul 24, 2025Yield to maturity4.868%Sep 12, 2025Yield to maturity4.522%Nov 3, 2025Yield to maturity4.550%Dec 24, 2025Yield to maturity4.630%Feb 17, 2026Yield to maturity4.497%Apr 7, 2026Yield to maturity4.772%May 27, 2026Yield to maturity4.877%Jul 17, 2026Yield to maturity4.921%Sep 4, 2026Yield to maturity5.080%Sep 10, 2026Yield to maturity5.235%

Price history

1,509 trading days to Sep 10, 2026

5060708090100Aug 31, 2020Sep 10, 2026Aug 31, 2020Close97.656Oct 21, 2020Close95.500Dec 11, 2020Close95.063Feb 3, 2021Close90.125Mar 25, 2021Close82.313May 13, 2021Close81.906Jul 2, 2021Close86.344Aug 23, 2021Close89.656Oct 13, 2021Close86.313Dec 3, 2021Close89.625Jan 25, 2022Close83.906Mar 16, 2022Close78.844May 5, 2022Close69.406Jun 27, 2022Close67.375Aug 16, 2022Close70.031Oct 5, 2022Close62.063Nov 28, 2022Close63.438Jan 19, 2023Close66.938Mar 10, 2023Close65.313Apr 28, 2023Close66.438Jun 20, 2023Close64.625Aug 9, 2023Close61.844Sep 28, 2023Close56.750Nov 17, 2023Close58.000Jan 10, 2024Close62.375Mar 1, 2024Close61.500Apr 19, 2024Close58.625Jun 10, 2024Close60.344Jul 31, 2024Close63.125Sep 19, 2024Close65.875Nov 8, 2024Close61.719Jan 2, 2025Close59.688Feb 24, 2025Close61.438Apr 14, 2025Close60.469Jun 3, 2025Close59.500Jul 24, 2025Close60.375Sep 12, 2025Close63.438Nov 3, 2025Close63.438Dec 24, 2025Close63.031Feb 17, 2026Close64.375Apr 7, 2026Close62.406May 27, 2026Close61.844Jul 17, 2026Close61.781Sep 4, 2026Close60.844Sep 10, 2026Close59.719
The most recent 20 trading days of prices for 912810SQ2.
DateBidOfferClose
Sep 10, 202660.04759.96959.719
Sep 9, 202660.45360.37560.563
Sep 8, 202660.87560.81360.750
Sep 4, 202660.93860.87560.844
Sep 3, 202661.01660.96960.844
Sep 2, 202660.64160.59460.625
Sep 1, 202660.84460.78160.594
Aug 31, 202660.79760.71960.813
Aug 28, 202661.31361.25061.031
Aug 27, 202661.46961.40661.281
Aug 26, 202661.43861.37561.375
Aug 25, 202661.50061.43861.500
Aug 24, 202661.15661.09461.000
Aug 21, 202660.79760.75060.688
Aug 20, 202660.95360.90661.000
Aug 19, 202661.18861.12561.250
Aug 18, 202660.45360.40660.469
Aug 17, 202660.54760.50060.313
Aug 14, 202660.67260.62560.625
Aug 13, 202661.01660.96961.000

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 912810SQ2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 19, 2020Aug 31, 2020New issue$25.0bn$27.2bn2.26x1.185%
Sep 15, 2020Sep 30, 2020Reopening$22.0bn$25.0bn2.39x1.213%
Oct 21, 2020Nov 2, 2020Reopening$22.0bn$24.3bn2.43x1.370%

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.