Treasury bond

912810SR0 · 1.125% due May 15, 2040

Original term
20-Year
Maturity
May 15, 2040
Coupon
1.125%
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
$55.39bn
Held stripped
$324.6m
Share stripped
0.59%

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
5.217%
Modified duration
11.958 yr
DV01
0.0726
Convexity
159.868
Dirty price
60.708

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 12.242 years against a modified duration of 11.958.

Against the fitted curve

Priced 2.7 bp rich to the curve on that day, 19.59 cents per 100 of face.

That is -1.77 standard deviations from its own typical residual.

Yield to maturity, 1,573 observations

0%1%2%3%4%5%6%Jun 1, 2020Sep 10, 2026Jun 1, 2020Yield to maturity1.217%Jul 22, 2020Yield to maturity1.065%Sep 11, 2020Yield to maturity1.179%Nov 3, 2020Yield to maturity1.415%Dec 28, 2020Yield to maturity1.442%Feb 19, 2021Yield to maturity1.964%Apr 12, 2021Yield to maturity2.243%Jun 2, 2021Yield to maturity2.207%Jul 23, 2021Yield to maturity1.835%Sep 14, 2021Yield to maturity1.749%Nov 4, 2021Yield to maturity1.955%Dec 29, 2021Yield to maturity1.992%Feb 18, 2022Yield to maturity2.321%Apr 12, 2022Yield to maturity3.008%Jun 3, 2022Yield to maturity3.338%Jul 27, 2022Yield to maturity3.274%Sep 16, 2022Yield to maturity3.848%Nov 8, 2022Yield to maturity4.524%Jan 3, 2023Yield to maturity4.066%Feb 24, 2023Yield to maturity4.152%Apr 17, 2023Yield to maturity3.908%Jun 7, 2023Yield to maturity4.079%Jul 31, 2023Yield to maturity4.200%Sep 20, 2023Yield to maturity4.572%Nov 10, 2023Yield to maturity4.944%Jan 4, 2024Yield to maturity4.242%Feb 27, 2024Yield to maturity4.553%Apr 17, 2024Yield to maturity4.788%Jun 7, 2024Yield to maturity4.571%Jul 31, 2024Yield to maturity4.322%Sep 20, 2024Yield to maturity4.033%Nov 13, 2024Yield to maturity4.687%Jan 7, 2025Yield to maturity4.936%Feb 28, 2025Yield to maturity4.474%Apr 21, 2025Yield to maturity4.891%Jun 11, 2025Yield to maturity4.832%Aug 4, 2025Yield to maturity4.635%Sep 24, 2025Yield to maturity4.580%Nov 17, 2025Yield to maturity4.551%Jan 9, 2026Yield to maturity4.599%Mar 4, 2026Yield to maturity4.507%Apr 23, 2026Yield to maturity4.755%Jun 15, 2026Yield to maturity4.818%Aug 6, 2026Yield to maturity5.047%Sep 10, 2026Yield to maturity5.217%

Price history

1,573 trading days to Sep 10, 2026

5060708090100110Jun 1, 2020Sep 10, 2026Jun 1, 2020Close98.375Jul 22, 2020Close101.063Sep 11, 2020Close99.063Nov 3, 2020Close95.063Dec 28, 2020Close94.656Feb 19, 2021Close86.625Apr 12, 2021Close82.719Jun 2, 2021Close83.313Jul 23, 2021Close88.750Sep 14, 2021Close90.094Nov 4, 2021Close87.156Dec 29, 2021Close86.719Feb 18, 2022Close82.313Apr 12, 2022Close73.875Jun 3, 2022Close70.313Jul 27, 2022Close71.188Sep 16, 2022Close65.344Nov 8, 2022Close59.188Jan 3, 2023Close63.625Feb 24, 2023Close63.031Apr 17, 2023Close65.563Jun 7, 2023Close64.125Jul 31, 2023Close63.219Sep 20, 2023Close60.125Nov 10, 2023Close57.250Jan 4, 2024Close63.500Feb 27, 2024Close61.000Apr 17, 2024Close59.250Jun 7, 2024Close61.313Jul 31, 2024Close63.688Sep 20, 2024Close66.500Nov 13, 2024Close61.063Jan 7, 2025Close59.313Feb 28, 2025Close63.344Apr 21, 2025Close60.188Jun 11, 2025Close60.906Aug 4, 2025Close62.750Sep 24, 2025Close63.438Nov 17, 2025Close63.938Jan 9, 2026Close63.813Mar 4, 2026Close64.813Apr 23, 2026Close63.094Jun 15, 2026Close62.875Aug 6, 2026Close61.406Sep 10, 2026Close60.344
The most recent 20 trading days of prices for 912810SR0.
DateBidOfferClose
Sep 10, 202660.68860.62560.344
Sep 9, 202661.10961.03161.219
Sep 8, 202661.53161.46961.375
Sep 4, 202661.57861.50061.469
Sep 3, 202661.65661.59461.469
Sep 2, 202661.31361.25061.281
Sep 1, 202661.53161.46961.250
Aug 31, 202661.46961.40661.500
Aug 28, 202661.98461.90661.688
Aug 27, 202662.14162.06361.969
Aug 26, 202662.12562.06362.031
Aug 25, 202662.18862.12562.156
Aug 24, 202661.85961.78161.688
Aug 21, 202661.46961.40661.375
Aug 20, 202661.59461.53161.656
Aug 19, 202661.84461.78161.906
Aug 18, 202661.12561.06361.125
Aug 17, 202661.21961.15661.000
Aug 14, 202661.34461.28161.281
Aug 13, 202661.68861.62561.625

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.

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 912810SR0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 20, 2020Jun 1, 2020New issue$20.0bn$22.1bn2.53x1.220%
Jun 17, 2020Jun 30, 2020Reopening$17.0bn$19.3bn2.63x1.314%
Jul 22, 2020Jul 31, 2020Reopening$17.0bn$18.9bn2.43x1.059%

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.