Treasury bond

912810ST6 · 1.375% due November 15, 2040

Original term
20-Year
Maturity
Nov 15, 2040
Coupon
1.375%
Pays
Semi-Annual
Dated
Nov 15, 2020
First coupon
May 15, 2021
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$83.26bn
Held stripped
$117.8m
Share stripped
0.14%

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
5.250%
Modified duration
12.068 yr
DV01
0.0749
Convexity
165.579
Dirty price
62.038

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 12.352 years against a modified duration of 12.068.

Against the fitted curve

Priced 1.8 bp rich to the curve on that day, 13.81 cents per 100 of face.

That is -2.45 standard deviations from its own typical residual.

Yield to maturity, 1,448 observations

1%2%3%4%5%6%Nov 30, 2020Sep 10, 2026Nov 30, 2020Yield to maturity1.366%Jan 19, 2021Yield to maturity1.642%Mar 8, 2021Yield to maturity2.213%Apr 22, 2021Yield to maturity2.139%Jun 9, 2021Yield to maturity2.114%Jul 27, 2021Yield to maturity1.816%Sep 13, 2021Yield to maturity1.823%Oct 29, 2021Yield to maturity1.985%Dec 17, 2021Yield to maturity1.874%Feb 4, 2022Yield to maturity2.302%Mar 24, 2022Yield to maturity2.650%May 11, 2022Yield to maturity3.281%Jun 29, 2022Yield to maturity3.506%Aug 16, 2022Yield to maturity3.379%Oct 3, 2022Yield to maturity4.102%Nov 21, 2022Yield to maturity4.213%Jan 10, 2023Yield to maturity3.931%Feb 28, 2023Yield to maturity4.138%Apr 14, 2023Yield to maturity3.860%Jun 1, 2023Yield to maturity3.988%Jul 20, 2023Yield to maturity4.110%Sep 6, 2023Yield to maturity4.566%Oct 24, 2023Yield to maturity5.203%Dec 11, 2023Yield to maturity4.542%Jan 30, 2024Yield to maturity4.391%Mar 18, 2024Yield to maturity4.590%May 2, 2024Yield to maturity4.796%Jun 20, 2024Yield to maturity4.457%Aug 7, 2024Yield to maturity4.295%Sep 24, 2024Yield to maturity4.093%Nov 12, 2024Yield to maturity4.683%Dec 31, 2024Yield to maturity4.839%Feb 19, 2025Yield to maturity4.782%Apr 7, 2025Yield to maturity4.538%May 22, 2025Yield to maturity5.044%Jul 11, 2025Yield to maturity4.902%Aug 27, 2025Yield to maturity4.766%Oct 15, 2025Yield to maturity4.506%Dec 3, 2025Yield to maturity4.564%Jan 22, 2026Yield to maturity4.681%Mar 11, 2026Yield to maturity4.700%Apr 27, 2026Yield to maturity4.796%Jun 12, 2026Yield to maturity4.859%Jul 31, 2026Yield to maturity5.158%Sep 10, 2026Yield to maturity5.250%

Price history

1,448 trading days to Sep 10, 2026

5060708090100110Nov 30, 2020Sep 10, 2026Nov 30, 2020Close100.156Jan 19, 2021Close95.500Mar 8, 2021Close86.688Apr 22, 2021Close87.844Jun 9, 2021Close88.281Jul 27, 2021Close92.844Sep 13, 2021Close92.781Oct 29, 2021Close90.375Dec 17, 2021Close92.094Feb 4, 2022Close85.938Mar 24, 2022Close81.344May 11, 2022Close73.719Jun 29, 2022Close71.313Aug 16, 2022Close72.875Oct 3, 2022Close65.375Nov 21, 2022Close64.469Jan 10, 2023Close67.438Feb 28, 2023Close65.563Apr 14, 2023Close68.500Jun 1, 2023Close67.375Jul 20, 2023Close66.344Sep 6, 2023Close62.281Oct 24, 2023Close57.063Dec 11, 2023Close62.875Jan 30, 2024Close64.438Mar 18, 2024Close62.844May 2, 2024Close61.250Jun 20, 2024Close64.406Aug 7, 2024Close66.063Sep 24, 2024Close68.125Nov 12, 2024Close63.031Dec 31, 2024Close61.938Feb 19, 2025Close62.625Apr 7, 2025Close64.906May 22, 2025Close60.906Jul 11, 2025Close62.281Aug 27, 2025Close63.594Oct 15, 2025Close66.000Dec 3, 2025Close65.719Jan 22, 2026Close64.969Mar 11, 2026Close65.031Apr 27, 2026Close64.469Jun 12, 2026Close64.188Jul 31, 2026Close62.094Sep 10, 2026Close61.594
The most recent 20 trading days of prices for 912810ST6.
DateBidOfferClose
Sep 10, 202661.95361.90661.594
Sep 9, 202662.34462.28162.469
Sep 8, 202662.79762.75062.656
Sep 4, 202662.82862.78162.719
Sep 3, 202662.90662.84462.719
Sep 2, 202662.53162.46962.500
Sep 1, 202662.75062.68862.469
Aug 31, 202662.68862.62562.719
Aug 28, 202663.25063.18862.969
Aug 27, 202663.37563.31363.188
Aug 26, 202663.34463.28163.281
Aug 25, 202663.40663.34463.406
Aug 24, 202663.09463.03162.906
Aug 21, 202662.68862.65662.594
Aug 20, 202662.82862.78162.906
Aug 19, 202663.06363.00063.125
Aug 18, 202662.32862.28162.344
Aug 17, 202662.42262.37562.219
Aug 14, 202662.54762.50062.500
Aug 13, 202662.89162.84462.875

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 912810ST6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 18, 2020Nov 30, 2020New issue$27.0bn$30.7bn2.27x1.422%
Dec 21, 2020Dec 31, 2020Reopening$24.0bn$27.7bn2.39x1.470%
Jan 20, 2021Feb 1, 2021Reopening$24.0bn$27.2bn2.28x1.657%

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.