Inflation-linked (TIPS)

912810SV1 · 0.125% due February 15, 2051

Original term
30-Year
Maturity
Feb 15, 2051
Coupon
0.125%
Pays
Semi-Annual
Dated
Feb 15, 2021
First coupon
Aug 15, 2021
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$22.49bn
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
3.085%
Index ratio
1.2827
Real duration
23.479 yr
DV01
0.1162
Convexity
572.211
Real clean price
49.469
Accrued (real)
0.009
Real dirty price
49.478
Indexed principal
128.265
Money clean price
63.451

The index ratio is a multiplier, not a percentage: 1.2827 means the principal is worth that many times its original face today. So the real clean price of 49.469 is not what a buyer pays , multiply by the ratio to get 63.451 per 100 of original face.

Against the fitted real curve

Priced 5.3 bp rich to the real curve on that day, 61.91 cents per 100 of face.

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

Real yield, 1,388 observations

-1%0%1%2%3%4%Feb 26, 2021Sep 10, 2026Feb 26, 2021Real yield0.057%Apr 13, 2021Real yield0.094%May 27, 2021Real yield-0.022%Jul 14, 2021Real yield-0.249%Aug 27, 2021Real yield-0.353%Oct 14, 2021Real yield-0.340%Dec 1, 2021Real yield-0.500%Jan 18, 2022Real yield-0.068%Mar 4, 2022Real yield-0.163%Apr 20, 2022Real yield0.323%Jun 6, 2022Real yield0.673%Jul 22, 2022Real yield0.887%Sep 7, 2022Real yield1.137%Oct 24, 2022Real yield1.850%Dec 9, 2022Real yield1.342%Jan 27, 2023Real yield1.371%Mar 15, 2023Real yield1.467%Apr 28, 2023Real yield1.536%Jun 14, 2023Real yield1.683%Aug 1, 2023Real yield1.837%Sep 15, 2023Real yield2.086%Nov 1, 2023Real yield2.454%Dec 18, 2023Real yield1.878%Feb 5, 2024Real yield2.103%Mar 21, 2024Real yield2.153%May 6, 2024Real yield2.277%Jun 21, 2024Real yield2.133%Aug 7, 2024Real yield2.098%Sep 23, 2024Real yield1.882%Nov 7, 2024Real yield2.212%Dec 26, 2024Real yield2.428%Feb 12, 2025Real yield2.440%Mar 31, 2025Real yield2.318%May 14, 2025Real yield2.668%Jul 1, 2025Real yield2.545%Aug 15, 2025Real yield2.685%Oct 1, 2025Real yield2.506%Nov 18, 2025Real yield2.537%Jan 6, 2026Real yield2.646%Feb 23, 2026Real yield2.506%Apr 8, 2026Real yield2.688%May 22, 2026Real yield2.805%Jul 10, 2026Real yield2.893%Aug 25, 2026Real yield2.956%Sep 10, 2026Real yield3.085%

Price history

1,388 trading days to Sep 10, 2026

406080100120140Feb 26, 2021Sep 10, 2026Feb 26, 2021Close102.031Apr 13, 2021Close100.906May 27, 2021Close104.375Jul 14, 2021Close111.500Aug 27, 2021Close114.844Oct 14, 2021Close114.344Dec 1, 2021Close119.688Jan 18, 2022Close105.656Mar 4, 2022Close108.531Apr 20, 2022Close94.563Jun 6, 2022Close85.719Jul 22, 2022Close80.813Sep 7, 2022Close75.469Oct 24, 2022Close62.125Dec 9, 2022Close71.531Jan 27, 2023Close71.063Mar 15, 2023Close69.344Apr 28, 2023Close68.188Jun 14, 2023Close65.656Aug 1, 2023Close63.125Sep 15, 2023Close59.219Nov 1, 2023Close53.875Dec 18, 2023Close62.844Feb 5, 2024Close59.375Mar 21, 2024Close58.750May 6, 2024Close57.031Jun 21, 2024Close59.344Aug 7, 2024Close60.031Sep 23, 2024Close63.594Nov 7, 2024Close58.594Dec 26, 2024Close55.625Feb 12, 2025Close55.625Mar 31, 2025Close57.500May 14, 2025Close52.844Jul 1, 2025Close54.656Aug 15, 2025Close52.969Oct 1, 2025Close55.500Nov 18, 2025Close55.250Jan 6, 2026Close53.969Feb 23, 2026Close56.000Apr 8, 2026Close53.750May 22, 2026Close52.438Jul 10, 2026Close51.531Aug 25, 2026Close50.938Sep 10, 2026Close49.469
The most recent 20 trading days of prices for 912810SV1.
DateBidOfferClose
Sep 10, 202649.84449.78149.469
Sep 9, 202650.17250.09450.281
Sep 8, 202650.67250.59450.531
Sep 4, 202650.50050.43850.500
Sep 3, 202650.75050.68850.469
Sep 2, 202650.28150.21950.250
Sep 1, 202650.29750.21950.156
Aug 31, 202650.03149.96950.094
Aug 28, 202651.00050.93850.500
Aug 27, 202651.03150.96950.938
Aug 26, 202650.95350.90650.938
Aug 25, 202650.92250.84450.938
Aug 24, 202650.54750.50050.313
Aug 21, 202650.21950.15649.875
Aug 20, 202650.09450.03150.500
Aug 19, 202650.60950.56350.531
Aug 18, 202649.28149.21949.438
Aug 17, 202649.43849.37549.031
Aug 14, 202649.70349.62549.813
Aug 13, 202650.28150.21950.125

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 912810SV1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 18, 2021Feb 26, 2021New issue$9.0bn$9.0bn2.31x-0.040%
Aug 19, 2021Aug 31, 2021Reopening$8.0bn$9.0bn2.34x-0.292%

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.