Treasury bond

912810SW9 · 1.875% due February 15, 2041

Original term
20-Year
Maturity
Feb 15, 2041
Coupon
1.875%
Pays
Semi-Annual
Dated
Feb 15, 2021
First coupon
Aug 15, 2021
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$82.50bn
Held stripped
$248.0m
Share stripped
0.30%

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
5.253%
Modified duration
11.858 yr
DV01
0.0786
Convexity
163.094
Dirty price
66.263

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 12.127 years against a modified duration of 11.858.

Against the fitted curve

Priced 1.7 bp rich to the curve on that day, 13.68 cents per 100 of face.

That is -3.13 standard deviations from its own typical residual.

Yield to maturity, 1,387 observations

1%2%3%4%5%6%Mar 1, 2021Sep 10, 2026Mar 1, 2021Yield to maturity2.110%Apr 14, 2021Yield to maturity2.219%May 28, 2021Yield to maturity2.187%Jul 15, 2021Yield to maturity1.846%Aug 30, 2021Yield to maturity1.804%Oct 15, 2021Yield to maturity2.012%Dec 2, 2021Yield to maturity1.850%Jan 19, 2022Yield to maturity2.214%Mar 7, 2022Yield to maturity2.304%Apr 21, 2022Yield to maturity3.145%Jun 7, 2022Yield to maturity3.384%Jul 25, 2022Yield to maturity3.331%Sep 8, 2022Yield to maturity3.769%Oct 25, 2022Yield to maturity4.548%Dec 12, 2022Yield to maturity3.903%Jan 30, 2023Yield to maturity3.828%Mar 16, 2023Yield to maturity3.886%May 1, 2023Yield to maturity3.968%Jun 15, 2023Yield to maturity4.037%Aug 2, 2023Yield to maturity4.374%Sep 18, 2023Yield to maturity4.608%Nov 2, 2023Yield to maturity5.028%Dec 19, 2023Yield to maturity4.246%Feb 6, 2024Yield to maturity4.413%Mar 22, 2024Yield to maturity4.485%May 7, 2024Yield to maturity4.690%Jun 24, 2024Yield to maturity4.455%Aug 8, 2024Yield to maturity4.339%Sep 24, 2024Yield to maturity4.098%Nov 8, 2024Yield to maturity4.567%Dec 27, 2024Yield to maturity4.894%Feb 13, 2025Yield to maturity4.750%Apr 1, 2025Yield to maturity4.474%May 15, 2025Yield to maturity4.903%Jul 2, 2025Yield to maturity4.784%Aug 18, 2025Yield to maturity4.826%Oct 2, 2025Yield to maturity4.546%Nov 19, 2025Yield to maturity4.601%Jan 7, 2026Yield to maturity4.629%Feb 24, 2026Yield to maturity4.511%Apr 9, 2026Yield to maturity4.756%May 26, 2026Yield to maturity4.908%Jul 13, 2026Yield to maturity5.000%Aug 26, 2026Yield to maturity5.026%Sep 10, 2026Yield to maturity5.253%

Price history

1,387 trading days to Sep 10, 2026

60708090100110Mar 1, 2021Sep 10, 2026Mar 1, 2021Close96.188Apr 14, 2021Close94.500May 28, 2021Close95.031Jul 15, 2021Close100.469Aug 30, 2021Close101.156Oct 15, 2021Close97.813Dec 2, 2021Close100.406Jan 19, 2022Close94.750Mar 7, 2022Close93.438Apr 21, 2022Close82.063Jun 7, 2022Close79.219Jul 25, 2022Close79.969Sep 8, 2022Close75.000Oct 25, 2022Close67.031Dec 12, 2022Close73.781Jan 30, 2023Close74.719Mar 16, 2023Close74.219May 1, 2023Close73.469Jun 15, 2023Close72.875Aug 2, 2023Close69.625Sep 18, 2023Close67.531Nov 2, 2023Close63.875Dec 19, 2023Close71.313Feb 6, 2024Close69.844Mar 22, 2024Close69.313May 7, 2024Close67.563Jun 24, 2024Close69.906Aug 8, 2024Close71.156Sep 24, 2024Close73.656Nov 8, 2024Close69.344Dec 27, 2024Close66.594Feb 13, 2025Close68.031Apr 1, 2025Close70.688May 15, 2025Close67.031Jul 2, 2025Close68.250Aug 18, 2025Close68.063Oct 2, 2025Close70.688Nov 19, 2025Close70.375Jan 7, 2026Close70.313Feb 24, 2026Close71.531Apr 9, 2026Close69.563May 26, 2026Close68.469Jul 13, 2026Close67.906Aug 26, 2026Close67.875Sep 10, 2026Close66.125
The most recent 20 trading days of prices for 912810SW9.
DateBidOfferClose
Sep 10, 202666.46966.40666.125
Sep 9, 202666.89166.81367.031
Sep 8, 202667.35967.31367.188
Sep 4, 202667.39167.34467.313
Sep 3, 202667.48467.43867.281
Sep 2, 202667.09467.03167.094
Sep 1, 202667.32867.28167.063
Aug 31, 202667.26667.21967.313
Aug 28, 202667.82867.75067.563
Aug 27, 202667.98467.93867.781
Aug 26, 202667.95367.90667.875
Aug 25, 202668.01667.96968.031
Aug 24, 202667.67267.62567.500
Aug 21, 202667.26667.21967.156
Aug 20, 202667.39167.34467.500
Aug 19, 202667.68867.62567.750
Aug 18, 202666.89166.84466.938
Aug 17, 202667.00066.96966.750
Aug 14, 202667.14167.09467.125
Aug 13, 202667.51667.46967.500

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 912810SW9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 17, 2021Mar 1, 2021New issue$27.0bn$32.8bn2.15x1.920%
Mar 16, 2021Mar 31, 2021Reopening$24.0bn$28.3bn2.51x2.290%
Apr 21, 2021Apr 30, 2021Reopening$24.0bn$28.6bn2.42x2.144%

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.