Treasury bond

912810TB4 · 1.875% due November 15, 2051

Original term
30-Year
Maturity
Nov 15, 2051
Coupon
1.875%
Pays
Semi-Annual
Dated
Nov 15, 2021
First coupon
May 15, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$90.24bn
Held stripped
$15.38bn
Share stripped
17.05%

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
5.468%
Modified duration
16.992 yr
DV01
0.0880
Convexity
376.246
Dirty price
51.794

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 12 of twelve buckets, summing to 17.231 years against a modified duration of 16.992.

Against the fitted curve

Priced 2.1 bp rich to the curve on that day, 18.50 cents per 100 of face.

That is 0.19 standard deviations from its own typical residual.

Yield to maturity, 1,207 observations

1%2%3%4%5%6%Nov 15, 2021Sep 10, 2026Nov 15, 2021Yield to maturity2.010%Dec 27, 2021Yield to maturity1.885%Feb 4, 2022Yield to maturity2.231%Mar 17, 2022Yield to maturity2.510%Apr 27, 2022Yield to maturity2.915%Jun 7, 2022Yield to maturity3.165%Jul 19, 2022Yield to maturity3.199%Aug 26, 2022Yield to maturity3.274%Oct 6, 2022Yield to maturity3.842%Nov 17, 2022Yield to maturity3.964%Dec 29, 2022Yield to maturity3.975%Feb 9, 2023Yield to maturity3.774%Mar 22, 2023Yield to maturity3.699%May 1, 2023Yield to maturity3.856%Jun 9, 2023Yield to maturity3.911%Jul 21, 2023Yield to maturity3.919%Aug 30, 2023Yield to maturity4.255%Oct 11, 2023Yield to maturity4.756%Nov 20, 2023Yield to maturity4.618%Jan 2, 2024Yield to maturity4.143%Feb 12, 2024Yield to maturity4.439%Mar 22, 2024Yield to maturity4.441%May 1, 2024Yield to maturity4.771%Jun 11, 2024Yield to maturity4.565%Jul 23, 2024Yield to maturity4.539%Aug 30, 2024Yield to maturity4.283%Oct 10, 2024Yield to maturity4.473%Nov 21, 2024Yield to maturity4.717%Jan 3, 2025Yield to maturity4.918%Feb 13, 2025Yield to maturity4.819%Mar 26, 2025Yield to maturity4.794%May 5, 2025Yield to maturity4.939%Jun 13, 2025Yield to maturity5.018%Jul 25, 2025Yield to maturity5.021%Sep 4, 2025Yield to maturity4.957%Oct 15, 2025Yield to maturity4.721%Nov 25, 2025Yield to maturity4.772%Jan 7, 2026Yield to maturity4.927%Feb 18, 2026Yield to maturity4.816%Mar 30, 2026Yield to maturity5.020%May 7, 2026Yield to maturity5.084%Jun 17, 2026Yield to maturity5.039%Jul 29, 2026Yield to maturity5.316%Sep 8, 2026Yield to maturity5.351%Sep 10, 2026Yield to maturity5.468%

Price history

1,207 trading days to Sep 10, 2026

5060708090100110Nov 15, 2021Sep 10, 2026Nov 15, 2021Close96.969Dec 27, 2021Close99.781Feb 4, 2022Close92.281Mar 17, 2022Close86.781Apr 27, 2022Close79.500Jun 7, 2022Close75.406Jul 19, 2022Close74.938Aug 26, 2022Close73.813Oct 6, 2022Close65.719Nov 17, 2022Close64.188Dec 29, 2022Close64.125Feb 9, 2023Close66.844Mar 22, 2023Close67.938May 1, 2023Close65.906Jun 9, 2023Close65.250Jul 21, 2023Close65.219Aug 30, 2023Close61.125Oct 11, 2023Close55.594Nov 20, 2023Close57.156Jan 2, 2024Close62.719Feb 12, 2024Close59.313Mar 22, 2024Close59.375May 1, 2024Close55.875Jun 11, 2024Close58.156Jul 23, 2024Close58.531Aug 30, 2024Close61.531Oct 10, 2024Close59.438Nov 21, 2024Close56.875Jan 3, 2025Close54.906Feb 13, 2025Close56.000Mar 26, 2025Close56.344May 5, 2025Close54.969Jun 13, 2025Close54.281Jul 25, 2025Close54.344Sep 4, 2025Close55.063Oct 15, 2025Close57.563Nov 25, 2025Close57.125Jan 7, 2026Close55.656Feb 18, 2026Close56.875Mar 30, 2026Close54.938May 7, 2026Close54.406Jun 17, 2026Close54.938Jul 29, 2026Close52.438Sep 8, 2026Close52.219Sep 10, 2026Close51.188
The most recent 20 trading days of prices for 912810TB4.
DateBidOfferClose
Sep 10, 202651.46951.43851.188
Sep 9, 202651.84451.81352.000
Sep 8, 202652.32852.31352.219
Sep 4, 202652.32852.31352.281
Sep 3, 202652.39152.37552.219
Sep 2, 202652.04752.03152.031
Sep 1, 202652.28152.25052.031
Aug 31, 202652.10952.09452.219
Aug 28, 202652.84452.81352.531
Aug 27, 202652.87552.84452.719
Aug 26, 202652.85952.84452.813
Aug 25, 202652.87552.84452.938
Aug 24, 202652.53152.50052.375
Aug 21, 202652.04752.03151.938
Aug 20, 202652.17252.15652.313
Aug 19, 202652.53152.50052.594
Aug 18, 202651.60951.59451.688
Aug 17, 202651.75051.71951.500
Aug 14, 202651.92251.90651.969
Aug 13, 202652.39152.37552.375

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 912810TB4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 10, 2021Nov 15, 2021New issue$25.0bn$39.5bn2.20x1.940%
Dec 9, 2021Dec 15, 2021Reopening$22.0bn$25.2bn2.22x1.895%
Jan 13, 2022Jan 18, 2022Reopening$22.0bn$25.5bn2.35x2.075%

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.