Inflation-linked (TIPS)

912810TE8 · 0.125% due February 15, 2052

Original term
30-Year
Maturity
Feb 15, 2052
Coupon
0.125%
Pays
Semi-Annual
Dated
Feb 15, 2022
First coupon
Aug 15, 2022
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$23.48bn
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
3.075%
Index ratio
1.1996
Real duration
24.406 yr
DV01
0.1177
Convexity
618.431
Real clean price
48.219
Accrued (real)
0.009
Real dirty price
48.228
Indexed principal
119.961
Money clean price
57.844

The index ratio is a multiplier, not a percentage: 1.1996 means the principal is worth that many times its original face today. So the real clean price of 48.219 is not what a buyer pays , multiply by the ratio to get 57.844 per 100 of original face.

Against the fitted real curve

Priced 6.9 bp rich to the real curve on that day, 81.38 cents per 100 of face.

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

Real yield, 1,136 observations

-1%0%1%2%3%4%Feb 28, 2022Sep 10, 2026Feb 28, 2022Real yield-0.117%Apr 5, 2022Real yield0.086%May 12, 2022Real yield0.581%Jun 21, 2022Real yield0.911%Jul 28, 2022Real yield0.772%Sep 2, 2022Real yield1.030%Oct 12, 2022Real yield1.722%Nov 18, 2022Real yield1.641%Dec 28, 2022Real yield1.679%Feb 6, 2023Real yield1.485%Mar 15, 2023Real yield1.423%Apr 20, 2023Real yield1.493%May 26, 2023Real yield1.629%Jul 6, 2023Real yield1.728%Aug 11, 2023Real yield1.947%Sep 19, 2023Real yield2.071%Oct 26, 2023Real yield2.471%Dec 4, 2023Real yield2.148%Jan 11, 2024Real yield1.970%Feb 20, 2024Real yield2.170%Mar 27, 2024Real yield2.093%May 2, 2024Real yield2.355%Jun 10, 2024Real yield2.256%Jul 18, 2024Real yield2.100%Aug 23, 2024Real yield1.938%Oct 1, 2024Real yield1.859%Nov 7, 2024Real yield2.179%Dec 17, 2024Real yield2.287%Jan 27, 2025Real yield2.364%Mar 5, 2025Real yield2.298%Apr 10, 2025Real yield2.687%May 16, 2025Real yield2.589%Jun 25, 2025Real yield2.581%Aug 1, 2025Real yield2.595%Sep 9, 2025Real yield2.515%Oct 16, 2025Real yield2.398%Nov 24, 2025Real yield2.513%Jan 2, 2026Real yield2.641%Feb 10, 2026Real yield2.550%Mar 19, 2026Real yield2.616%Apr 24, 2026Real yield2.666%Jun 2, 2026Real yield2.705%Jul 10, 2026Real yield2.881%Aug 17, 2026Real yield3.102%Sep 10, 2026Real yield3.075%

Price history

1,136 trading days to Sep 10, 2026

406080100120Feb 28, 2022Sep 10, 2026Feb 28, 2022Close107.375Apr 5, 2022Close101.156May 12, 2022Close87.563Jun 21, 2022Close79.625Jul 28, 2022Close82.938Sep 2, 2022Close77.063Oct 12, 2022Close63.344Nov 18, 2022Close64.906Dec 28, 2022Close64.313Feb 6, 2023Close68.031Mar 15, 2023Close69.313Apr 20, 2023Close68.063May 26, 2023Close65.625Jul 6, 2023Close63.938Aug 11, 2023Close60.281Sep 19, 2023Close58.375Oct 26, 2023Close52.438Dec 4, 2023Close57.375Jan 11, 2024Close60.344Feb 20, 2024Close57.281Mar 27, 2024Close58.594May 2, 2024Close54.719Jun 10, 2024Close56.313Jul 18, 2024Close58.813Aug 23, 2024Close61.531Oct 1, 2024Close62.938Nov 7, 2024Close57.938Dec 17, 2024Close56.438Jan 27, 2025Close55.438Mar 5, 2025Close56.531Apr 10, 2025Close51.219May 16, 2025Close52.656Jun 25, 2025Close52.906Aug 1, 2025Close52.844Sep 9, 2025Close54.063Oct 16, 2025Close55.813Nov 24, 2025Close54.344Jan 2, 2026Close52.750Feb 10, 2026Close54.094Mar 19, 2026Close53.344Apr 24, 2026Close52.813Jun 2, 2026Close52.438Jul 10, 2026Close50.344Aug 17, 2026Close47.813Sep 10, 2026Close48.219
The most recent 20 trading days of prices for 912810TE8.
DateBidOfferClose
Sep 10, 202648.59448.53148.219
Sep 9, 202648.92248.84449.063
Sep 8, 202649.46949.40649.313
Sep 4, 202649.29749.21949.281
Sep 3, 202649.57849.53149.281
Sep 2, 202649.10949.06349.063
Sep 1, 202649.12549.06349.000
Aug 31, 202648.82848.78148.906
Aug 28, 202649.82849.75049.313
Aug 27, 202649.84449.78149.750
Aug 26, 202649.75049.68849.719
Aug 25, 202649.71949.65649.719
Aug 24, 202649.34449.28149.125
Aug 21, 202648.96948.90648.656
Aug 20, 202648.87548.81349.281
Aug 19, 202649.40649.34449.313
Aug 18, 202648.06348.00048.188
Aug 17, 202648.21948.15647.813
Aug 14, 202648.48448.40648.594
Aug 13, 202649.09449.03148.938

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 912810TE8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 17, 2022Feb 28, 2022New issue$9.0bn$10.5bn2.17x0.195%
Aug 18, 2022Aug 31, 2022Reopening$8.0bn$9.0bn2.69x0.920%

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.