Treasury bond

912810TF5 · 2.375% due February 15, 2042

Original term
20-Year
Maturity
Feb 15, 2042
Coupon
2.375%
Pays
Semi-Annual
Dated
Feb 15, 2022
First coupon
Aug 15, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$56.40bn
Held stripped
$550.0m
Share stripped
0.98%

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
5.315%
Modified duration
12.039 yr
DV01
0.0837
Convexity
173.332
Dirty price
69.487

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 10 of twelve buckets, summing to 12.301 years against a modified duration of 12.039.

Against the fitted curve

Priced 0.6 bp cheap to the curve on that day, 5.01 cents per 100 of face.

That is -1.80 standard deviations from its own typical residual.

Yield to maturity, 1,136 observations

2.00%2.50%3.00%3.50%4.00%4.50%5.00%5.50%Feb 28, 2022Sep 10, 2026Feb 28, 2022Yield to maturity2.244%Apr 5, 2022Yield to maturity2.742%May 12, 2022Yield to maturity3.234%Jun 21, 2022Yield to maturity3.668%Jul 28, 2022Yield to maturity3.265%Sep 2, 2022Yield to maturity3.682%Oct 12, 2022Yield to maturity4.264%Nov 18, 2022Yield to maturity4.221%Dec 28, 2022Yield to maturity4.189%Feb 6, 2023Yield to maturity3.867%Mar 15, 2023Yield to maturity3.868%Apr 20, 2023Yield to maturity3.904%May 26, 2023Yield to maturity4.181%Jul 6, 2023Yield to maturity4.272%Aug 11, 2023Yield to maturity4.476%Sep 19, 2023Yield to maturity4.657%Oct 26, 2023Yield to maturity5.244%Dec 4, 2023Yield to maturity4.668%Jan 11, 2024Yield to maturity4.350%Feb 20, 2024Yield to maturity4.604%Mar 27, 2024Yield to maturity4.480%May 2, 2024Yield to maturity4.835%Jun 10, 2024Yield to maturity4.704%Jul 18, 2024Yield to maturity4.522%Aug 23, 2024Yield to maturity4.203%Oct 1, 2024Yield to maturity4.132%Nov 7, 2024Yield to maturity4.641%Dec 17, 2024Yield to maturity4.704%Jan 27, 2025Yield to maturity4.825%Mar 5, 2025Yield to maturity4.614%Apr 10, 2025Yield to maturity4.911%May 16, 2025Yield to maturity4.921%Jun 25, 2025Yield to maturity4.822%Aug 1, 2025Yield to maturity4.748%Sep 9, 2025Yield to maturity4.630%Oct 16, 2025Yield to maturity4.501%Nov 24, 2025Yield to maturity4.581%Jan 2, 2026Yield to maturity4.743%Feb 10, 2026Yield to maturity4.658%Mar 19, 2026Yield to maturity4.767%Apr 24, 2026Yield to maturity4.807%Jun 2, 2026Yield to maturity4.893%Jul 10, 2026Yield to maturity5.010%Aug 17, 2026Yield to maturity5.223%Sep 10, 2026Yield to maturity5.315%

Price history

1,136 trading days to Sep 10, 2026

60708090100110Feb 28, 2022Sep 10, 2026Feb 28, 2022Close102.094Apr 5, 2022Close94.406May 12, 2022Close87.531Jun 21, 2022Close82.000Jul 28, 2022Close87.219Sep 2, 2022Close81.969Oct 12, 2022Close75.281Nov 18, 2022Close75.844Dec 28, 2022Close76.281Feb 6, 2023Close80.031Mar 15, 2023Close80.094Apr 20, 2023Close79.750May 26, 2023Close76.719Jul 6, 2023Close75.813Aug 11, 2023Close73.750Sep 19, 2023Close72.000Oct 26, 2023Close66.500Dec 4, 2023Close72.094Jan 11, 2024Close75.438Feb 20, 2024Close72.938Mar 27, 2024Close74.281May 2, 2024Close70.875Jun 10, 2024Close72.250Jul 18, 2024Close74.156Aug 23, 2024Close77.531Oct 1, 2024Close78.375Nov 7, 2024Close73.281Dec 17, 2024Close72.781Jan 27, 2025Close71.750Mar 5, 2025Close73.875Apr 10, 2025Close71.156May 16, 2025Close71.188Jun 25, 2025Close72.219Aug 1, 2025Close73.031Sep 9, 2025Close74.250Oct 16, 2025Close75.594Nov 24, 2025Close74.938Jan 2, 2026Close73.531Feb 10, 2026Close74.438Mar 19, 2026Close73.531Apr 24, 2026Close73.281Jun 2, 2026Close72.625Jul 10, 2026Close71.719Aug 17, 2026Close70.000Sep 10, 2026Close69.313
The most recent 20 trading days of prices for 912810TF5.
DateBidOfferClose
Sep 10, 202669.70369.65669.313
Sep 9, 202670.14170.09470.313
Sep 8, 202670.60970.56370.469
Sep 4, 202670.67270.62570.563
Sep 3, 202670.75070.68870.563
Sep 2, 202670.35970.31370.344
Sep 1, 202670.57870.53170.313
Aug 31, 202670.50070.43870.563
Aug 28, 202671.09471.03170.813
Aug 27, 202671.25071.21971.063
Aug 26, 202671.23471.18871.156
Aug 25, 202671.29771.25071.313
Aug 24, 202670.95370.90670.781
Aug 21, 202670.51670.46970.406
Aug 20, 202670.67270.62570.813
Aug 19, 202670.95370.90671.094
Aug 18, 202670.10970.06370.188
Aug 17, 202670.23470.18870.000
Aug 14, 202670.39170.34470.406
Aug 13, 202670.79770.75070.813

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 912810TF5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 16, 2022Feb 28, 2022New issue$19.0bn$22.3bn2.44x2.396%
Mar 23, 2022Mar 31, 2022Reopening$16.0bn$19.0bn2.72x2.651%
Apr 20, 2022May 2, 2022Reopening$16.0bn$18.2bn2.80x3.095%

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.