Treasury bond

912810TH1 · 3.25% due May 15, 2042

Original term
20-Year
Maturity
May 15, 2042
Coupon
3.250%
Pays
Semi-Annual
Dated
May 15, 2022
First coupon
Nov 15, 2022
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$41.11bn
Held stripped
$99.2m
Share stripped
0.24%

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
5.311%
Modified duration
11.428 yr
DV01
0.0906
Convexity
163.245
Dirty price
79.301

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 11.658 years against a modified duration of 11.428.

Against the fitted curve

Priced 1.4 bp cheap to the curve on that day, 12.61 cents per 100 of face.

That is -1.14 standard deviations from its own typical residual.

Yield to maturity, 1,072 observations

3.00%3.50%4.00%4.50%5.00%5.50%May 31, 2022Sep 10, 2026May 31, 2022Yield to maturity3.276%Jul 7, 2022Yield to maturity3.458%Aug 11, 2022Yield to maturity3.383%Sep 16, 2022Yield to maturity3.807%Oct 24, 2022Yield to maturity4.624%Nov 30, 2022Yield to maturity4.039%Jan 6, 2023Yield to maturity3.866%Feb 13, 2023Yield to maturity3.942%Mar 21, 2023Yield to maturity3.937%Apr 25, 2023Yield to maturity3.775%May 31, 2023Yield to maturity4.028%Jul 7, 2023Yield to maturity4.294%Aug 11, 2023Yield to maturity4.464%Sep 18, 2023Yield to maturity4.602%Oct 24, 2023Yield to maturity5.190%Nov 29, 2023Yield to maturity4.664%Jan 5, 2024Yield to maturity4.383%Feb 12, 2024Yield to maturity4.507%Mar 19, 2024Yield to maturity4.577%Apr 23, 2024Yield to maturity4.858%May 29, 2024Yield to maturity4.849%Jul 5, 2024Yield to maturity4.576%Aug 9, 2024Yield to maturity4.313%Sep 16, 2024Yield to maturity3.989%Oct 22, 2024Yield to maturity4.534%Nov 27, 2024Yield to maturity4.517%Jan 6, 2025Yield to maturity4.898%Feb 11, 2025Yield to maturity4.777%Mar 19, 2025Yield to maturity4.565%Apr 23, 2025Yield to maturity4.839%May 29, 2025Yield to maturity4.927%Jul 7, 2025Yield to maturity4.903%Aug 11, 2025Yield to maturity4.776%Sep 16, 2025Yield to maturity4.552%Oct 22, 2025Yield to maturity4.448%Nov 28, 2025Yield to maturity4.555%Jan 6, 2026Yield to maturity4.714%Feb 11, 2026Yield to maturity4.674%Mar 19, 2026Yield to maturity4.755%Apr 23, 2026Yield to maturity4.822%May 29, 2026Yield to maturity4.897%Jul 7, 2026Yield to maturity4.973%Aug 11, 2026Yield to maturity5.167%Sep 10, 2026Yield to maturity5.311%

Price history

1,072 trading days to Sep 10, 2026

7580859095100105May 31, 2022Sep 10, 2026May 31, 2022Close99.625Jul 7, 2022Close97.031Aug 11, 2022Close98.094Sep 16, 2022Close92.344Oct 24, 2022Close82.438Nov 30, 2022Close89.438Jan 6, 2023Close91.656Feb 13, 2023Close90.719Mar 21, 2023Close90.813Apr 25, 2023Close92.906May 31, 2023Close89.750Jul 7, 2023Close86.594Aug 11, 2023Close84.688Sep 18, 2023Close83.188Oct 24, 2023Close77.063Nov 29, 2023Close82.625Jan 5, 2024Close85.813Feb 12, 2024Close84.469Mar 19, 2024Close83.750Apr 23, 2024Close80.813May 29, 2024Close80.969Jul 5, 2024Close83.938Aug 9, 2024Close86.906Sep 16, 2024Close90.688Oct 22, 2024Close84.563Nov 27, 2024Close84.813Jan 6, 2025Close80.875Feb 11, 2025Close82.188Mar 19, 2025Close84.469Apr 23, 2025Close81.688May 29, 2025Close80.875Jul 7, 2025Close81.188Aug 11, 2025Close82.531Sep 16, 2025Close84.906Oct 22, 2025Close86.063Nov 28, 2025Close85.000Jan 6, 2026Close83.438Feb 11, 2026Close83.906Mar 19, 2026Close83.156Apr 23, 2026Close82.563May 29, 2026Close81.906Jul 7, 2026Close81.250Aug 11, 2026Close79.500Sep 10, 2026Close78.250
The most recent 20 trading days of prices for 912810TH1.
DateBidOfferClose
Sep 10, 202678.67278.62578.250
Sep 9, 202679.14179.09479.313
Sep 8, 202679.68879.65679.531
Sep 4, 202679.73479.68879.656
Sep 3, 202679.82879.78179.625
Sep 2, 202679.39179.34479.375
Sep 1, 202679.67279.62579.375
Aug 31, 202679.57879.53179.656
Aug 28, 202680.23480.18879.906
Aug 27, 202680.40680.37580.219
Aug 26, 202680.39180.34480.313
Aug 25, 202680.45380.40680.469
Aug 24, 202680.07880.03179.906
Aug 21, 202679.60979.56379.500
Aug 20, 202679.81379.78179.938
Aug 19, 202680.12580.06380.219
Aug 18, 202679.21979.18879.313
Aug 17, 202679.32879.28179.063
Aug 14, 202679.51679.46979.500
Aug 13, 202679.98479.93879.969

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 912810TH1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 18, 2022May 31, 2022New issue$17.0bn$19.6bn2.50x3.290%
Jun 22, 2022Jun 30, 2022Reopening$14.0bn$15.1bn2.60x3.488%
Jul 20, 2022Aug 1, 2022Reopening$14.0bn$15.2bn2.65x3.420%

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.