Treasury bond

912810TK4 · 3.375% due August 15, 2042

Original term
20-Year
Maturity
Aug 15, 2042
Coupon
3.375%
Pays
Semi-Annual
Dated
Aug 15, 2022
First coupon
Feb 15, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$39.64bn
Held stripped
$118.0m
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
5.320%
Modified duration
11.588 yr
DV01
0.0922
Convexity
167.267
Dirty price
79.529

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 11.819 years against a modified duration of 11.588.

Against the fitted curve

Priced 1.4 bp cheap to the curve on that day, 12.78 cents per 100 of face.

That is -1.36 standard deviations from its own typical residual.

Yield to maturity, 1,008 observations

3.50%4.00%4.50%5.00%5.50%Aug 31, 2022Sep 10, 2026Aug 31, 2022Yield to maturity3.533%Oct 4, 2022Yield to maturity3.963%Nov 7, 2022Yield to maturity4.569%Dec 12, 2022Yield to maturity3.870%Jan 17, 2023Yield to maturity3.822%Feb 17, 2023Yield to maturity4.047%Mar 23, 2023Yield to maturity3.799%Apr 25, 2023Yield to maturity3.779%May 26, 2023Yield to maturity4.157%Jun 30, 2023Yield to maturity4.079%Aug 3, 2023Yield to maturity4.505%Sep 6, 2023Yield to maturity4.583%Oct 10, 2023Yield to maturity5.065%Nov 10, 2023Yield to maturity4.964%Dec 14, 2023Yield to maturity4.251%Jan 19, 2024Yield to maturity4.503%Feb 22, 2024Yield to maturity4.633%Mar 26, 2024Yield to maturity4.525%Apr 26, 2024Yield to maturity4.908%May 30, 2024Yield to maturity4.795%Jul 3, 2024Yield to maturity4.653%Aug 6, 2024Yield to maturity4.258%Sep 9, 2024Yield to maturity4.075%Oct 10, 2024Yield to maturity4.426%Nov 14, 2024Yield to maturity4.683%Dec 18, 2024Yield to maturity4.761%Jan 23, 2025Yield to maturity4.929%Feb 26, 2025Yield to maturity4.536%Mar 31, 2025Yield to maturity4.584%May 1, 2025Yield to maturity4.732%Jun 4, 2025Yield to maturity4.876%Jul 9, 2025Yield to maturity4.849%Aug 11, 2025Yield to maturity4.782%Sep 12, 2025Yield to maturity4.602%Oct 16, 2025Yield to maturity4.492%Nov 19, 2025Yield to maturity4.653%Dec 23, 2025Yield to maturity4.728%Jan 28, 2026Yield to maturity4.743%Mar 3, 2026Yield to maturity4.570%Apr 3, 2026Yield to maturity4.853%May 6, 2026Yield to maturity4.843%Jun 9, 2026Yield to maturity4.954%Jul 14, 2026Yield to maturity5.025%Aug 14, 2026Yield to maturity5.180%Sep 10, 2026Yield to maturity5.320%

Price history

1,008 trading days to Sep 10, 2026

7580859095100Aug 31, 2022Sep 10, 2026Aug 31, 2022Close97.750Oct 4, 2022Close91.969Nov 7, 2022Close84.563Dec 12, 2022Close93.219Jan 17, 2023Close93.875Feb 17, 2023Close91.000Mar 23, 2023Close94.219Apr 25, 2023Close94.500May 26, 2023Close89.719Jun 30, 2023Close90.719Aug 3, 2023Close85.656Sep 6, 2023Close84.813Oct 10, 2023Close79.625Nov 10, 2023Close80.750Dec 14, 2023Close88.781Jan 19, 2024Close85.906Feb 22, 2024Close84.500Mar 26, 2024Close85.750Apr 26, 2024Close81.625May 30, 2024Close82.875Jul 3, 2024Close84.469Aug 6, 2024Close88.969Sep 9, 2024Close91.156Oct 10, 2024Close87.125Nov 14, 2024Close84.344Dec 18, 2024Close83.563Jan 23, 2025Close81.875Feb 26, 2025Close86.094Mar 31, 2025Close85.625May 1, 2025Close84.094Jun 4, 2025Close82.656Jul 9, 2025Close83.000Aug 11, 2025Close83.750Sep 12, 2025Close85.688Oct 16, 2025Close86.906Nov 19, 2025Close85.250Dec 23, 2025Close84.531Jan 28, 2026Close84.438Mar 3, 2026Close86.281Apr 3, 2026Close83.438May 6, 2026Close83.594Jun 9, 2026Close82.563Jul 14, 2026Close81.938Aug 14, 2026Close80.531Sep 10, 2026Close79.281
The most recent 20 trading days of prices for 912810TK4.
DateBidOfferClose
Sep 10, 202679.67279.62579.281
Sep 9, 202680.17280.12580.344
Sep 8, 202680.73480.68880.563
Sep 4, 202680.76680.71980.688
Sep 3, 202680.87580.84480.688
Sep 2, 202680.42280.37580.406
Sep 1, 202680.68880.65680.406
Aug 31, 202680.59480.56380.688
Aug 28, 202681.26681.21980.969
Aug 27, 202681.43881.40681.250
Aug 26, 202681.43881.40681.375
Aug 25, 202681.50081.46981.531
Aug 24, 202681.12581.09480.969
Aug 21, 202680.65680.62580.531
Aug 20, 202680.82880.78180.969
Aug 19, 202681.18881.15681.313
Aug 18, 202680.25080.21980.344
Aug 17, 202680.37580.34480.094
Aug 14, 202680.53180.50080.531
Aug 13, 202681.01680.96981.000

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 912810TK4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 17, 2022Aug 31, 2022New issue$15.0bn$17.0bn2.30x3.380%
Sep 20, 2022Sep 30, 2022Reopening$12.0bn$12.0bn2.65x3.820%
Oct 19, 2022Oct 31, 2022Reopening$12.0bn$12.0bn2.50x4.395%

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.