Treasury bond

912810TL2 · 4% due November 15, 2052

Original term
30-Year
Maturity
Nov 15, 2052
Coupon
4.000%
Pays
Semi-Annual
Dated
Nov 15, 2022
First coupon
May 15, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$64.34bn
Held stripped
$13.58bn
Share stripped
21.11%

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
5.426%
Modified duration
14.594 yr
DV01
0.1189
Convexity
306.565
Dirty price
81.481

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 14.738 years against a modified duration of 14.594.

Against the fitted curve

Priced 0.1 bp rich to the curve on that day, 1.74 cents per 100 of face.

That is 0.95 standard deviations from its own typical residual.

Yield to maturity, 957 observations

3.00%3.50%4.00%4.50%5.00%5.50%Nov 15, 2022Sep 10, 2026Nov 15, 2022Yield to maturity3.977%Dec 16, 2022Yield to maturity3.539%Jan 20, 2023Yield to maturity3.659%Feb 22, 2023Yield to maturity3.930%Mar 24, 2023Yield to maturity3.635%Apr 25, 2023Yield to maturity3.636%May 25, 2023Yield to maturity4.004%Jun 28, 2023Yield to maturity3.803%Jul 31, 2023Yield to maturity4.018%Aug 30, 2023Yield to maturity4.234%Oct 2, 2023Yield to maturity4.819%Nov 2, 2023Yield to maturity4.829%Dec 5, 2023Yield to maturity4.337%Jan 8, 2024Yield to maturity4.209%Feb 8, 2024Yield to maturity4.392%Mar 12, 2024Yield to maturity4.341%Apr 11, 2024Yield to maturity4.673%May 13, 2024Yield to maturity4.651%Jun 13, 2024Yield to maturity4.419%Jul 17, 2024Yield to maturity4.391%Aug 16, 2024Yield to maturity4.188%Sep 18, 2024Yield to maturity4.063%Oct 21, 2024Yield to maturity4.515%Nov 21, 2024Yield to maturity4.666%Dec 24, 2024Yield to maturity4.819%Jan 28, 2025Yield to maturity4.832%Feb 28, 2025Yield to maturity4.570%Apr 1, 2025Yield to maturity4.575%May 1, 2025Yield to maturity4.784%Jun 3, 2025Yield to maturity5.042%Jul 7, 2025Yield to maturity4.971%Aug 6, 2025Yield to maturity4.840%Sep 8, 2025Yield to maturity4.713%Oct 8, 2025Yield to maturity4.755%Nov 10, 2025Yield to maturity4.741%Dec 12, 2025Yield to maturity4.895%Jan 15, 2026Yield to maturity4.823%Feb 18, 2026Yield to maturity4.747%Mar 20, 2026Yield to maturity5.008%Apr 21, 2026Yield to maturity4.934%May 21, 2026Yield to maturity5.151%Jun 24, 2026Yield to maturity4.914%Jul 27, 2026Yield to maturity5.187%Aug 26, 2026Yield to maturity5.232%Sep 10, 2026Yield to maturity5.426%

Price history

957 trading days to Sep 10, 2026

80859095100105110115Nov 15, 2022Sep 10, 2026Nov 15, 2022Close100.406Dec 16, 2022Close108.469Jan 20, 2023Close106.156Feb 22, 2023Close101.219Mar 24, 2023Close106.594Apr 25, 2023Close106.563May 25, 2023Close99.938Jun 28, 2023Close103.469Jul 31, 2023Close99.688Aug 30, 2023Close96.094Oct 2, 2023Close87.250Nov 2, 2023Close87.125Dec 5, 2023Close94.469Jan 8, 2024Close96.531Feb 8, 2024Close93.625Mar 12, 2024Close94.438Apr 11, 2024Close89.438May 13, 2024Close89.781Jun 13, 2024Close93.250Jul 17, 2024Close93.688Aug 16, 2024Close96.906Sep 18, 2024Close98.938Oct 21, 2024Close91.844Nov 21, 2024Close89.656Dec 24, 2024Close87.500Jan 28, 2025Close87.344Feb 28, 2025Close91.094Apr 1, 2025Close91.031May 1, 2025Close88.063Jun 3, 2025Close84.594Jul 7, 2025Close85.563Aug 6, 2025Close87.344Sep 8, 2025Close89.125Oct 8, 2025Close88.563Nov 10, 2025Close88.781Dec 12, 2025Close86.688Jan 15, 2026Close87.688Feb 18, 2026Close88.750Mar 20, 2026Close85.250Apr 21, 2026Close86.250May 21, 2026Close83.469Jun 24, 2026Close86.563Jul 27, 2026Close83.063Aug 26, 2026Close82.531Sep 10, 2026Close80.188
The most recent 20 trading days of prices for 912810TL2.
DateBidOfferClose
Sep 10, 202680.51680.50080.188
Sep 9, 202681.09481.06381.281
Sep 8, 202681.76681.75081.594
Sep 4, 202681.78181.75081.750
Sep 3, 202681.89181.87581.688
Sep 2, 202681.39181.37581.406
Sep 1, 202681.70381.68881.406
Aug 31, 202681.51681.50081.656
Aug 28, 202682.51682.50082.063
Aug 27, 202682.57882.56382.406
Aug 26, 202682.54782.53182.531
Aug 25, 202682.56382.53182.656
Aug 24, 202682.10982.09481.906
Aug 21, 202681.45381.43881.344
Aug 20, 202681.65681.62581.875
Aug 19, 202682.15682.12582.281
Aug 18, 202680.92280.90681.063
Aug 17, 202681.10981.09480.813
Aug 14, 202681.35981.34481.469
Aug 13, 202681.98481.96982.031

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 912810TL2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 10, 2022Nov 15, 2022New issue$21.0bn$28.4bn2.42x4.080%
Dec 13, 2022Dec 15, 2022Reopening$18.0bn$18.0bn2.25x3.513%
Jan 12, 2023Jan 17, 2023Reopening$18.0bn$18.0bn2.45x3.585%

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.