Inflation-linked (TIPS)

912810TP3 · 1.5% due February 15, 2053

Original term
30-Year
Maturity
Feb 15, 2053
Coupon
1.500%
Pays
Semi-Annual
Dated
Feb 15, 2023
First coupon
Aug 15, 2023
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$21.33bn
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
3.087%
Index ratio
1.1234
Real duration
20.522 yr
DV01
0.1469
Convexity
501.809
Real clean price
71.469
Accrued (real)
0.110
Real dirty price
71.579
Indexed principal
112.342
Money clean price
80.289

The index ratio is a multiplier, not a percentage: 1.1234 means the principal is worth that many times its original face today. So the real clean price of 71.469 is not what a buyer pays , multiply by the ratio to get 80.289 per 100 of original face.

Against the fitted real curve

Priced 0.8 bp rich to the real curve on that day, 11.04 cents per 100 of face.

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

Real yield, 887 observations

1.00%1.50%2.00%2.50%3.00%3.50%Feb 28, 2023Sep 10, 2026Feb 28, 2023Real yield1.569%Mar 29, 2023Real yield1.504%Apr 27, 2023Real yield1.497%May 26, 2023Real yield1.645%Jun 28, 2023Real yield1.613%Jul 28, 2023Real yield1.723%Aug 28, 2023Real yield1.990%Sep 27, 2023Real yield2.359%Oct 27, 2023Real yield2.519%Nov 28, 2023Real yield2.215%Dec 28, 2023Real yield1.848%Jan 30, 2024Real yield2.047%Feb 29, 2024Real yield2.100%Mar 29, 2024Real yield2.081%Apr 29, 2024Real yield2.374%May 29, 2024Real yield2.373%Jun 28, 2024Real yield2.238%Jul 30, 2024Real yield2.161%Aug 28, 2024Real yield1.982%Sep 27, 2024Real yield1.940%Oct 29, 2024Real yield2.221%Nov 29, 2024Real yield2.151%Dec 31, 2024Real yield2.490%Jan 31, 2025Real yield2.468%Mar 4, 2025Real yield2.275%Apr 2, 2025Real yield2.318%May 1, 2025Real yield2.541%Jun 2, 2025Real yield2.701%Jul 2, 2025Real yield2.570%Aug 1, 2025Real yield2.600%Sep 2, 2025Real yield2.711%Oct 1, 2025Real yield2.508%Oct 31, 2025Real yield2.466%Dec 3, 2025Real yield2.544%Jan 5, 2026Real yield2.640%Feb 4, 2026Real yield2.663%Mar 6, 2026Real yield2.574%Apr 6, 2026Real yield2.677%May 5, 2026Real yield2.720%Jun 4, 2026Real yield2.734%Jul 7, 2026Real yield2.874%Aug 5, 2026Real yield3.013%Sep 3, 2026Real yield2.994%Sep 10, 2026Real yield3.087%

Price history

887 trading days to Sep 10, 2026

707580859095100105Feb 28, 2023Sep 10, 2026Feb 28, 2023Close98.344Mar 29, 2023Close99.906Apr 27, 2023Close100.063May 26, 2023Close96.594Jun 28, 2023Close97.344Jul 28, 2023Close94.844Aug 28, 2023Close89.125Sep 27, 2023Close81.875Oct 27, 2023Close78.969Nov 28, 2023Close84.688Dec 28, 2023Close92.188Jan 30, 2024Close88.063Feb 29, 2024Close87.031Mar 29, 2024Close87.438Apr 29, 2024Close81.844May 29, 2024Close81.906Jun 28, 2024Close84.469Jul 30, 2024Close85.969Aug 28, 2024Close89.563Sep 27, 2024Close90.438Oct 29, 2024Close84.906Nov 29, 2024Close86.281Dec 31, 2024Close80.063Jan 31, 2025Close80.500Mar 4, 2025Close84.031Apr 2, 2025Close83.281May 1, 2025Close79.344Jun 2, 2025Close76.688Jul 2, 2025Close78.938Aug 1, 2025Close78.469Sep 2, 2025Close76.656Oct 1, 2025Close80.125Oct 31, 2025Close80.906Dec 3, 2025Close79.594Jan 5, 2026Close78.031Feb 4, 2026Close77.688Mar 6, 2026Close79.219Apr 6, 2026Close77.563May 5, 2026Close76.906Jun 4, 2026Close76.719Jul 7, 2026Close74.563Aug 5, 2026Close72.500Sep 3, 2026Close72.844Sep 10, 2026Close71.469
The most recent 20 trading days of prices for 912810TP3.
DateBidOfferClose
Sep 10, 202671.93871.87571.469
Sep 9, 202672.39172.31372.563
Sep 8, 202673.06373.00072.906
Sep 4, 202672.85972.78172.906
Sep 3, 202673.21973.15672.844
Sep 2, 202672.65672.59472.594
Sep 1, 202672.64172.56372.500
Aug 31, 202672.29772.25072.406
Aug 28, 202673.51673.43872.875
Aug 27, 202673.59473.53173.469
Aug 26, 202673.46973.40673.469
Aug 25, 202673.43873.37573.469
Aug 24, 202672.96972.90672.719
Aug 21, 202672.53172.46972.156
Aug 20, 202672.43872.37572.938
Aug 19, 202673.07873.00073.000
Aug 18, 202671.43871.37571.625
Aug 17, 202671.60971.53171.125
Aug 14, 202671.92271.84472.063
Aug 13, 202672.65672.59472.469

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 912810TP3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 16, 2023Feb 28, 2023New issue$9.0bn$11.0bn2.38x1.550%
Aug 24, 2023Aug 31, 2023Reopening$8.0bn$8.8bn2.42x1.970%

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.