Treasury bond

912810TQ1 · 3.875% due February 15, 2043

Original term
20-Year
Maturity
Feb 15, 2043
Coupon
3.875%
Pays
Semi-Annual
Dated
Feb 15, 2023
First coupon
Aug 15, 2023
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$42.06bn
Held stripped
$1.4m
Share stripped
<0.01%

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, November 9, 2026

Yield to maturity
5.236%
Modified duration
11.395 yr
DV01
0.0982
Convexity
1.66
Dirty price
86.135

Where its rate sensitivity sits

0.01
0.01
0.04
0.08
0.19
0.35
0.58
1.12
7.14
2.10
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 11.616 years against a modified duration of 11.395.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 22.64 cents per 100 of face.

That is -0.12 standard deviations from its own typical residual.

Yield to maturity, 926 observations

3.5%4.0%4.5%5.0%5.5%6.0%Feb 28, 2023Nov 9, 2026Feb 28, 2023Yield to maturity4.106%Mar 6, 2023Yield to maturity4.141%Mar 10, 2023Yield to maturity3.898%Mar 16, 2023Yield to maturity3.866%Mar 22, 2023Yield to maturity3.841%Mar 28, 2023Yield to maturity3.904%Apr 3, 2023Yield to maturity3.776%Apr 7, 2023Yield to maturity3.731%Apr 13, 2023Yield to maturity3.796%Apr 19, 2023Yield to maturity3.913%Apr 25, 2023Yield to maturity3.769%May 1, 2023Yield to maturity3.948%May 5, 2023Yield to maturity3.845%May 11, 2023Yield to maturity3.818%May 17, 2023Yield to maturity3.976%May 23, 2023Yield to maturity4.091%May 30, 2023Yield to maturity4.067%Jun 5, 2023Yield to maturity4.044%Jun 9, 2023Yield to maturity4.063%Jun 15, 2023Yield to maturity4.032%Jun 22, 2023Yield to maturity4.072%Jun 28, 2023Yield to maturity4.004%Jul 5, 2023Yield to maturity4.171%Jul 11, 2023Yield to maturity4.231%Jul 17, 2023Yield to maturity4.113%Jul 21, 2023Yield to maturity4.118%Jul 27, 2023Yield to maturity4.269%Aug 2, 2023Yield to maturity4.361%Aug 8, 2023Yield to maturity4.354%Aug 14, 2023Yield to maturity4.467%Aug 18, 2023Yield to maturity4.568%Aug 24, 2023Yield to maturity4.516%Aug 30, 2023Yield to maturity4.435%Sep 6, 2023Yield to maturity4.582%Sep 12, 2023Yield to maturity4.564%Sep 18, 2023Yield to maturity4.601%Sep 22, 2023Yield to maturity4.725%Sep 28, 2023Yield to maturity4.932%Oct 4, 2023Yield to maturity5.083%Oct 11, 2023Yield to maturity4.949%Oct 17, 2023Yield to maturity5.170%Oct 23, 2023Yield to maturity5.223%Oct 27, 2023Yield to maturity5.230%Nov 2, 2023Yield to maturity5.016%Nov 8, 2023Yield to maturity4.847%Nov 14, 2023Yield to maturity4.823%Nov 20, 2023Yield to maturity4.786%Nov 27, 2023Yield to maturity4.765%Dec 1, 2023Yield to maturity4.619%Dec 7, 2023Yield to maturity4.473%Dec 13, 2023Yield to maturity4.394%Dec 19, 2023Yield to maturity4.264%Dec 26, 2023Yield to maturity4.235%Jan 2, 2024Yield to maturity4.275%Jan 8, 2024Yield to maturity4.345%Jan 12, 2024Yield to maturity4.335%Jan 19, 2024Yield to maturity4.505%Jan 25, 2024Yield to maturity4.510%Jan 31, 2024Yield to maturity4.354%Feb 6, 2024Yield to maturity4.415%Feb 12, 2024Yield to maturity4.506%Feb 16, 2024Yield to maturity4.603%Feb 23, 2024Yield to maturity4.559%Feb 29, 2024Yield to maturity4.551%Mar 6, 2024Yield to maturity4.391%Mar 12, 2024Yield to maturity4.458%Mar 18, 2024Yield to maturity4.611%Mar 22, 2024Yield to maturity4.503%Mar 28, 2024Yield to maturity4.472%Apr 4, 2024Yield to maturity4.588%Apr 10, 2024Yield to maturity4.782%Apr 16, 2024Yield to maturity4.907%Apr 22, 2024Yield to maturity4.860%Apr 26, 2024Yield to maturity4.908%May 2, 2024Yield to maturity4.831%May 8, 2024Yield to maturity4.743%May 14, 2024Yield to maturity4.703%May 20, 2024Yield to maturity4.687%May 24, 2024Yield to maturity4.691%May 31, 2024Yield to maturity4.754%Jun 6, 2024Yield to maturity4.531%Jun 12, 2024Yield to maturity4.582%Jun 18, 2024Yield to maturity4.487%Jun 25, 2024Yield to maturity4.488%Jul 1, 2024Yield to maturity4.776%Jul 8, 2024Yield to maturity4.579%Jul 12, 2024Yield to maturity4.502%Jul 18, 2024Yield to maturity4.521%Jul 24, 2024Yield to maturity4.625%Jul 30, 2024Yield to maturity4.493%Aug 5, 2024Yield to maturity4.145%Aug 9, 2024Yield to maturity4.317%Aug 15, 2024Yield to maturity4.269%Aug 21, 2024Yield to maturity4.150%Aug 27, 2024Yield to maturity4.206%Sep 3, 2024Yield to maturity4.203%Sep 9, 2024Yield to maturity4.069%Sep 13, 2024Yield to maturity4.032%Sep 19, 2024Yield to maturity4.104%Sep 25, 2024Yield to maturity4.164%Oct 1, 2024Yield to maturity4.104%Oct 7, 2024Yield to maturity4.350%Oct 11, 2024Yield to maturity4.423%Oct 18, 2024Yield to maturity4.416%Oct 24, 2024Yield to maturity4.530%Oct 30, 2024Yield to maturity4.581%Nov 5, 2024Yield to maturity4.539%Nov 12, 2024Yield to maturity4.691%Nov 18, 2024Yield to maturity4.697%Nov 22, 2024Yield to maturity4.684%Nov 29, 2024Yield to maturity4.455%Dec 5, 2024Yield to maturity4.416%Dec 11, 2024Yield to maturity4.544%Dec 17, 2024Yield to maturity4.672%Dec 23, 2024Yield to maturity4.865%Dec 30, 2024Yield to maturity4.840%Jan 6, 2025Yield to maturity4.900%Jan 10, 2025Yield to maturity5.037%Jan 16, 2025Yield to maturity4.910%Jan 23, 2025Yield to maturity4.925%Jan 29, 2025Yield to maturity4.832%Feb 4, 2025Yield to maturity4.787%Feb 10, 2025Yield to maturity4.746%Feb 14, 2025Yield to maturity4.733%Feb 21, 2025Yield to maturity4.697%Feb 27, 2025Yield to maturity4.582%Mar 5, 2025Yield to maturity4.599%Mar 11, 2025Yield to maturity4.618%Mar 17, 2025Yield to maturity4.616%Mar 21, 2025Yield to maturity4.586%Mar 27, 2025Yield to maturity4.728%Apr 2, 2025Yield to maturity4.546%Apr 8, 2025Yield to maturity4.729%Apr 14, 2025Yield to maturity4.819%Apr 21, 2025Yield to maturity4.932%Apr 25, 2025Yield to maturity4.727%May 1, 2025Yield to maturity4.725%May 7, 2025Yield to maturity4.759%May 13, 2025Yield to maturity4.954%May 19, 2025Yield to maturity4.938%May 23, 2025Yield to maturity5.047%May 30, 2025Yield to maturity4.928%Jun 5, 2025Yield to maturity4.890%Jun 11, 2025Yield to maturity4.911%Jun 17, 2025Yield to maturity4.877%Jun 24, 2025Yield to maturity4.812%Jun 30, 2025Yield to maturity4.756%Jul 7, 2025Yield to maturity4.909%Jul 11, 2025Yield to maturity4.947%Jul 17, 2025Yield to maturity4.994%Jul 23, 2025Yield to maturity4.908%Jul 29, 2025Yield to maturity4.827%Aug 4, 2025Yield to maturity4.731%Aug 8, 2025Yield to maturity4.797%Aug 14, 2025Yield to maturity4.824%Aug 20, 2025Yield to maturity4.836%Aug 26, 2025Yield to maturity4.830%Sep 2, 2025Yield to maturity4.886%Sep 8, 2025Yield to maturity4.602%Sep 12, 2025Yield to maturity4.603%Sep 18, 2025Yield to maturity4.648%Sep 24, 2025Yield to maturity4.682%Sep 30, 2025Yield to maturity4.660%Oct 6, 2025Yield to maturity4.686%Oct 10, 2025Yield to maturity4.549%Oct 17, 2025Yield to maturity4.519%Oct 23, 2025Yield to maturity4.500%Oct 29, 2025Yield to maturity4.537%Nov 4, 2025Yield to maturity4.587%Nov 10, 2025Yield to maturity4.630%Nov 17, 2025Yield to maturity4.647%Nov 21, 2025Yield to maturity4.614%Nov 28, 2025Yield to maturity4.570%Dec 4, 2025Yield to maturity4.668%Dec 10, 2025Yield to maturity4.697%Dec 16, 2025Yield to maturity4.718%Dec 22, 2025Yield to maturity4.735%Dec 29, 2025Yield to maturity4.688%Jan 5, 2026Yield to maturity4.720%Jan 9, 2026Yield to maturity4.692%Jan 15, 2026Yield to maturity4.664%Jan 22, 2026Yield to maturity4.736%Jan 28, 2026Yield to maturity4.751%Feb 3, 2026Yield to maturity4.780%Feb 9, 2026Yield to maturity4.723%Feb 13, 2026Yield to maturity4.565%Feb 20, 2026Yield to maturity4.596%Feb 26, 2026Yield to maturity4.535%Mar 4, 2026Yield to maturity4.603%Mar 10, 2026Yield to maturity4.671%Mar 16, 2026Yield to maturity4.776%Mar 20, 2026Yield to maturity4.941%Mar 26, 2026Yield to maturity4.915%Apr 1, 2026Yield to maturity4.856%Apr 7, 2026Yield to maturity4.845%Apr 13, 2026Yield to maturity4.819%Apr 17, 2026Yield to maturity4.788%Apr 23, 2026Yield to maturity4.844%Apr 29, 2026Yield to maturity4.919%May 5, 2026Yield to maturity4.922%May 11, 2026Yield to maturity4.908%May 15, 2026Yield to maturity5.087%May 21, 2026Yield to maturity5.048%May 28, 2026Yield to maturity4.922%Jun 3, 2026Yield to maturity4.938%Jun 9, 2026Yield to maturity4.966%Jun 15, 2026Yield to maturity4.913%Jun 22, 2026Yield to maturity4.910%Jun 26, 2026Yield to maturity4.804%Jul 2, 2026Yield to maturity4.939%Jul 9, 2026Yield to maturity5.006%Jul 15, 2026Yield to maturity5.016%Jul 21, 2026Yield to maturity5.091%Jul 27, 2026Yield to maturity5.101%Jul 31, 2026Yield to maturity5.246%Aug 6, 2026Yield to maturity5.171%Aug 12, 2026Yield to maturity5.191%Aug 18, 2026Yield to maturity5.217%Aug 24, 2026Yield to maturity5.155%Aug 28, 2026Yield to maturity5.156%Sep 3, 2026Yield to maturity5.184%Sep 10, 2026Yield to maturity5.335%Sep 16, 2026Yield to maturity5.349%Sep 22, 2026Yield to maturity5.282%Sep 28, 2026Yield to maturity5.570%Oct 2, 2026Yield to maturity5.635%Oct 8, 2026Yield to maturity5.602%Oct 15, 2026Yield to maturity5.441%Oct 21, 2026Yield to maturity5.433%Oct 27, 2026Yield to maturity5.301%Nov 2, 2026Yield to maturity5.257%Nov 6, 2026Yield to maturity5.226%Nov 9, 2026Yield to maturity5.236%

Price history

926 trading days to Nov 9, 2026

80859095100105Feb 28, 2023Nov 9, 2026Feb 28, 2023Close96.875Mar 6, 2023Close96.406Mar 10, 2023Close99.688Mar 16, 2023Close100.125Mar 22, 2023Close100.469Mar 28, 2023Close99.594Apr 3, 2023Close101.375Apr 7, 2023Close102.000Apr 13, 2023Close101.094Apr 19, 2023Close99.469Apr 25, 2023Close101.469May 1, 2023Close99.000May 5, 2023Close100.406May 11, 2023Close100.781May 17, 2023Close98.625May 23, 2023Close97.094May 30, 2023Close97.406Jun 5, 2023Close97.719Jun 9, 2023Close97.469Jun 15, 2023Close97.875Jun 22, 2023Close97.344Jun 28, 2023Close98.250Jul 5, 2023Close96.063Jul 11, 2023Close95.281Jul 17, 2023Close96.813Jul 21, 2023Close96.750Jul 27, 2023Close94.813Aug 2, 2023Close93.656Aug 8, 2023Close93.750Aug 14, 2023Close92.344Aug 18, 2023Close91.125Aug 24, 2023Close91.750Aug 30, 2023Close92.750Sep 6, 2023Close90.969Sep 12, 2023Close91.188Sep 18, 2023Close90.750Sep 22, 2023Close89.281Sep 28, 2023Close86.906Oct 4, 2023Close85.219Oct 11, 2023Close86.719Oct 17, 2023Close84.281Oct 23, 2023Close83.719Oct 27, 2023Close83.656Nov 2, 2023Close86.000Nov 8, 2023Close87.906Nov 14, 2023Close88.188Nov 20, 2023Close88.625Nov 27, 2023Close88.875Dec 1, 2023Close90.594Dec 7, 2023Close92.344Dec 13, 2023Close93.313Dec 19, 2023Close94.938Dec 26, 2023Close95.313Jan 2, 2024Close94.813Jan 8, 2024Close93.938Jan 12, 2024Close94.063Jan 19, 2024Close92.000Jan 25, 2024Close91.938Jan 31, 2024Close93.844Feb 6, 2024Close93.094Feb 12, 2024Close92.000Feb 16, 2024Close90.844Feb 23, 2024Close91.375Feb 29, 2024Close91.469Mar 6, 2024Close93.406Mar 12, 2024Close92.594Mar 18, 2024Close90.781Mar 22, 2024Close92.063Mar 28, 2024Close92.438Apr 4, 2024Close91.063Apr 10, 2024Close88.813Apr 16, 2024Close87.406Apr 22, 2024Close87.938Apr 26, 2024Close87.406May 2, 2024Close88.281May 8, 2024Close89.281May 14, 2024Close89.750May 20, 2024Close89.938May 24, 2024Close89.906May 31, 2024Close89.188Jun 6, 2024Close91.781Jun 12, 2024Close91.188Jun 18, 2024Close92.313Jun 25, 2024Close92.313Jul 1, 2024Close88.969Jul 8, 2024Close91.250Jul 12, 2024Close92.156Jul 18, 2024Close91.938Jul 24, 2024Close90.719Jul 30, 2024Close92.281Aug 5, 2024Close96.531Aug 9, 2024Close94.406Aug 15, 2024Close95.000Aug 21, 2024Close96.469Aug 27, 2024Close95.781Sep 3, 2024Close95.813Sep 9, 2024Close97.500Sep 13, 2024Close97.969Sep 19, 2024Close97.063Sep 25, 2024Close96.313Oct 1, 2024Close97.063Oct 7, 2024Close94.031Oct 11, 2024Close93.156Oct 18, 2024Close93.250Oct 24, 2024Close91.906Oct 30, 2024Close91.313Nov 5, 2024Close91.813Nov 12, 2024Close90.063Nov 18, 2024Close90.000Nov 22, 2024Close90.156Nov 29, 2024Close92.813Dec 5, 2024Close93.281Dec 11, 2024Close91.781Dec 17, 2024Close90.313Dec 23, 2024Close88.156Dec 30, 2024Close88.438Jan 6, 2025Close87.781Jan 10, 2025Close86.313Jan 16, 2025Close87.688Jan 23, 2025Close87.531Jan 29, 2025Close88.563Feb 4, 2025Close89.063Feb 10, 2025Close89.531Feb 14, 2025Close89.688Feb 21, 2025Close90.094Feb 27, 2025Close91.406Mar 5, 2025Close91.219Mar 11, 2025Close91.000Mar 17, 2025Close91.031Mar 21, 2025Close91.375Mar 27, 2025Close89.781Apr 2, 2025Close91.844Apr 8, 2025Close89.781Apr 14, 2025Close88.781Apr 21, 2025Close87.563Apr 25, 2025Close89.813May 1, 2025Close89.844May 7, 2025Close89.469May 13, 2025Close87.344May 19, 2025Close87.531May 23, 2025Close86.375May 30, 2025Close87.656Jun 5, 2025Close88.063Jun 11, 2025Close87.844Jun 17, 2025Close88.219Jun 24, 2025Close88.938Jun 30, 2025Close89.563Jul 7, 2025Close87.906Jul 11, 2025Close87.500Jul 17, 2025Close87.000Jul 23, 2025Close87.938Jul 29, 2025Close88.813Aug 4, 2025Close89.875Aug 8, 2025Close89.156Aug 14, 2025Close88.875Aug 20, 2025Close88.750Aug 26, 2025Close88.813Sep 2, 2025Close88.219Sep 8, 2025Close91.344Sep 12, 2025Close91.344Sep 18, 2025Close90.844Sep 24, 2025Close90.469Sep 30, 2025Close90.719Oct 6, 2025Close90.438Oct 10, 2025Close91.969Oct 17, 2025Close92.313Oct 23, 2025Close92.531Oct 29, 2025Close92.125Nov 4, 2025Close91.563Nov 10, 2025Close91.094Nov 17, 2025Close90.906Nov 21, 2025Close91.281Nov 28, 2025Close91.781Dec 4, 2025Close90.688Dec 10, 2025Close90.375Dec 16, 2025Close90.156Dec 22, 2025Close89.969Dec 29, 2025Close90.500Jan 5, 2026Close90.156Jan 9, 2026Close90.469Jan 15, 2026Close90.781Jan 22, 2026Close90.000Jan 28, 2026Close89.844Feb 3, 2026Close89.531Feb 9, 2026Close90.156Feb 13, 2026Close91.906Feb 20, 2026Close91.563Feb 26, 2026Close92.250Mar 4, 2026Close91.500Mar 10, 2026Close90.750Mar 16, 2026Close89.625Mar 20, 2026Close87.875Mar 26, 2026Close88.156Apr 1, 2026Close88.781Apr 7, 2026Close88.906Apr 13, 2026Close89.188Apr 17, 2026Close89.531Apr 23, 2026Close88.938Apr 29, 2026Close88.156May 5, 2026Close88.125May 11, 2026Close88.281May 15, 2026Close86.438May 21, 2026Close86.844May 28, 2026Close88.156Jun 3, 2026Close88.000Jun 9, 2026Close87.719Jun 15, 2026Close88.281Jun 22, 2026Close88.313Jun 26, 2026Close89.438Jul 2, 2026Close88.031Jul 9, 2026Close87.344Jul 15, 2026Close87.250Jul 21, 2026Close86.500Jul 27, 2026Close86.406Jul 31, 2026Close84.969Aug 6, 2026Close85.719Aug 12, 2026Close85.531Aug 18, 2026Close85.281Aug 24, 2026Close85.906Aug 28, 2026Close85.906Sep 3, 2026Close85.625Sep 10, 2026Close84.156Sep 16, 2026Close84.031Sep 22, 2026Close84.688Sep 28, 2026Close81.938Oct 2, 2026Close81.344Oct 8, 2026Close81.656Oct 15, 2026Close83.188Oct 21, 2026Close83.281Oct 27, 2026Close84.563Nov 2, 2026Close85.000Nov 6, 2026Close85.313Nov 9, 2026Close85.219
The most recent 20 trading days of prices for 912810TQ1.
DateBidOfferClose
Nov 9, 202685.21985.26685.219
Nov 6, 202685.31385.35985.313
Nov 5, 202685.40685.45385.438
Nov 4, 202684.84484.87585.094
Nov 3, 202684.71984.78184.625
Nov 2, 202685.28185.32885.000
Oct 30, 202684.62584.67284.719
Oct 29, 202684.53184.56384.531
Oct 28, 202684.28184.31383.906
Oct 27, 202684.56384.59484.563
Oct 26, 202684.50084.53184.469
Oct 23, 202684.40684.45384.344
Oct 22, 202684.25084.29784.781
Oct 21, 202683.37583.42283.281
Oct 20, 202683.25083.29783.250
Oct 19, 202682.90682.93882.750
Oct 16, 202683.40683.45383.281
Oct 15, 202683.21983.26683.188
Oct 14, 202681.84481.87582.344
Oct 13, 202682.00082.04782.063

Prices are per 100 of face, from Treasury's own end-of-day file. A dash means that side was not quoted that day, which is almost always the offer and almost always near maturity: a holder of a bill days from paying par has little reason to sell it.

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 912810TQ1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 15, 2023Feb 28, 2023New issue$15.0bn$18.4bn2.54x3.977%
Mar 21, 2023Mar 31, 2023Reopening$12.0bn$12.0bn2.53x3.909%
Apr 19, 2023May 1, 2023Reopening$12.0bn$13.2bn2.66x3.920%

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.