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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 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, September 10, 2026

Yield to maturity
5.335%
Modified duration
11.518 yr
DV01
0.0973
Convexity
168.646
Dirty price
84.441

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 11.739 years against a modified duration of 11.518.

Against the fitted curve

Priced 1.9 bp cheap to the curve on that day, 18.28 cents per 100 of face.

That is -1.08 standard deviations from its own typical residual.

Yield to maturity, 887 observations

3.50%4.00%4.50%5.00%5.50%Feb 28, 2023Sep 10, 2026Feb 28, 2023Yield to maturity4.106%Mar 29, 2023Yield to maturity3.916%Apr 27, 2023Yield to maturity3.886%May 26, 2023Yield to maturity4.143%Jun 28, 2023Yield to maturity4.004%Jul 28, 2023Yield to maturity4.230%Aug 28, 2023Yield to maturity4.501%Sep 27, 2023Yield to maturity4.948%Oct 27, 2023Yield to maturity5.230%Nov 28, 2023Yield to maturity4.749%Dec 28, 2023Yield to maturity4.163%Jan 30, 2024Yield to maturity4.420%Feb 29, 2024Yield to maturity4.551%Mar 29, 2024Yield to maturity4.472%Apr 29, 2024Yield to maturity4.875%May 29, 2024Yield to maturity4.855%Jun 28, 2024Yield to maturity4.629%Jul 30, 2024Yield to maturity4.493%Aug 28, 2024Yield to maturity4.216%Sep 27, 2024Yield to maturity4.116%Oct 29, 2024Yield to maturity4.600%Nov 29, 2024Yield to maturity4.455%Dec 31, 2024Yield to maturity4.854%Jan 31, 2025Yield to maturity4.863%Mar 4, 2025Yield to maturity4.550%Apr 2, 2025Yield to maturity4.546%May 1, 2025Yield to maturity4.725%Jun 2, 2025Yield to maturity4.989%Jul 2, 2025Yield to maturity4.813%Aug 1, 2025Yield to maturity4.745%Sep 2, 2025Yield to maturity4.886%Oct 1, 2025Yield to maturity4.638%Oct 31, 2025Yield to maturity4.592%Dec 3, 2025Yield to maturity4.629%Jan 5, 2026Yield to maturity4.720%Feb 4, 2026Yield to maturity4.795%Mar 6, 2026Yield to maturity4.671%Apr 6, 2026Yield to maturity4.833%May 5, 2026Yield to maturity4.922%Jun 4, 2026Yield to maturity4.920%Jul 7, 2026Yield to maturity4.997%Aug 5, 2026Yield to maturity5.124%Sep 3, 2026Yield to maturity5.184%Sep 10, 2026Yield to maturity5.335%

Price history

887 trading days to Sep 10, 2026

80859095100105Feb 28, 2023Sep 10, 2026Feb 28, 2023Close96.875Mar 29, 2023Close99.438Apr 27, 2023Close99.844May 26, 2023Close96.406Jun 28, 2023Close98.250Jul 28, 2023Close95.313Aug 28, 2023Close91.938Sep 27, 2023Close86.719Oct 27, 2023Close83.656Nov 28, 2023Close89.063Dec 28, 2023Close96.219Jan 30, 2024Close93.031Feb 29, 2024Close91.469Mar 29, 2024Close92.438Apr 29, 2024Close87.781May 29, 2024Close88.031Jun 28, 2024Close90.656Jul 30, 2024Close92.281Aug 28, 2024Close95.656Sep 27, 2024Close96.906Oct 29, 2024Close91.094Nov 29, 2024Close92.813Dec 31, 2024Close88.281Jan 31, 2025Close88.219Mar 4, 2025Close91.781Apr 2, 2025Close91.844May 1, 2025Close89.844Jun 2, 2025Close87.000Jul 2, 2025Close88.938Aug 1, 2025Close89.719Sep 2, 2025Close88.219Oct 1, 2025Close90.969Oct 31, 2025Close91.500Dec 3, 2025Close91.125Jan 5, 2026Close90.156Feb 4, 2026Close89.375Mar 6, 2026Close90.750Apr 6, 2026Close89.031May 5, 2026Close88.125Jun 4, 2026Close88.188Jul 7, 2026Close87.438Aug 5, 2026Close86.188Sep 3, 2026Close85.625Sep 10, 2026Close84.156
The most recent 20 trading days of prices for 912810TQ1.
DateBidOfferClose
Sep 10, 202684.56384.53184.156
Sep 9, 202685.04785.00085.281
Sep 8, 202685.65685.62585.469
Sep 4, 202685.68885.65685.625
Sep 3, 202685.81385.78185.625
Sep 2, 202685.34485.31385.344
Sep 1, 202685.62585.59485.313
Aug 31, 202685.53185.50085.625
Aug 28, 202686.23486.18885.906
Aug 27, 202686.40686.37586.219
Aug 26, 202686.40686.37586.344
Aug 25, 202686.46986.43886.500
Aug 24, 202686.06386.03185.906
Aug 21, 202685.60985.59485.469
Aug 20, 202685.78185.75085.906
Aug 19, 202686.15686.12586.281
Aug 18, 202685.15685.12585.281
Aug 17, 202685.28185.25085.031
Aug 14, 202685.46985.43885.500
Aug 13, 202685.96985.93886.000

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 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.