Treasury bond

912810TS7 · 3.875% due May 15, 2043

Original term
20-Year
Maturity
May 15, 2043
Coupon
3.875%
Pays
Semi-Annual
Dated
May 15, 2023
First coupon
Nov 15, 2023
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$41.06bn
Held stripped
$6.4m
Share stripped
0.02%

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
5.345%
Modified duration
11.497 yr
DV01
0.0979
Convexity
170.429
Dirty price
85.159

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 11.712 years against a modified duration of 11.497.

Against the fitted curve

Priced 2.2 bp cheap to the curve on that day, 21.22 cents per 100 of face.

That is -0.83 standard deviations from its own typical residual.

Yield to maturity, 822 observations

3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%May 31, 2023Sep 10, 2026May 31, 2023Yield to maturity4.012%Jun 28, 2023Yield to maturity3.999%Jul 26, 2023Yield to maturity4.128%Aug 22, 2023Yield to maturity4.618%Sep 19, 2023Yield to maturity4.639%Oct 17, 2023Yield to maturity5.168%Nov 13, 2023Yield to maturity4.977%Dec 11, 2023Yield to maturity4.551%Jan 9, 2024Yield to maturity4.344%Feb 6, 2024Yield to maturity4.418%Mar 5, 2024Yield to maturity4.435%Apr 1, 2024Yield to maturity4.600%Apr 26, 2024Yield to maturity4.913%May 23, 2024Yield to maturity4.708%Jun 21, 2024Yield to maturity4.521%Jul 19, 2024Yield to maturity4.565%Aug 15, 2024Yield to maturity4.280%Sep 12, 2024Yield to maturity4.070%Oct 9, 2024Yield to maturity4.395%Nov 6, 2024Yield to maturity4.711%Dec 5, 2024Yield to maturity4.429%Jan 3, 2025Yield to maturity4.885%Jan 31, 2025Yield to maturity4.871%Feb 28, 2025Yield to maturity4.554%Mar 27, 2025Yield to maturity4.736%Apr 23, 2025Yield to maturity4.854%May 20, 2025Yield to maturity4.986%Jun 17, 2025Yield to maturity4.888%Jul 16, 2025Yield to maturity4.995%Aug 12, 2025Yield to maturity4.831%Sep 9, 2025Yield to maturity4.636%Oct 6, 2025Yield to maturity4.695%Nov 3, 2025Yield to maturity4.622%Dec 2, 2025Yield to maturity4.658%Dec 30, 2025Yield to maturity4.705%Jan 28, 2026Yield to maturity4.762%Feb 25, 2026Yield to maturity4.578%Mar 24, 2026Yield to maturity4.928%Apr 20, 2026Yield to maturity4.793%May 15, 2026Yield to maturity5.097%Jun 12, 2026Yield to maturity4.935%Jul 13, 2026Yield to maturity5.074%Aug 7, 2026Yield to maturity5.157%Sep 3, 2026Yield to maturity5.195%Sep 10, 2026Yield to maturity5.345%

Price history

822 trading days to Sep 10, 2026

80859095100May 31, 2023Sep 10, 2026May 31, 2023Close98.125Jun 28, 2023Close98.313Jul 26, 2023Close96.594Aug 22, 2023Close90.438Sep 19, 2023Close90.219Oct 17, 2023Close84.188Nov 13, 2023Close86.344Dec 11, 2023Close91.344Jan 9, 2024Close93.906Feb 6, 2024Close93.000Mar 5, 2024Close92.813Apr 1, 2024Close90.844Apr 26, 2024Close87.250May 23, 2024Close89.625Jun 21, 2024Close91.844Jul 19, 2024Close91.344Aug 15, 2024Close94.813Sep 12, 2024Close97.469Oct 9, 2024Close93.438Nov 6, 2024Close89.750Dec 5, 2024Close93.063Jan 3, 2025Close87.844Jan 31, 2025Close88.031Feb 28, 2025Close91.656Mar 27, 2025Close89.594Apr 23, 2025Close88.313May 20, 2025Close86.906Jun 17, 2025Close88.000Jul 16, 2025Close86.875Aug 12, 2025Close88.688Sep 9, 2025Close90.875Oct 6, 2025Close90.250Nov 3, 2025Close91.094Dec 2, 2025Close90.719Dec 30, 2025Close90.219Jan 28, 2026Close89.625Feb 25, 2026Close91.688Mar 24, 2026Close87.906Apr 20, 2026Close89.375May 15, 2026Close86.219Jun 12, 2026Close87.938Jul 13, 2026Close86.531Aug 7, 2026Close85.719Sep 3, 2026Close85.375Sep 10, 2026Close83.906
The most recent 20 trading days of prices for 912810TS7.
DateBidOfferClose
Sep 10, 202684.31384.28183.906
Sep 9, 202684.81384.78185.031
Sep 8, 202685.40685.37585.219
Sep 4, 202685.43885.40685.344
Sep 3, 202685.53185.50085.375
Sep 2, 202685.07885.06385.063
Sep 1, 202685.37585.34485.063
Aug 31, 202685.25085.21985.375
Aug 28, 202686.00085.96985.656
Aug 27, 202686.17286.15685.969
Aug 26, 202686.14186.12586.094
Aug 25, 202686.23486.21986.281
Aug 24, 202685.84485.81385.688
Aug 21, 202685.32885.31385.219
Aug 20, 202685.53185.50085.688
Aug 19, 202685.93885.90686.063
Aug 18, 202684.92284.90685.031
Aug 17, 202685.04785.03184.781
Aug 14, 202685.23485.21985.250
Aug 13, 202685.71985.68885.750

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 912810TS7.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 17, 2023May 31, 2023New issue$15.0bn$17.8bn2.56x3.954%
Jun 21, 2023Jun 30, 2023Reopening$12.0bn$12.0bn2.87x4.010%
Jul 19, 2023Jul 31, 2023Reopening$12.0bn$12.0bn2.68x4.036%

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.