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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$41.03bn
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, November 9, 2026

Yield to maturity
5.247%
Modified duration
11.376 yr
DV01
0.0988
Convexity
1.67
Dirty price
86.854

Where its rate sensitivity sits

0.01
0.04
0.08
0.19
0.35
0.57
1.11
6.74
2.49
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 9 of twelve buckets, summing to 11.591 years against a modified duration of 11.376.

Against the fitted curve

Priced 2.7 bp cheap to the curve on that day, 26.33 cents per 100 of face.

That is 0.19 standard deviations from its own typical residual.

Yield to maturity, 861 observations

3.5%4.0%4.5%5.0%5.5%6.0%May 31, 2023Nov 9, 2026May 31, 2023Yield to maturity4.012%Jun 6, 2023Yield to maturity4.026%Jun 12, 2023Yield to maturity4.045%Jun 16, 2023Yield to maturity4.050%Jun 23, 2023Yield to maturity4.015%Jun 29, 2023Yield to maturity4.118%Jul 6, 2023Yield to maturity4.238%Jul 12, 2023Yield to maturity4.140%Jul 18, 2023Yield to maturity4.083%Jul 24, 2023Yield to maturity4.121%Jul 28, 2023Yield to maturity4.224%Aug 3, 2023Yield to maturity4.494%Aug 9, 2023Yield to maturity4.334%Aug 15, 2023Yield to maturity4.500%Aug 21, 2023Yield to maturity4.647%Aug 25, 2023Yield to maturity4.521%Aug 31, 2023Yield to maturity4.402%Sep 7, 2023Yield to maturity4.570%Sep 13, 2023Yield to maturity4.545%Sep 19, 2023Yield to maturity4.639%Sep 25, 2023Yield to maturity4.868%Sep 29, 2023Yield to maturity4.945%Oct 5, 2023Yield to maturity5.090%Oct 12, 2023Yield to maturity5.074%Oct 18, 2023Yield to maturity5.241%Oct 24, 2023Yield to maturity5.181%Oct 30, 2023Yield to maturity5.245%Nov 3, 2023Yield to maturity4.954%Nov 9, 2023Yield to maturity4.991%Nov 15, 2023Yield to maturity4.895%Nov 21, 2023Yield to maturity4.795%Nov 28, 2023Yield to maturity4.747%Dec 4, 2023Yield to maturity4.652%Dec 8, 2023Yield to maturity4.538%Dec 14, 2023Yield to maturity4.248%Dec 20, 2023Yield to maturity4.200%Dec 27, 2023Yield to maturity4.134%Jan 3, 2024Yield to maturity4.227%Jan 9, 2024Yield to maturity4.344%Jan 16, 2024Yield to maturity4.450%Jan 22, 2024Yield to maturity4.466%Jan 26, 2024Yield to maturity4.523%Feb 1, 2024Yield to maturity4.230%Feb 7, 2024Yield to maturity4.438%Feb 13, 2024Yield to maturity4.617%Feb 20, 2024Yield to maturity4.592%Feb 26, 2024Yield to maturity4.584%Mar 1, 2024Yield to maturity4.501%Mar 7, 2024Yield to maturity4.392%Mar 13, 2024Yield to maturity4.489%Mar 19, 2024Yield to maturity4.583%Mar 25, 2024Yield to maturity4.544%Apr 1, 2024Yield to maturity4.600%Apr 5, 2024Yield to maturity4.664%Apr 11, 2024Yield to maturity4.796%Apr 17, 2024Yield to maturity4.843%Apr 23, 2024Yield to maturity4.863%Apr 29, 2024Yield to maturity4.880%May 3, 2024Yield to maturity4.766%May 9, 2024Yield to maturity4.715%May 15, 2024Yield to maturity4.624%May 21, 2024Yield to maturity4.670%May 28, 2024Yield to maturity4.781%Jun 3, 2024Yield to maturity4.660%Jun 7, 2024Yield to maturity4.671%Jun 13, 2024Yield to maturity4.521%Jun 20, 2024Yield to maturity4.524%Jun 26, 2024Yield to maturity4.582%Jul 2, 2024Yield to maturity4.730%Jul 9, 2024Yield to maturity4.609%Jul 15, 2024Yield to maturity4.565%Jul 19, 2024Yield to maturity4.565%Jul 25, 2024Yield to maturity4.602%Jul 31, 2024Yield to maturity4.438%Aug 6, 2024Yield to maturity4.272%Aug 12, 2024Yield to maturity4.295%Aug 16, 2024Yield to maturity4.262%Aug 22, 2024Yield to maturity4.232%Aug 28, 2024Yield to maturity4.230%Sep 4, 2024Yield to maturity4.148%Sep 10, 2024Yield to maturity4.040%Sep 16, 2024Yield to maturity4.002%Sep 20, 2024Yield to maturity4.111%Sep 26, 2024Yield to maturity4.166%Oct 2, 2024Yield to maturity4.176%Oct 8, 2024Yield to maturity4.374%Oct 15, 2024Yield to maturity4.364%Oct 21, 2024Yield to maturity4.537%Oct 25, 2024Yield to maturity4.585%Oct 31, 2024Yield to maturity4.572%Nov 6, 2024Yield to maturity4.711%Nov 13, 2024Yield to maturity4.730%Nov 19, 2024Yield to maturity4.660%Nov 25, 2024Yield to maturity4.545%Dec 2, 2024Yield to maturity4.463%Dec 6, 2024Yield to maturity4.424%Dec 12, 2024Yield to maturity4.626%Dec 18, 2024Yield to maturity4.766%Dec 24, 2024Yield to maturity4.862%Dec 31, 2024Yield to maturity4.862%Jan 7, 2025Yield to maturity4.976%Jan 13, 2025Yield to maturity5.061%Jan 17, 2025Yield to maturity4.918%Jan 24, 2025Yield to maturity4.916%Jan 30, 2025Yield to maturity4.803%Feb 5, 2025Yield to maturity4.685%Feb 11, 2025Yield to maturity4.793%Feb 18, 2025Yield to maturity4.816%Feb 24, 2025Yield to maturity4.695%Feb 28, 2025Yield to maturity4.554%Mar 6, 2025Yield to maturity4.630%Mar 12, 2025Yield to maturity4.663%Mar 18, 2025Yield to maturity4.606%Mar 24, 2025Yield to maturity4.672%Mar 28, 2025Yield to maturity4.635%Apr 3, 2025Yield to maturity4.478%Apr 9, 2025Yield to maturity4.762%Apr 15, 2025Yield to maturity4.811%Apr 22, 2025Yield to maturity4.908%Apr 28, 2025Yield to maturity4.698%May 2, 2025Yield to maturity4.793%May 8, 2025Yield to maturity4.853%May 14, 2025Yield to maturity4.997%May 20, 2025Yield to maturity4.986%May 27, 2025Yield to maturity4.961%Jun 2, 2025Yield to maturity4.996%Jun 6, 2025Yield to maturity4.994%Jun 12, 2025Yield to maturity4.839%Jun 18, 2025Yield to maturity4.888%Jun 25, 2025Yield to maturity4.818%Jul 1, 2025Yield to maturity4.767%Jul 8, 2025Yield to maturity4.933%Jul 14, 2025Yield to maturity4.948%Jul 18, 2025Yield to maturity4.978%Jul 24, 2025Yield to maturity4.932%Jul 30, 2025Yield to maturity4.872%Aug 5, 2025Yield to maturity4.728%Aug 11, 2025Yield to maturity4.794%Aug 15, 2025Yield to maturity4.877%Aug 21, 2025Yield to maturity4.877%Aug 27, 2025Yield to maturity4.841%Sep 3, 2025Yield to maturity4.819%Sep 9, 2025Yield to maturity4.636%Sep 15, 2025Yield to maturity4.590%Sep 19, 2025Yield to maturity4.679%Sep 25, 2025Yield to maturity4.691%Oct 1, 2025Yield to maturity4.647%Oct 7, 2025Yield to maturity4.656%Oct 14, 2025Yield to maturity4.543%Oct 20, 2025Yield to maturity4.505%Oct 24, 2025Yield to maturity4.519%Oct 30, 2025Yield to maturity4.591%Nov 5, 2025Yield to maturity4.672%Nov 12, 2025Yield to maturity4.595%Nov 18, 2025Yield to maturity4.662%Nov 24, 2025Yield to maturity4.590%Dec 1, 2025Yield to maturity4.663%Dec 5, 2025Yield to maturity4.709%Dec 11, 2025Yield to maturity4.712%Dec 17, 2025Yield to maturity4.741%Dec 23, 2025Yield to maturity4.738%Dec 30, 2025Yield to maturity4.705%Jan 6, 2026Yield to maturity4.748%Jan 12, 2026Yield to maturity4.717%Jan 16, 2026Yield to maturity4.729%Jan 23, 2026Yield to maturity4.736%Jan 29, 2026Yield to maturity4.753%Feb 4, 2026Yield to maturity4.808%Feb 10, 2026Yield to maturity4.669%Feb 17, 2026Yield to maturity4.566%Feb 23, 2026Yield to maturity4.572%Feb 27, 2026Yield to maturity4.511%Mar 5, 2026Yield to maturity4.654%Mar 11, 2026Yield to maturity4.772%Mar 17, 2026Yield to maturity4.767%Mar 23, 2026Yield to maturity4.898%Mar 27, 2026Yield to maturity4.964%Apr 2, 2026Yield to maturity4.835%Apr 8, 2026Yield to maturity4.824%Apr 14, 2026Yield to maturity4.790%Apr 20, 2026Yield to maturity4.793%Apr 24, 2026Yield to maturity4.832%Apr 30, 2026Yield to maturity4.924%May 6, 2026Yield to maturity4.871%May 12, 2026Yield to maturity4.973%May 18, 2026Yield to maturity5.103%May 22, 2026Yield to maturity5.037%May 29, 2026Yield to maturity4.933%Jun 4, 2026Yield to maturity4.934%Jun 10, 2026Yield to maturity5.000%Jun 16, 2026Yield to maturity4.876%Jun 23, 2026Yield to maturity4.912%Jun 29, 2026Yield to maturity4.812%Jul 6, 2026Yield to maturity4.940%Jul 10, 2026Yield to maturity5.034%Jul 16, 2026Yield to maturity5.047%Jul 22, 2026Yield to maturity5.130%Jul 28, 2026Yield to maturity5.073%Aug 3, 2026Yield to maturity5.200%Aug 7, 2026Yield to maturity5.157%Aug 13, 2026Yield to maturity5.155%Aug 19, 2026Yield to maturity5.125%Aug 25, 2026Yield to maturity5.104%Aug 31, 2026Yield to maturity5.195%Sep 4, 2026Yield to maturity5.199%Sep 11, 2026Yield to maturity5.342%Sep 17, 2026Yield to maturity5.279%Sep 23, 2026Yield to maturity5.427%Sep 29, 2026Yield to maturity5.609%Oct 5, 2026Yield to maturity5.684%Oct 9, 2026Yield to maturity5.618%Oct 16, 2026Yield to maturity5.445%Oct 22, 2026Yield to maturity5.288%Oct 28, 2026Yield to maturity5.379%Nov 3, 2026Yield to maturity5.309%Nov 9, 2026Yield to maturity5.247%

Price history

861 trading days to Nov 9, 2026

80859095100May 31, 2023Nov 9, 2026May 31, 2023Close98.125Jun 6, 2023Close97.938Jun 12, 2023Close97.688Jun 16, 2023Close97.625Jun 23, 2023Close98.094Jun 29, 2023Close96.719Jul 6, 2023Close95.156Jul 12, 2023Close96.438Jul 18, 2023Close97.188Jul 24, 2023Close96.688Jul 28, 2023Close95.344Aug 3, 2023Close91.938Aug 9, 2023Close93.938Aug 15, 2023Close91.875Aug 21, 2023Close90.094Aug 25, 2023Close91.625Aug 31, 2023Close93.094Sep 7, 2023Close91.031Sep 13, 2023Close91.344Sep 19, 2023Close90.219Sep 25, 2023Close87.531Sep 29, 2023Close86.656Oct 5, 2023Close85.031Oct 12, 2023Close85.219Oct 18, 2023Close83.406Oct 24, 2023Close84.063Oct 30, 2023Close83.375Nov 3, 2023Close86.594Nov 9, 2023Close86.188Nov 15, 2023Close87.281Nov 21, 2023Close88.438Nov 28, 2023Close89.000Dec 4, 2023Close90.125Dec 8, 2023Close91.500Dec 14, 2023Close95.094Dec 20, 2023Close95.719Dec 27, 2023Close96.563Jan 3, 2024Close95.375Jan 9, 2024Close93.906Jan 16, 2024Close92.594Jan 22, 2024Close92.406Jan 26, 2024Close91.719Feb 1, 2024Close95.344Feb 7, 2024Close92.750Feb 13, 2024Close90.594Feb 20, 2024Close90.906Feb 26, 2024Close91.000Mar 1, 2024Close92.000Mar 7, 2024Close93.344Mar 13, 2024Close92.156Mar 19, 2024Close91.031Mar 25, 2024Close91.500Apr 1, 2024Close90.844Apr 5, 2024Close90.094Apr 11, 2024Close88.563Apr 17, 2024Close88.031Apr 23, 2024Close87.813Apr 29, 2024Close87.625May 3, 2024Close88.938May 9, 2024Close89.531May 15, 2024Close90.594May 21, 2024Close90.063May 28, 2024Close88.781Jun 3, 2024Close90.188Jun 7, 2024Close90.063Jun 13, 2024Close91.844Jun 20, 2024Close91.813Jun 26, 2024Close91.125Jul 2, 2024Close89.406Jul 9, 2024Close90.813Jul 15, 2024Close91.344Jul 19, 2024Close91.344Jul 25, 2024Close90.906Jul 31, 2024Close92.875Aug 6, 2024Close94.906Aug 12, 2024Close94.625Aug 16, 2024Close95.031Aug 22, 2024Close95.406Aug 28, 2024Close95.438Sep 4, 2024Close96.469Sep 10, 2024Close97.844Sep 16, 2024Close98.344Sep 20, 2024Close96.938Sep 26, 2024Close96.250Oct 2, 2024Close96.125Oct 8, 2024Close93.688Oct 15, 2024Close93.813Oct 21, 2024Close91.750Oct 25, 2024Close91.188Oct 31, 2024Close91.344Nov 6, 2024Close89.750Nov 13, 2024Close89.531Nov 19, 2024Close90.344Nov 25, 2024Close91.688Dec 2, 2024Close92.656Dec 6, 2024Close93.125Dec 12, 2024Close90.750Dec 18, 2024Close89.156Dec 24, 2024Close88.094Dec 31, 2024Close88.094Jan 7, 2025Close86.844Jan 13, 2025Close85.938Jan 17, 2025Close87.500Jan 24, 2025Close87.531Jan 30, 2025Close88.781Feb 5, 2025Close90.125Feb 11, 2025Close88.906Feb 18, 2025Close88.656Feb 24, 2025Close90.031Feb 28, 2025Close91.656Mar 6, 2025Close90.781Mar 12, 2025Close90.406Mar 18, 2025Close91.063Mar 24, 2025Close90.313Mar 28, 2025Close90.750Apr 3, 2025Close92.563Apr 9, 2025Close89.313Apr 15, 2025Close88.781Apr 22, 2025Close87.719Apr 28, 2025Close90.063May 2, 2025Close89.000May 8, 2025Close88.344May 14, 2025Close86.781May 20, 2025Close86.906May 27, 2025Close87.188Jun 2, 2025Close86.813Jun 6, 2025Close86.844Jun 12, 2025Close88.531Jun 18, 2025Close88.000Jun 25, 2025Close88.781Jul 1, 2025Close89.344Jul 8, 2025Close87.531Jul 14, 2025Close87.375Jul 18, 2025Close87.063Jul 24, 2025Close87.563Jul 30, 2025Close88.219Aug 5, 2025Close89.813Aug 11, 2025Close89.094Aug 15, 2025Close88.188Aug 21, 2025Close88.188Aug 27, 2025Close88.594Sep 3, 2025Close88.844Sep 9, 2025Close90.875Sep 15, 2025Close91.406Sep 19, 2025Close90.406Sep 25, 2025Close90.281Oct 1, 2025Close90.781Oct 7, 2025Close90.688Oct 14, 2025Close91.969Oct 20, 2025Close92.406Oct 24, 2025Close92.250Oct 30, 2025Close91.438Nov 5, 2025Close90.531Nov 12, 2025Close91.406Nov 18, 2025Close90.656Nov 24, 2025Close91.469Dec 1, 2025Close90.656Dec 5, 2025Close90.156Dec 11, 2025Close90.125Dec 17, 2025Close89.813Dec 23, 2025Close89.844Dec 30, 2025Close90.219Jan 6, 2026Close89.750Jan 12, 2026Close90.094Jan 16, 2026Close89.969Jan 23, 2026Close89.906Jan 29, 2026Close89.719Feb 4, 2026Close89.125Feb 10, 2026Close90.656Feb 17, 2026Close91.813Feb 23, 2026Close91.750Feb 27, 2026Close92.438Mar 5, 2026Close90.844Mar 11, 2026Close89.563Mar 17, 2026Close89.625Mar 23, 2026Close88.219Mar 27, 2026Close87.531Apr 2, 2026Close88.906Apr 8, 2026Close89.031Apr 14, 2026Close89.406Apr 20, 2026Close89.375Apr 24, 2026Close88.969Apr 30, 2026Close88.000May 6, 2026Close88.563May 12, 2026Close87.500May 18, 2026Close86.156May 22, 2026Close86.844May 29, 2026Close87.938Jun 4, 2026Close87.938Jun 10, 2026Close87.250Jun 16, 2026Close88.563Jun 23, 2026Close88.188Jun 29, 2026Close89.250Jul 6, 2026Close87.906Jul 10, 2026Close86.938Jul 16, 2026Close86.813Jul 22, 2026Close85.969Jul 28, 2026Close86.563Aug 3, 2026Close85.281Aug 7, 2026Close85.719Aug 13, 2026Close85.750Aug 19, 2026Close86.063Aug 25, 2026Close86.281Aug 31, 2026Close85.375Sep 4, 2026Close85.344Sep 11, 2026Close83.938Sep 17, 2026Close84.563Sep 23, 2026Close83.125Sep 29, 2026Close81.406Oct 5, 2026Close80.719Oct 9, 2026Close81.344Oct 16, 2026Close83.000Oct 22, 2026Close84.531Oct 28, 2026Close83.656Nov 3, 2026Close84.344Nov 9, 2026Close84.969
The most recent 20 trading days of prices for 912810TS7.
DateBidOfferClose
Nov 9, 202684.96985.01684.969
Nov 6, 202685.06385.10985.063
Nov 5, 202685.15685.21985.188
Nov 4, 202684.56384.60984.844
Nov 3, 202684.50084.54784.344
Nov 2, 202685.03185.09484.719
Oct 30, 202684.37584.42284.469
Oct 29, 202684.28184.34484.250
Oct 28, 202684.00084.06383.656
Oct 27, 202684.28184.32884.344
Oct 26, 202684.21984.28184.219
Oct 23, 202684.15684.20384.063
Oct 22, 202683.96984.03184.531
Oct 21, 202683.12583.17283.031
Oct 20, 202683.00083.03183.000
Oct 19, 202682.62582.67282.469
Oct 16, 202683.12583.17283.000
Oct 15, 202682.93883.00082.906
Oct 14, 202681.56381.60982.063
Oct 13, 202681.71981.76681.781

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 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.