Treasury bond

912810TT5 · 4.125% due August 15, 2053

Original term
30-Year
Maturity
Aug 15, 2053
Coupon
4.125%
Pays
Semi-Annual
Dated
Aug 15, 2023
First coupon
Feb 15, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$71.56bn
Held stripped
$13.21bn
Share stripped
18.46%

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
5.416%
Modified duration
14.869 yr
DV01
0.1221
Convexity
317.635
Dirty price
82.115

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 12 of twelve buckets, summing to 15.014 years against a modified duration of 14.869.

Against the fitted curve

Priced 0.3 bp rich to the curve on that day, 3.18 cents per 100 of face.

That is 0.79 standard deviations from its own typical residual.

Yield to maturity, 770 observations

3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%Aug 15, 2023Sep 10, 2026Aug 15, 2023Yield to maturity4.321%Sep 11, 2023Yield to maturity4.371%Oct 5, 2023Yield to maturity4.887%Nov 1, 2023Yield to maturity4.958%Nov 28, 2023Yield to maturity4.539%Dec 22, 2023Yield to maturity4.070%Jan 22, 2024Yield to maturity4.336%Feb 15, 2024Yield to maturity4.438%Mar 13, 2024Yield to maturity4.364%Apr 8, 2024Yield to maturity4.562%May 2, 2024Yield to maturity4.731%May 29, 2024Yield to maturity4.747%Jun 25, 2024Yield to maturity4.375%Jul 22, 2024Yield to maturity4.489%Aug 15, 2024Yield to maturity4.196%Sep 11, 2024Yield to maturity3.984%Oct 7, 2024Yield to maturity4.329%Nov 1, 2024Yield to maturity4.585%Nov 29, 2024Yield to maturity4.398%Dec 26, 2024Yield to maturity4.799%Jan 23, 2025Yield to maturity4.900%Feb 19, 2025Yield to maturity4.801%Mar 17, 2025Yield to maturity4.645%Apr 10, 2025Yield to maturity4.902%May 6, 2025Yield to maturity4.856%Jun 2, 2025Yield to maturity5.032%Jun 27, 2025Yield to maturity4.883%Jul 24, 2025Yield to maturity4.989%Aug 19, 2025Yield to maturity4.928%Sep 15, 2025Yield to maturity4.682%Oct 9, 2025Yield to maturity4.749%Nov 5, 2025Yield to maturity4.763%Dec 3, 2025Yield to maturity4.753%Dec 30, 2025Yield to maturity4.838%Jan 27, 2026Yield to maturity4.864%Feb 23, 2026Yield to maturity4.730%Mar 19, 2026Yield to maturity4.873%Apr 14, 2026Yield to maturity4.906%May 8, 2026Yield to maturity4.987%Jun 4, 2026Yield to maturity5.021%Jul 1, 2026Yield to maturity5.015%Jul 28, 2026Yield to maturity5.143%Aug 21, 2026Yield to maturity5.319%Sep 10, 2026Yield to maturity5.416%

Price history

770 trading days to Sep 10, 2026

80859095100105Aug 15, 2023Sep 10, 2026Aug 15, 2023Close96.719Sep 11, 2023Close95.906Oct 5, 2023Close88.094Nov 1, 2023Close87.094Nov 28, 2023Close93.281Dec 22, 2023Close100.938Jan 22, 2024Close96.500Feb 15, 2024Close94.875Mar 13, 2024Close96.063Apr 8, 2024Close92.969May 2, 2024Close90.438May 29, 2024Close90.219Jun 25, 2024Close95.906Jul 22, 2024Close94.125Aug 15, 2024Close98.813Sep 11, 2024Close102.406Oct 7, 2024Close96.656Nov 1, 2024Close92.688Nov 29, 2024Close95.563Dec 26, 2024Close89.563Jan 23, 2025Close88.156Feb 19, 2025Close89.563Mar 17, 2025Close91.844Apr 10, 2025Close88.156May 6, 2025Close88.813Jun 2, 2025Close86.406Jun 27, 2025Close88.469Jul 24, 2025Close87.031Aug 19, 2025Close87.875Sep 15, 2025Close91.375Oct 9, 2025Close90.406Nov 5, 2025Close90.219Dec 3, 2025Close90.375Dec 30, 2025Close89.188Jan 27, 2026Close88.844Feb 23, 2026Close90.750Mar 19, 2026Close88.750Apr 14, 2026Close88.313May 8, 2026Close87.219Jun 4, 2026Close86.781Jul 1, 2026Close86.875Jul 28, 2026Close85.219Aug 21, 2026Close83.000Sep 10, 2026Close81.813
The most recent 20 trading days of prices for 912810TT5.
DateBidOfferClose
Sep 10, 202682.18882.15681.813
Sep 9, 202682.75082.71982.938
Sep 8, 202683.43883.40683.281
Sep 4, 202683.45383.43883.406
Sep 3, 202683.56383.53183.344
Sep 2, 202683.07883.06383.063
Sep 1, 202683.40683.37583.063
Aug 31, 202683.18883.15683.344
Aug 28, 202684.20384.18883.750
Aug 27, 202684.26684.25084.094
Aug 26, 202684.23484.21984.219
Aug 25, 202684.26684.25084.344
Aug 24, 202683.78183.75083.594
Aug 21, 202683.12583.09483.000
Aug 20, 202683.34483.31383.531
Aug 19, 202683.84483.81383.969
Aug 18, 202682.60982.59482.750
Aug 17, 202682.79782.78182.469
Aug 14, 202683.06383.03183.156
Aug 13, 202683.71983.68883.719

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 912810TT5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 10, 2023Aug 15, 2023New issue$23.0bn$31.6bn2.42x4.189%
Sep 13, 2023Sep 15, 2023Reopening$20.0bn$20.0bn2.46x4.345%
Oct 12, 2023Oct 16, 2023Reopening$20.0bn$20.0bn2.35x4.837%

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.