Treasury bond

912810TW8 · 4.75% due November 15, 2043

Original term
20-Year
Maturity
Nov 15, 2043
Coupon
4.750%
Pays
Semi-Annual
Dated
Nov 15, 2023
First coupon
May 15, 2024
Priced through
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 2026

Amount outstanding
$42.18bn
Held stripped
$67.7m
Share stripped
0.16%

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, October 20, 2026

Yield to maturity
5.441%
Modified duration
11.089 yr
DV01
0.1047
Convexity
1.64
Dirty price
94.427

Where its rate sensitivity sits

<.01
0.01
0.04
0.09
0.21
0.39
0.64
1.22
5.58
3.11
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 11.306 years against a modified duration of 11.089.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 23.79 cents per 100 of face.

That is -0.43 standard deviations from its own typical residual.

Yield to maturity, 723 observations

3.5%4.0%4.5%5.0%5.5%6.0%Nov 30, 2023Oct 20, 2026Nov 30, 2023Yield to maturity4.718%Dec 6, 2023Yield to maturity4.401%Dec 12, 2023Yield to maturity4.478%Dec 18, 2023Yield to maturity4.231%Dec 22, 2023Yield to maturity4.215%Dec 29, 2023Yield to maturity4.196%Jan 5, 2024Yield to maturity4.363%Jan 11, 2024Yield to maturity4.320%Jan 18, 2024Yield to maturity4.491%Jan 24, 2024Yield to maturity4.526%Jan 30, 2024Yield to maturity4.395%Feb 5, 2024Yield to maturity4.460%Feb 9, 2024Yield to maturity4.481%Feb 15, 2024Yield to maturity4.537%Feb 22, 2024Yield to maturity4.609%Feb 28, 2024Yield to maturity4.558%Mar 5, 2024Yield to maturity4.412%Mar 11, 2024Yield to maturity4.380%Mar 15, 2024Yield to maturity4.572%Mar 21, 2024Yield to maturity4.553%Mar 27, 2024Yield to maturity4.463%Apr 2, 2024Yield to maturity4.623%Apr 8, 2024Yield to maturity4.659%Apr 12, 2024Yield to maturity4.740%Apr 18, 2024Yield to maturity4.867%Apr 24, 2024Yield to maturity4.897%Apr 30, 2024Yield to maturity4.905%May 6, 2024Yield to maturity4.733%May 10, 2024Yield to maturity4.745%May 16, 2024Yield to maturity4.623%May 22, 2024Yield to maturity4.654%May 29, 2024Yield to maturity4.842%Jun 4, 2024Yield to maturity4.579%Jun 10, 2024Yield to maturity4.700%Jun 14, 2024Yield to maturity4.473%Jun 21, 2024Yield to maturity4.506%Jun 27, 2024Yield to maturity4.544%Jul 3, 2024Yield to maturity4.641%Jul 10, 2024Yield to maturity4.575%Jul 16, 2024Yield to maturity4.472%Jul 22, 2024Yield to maturity4.568%Jul 26, 2024Yield to maturity4.522%Aug 1, 2024Yield to maturity4.326%Aug 7, 2024Yield to maturity4.326%Aug 13, 2024Yield to maturity4.224%Aug 19, 2024Yield to maturity4.206%Aug 23, 2024Yield to maturity4.167%Aug 29, 2024Yield to maturity4.230%Sep 5, 2024Yield to maturity4.094%Sep 11, 2024Yield to maturity4.016%Sep 17, 2024Yield to maturity3.998%Sep 23, 2024Yield to maturity4.104%Sep 27, 2024Yield to maturity4.115%Oct 3, 2024Yield to maturity4.206%Oct 9, 2024Yield to maturity4.375%Oct 16, 2024Yield to maturity4.333%Oct 22, 2024Yield to maturity4.526%Oct 28, 2024Yield to maturity4.586%Nov 1, 2024Yield to maturity4.653%Nov 7, 2024Yield to maturity4.601%Nov 14, 2024Yield to maturity4.668%Nov 20, 2024Yield to maturity4.667%Nov 26, 2024Yield to maturity4.559%Dec 3, 2024Yield to maturity4.481%Dec 9, 2024Yield to maturity4.447%Dec 13, 2024Yield to maturity4.679%Dec 19, 2024Yield to maturity4.828%Dec 26, 2024Yield to maturity4.836%Jan 2, 2025Yield to maturity4.844%Jan 8, 2025Yield to maturity4.966%Jan 14, 2025Yield to maturity5.058%Jan 21, 2025Yield to maturity4.862%Jan 27, 2025Yield to maturity4.800%Jan 31, 2025Yield to maturity4.854%Feb 6, 2025Yield to maturity4.674%Feb 12, 2025Yield to maturity4.872%Feb 19, 2025Yield to maturity4.793%Feb 25, 2025Yield to maturity4.582%Mar 3, 2025Yield to maturity4.479%Mar 7, 2025Yield to maturity4.649%Mar 13, 2025Yield to maturity4.609%Mar 19, 2025Yield to maturity4.569%Mar 25, 2025Yield to maturity4.651%Mar 31, 2025Yield to maturity4.584%Apr 4, 2025Yield to maturity4.400%Apr 10, 2025Yield to maturity4.871%Apr 16, 2025Yield to maturity4.752%Apr 22, 2025Yield to maturity4.889%Apr 28, 2025Yield to maturity4.684%May 2, 2025Yield to maturity4.775%May 8, 2025Yield to maturity4.837%May 14, 2025Yield to maturity4.979%May 20, 2025Yield to maturity4.966%May 27, 2025Yield to maturity4.953%Jun 2, 2025Yield to maturity4.987%Jun 6, 2025Yield to maturity4.985%Jun 12, 2025Yield to maturity4.832%Jun 18, 2025Yield to maturity4.874%Jun 25, 2025Yield to maturity4.809%Jul 1, 2025Yield to maturity4.757%Jul 8, 2025Yield to maturity4.924%Jul 14, 2025Yield to maturity4.943%Jul 18, 2025Yield to maturity4.969%Jul 24, 2025Yield to maturity4.924%Jul 30, 2025Yield to maturity4.864%Aug 5, 2025Yield to maturity4.726%Aug 11, 2025Yield to maturity4.786%Aug 15, 2025Yield to maturity4.872%Aug 21, 2025Yield to maturity4.869%Aug 27, 2025Yield to maturity4.833%Sep 3, 2025Yield to maturity4.809%Sep 9, 2025Yield to maturity4.624%Sep 15, 2025Yield to maturity4.581%Sep 19, 2025Yield to maturity4.672%Sep 25, 2025Yield to maturity4.688%Oct 1, 2025Yield to maturity4.642%Oct 7, 2025Yield to maturity4.652%Oct 14, 2025Yield to maturity4.540%Oct 20, 2025Yield to maturity4.505%Oct 24, 2025Yield to maturity4.515%Oct 30, 2025Yield to maturity4.588%Nov 5, 2025Yield to maturity4.670%Nov 12, 2025Yield to maturity4.593%Nov 18, 2025Yield to maturity4.662%Nov 24, 2025Yield to maturity4.590%Dec 1, 2025Yield to maturity4.662%Dec 5, 2025Yield to maturity4.708%Dec 11, 2025Yield to maturity4.708%Dec 17, 2025Yield to maturity4.739%Dec 23, 2025Yield to maturity4.737%Dec 30, 2025Yield to maturity4.700%Jan 6, 2026Yield to maturity4.747%Jan 12, 2026Yield to maturity4.716%Jan 16, 2026Yield to maturity4.731%Jan 23, 2026Yield to maturity4.734%Jan 29, 2026Yield to maturity4.755%Feb 4, 2026Yield to maturity4.807%Feb 10, 2026Yield to maturity4.666%Feb 17, 2026Yield to maturity4.563%Feb 23, 2026Yield to maturity4.568%Feb 27, 2026Yield to maturity4.507%Mar 5, 2026Yield to maturity4.650%Mar 11, 2026Yield to maturity4.771%Mar 17, 2026Yield to maturity4.763%Mar 23, 2026Yield to maturity4.891%Mar 27, 2026Yield to maturity4.956%Apr 2, 2026Yield to maturity4.827%Apr 8, 2026Yield to maturity4.816%Apr 14, 2026Yield to maturity4.781%Apr 20, 2026Yield to maturity4.787%Apr 24, 2026Yield to maturity4.827%Apr 30, 2026Yield to maturity4.919%May 6, 2026Yield to maturity4.865%May 12, 2026Yield to maturity4.968%May 18, 2026Yield to maturity5.098%May 22, 2026Yield to maturity5.034%May 29, 2026Yield to maturity4.930%Jun 4, 2026Yield to maturity4.933%Jun 10, 2026Yield to maturity4.999%Jun 16, 2026Yield to maturity4.870%Jun 23, 2026Yield to maturity4.908%Jun 29, 2026Yield to maturity4.806%Jul 6, 2026Yield to maturity4.939%Jul 10, 2026Yield to maturity5.033%Jul 16, 2026Yield to maturity5.044%Jul 22, 2026Yield to maturity5.131%Jul 28, 2026Yield to maturity5.067%Aug 3, 2026Yield to maturity5.197%Aug 7, 2026Yield to maturity5.157%Aug 13, 2026Yield to maturity5.155%Aug 19, 2026Yield to maturity5.126%Aug 25, 2026Yield to maturity5.104%Aug 31, 2026Yield to maturity5.195%Sep 4, 2026Yield to maturity5.198%Sep 11, 2026Yield to maturity5.344%Sep 17, 2026Yield to maturity5.280%Sep 23, 2026Yield to maturity5.430%Sep 29, 2026Yield to maturity5.608%Oct 5, 2026Yield to maturity5.683%Oct 9, 2026Yield to maturity5.619%Oct 16, 2026Yield to maturity5.441%Oct 20, 2026Yield to maturity5.441%

Price history

723 trading days to Oct 20, 2026

859095100105110115Nov 30, 2023Oct 20, 2026Nov 30, 2023Close100.406Dec 6, 2023Close104.594Dec 12, 2023Close103.563Dec 18, 2023Close106.938Dec 22, 2023Close107.156Dec 29, 2023Close107.406Jan 5, 2024Close105.094Jan 11, 2024Close105.688Jan 18, 2024Close103.375Jan 24, 2024Close102.906Jan 30, 2024Close104.656Feb 5, 2024Close103.781Feb 9, 2024Close103.500Feb 15, 2024Close102.750Feb 22, 2024Close101.813Feb 28, 2024Close102.469Mar 5, 2024Close104.406Mar 11, 2024Close104.844Mar 15, 2024Close102.281Mar 21, 2024Close102.531Mar 27, 2024Close103.719Apr 2, 2024Close101.625Apr 8, 2024Close101.156Apr 12, 2024Close100.125Apr 18, 2024Close98.531Apr 24, 2024Close98.156Apr 30, 2024Close98.063May 6, 2024Close100.219May 10, 2024Close100.063May 16, 2024Close101.625May 22, 2024Close101.219May 29, 2024Close98.844Jun 4, 2024Close102.188Jun 10, 2024Close100.625Jun 14, 2024Close103.563Jun 21, 2024Close103.125Jun 27, 2024Close102.625Jul 3, 2024Close101.375Jul 10, 2024Close102.219Jul 16, 2024Close103.563Jul 22, 2024Close102.313Jul 26, 2024Close102.906Aug 1, 2024Close105.500Aug 7, 2024Close105.500Aug 13, 2024Close106.875Aug 19, 2024Close107.125Aug 23, 2024Close107.656Aug 29, 2024Close106.781Sep 5, 2024Close108.656Sep 11, 2024Close109.750Sep 17, 2024Close110.000Sep 23, 2024Close108.500Sep 27, 2024Close108.344Oct 3, 2024Close107.094Oct 9, 2024Close104.813Oct 16, 2024Close105.375Oct 22, 2024Close102.844Oct 28, 2024Close102.063Nov 1, 2024Close101.219Nov 7, 2024Close101.875Nov 14, 2024Close101.031Nov 20, 2024Close101.031Nov 26, 2024Close102.406Dec 3, 2024Close103.406Dec 9, 2024Close103.844Dec 13, 2024Close100.875Dec 19, 2024Close99.031Dec 26, 2024Close98.938Jan 2, 2025Close98.844Jan 8, 2025Close97.375Jan 14, 2025Close96.281Jan 21, 2025Close98.625Jan 27, 2025Close99.375Jan 31, 2025Close98.719Feb 6, 2025Close100.938Feb 12, 2025Close98.500Feb 19, 2025Close99.469Feb 25, 2025Close102.094Mar 3, 2025Close103.406Mar 7, 2025Close101.250Mar 13, 2025Close101.750Mar 19, 2025Close102.250Mar 25, 2025Close101.219Mar 31, 2025Close102.063Apr 4, 2025Close104.406Apr 10, 2025Close98.531Apr 16, 2025Close99.969Apr 22, 2025Close98.313Apr 28, 2025Close100.813May 2, 2025Close99.688May 8, 2025Close98.938May 14, 2025Close97.250May 20, 2025Close97.406May 27, 2025Close97.563Jun 2, 2025Close97.156Jun 6, 2025Close97.188Jun 12, 2025Close99.000Jun 18, 2025Close98.500Jun 25, 2025Close99.281Jul 1, 2025Close99.906Jul 8, 2025Close97.906Jul 14, 2025Close97.688Jul 18, 2025Close97.375Jul 24, 2025Close97.906Jul 30, 2025Close98.625Aug 5, 2025Close100.281Aug 11, 2025Close99.563Aug 15, 2025Close98.531Aug 21, 2025Close98.563Aug 27, 2025Close99.000Sep 3, 2025Close99.281Sep 9, 2025Close101.531Sep 15, 2025Close102.063Sep 19, 2025Close100.938Sep 25, 2025Close100.750Oct 1, 2025Close101.313Oct 7, 2025Close101.188Oct 14, 2025Close102.563Oct 20, 2025Close103.000Oct 24, 2025Close102.875Oct 30, 2025Close101.969Nov 5, 2025Close100.969Nov 12, 2025Close101.906Nov 18, 2025Close101.063Nov 24, 2025Close101.938Dec 1, 2025Close101.063Dec 5, 2025Close100.500Dec 11, 2025Close100.500Dec 17, 2025Close100.125Dec 23, 2025Close100.156Dec 30, 2025Close100.594Jan 6, 2026Close100.031Jan 12, 2026Close100.406Jan 16, 2026Close100.219Jan 23, 2026Close100.188Jan 29, 2026Close99.938Feb 4, 2026Close99.313Feb 10, 2026Close101.000Feb 17, 2026Close102.250Feb 23, 2026Close102.188Feb 27, 2026Close102.938Mar 5, 2026Close101.188Mar 11, 2026Close99.750Mar 17, 2026Close99.844Mar 23, 2026Close98.344Mar 27, 2026Close97.594Apr 2, 2026Close99.094Apr 8, 2026Close99.219Apr 14, 2026Close99.625Apr 20, 2026Close99.563Apr 24, 2026Close99.094Apr 30, 2026Close98.031May 6, 2026Close98.656May 12, 2026Close97.469May 18, 2026Close96.000May 22, 2026Close96.719May 29, 2026Close97.906Jun 4, 2026Close97.875Jun 10, 2026Close97.125Jun 16, 2026Close98.594Jun 23, 2026Close98.156Jun 29, 2026Close99.344Jul 6, 2026Close97.813Jul 10, 2026Close96.750Jul 16, 2026Close96.625Jul 22, 2026Close95.656Jul 28, 2026Close96.375Aug 3, 2026Close94.938Aug 7, 2026Close95.375Aug 13, 2026Close95.406Aug 19, 2026Close95.719Aug 25, 2026Close95.969Aug 31, 2026Close94.969Sep 4, 2026Close94.938Sep 11, 2026Close93.375Sep 17, 2026Close94.063Sep 23, 2026Close92.469Sep 29, 2026Close90.625Oct 5, 2026Close89.875Oct 9, 2026Close90.531Oct 16, 2026Close92.375Oct 20, 2026Close92.375
The most recent 20 trading days of prices for 912810TW8.
DateBidOfferClose
Oct 20, 202692.37592.34492.375
Oct 19, 202692.00091.96991.781
Oct 16, 202692.53192.50092.375
Oct 15, 202692.32892.28192.250
Oct 14, 202690.81390.78191.313
Oct 13, 202690.96990.93891.000
Oct 9, 202690.42290.37590.531
Oct 8, 202689.96989.93890.563
Oct 7, 202689.71989.68889.906
Oct 6, 202690.31390.28190.188
Oct 5, 202689.79789.75089.875
Oct 2, 202690.46990.43890.250
Oct 1, 202690.35990.31390.563
Sep 30, 202690.40690.37590.219
Sep 29, 202690.37590.34490.625
Sep 28, 202690.75090.71990.906
Sep 25, 202691.21991.18891.531
Sep 24, 202692.00091.96991.656
Sep 23, 202692.84492.81392.469
Sep 22, 202693.87593.84493.938

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 912810TW8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 20, 2023Nov 30, 2023New issue$16.0bn$16.2bn2.58x4.780%
Dec 20, 2023Jan 2, 2024Reopening$13.0bn$13.0bn2.55x4.213%
Jan 17, 2024Jan 31, 2024Reopening$13.0bn$13.0bn2.53x4.423%

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.