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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 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, September 10, 2026

Yield to maturity
5.346%
Modified duration
11.234 yr
DV01
0.1066
Convexity
167.387
Dirty price
94.880

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 11.430 years against a modified duration of 11.234.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 24.76 cents per 100 of face.

That is -0.46 standard deviations from its own typical residual.

Yield to maturity, 696 observations

3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%Nov 30, 2023Sep 10, 2026Nov 30, 2023Yield to maturity4.718%Dec 22, 2023Yield to maturity4.215%Jan 18, 2024Yield to maturity4.491%Feb 9, 2024Yield to maturity4.481%Mar 5, 2024Yield to maturity4.412%Mar 27, 2024Yield to maturity4.463%Apr 18, 2024Yield to maturity4.867%May 10, 2024Yield to maturity4.745%Jun 4, 2024Yield to maturity4.579%Jun 27, 2024Yield to maturity4.544%Jul 22, 2024Yield to maturity4.568%Aug 13, 2024Yield to maturity4.224%Sep 5, 2024Yield to maturity4.094%Sep 27, 2024Yield to maturity4.115%Oct 22, 2024Yield to maturity4.526%Nov 14, 2024Yield to maturity4.668%Dec 9, 2024Yield to maturity4.447%Jan 2, 2025Yield to maturity4.844%Jan 27, 2025Yield to maturity4.800%Feb 19, 2025Yield to maturity4.793%Mar 13, 2025Yield to maturity4.609%Apr 4, 2025Yield to maturity4.400%Apr 28, 2025Yield to maturity4.684%May 20, 2025Yield to maturity4.966%Jun 12, 2025Yield to maturity4.832%Jul 8, 2025Yield to maturity4.924%Jul 30, 2025Yield to maturity4.864%Aug 21, 2025Yield to maturity4.869%Sep 15, 2025Yield to maturity4.581%Oct 7, 2025Yield to maturity4.652%Oct 30, 2025Yield to maturity4.588%Nov 24, 2025Yield to maturity4.590%Dec 17, 2025Yield to maturity4.739%Jan 12, 2026Yield to maturity4.716%Feb 4, 2026Yield to maturity4.807%Feb 27, 2026Yield to maturity4.507%Mar 23, 2026Yield to maturity4.891%Apr 14, 2026Yield to maturity4.781%May 6, 2026Yield to maturity4.865%May 29, 2026Yield to maturity4.930%Jun 23, 2026Yield to maturity4.908%Jul 16, 2026Yield to maturity5.044%Aug 7, 2026Yield to maturity5.157%Aug 31, 2026Yield to maturity5.195%Sep 10, 2026Yield to maturity5.346%

Price history

696 trading days to Sep 10, 2026

9095100105110115Nov 30, 2023Sep 10, 2026Nov 30, 2023Close100.406Dec 22, 2023Close107.156Jan 18, 2024Close103.375Feb 9, 2024Close103.500Mar 5, 2024Close104.406Mar 27, 2024Close103.719Apr 18, 2024Close98.531May 10, 2024Close100.063Jun 4, 2024Close102.188Jun 27, 2024Close102.625Jul 22, 2024Close102.313Aug 13, 2024Close106.875Sep 5, 2024Close108.656Sep 27, 2024Close108.344Oct 22, 2024Close102.844Nov 14, 2024Close101.031Dec 9, 2024Close103.844Jan 2, 2025Close98.844Jan 27, 2025Close99.375Feb 19, 2025Close99.469Mar 13, 2025Close101.750Apr 4, 2025Close104.406Apr 28, 2025Close100.813May 20, 2025Close97.406Jun 12, 2025Close99.000Jul 8, 2025Close97.906Jul 30, 2025Close98.625Aug 21, 2025Close98.563Sep 15, 2025Close102.063Oct 7, 2025Close101.188Oct 30, 2025Close101.969Nov 24, 2025Close101.938Dec 17, 2025Close100.125Jan 12, 2026Close100.406Feb 4, 2026Close99.313Feb 27, 2026Close102.938Mar 23, 2026Close98.344Apr 14, 2026Close99.625May 6, 2026Close98.656May 29, 2026Close97.906Jun 23, 2026Close98.156Jul 16, 2026Close96.625Aug 7, 2026Close95.375Aug 31, 2026Close94.969Sep 10, 2026Close93.344
The most recent 20 trading days of prices for 912810TW8.
DateBidOfferClose
Sep 10, 202693.78193.75093.344
Sep 9, 202694.28194.25094.563
Sep 8, 202694.96994.93894.781
Sep 4, 202695.00094.96994.938
Sep 3, 202695.14195.12594.938
Sep 2, 202694.64194.62594.656
Sep 1, 202694.96994.93894.656
Aug 31, 202694.85994.81394.969
Aug 28, 202695.64195.62595.281
Aug 27, 202695.84495.81395.625
Aug 26, 202695.82895.81395.781
Aug 25, 202695.90695.87595.969
Aug 24, 202695.46995.43895.281
Aug 21, 202694.90694.87594.781
Aug 20, 202695.12595.09495.313
Aug 19, 202695.57895.56395.719
Aug 18, 202694.48494.46994.625
Aug 17, 202694.62594.59494.313
Aug 14, 202694.84494.81394.844
Aug 13, 202695.37595.34495.406

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.