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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$42.18bn
Held stripped
$65.3m
Share stripped
0.15%

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
5.245%
Modified duration
11.117 yr
DV01
0.1076
Convexity
1.65
Dirty price
96.779

Where its rate sensitivity sits

0.01
0.04
0.09
0.21
0.39
0.63
1.22
5.68
3.04
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 11.312 years against a modified duration of 11.117.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 24.78 cents per 100 of face.

That is -0.30 standard deviations from its own typical residual.

Yield to maturity, 735 observations

3.5%4.0%4.5%5.0%5.5%6.0%Nov 30, 2023Nov 9, 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 3, 2024Yield to maturity4.623%Apr 9, 2024Yield to maturity4.603%Apr 15, 2024Yield to maturity4.864%Apr 19, 2024Yield to maturity4.847%Apr 25, 2024Yield to maturity4.936%May 1, 2024Yield to maturity4.850%May 7, 2024Yield to maturity4.703%May 13, 2024Yield to maturity4.728%May 17, 2024Yield to maturity4.661%May 23, 2024Yield to maturity4.691%May 30, 2024Yield to maturity4.787%Jun 5, 2024Yield to maturity4.540%Jun 11, 2024Yield to maturity4.637%Jun 17, 2024Yield to maturity4.530%Jun 24, 2024Yield to maturity4.492%Jun 28, 2024Yield to maturity4.619%Jul 5, 2024Yield to maturity4.578%Jul 11, 2024Yield to maturity4.499%Jul 17, 2024Yield to maturity4.460%Jul 23, 2024Yield to maturity4.558%Jul 29, 2024Yield to maturity4.501%Aug 2, 2024Yield to maturity4.159%Aug 8, 2024Yield to maturity4.358%Aug 14, 2024Yield to maturity4.190%Aug 20, 2024Yield to maturity4.167%Aug 26, 2024Yield to maturity4.173%Aug 30, 2024Yield to maturity4.272%Sep 6, 2024Yield to maturity4.085%Sep 12, 2024Yield to maturity4.047%Sep 18, 2024Yield to maturity4.062%Sep 24, 2024Yield to maturity4.106%Sep 30, 2024Yield to maturity4.160%Oct 4, 2024Yield to maturity4.298%Oct 10, 2024Yield to maturity4.408%Oct 17, 2024Yield to maturity4.418%Oct 23, 2024Yield to maturity4.559%Oct 29, 2024Yield to maturity4.591%Nov 4, 2024Yield to maturity4.579%Nov 8, 2024Yield to maturity4.562%Nov 15, 2024Yield to maturity4.687%Nov 21, 2024Yield to maturity4.682%Nov 27, 2024Yield to maturity4.515%Dec 4, 2024Yield to maturity4.428%Dec 10, 2024Yield to maturity4.466%Dec 16, 2024Yield to maturity4.662%Dec 20, 2024Yield to maturity4.793%Dec 27, 2024Yield to maturity4.890%Jan 3, 2025Yield to maturity4.869%Jan 9, 2025Yield to maturity4.976%Jan 15, 2025Yield to maturity4.942%Jan 22, 2025Yield to maturity4.877%Jan 28, 2025Yield to maturity4.821%Feb 3, 2025Yield to maturity4.800%Feb 7, 2025Yield to maturity4.724%Feb 13, 2025Yield to maturity4.767%Feb 20, 2025Yield to maturity4.772%Feb 26, 2025Yield to maturity4.535%Mar 4, 2025Yield to maturity4.552%Mar 10, 2025Yield to maturity4.562%Mar 14, 2025Yield to maturity4.634%Mar 20, 2025Yield to maturity4.559%Mar 26, 2025Yield to maturity4.686%Apr 1, 2025Yield to maturity4.522%Apr 7, 2025Yield to maturity4.574%Apr 11, 2025Yield to maturity4.886%Apr 17, 2025Yield to maturity4.811%Apr 24, 2025Yield to maturity4.768%Apr 30, 2025Yield to maturity4.646%May 6, 2025Yield to maturity4.796%May 12, 2025Yield to maturity4.895%May 16, 2025Yield to maturity4.898%May 22, 2025Yield to maturity5.059%May 29, 2025Yield to maturity4.937%Jun 4, 2025Yield to maturity4.884%Jun 10, 2025Yield to maturity4.945%Jun 16, 2025Yield to maturity4.956%Jun 23, 2025Yield to maturity4.843%Jun 27, 2025Yield to maturity4.819%Jul 3, 2025Yield to maturity4.845%Jul 10, 2025Yield to maturity4.840%Jul 16, 2025Yield to maturity4.991%Jul 22, 2025Yield to maturity4.866%Jul 28, 2025Yield to maturity4.924%Aug 1, 2025Yield to maturity4.747%Aug 7, 2025Yield to maturity4.762%Aug 13, 2025Yield to maturity4.765%Aug 19, 2025Yield to maturity4.851%Aug 25, 2025Yield to maturity4.830%Aug 29, 2025Yield to maturity4.825%Sep 5, 2025Yield to maturity4.675%Sep 11, 2025Yield to maturity4.561%Sep 17, 2025Yield to maturity4.581%Sep 23, 2025Yield to maturity4.657%Sep 29, 2025Yield to maturity4.649%Oct 3, 2025Yield to maturity4.639%Oct 9, 2025Yield to maturity4.652%Oct 16, 2025Yield to maturity4.500%Oct 22, 2025Yield to maturity4.470%Oct 28, 2025Yield to maturity4.483%Nov 3, 2025Yield to maturity4.619%Nov 7, 2025Yield to maturity4.624%Nov 14, 2025Yield to maturity4.672%Nov 20, 2025Yield to maturity4.644%Nov 26, 2025Yield to maturity4.552%Dec 3, 2025Yield to maturity4.636%Dec 9, 2025Yield to maturity4.734%Dec 15, 2025Yield to maturity4.760%Dec 19, 2025Yield to maturity4.734%Dec 26, 2025Yield to maturity4.716%Jan 2, 2026Yield to maturity4.757%Jan 8, 2026Yield to maturity4.734%Jan 14, 2026Yield to maturity4.669%Jan 21, 2026Yield to maturity4.778%Jan 27, 2026Yield to maturity4.739%Feb 2, 2026Yield to maturity4.799%Feb 6, 2026Yield to maturity4.736%Feb 12, 2026Yield to maturity4.609%Feb 19, 2026Yield to maturity4.586%Feb 25, 2026Yield to maturity4.573%Mar 3, 2026Yield to maturity4.588%Mar 9, 2026Yield to maturity4.642%Mar 13, 2026Yield to maturity4.845%Mar 19, 2026Yield to maturity4.776%Mar 25, 2026Yield to maturity4.856%Mar 31, 2026Yield to maturity4.821%Apr 6, 2026Yield to maturity4.837%Apr 10, 2026Yield to maturity4.843%Apr 16, 2026Yield to maturity4.851%Apr 22, 2026Yield to maturity4.822%Apr 28, 2026Yield to maturity4.870%May 4, 2026Yield to maturity4.968%May 8, 2026Yield to maturity4.873%May 14, 2026Yield to maturity4.963%May 20, 2026Yield to maturity5.073%May 27, 2026Yield to maturity4.963%Jun 2, 2026Yield to maturity4.914%Jun 8, 2026Yield to maturity5.004%Jun 12, 2026Yield to maturity4.933%Jun 18, 2026Yield to maturity4.868%Jun 25, 2026Yield to maturity4.816%Jul 1, 2026Yield to maturity4.922%Jul 8, 2026Yield to maturity5.027%Jul 14, 2026Yield to maturity5.044%Jul 20, 2026Yield to maturity5.066%Jul 24, 2026Yield to maturity5.145%Jul 30, 2026Yield to maturity5.177%Aug 5, 2026Yield to maturity5.132%Aug 11, 2026Yield to maturity5.203%Aug 17, 2026Yield to maturity5.255%Aug 21, 2026Yield to maturity5.212%Aug 27, 2026Yield to maturity5.135%Sep 2, 2026Yield to maturity5.224%Sep 9, 2026Yield to maturity5.233%Sep 15, 2026Yield to maturity5.361%Sep 21, 2026Yield to maturity5.292%Sep 25, 2026Yield to maturity5.520%Oct 1, 2026Yield to maturity5.615%Oct 7, 2026Yield to maturity5.680%Oct 14, 2026Yield to maturity5.543%Oct 20, 2026Yield to maturity5.441%Oct 26, 2026Yield to maturity5.314%Oct 30, 2026Yield to maturity5.297%Nov 5, 2026Yield to maturity5.222%Nov 9, 2026Yield to maturity5.245%

Price history

735 trading days to Nov 9, 2026

859095100105110115Nov 30, 2023Nov 9, 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 3, 2024Close101.625Apr 9, 2024Close101.875Apr 15, 2024Close98.563Apr 19, 2024Close98.781Apr 25, 2024Close97.688May 1, 2024Close98.750May 7, 2024Close100.594May 13, 2024Close100.281May 17, 2024Close101.125May 23, 2024Close100.750May 30, 2024Close99.531Jun 5, 2024Close102.688Jun 11, 2024Close101.438Jun 17, 2024Close102.813Jun 24, 2024Close103.313Jun 28, 2024Close101.656Jul 5, 2024Close102.188Jul 11, 2024Close103.219Jul 17, 2024Close103.719Jul 23, 2024Close102.438Jul 29, 2024Close103.188Aug 2, 2024Close107.781Aug 8, 2024Close105.063Aug 14, 2024Close107.344Aug 20, 2024Close107.656Aug 26, 2024Close107.563Aug 30, 2024Close106.219Sep 6, 2024Close108.781Sep 12, 2024Close109.313Sep 18, 2024Close109.094Sep 24, 2024Close108.469Sep 30, 2024Close107.719Oct 4, 2024Close105.844Oct 10, 2024Close104.375Oct 17, 2024Close104.250Oct 23, 2024Close102.406Oct 29, 2024Close102.000Nov 4, 2024Close102.156Nov 8, 2024Close102.375Nov 15, 2024Close100.781Nov 21, 2024Close100.844Nov 27, 2024Close102.969Dec 4, 2024Close104.094Dec 10, 2024Close103.594Dec 16, 2024Close101.094Dec 20, 2024Close99.469Dec 27, 2024Close98.281Jan 3, 2025Close98.531Jan 9, 2025Close97.250Jan 15, 2025Close97.656Jan 22, 2025Close98.438Jan 28, 2025Close99.125Feb 3, 2025Close99.375Feb 7, 2025Close100.313Feb 13, 2025Close99.781Feb 20, 2025Close99.719Feb 26, 2025Close102.688Mar 4, 2025Close102.469Mar 10, 2025Close102.344Mar 14, 2025Close101.438Mar 20, 2025Close102.375Mar 26, 2025Close100.781Apr 1, 2025Close102.844Apr 7, 2025Close102.188Apr 11, 2025Close98.344Apr 17, 2025Close99.250Apr 24, 2025Close99.781Apr 30, 2025Close101.281May 6, 2025Close99.438May 12, 2025Close98.250May 16, 2025Close98.219May 22, 2025Close96.313May 29, 2025Close97.750Jun 4, 2025Close98.375Jun 10, 2025Close97.656Jun 16, 2025Close97.531Jun 23, 2025Close98.875Jun 27, 2025Close99.156Jul 3, 2025Close98.844Jul 10, 2025Close98.906Jul 16, 2025Close97.125Jul 22, 2025Close98.594Jul 28, 2025Close97.906Aug 1, 2025Close100.031Aug 7, 2025Close99.844Aug 13, 2025Close99.813Aug 19, 2025Close98.781Aug 25, 2025Close99.031Aug 29, 2025Close99.094Sep 5, 2025Close100.906Sep 11, 2025Close102.313Sep 17, 2025Close102.063Sep 23, 2025Close101.125Sep 29, 2025Close101.219Oct 3, 2025Close101.344Oct 9, 2025Close101.188Oct 16, 2025Close103.063Oct 22, 2025Close103.438Oct 28, 2025Close103.281Nov 3, 2025Close101.594Nov 7, 2025Close101.531Nov 14, 2025Close100.938Nov 20, 2025Close101.281Nov 26, 2025Close102.406Dec 3, 2025Close101.375Dec 9, 2025Close100.188Dec 15, 2025Close99.875Dec 19, 2025Close100.188Dec 26, 2025Close100.406Jan 2, 2026Close99.906Jan 8, 2026Close100.188Jan 14, 2026Close100.969Jan 21, 2026Close99.656Jan 27, 2026Close100.125Feb 2, 2026Close99.406Feb 6, 2026Close100.156Feb 12, 2026Close101.688Feb 19, 2026Close101.969Feb 25, 2026Close102.125Mar 3, 2026Close101.938Mar 9, 2026Close101.281Mar 13, 2026Close98.875Mar 19, 2026Close99.688Mar 25, 2026Close98.750Mar 31, 2026Close99.156Apr 6, 2026Close98.969Apr 10, 2026Close98.906Apr 16, 2026Close98.813Apr 22, 2026Close99.156Apr 28, 2026Close98.594May 4, 2026Close97.469May 8, 2026Close98.563May 14, 2026Close97.531May 20, 2026Close96.281May 27, 2026Close97.531Jun 2, 2026Close98.094Jun 8, 2026Close97.063Jun 12, 2026Close97.875Jun 18, 2026Close98.625Jun 25, 2026Close99.219Jul 1, 2026Close98.000Jul 8, 2026Close96.813Jul 14, 2026Close96.625Jul 20, 2026Close96.375Jul 24, 2026Close95.500Jul 30, 2026Close95.156Aug 5, 2026Close95.656Aug 11, 2026Close94.875Aug 17, 2026Close94.313Aug 21, 2026Close94.781Aug 27, 2026Close95.625Sep 2, 2026Close94.656Sep 9, 2026Close94.563Sep 15, 2026Close93.188Sep 21, 2026Close93.938Sep 25, 2026Close91.531Oct 1, 2026Close90.563Oct 7, 2026Close89.906Oct 14, 2026Close91.313Oct 20, 2026Close92.375Oct 26, 2026Close93.719Oct 30, 2026Close93.906Nov 5, 2026Close94.719Nov 9, 2026Close94.469
The most recent 20 trading days of prices for 912810TW8.
DateBidOfferClose
Nov 9, 202694.46994.50094.469
Nov 6, 202694.56394.60994.531
Nov 5, 202694.65694.71994.719
Nov 4, 202694.03194.07894.313
Nov 3, 202693.93893.98493.813
Nov 2, 202694.53194.57894.188
Oct 30, 202693.84493.87593.906
Oct 29, 202693.75093.78193.719
Oct 28, 202693.43893.48493.063
Oct 27, 202693.78193.81393.813
Oct 26, 202693.71993.75093.719
Oct 23, 202693.62593.65693.531
Oct 22, 202693.46993.50094.031
Oct 21, 202692.50092.53192.375
Oct 20, 202692.34492.37592.375
Oct 19, 202691.96992.00091.781
Oct 16, 202692.50092.53192.375
Oct 15, 202692.28192.32892.250
Oct 14, 202690.78190.81391.313
Oct 13, 202690.93890.96991.000

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 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.