Treasury bond

912810TZ1 · 4.5% due February 15, 2044

Original term
20-Year
Maturity
Feb 15, 2044
Coupon
4.500%
Pays
Semi-Annual
Dated
Feb 15, 2024
First coupon
Aug 15, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$42.72bn
Held stripped
$88.9m
Share stripped
0.21%

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
5.365%
Modified duration
11.597 yr
DV01
0.1051
Convexity
175.719
Dirty price
90.611

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 11.802 years against a modified duration of 11.597.

Against the fitted curve

Priced 2.8 bp cheap to the curve on that day, 29.55 cents per 100 of face.

That is -0.21 standard deviations from its own typical residual.

Yield to maturity, 635 observations

4.00%4.25%4.50%4.75%5.00%5.25%5.50%Feb 29, 2024Sep 10, 2026Feb 29, 2024Yield to maturity4.509%Mar 21, 2024Yield to maturity4.538%Apr 11, 2024Yield to maturity4.777%May 2, 2024Yield to maturity4.820%May 23, 2024Yield to maturity4.695%Jun 14, 2024Yield to maturity4.480%Jul 9, 2024Yield to maturity4.600%Jul 30, 2024Yield to maturity4.497%Aug 20, 2024Yield to maturity4.184%Sep 11, 2024Yield to maturity4.035%Oct 2, 2024Yield to maturity4.177%Oct 24, 2024Yield to maturity4.541%Nov 15, 2024Yield to maturity4.701%Dec 9, 2024Yield to maturity4.475%Dec 31, 2024Yield to maturity4.861%Jan 23, 2025Yield to maturity4.936%Feb 13, 2025Yield to maturity4.788%Mar 7, 2025Yield to maturity4.668%Mar 28, 2025Yield to maturity4.640%Apr 18, 2025Yield to maturity4.828%May 9, 2025Yield to maturity4.852%Jun 2, 2025Yield to maturity5.000%Jun 24, 2025Yield to maturity4.822%Jul 16, 2025Yield to maturity5.005%Aug 6, 2025Yield to maturity4.771%Aug 27, 2025Yield to maturity4.851%Sep 18, 2025Yield to maturity4.665%Oct 9, 2025Yield to maturity4.671%Oct 31, 2025Yield to maturity4.617%Nov 24, 2025Yield to maturity4.607%Dec 16, 2025Yield to maturity4.743%Jan 8, 2026Yield to maturity4.756%Jan 30, 2026Yield to maturity4.784%Feb 23, 2026Yield to maturity4.590%Mar 16, 2026Yield to maturity4.801%Apr 6, 2026Yield to maturity4.855%Apr 27, 2026Yield to maturity4.881%May 18, 2026Yield to maturity5.115%Jun 9, 2026Yield to maturity4.993%Jul 1, 2026Yield to maturity4.938%Jul 23, 2026Yield to maturity5.180%Aug 13, 2026Yield to maturity5.170%Sep 3, 2026Yield to maturity5.215%Sep 10, 2026Yield to maturity5.365%

Price history

635 trading days to Sep 10, 2026

90.092.595.097.5100.0102.5105.0107.5Feb 29, 2024Sep 10, 2026Feb 29, 2024Close99.875Mar 21, 2024Close99.500Apr 11, 2024Close96.469May 2, 2024Close95.938May 23, 2024Close97.500Jun 14, 2024Close100.250Jul 9, 2024Close98.719Jul 30, 2024Close100.031Aug 20, 2024Close104.188Sep 11, 2024Close106.219Oct 2, 2024Close104.250Oct 24, 2024Close99.469Nov 15, 2024Close97.469Dec 9, 2024Close100.313Dec 31, 2024Close95.531Jan 23, 2025Close94.656Feb 13, 2025Close96.438Mar 7, 2025Close97.906Mar 28, 2025Close98.250Apr 18, 2025Close95.969May 9, 2025Close95.688Jun 2, 2025Close93.969Jun 24, 2025Close96.063Jul 16, 2025Close93.938Aug 6, 2025Close96.688Aug 27, 2025Close95.750Sep 18, 2025Close97.969Oct 9, 2025Close97.906Oct 31, 2025Close98.563Nov 24, 2025Close98.688Dec 16, 2025Close97.063Jan 8, 2026Close96.906Jan 30, 2026Close96.594Feb 23, 2026Close98.906Mar 16, 2026Close96.406Apr 6, 2026Close95.781Apr 27, 2026Close95.500May 18, 2026Close92.875Jun 9, 2026Close94.250Jul 1, 2026Close94.875Jul 23, 2026Close92.219Aug 13, 2026Close92.344Sep 3, 2026Close91.875Sep 10, 2026Close90.281
The most recent 20 trading days of prices for 912810TZ1.
DateBidOfferClose
Sep 10, 202690.71990.68890.281
Sep 9, 202691.25091.21991.469
Sep 8, 202691.90691.87591.719
Sep 4, 202691.93891.90691.875
Sep 3, 202692.07892.06391.875
Sep 2, 202691.59491.56391.594
Sep 1, 202691.90691.87591.594
Aug 31, 202691.79791.75091.906
Aug 28, 202692.56392.53192.219
Aug 27, 202692.75092.71992.563
Aug 26, 202692.71992.68892.688
Aug 25, 202692.81392.78192.844
Aug 24, 202692.39192.37592.219
Aug 21, 202691.84491.81391.719
Aug 20, 202692.06392.03192.219
Aug 19, 202692.50092.46992.625
Aug 18, 202691.40691.37591.531
Aug 17, 202691.54791.53191.250
Aug 14, 202691.76691.75091.781
Aug 13, 202692.31392.28192.344

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 912810TZ1.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 21, 2024Feb 29, 2024New issue$16.0bn$16.7bn2.39x4.595%
Mar 19, 2024Apr 1, 2024Reopening$13.0bn$13.0bn2.79x4.542%
Apr 17, 2024Apr 30, 2024Reopening$13.0bn$13.1bn2.82x4.818%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.