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: Nov 9, 2026
Analyzed through: Nov 9, 2026

Statement of October 31, 2026

Amount outstanding: $42.72bn
Held stripped: $44.0m
Share stripped: 0.10%

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: 5.263%
Modified duration: 11.480 yr
DV01: 0.1062
Convexity: 1.73
Dirty price: 92.470

Where its rate sensitivity sits

0.01

0.04

0.09

0.21

0.38

0.63

1.21

5.52

3.59

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 11.684 years against a modified duration of 11.480.

Against the fitted curve

Priced 2.7 bp cheap to the curve on that day, 28.73 cents per 100 of face.

That is -0.12 standard deviations from its own typical residual.

Yield to maturity, 674 observations

Price history

674 trading days to Nov 9, 2026

The most recent 20 trading days of prices for 912810TZ1.
Date	Bid	Offer	Close
Nov 9, 2026	91.375	91.422	91.406
Nov 6, 2026	91.500	91.531	91.469
Nov 5, 2026	91.594	91.641	91.625
Nov 4, 2026	90.969	91.016	91.281
Nov 3, 2026	90.875	90.938	90.750
Nov 2, 2026	91.469	91.500	91.156
Oct 30, 2026	90.781	90.828	90.875
Oct 29, 2026	90.688	90.734	90.688
Oct 28, 2026	90.438	90.469	90.000
Oct 27, 2026	90.719	90.766	90.750
Oct 26, 2026	90.656	90.688	90.656
Oct 23, 2026	90.563	90.609	90.469
Oct 22, 2026	90.406	90.453	90.969
Oct 21, 2026	89.469	89.500	89.375
Oct 20, 2026	89.313	89.359	89.344
Oct 19, 2026	88.906	88.953	88.750
Oct 16, 2026	89.469	89.516	89.344
Oct 15, 2026	89.250	89.297	89.219
Oct 14, 2026	87.781	87.813	88.313
Oct 13, 2026	87.938	87.969	88.000

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 912810TZ1.
Auction date	Issued	Type	Offered	Accepted	Bid to cover	High yield
Feb 21, 2024	Feb 29, 2024	New issue	$16.0bn	$16.7bn	2.39x	4.595%
Mar 19, 2024	Apr 1, 2024	Reopening	$13.0bn	$13.0bn	2.79x	4.542%
Apr 17, 2024	Apr 30, 2024	Reopening	$13.0bn	$13.1bn	2.82x	4.818%

The curve this was priced against →