Treasury bond

912810UA4 · 4.625% due May 15, 2054

Original term
30-Year
Maturity
May 15, 2054
Coupon
4.625%
Pays
Semi-Annual
Dated
May 15, 2024
First coupon
Nov 15, 2024
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$76.42bn
Held stripped
$15.21bn
Share stripped
19.91%

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
5.397%
Modified duration
14.510 yr
DV01
0.1313
Convexity
311.601
Dirty price
90.464

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 12 of twelve buckets, summing to 14.638 years against a modified duration of 14.510.

Against the fitted curve

Priced 0.6 bp rich to the curve on that day, 8.45 cents per 100 of face.

That is 0.68 standard deviations from its own typical residual.

Yield to maturity, 581 observations

3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%May 15, 2024Sep 10, 2026May 15, 2024Yield to maturity4.516%Jun 5, 2024Yield to maturity4.445%Jun 26, 2024Yield to maturity4.448%Jul 17, 2024Yield to maturity4.367%Aug 6, 2024Yield to maturity4.178%Aug 26, 2024Yield to maturity4.112%Sep 16, 2024Yield to maturity3.941%Oct 4, 2024Yield to maturity4.266%Oct 25, 2024Yield to maturity4.511%Nov 15, 2024Yield to maturity4.613%Dec 6, 2024Yield to maturity4.347%Dec 27, 2024Yield to maturity4.829%Jan 17, 2025Yield to maturity4.854%Feb 7, 2025Yield to maturity4.704%Feb 28, 2025Yield to maturity4.533%Mar 20, 2025Yield to maturity4.574%Apr 9, 2025Yield to maturity4.744%Apr 29, 2025Yield to maturity4.664%May 19, 2025Yield to maturity4.950%Jun 9, 2025Yield to maturity4.986%Jun 30, 2025Yield to maturity4.802%Jul 21, 2025Yield to maturity4.959%Aug 8, 2025Yield to maturity4.868%Aug 28, 2025Yield to maturity4.891%Sep 18, 2025Yield to maturity4.731%Oct 8, 2025Yield to maturity4.733%Oct 29, 2025Yield to maturity4.615%Nov 19, 2025Yield to maturity4.764%Dec 10, 2025Yield to maturity4.799%Dec 31, 2025Yield to maturity4.857%Jan 22, 2026Yield to maturity4.855%Feb 11, 2026Yield to maturity4.828%Mar 4, 2026Yield to maturity4.736%Mar 24, 2026Yield to maturity4.962%Apr 13, 2026Yield to maturity4.918%May 1, 2026Yield to maturity4.991%May 21, 2026Yield to maturity5.124%Jun 11, 2026Yield to maturity4.975%Jul 2, 2026Yield to maturity5.012%Jul 23, 2026Yield to maturity5.200%Aug 12, 2026Yield to maturity5.276%Sep 1, 2026Yield to maturity5.297%Sep 10, 2026Yield to maturity5.397%

Price history

581 trading days to Sep 10, 2026

859095100105110115May 15, 2024Sep 10, 2026May 15, 2024Close101.781Jun 5, 2024Close102.969Jun 26, 2024Close102.906Jul 17, 2024Close104.281Aug 6, 2024Close107.563Aug 26, 2024Close108.750Sep 16, 2024Close111.906Oct 4, 2024Close106.000Oct 25, 2024Close101.844Nov 15, 2024Close100.188Dec 6, 2024Close104.594Dec 27, 2024Close96.813Jan 17, 2025Close96.438Feb 7, 2025Close98.750Feb 28, 2025Close101.469Mar 20, 2025Close100.813Apr 9, 2025Close98.125Apr 29, 2025Close99.375May 19, 2025Close95.031Jun 9, 2025Close94.500Jun 30, 2025Close97.250Jul 21, 2025Close94.906Aug 8, 2025Close96.250Aug 28, 2025Close95.906Sep 18, 2025Close98.344Oct 8, 2025Close98.313Oct 29, 2025Close100.156Nov 19, 2025Close97.844Dec 10, 2025Close97.313Dec 31, 2025Close96.438Jan 22, 2026Close96.469Feb 11, 2026Close96.875Mar 4, 2026Close98.281Mar 24, 2026Close94.906Apr 13, 2026Close95.563May 1, 2026Close94.500May 21, 2026Close92.625Jun 11, 2026Close94.750Jul 2, 2026Close94.219Jul 23, 2026Close91.594Aug 12, 2026Close90.563Sep 1, 2026Close90.281Sep 10, 2026Close88.969
The most recent 20 trading days of prices for 912810UA4.
DateBidOfferClose
Sep 10, 202689.31389.28188.969
Sep 9, 202689.93889.90690.156
Sep 8, 202690.65690.62590.500
Sep 4, 202690.68890.65690.625
Sep 3, 202690.81390.78190.594
Sep 2, 202690.29790.28190.281
Sep 1, 202690.64190.62590.281
Aug 31, 202690.42290.40690.563
Aug 28, 202691.48491.46991.000
Aug 27, 202691.56391.53191.375
Aug 26, 202691.54791.53191.500
Aug 25, 202691.57891.56391.656
Aug 24, 202691.04791.03190.844
Aug 21, 202690.35990.34490.219
Aug 20, 202690.59490.56390.813
Aug 19, 202691.17291.15691.313
Aug 18, 202689.84489.81390.031
Aug 17, 202690.04790.03189.719
Aug 14, 202690.32890.31390.406
Aug 13, 202691.03191.00091.031

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 912810UA4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 9, 2024May 15, 2024New issue$25.0bn$28.1bn2.41x4.635%
Jun 13, 2024Jun 17, 2024Reopening$22.0bn$22.7bn2.49x4.403%
Jul 11, 2024Jul 15, 2024Reopening$22.0bn$25.6bn2.30x4.405%

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.