Treasury bond

912810UB2 · 4.625% due May 15, 2044

Original term
20-Year
Maturity
May 15, 2044
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
$44.11bn
Held stripped
$118.1m
Share stripped
0.27%

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
5.367%
Modified duration
11.490 yr
DV01
0.1070
Convexity
175.624
Dirty price
93.089

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 11.685 years against a modified duration of 11.490.

Against the fitted curve

Priced 2.6 bp cheap to the curve on that day, 27.94 cents per 100 of face.

That is -0.41 standard deviations from its own typical residual.

Yield to maturity, 570 observations

4.00%4.25%4.50%4.75%5.00%5.25%5.50%May 31, 2024Sep 10, 2026May 31, 2024Yield to maturity4.727%Jun 20, 2024Yield to maturity4.495%Jul 10, 2024Yield to maturity4.576%Jul 29, 2024Yield to maturity4.512%Aug 15, 2024Yield to maturity4.278%Sep 4, 2024Yield to maturity4.148%Sep 23, 2024Yield to maturity4.133%Oct 10, 2024Yield to maturity4.435%Oct 30, 2024Yield to maturity4.596%Nov 19, 2024Yield to maturity4.664%Dec 9, 2024Yield to maturity4.479%Dec 27, 2024Yield to maturity4.909%Jan 16, 2025Yield to maturity4.922%Feb 5, 2025Yield to maturity4.689%Feb 25, 2025Yield to maturity4.607%Mar 14, 2025Yield to maturity4.657%Apr 2, 2025Yield to maturity4.573%Apr 21, 2025Yield to maturity4.943%May 8, 2025Yield to maturity4.856%May 28, 2025Yield to maturity5.005%Jun 16, 2025Yield to maturity4.974%Jul 7, 2025Yield to maturity4.922%Jul 24, 2025Yield to maturity4.941%Aug 12, 2025Yield to maturity4.844%Aug 29, 2025Yield to maturity4.847%Sep 18, 2025Yield to maturity4.673%Oct 7, 2025Yield to maturity4.673%Oct 27, 2025Yield to maturity4.522%Nov 14, 2025Yield to maturity4.696%Dec 4, 2025Yield to maturity4.699%Dec 23, 2025Yield to maturity4.761%Jan 13, 2026Yield to maturity4.732%Feb 2, 2026Yield to maturity4.824%Feb 20, 2026Yield to maturity4.632%Mar 11, 2026Yield to maturity4.793%Mar 30, 2026Yield to maturity4.886%Apr 16, 2026Yield to maturity4.874%May 5, 2026Yield to maturity4.952%May 22, 2026Yield to maturity5.054%Jun 11, 2026Yield to maturity4.926%Jul 1, 2026Yield to maturity4.943%Jul 21, 2026Yield to maturity5.117%Aug 7, 2026Yield to maturity5.175%Aug 26, 2026Yield to maturity5.147%Sep 10, 2026Yield to maturity5.367%

Price history

570 trading days to Sep 10, 2026

9095100105110May 31, 2024Sep 10, 2026May 31, 2024Close98.688Jun 20, 2024Close101.688Jul 10, 2024Close100.625Jul 29, 2024Close101.469Aug 15, 2024Close104.594Sep 4, 2024Close106.375Sep 23, 2024Close106.563Oct 10, 2024Close102.469Oct 30, 2024Close100.375Nov 19, 2024Close99.500Dec 9, 2024Close101.875Dec 27, 2024Close96.469Jan 16, 2025Close96.313Feb 5, 2025Close99.188Feb 25, 2025Close100.219Mar 14, 2025Close99.594Apr 2, 2025Close100.656Apr 21, 2025Close96.094May 8, 2025Close97.156May 28, 2025Close95.375Jun 16, 2025Close95.750Jul 7, 2025Close96.375Jul 24, 2025Close96.156Aug 12, 2025Close97.313Aug 29, 2025Close97.281Sep 18, 2025Close99.406Oct 7, 2025Close99.406Oct 27, 2025Close101.281Nov 14, 2025Close99.125Dec 4, 2025Close99.094Dec 23, 2025Close98.344Jan 13, 2026Close98.688Feb 2, 2026Close97.594Feb 20, 2026Close99.906Mar 11, 2026Close97.969Mar 30, 2026Close96.875Apr 16, 2026Close97.031May 5, 2026Close96.125May 22, 2026Close94.969Jun 11, 2026Close96.438Jul 1, 2026Close96.250Jul 21, 2026Close94.281Aug 7, 2026Close93.656Aug 26, 2026Close93.969Sep 10, 2026Close91.594
The most recent 20 trading days of prices for 912810UB2.
DateBidOfferClose
Sep 10, 202692.00091.96991.594
Sep 9, 202692.54792.50092.781
Sep 8, 202693.23493.21993.031
Sep 4, 202693.26693.25093.188
Sep 3, 202693.40693.37593.188
Sep 2, 202692.92292.90692.906
Sep 1, 202693.23493.21992.906
Aug 31, 202693.09493.06393.219
Aug 28, 202693.87593.84493.531
Aug 27, 202694.04794.03193.875
Aug 26, 202694.03194.00093.969
Aug 25, 202694.10994.09494.156
Aug 24, 202693.67293.65693.500
Aug 21, 202693.12593.09493.031
Aug 20, 202693.34493.31393.531
Aug 19, 202693.78193.75093.938
Aug 18, 202692.70392.68892.813
Aug 17, 202692.84492.81392.563
Aug 14, 202693.06393.03193.094
Aug 13, 202693.64193.62593.656

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 912810UB2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 22, 2024May 31, 2024New issue$16.0bn$16.9bn2.51x4.635%
Jun 18, 2024Jul 1, 2024Reopening$13.0bn$13.5bn2.74x4.452%
Jul 17, 2024Jul 31, 2024Reopening$13.0bn$13.7bn2.68x4.466%

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.