Treasury bond

912810UC0 · 4.25% due August 15, 2054

Original term
30-Year
Maturity
Aug 15, 2054
Coupon
4.250%
Pays
Semi-Annual
Dated
Aug 15, 2024
First coupon
Feb 15, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$74.27bn
Held stripped
$22.59bn
Share stripped
30.42%

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
5.401%
Modified duration
15.022 yr
DV01
0.1259
Convexity
328.193
Dirty price
83.812

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 15.166 years against a modified duration of 15.022.

Against the fitted curve

Priced 0.5 bp rich to the curve on that day, 6.38 cents per 100 of face.

That is 0.77 standard deviations from its own typical residual.

Yield to maturity, 518 observations

3.75%4.00%4.25%4.50%4.75%5.00%5.25%5.50%Aug 15, 2024Sep 10, 2026Aug 15, 2024Yield to maturity4.177%Sep 3, 2024Yield to maturity4.127%Sep 19, 2024Yield to maturity4.061%Oct 7, 2024Yield to maturity4.304%Oct 24, 2024Yield to maturity4.469%Nov 12, 2024Yield to maturity4.592%Nov 29, 2024Yield to maturity4.372%Dec 17, 2024Yield to maturity4.595%Jan 6, 2025Yield to maturity4.854%Jan 23, 2025Yield to maturity4.876%Feb 10, 2025Yield to maturity4.722%Feb 27, 2025Yield to maturity4.574%Mar 17, 2025Yield to maturity4.617%Apr 2, 2025Yield to maturity4.560%Apr 18, 2025Yield to maturity4.820%May 6, 2025Yield to maturity4.833%May 22, 2025Yield to maturity5.075%Jun 10, 2025Yield to maturity4.956%Jun 27, 2025Yield to maturity4.865%Jul 16, 2025Yield to maturity5.029%Aug 1, 2025Yield to maturity4.819%Aug 19, 2025Yield to maturity4.917%Sep 5, 2025Yield to maturity4.785%Sep 23, 2025Yield to maturity4.743%Oct 9, 2025Yield to maturity4.739%Oct 28, 2025Yield to maturity4.559%Nov 14, 2025Yield to maturity4.763%Dec 3, 2025Yield to maturity4.743%Dec 19, 2025Yield to maturity4.844%Jan 8, 2026Yield to maturity4.875%Jan 27, 2026Yield to maturity4.852%Feb 12, 2026Yield to maturity4.745%Mar 3, 2026Yield to maturity4.722%Mar 19, 2026Yield to maturity4.862%Apr 6, 2026Yield to maturity4.915%Apr 22, 2026Yield to maturity4.925%May 8, 2026Yield to maturity4.972%May 27, 2026Yield to maturity5.043%Jun 12, 2026Yield to maturity5.001%Jul 1, 2026Yield to maturity4.994%Jul 20, 2026Yield to maturity5.138%Aug 5, 2026Yield to maturity5.207%Aug 21, 2026Yield to maturity5.307%Sep 9, 2026Yield to maturity5.310%Sep 10, 2026Yield to maturity5.401%

Price history

518 trading days to Sep 10, 2026

80859095100105110Aug 15, 2024Sep 10, 2026Aug 15, 2024Close101.250Sep 3, 2024Close102.094Sep 19, 2024Close103.250Oct 7, 2024Close99.094Oct 24, 2024Close96.406Nov 12, 2024Close94.469Nov 29, 2024Close97.969Dec 17, 2024Close94.438Jan 6, 2025Close90.563Jan 23, 2025Close90.250Feb 10, 2025Close92.531Feb 27, 2025Close94.781Mar 17, 2025Close94.125Apr 2, 2025Close95.000Apr 18, 2025Close91.094May 6, 2025Close90.906May 22, 2025Close87.500Jun 10, 2025Close89.156Jun 27, 2025Close90.469Jul 16, 2025Close88.156Aug 1, 2025Close91.156Aug 19, 2025Close89.750Sep 5, 2025Close91.656Sep 23, 2025Close92.281Oct 9, 2025Close92.344Oct 28, 2025Close95.063Nov 14, 2025Close92.000Dec 3, 2025Close92.313Dec 19, 2025Close90.844Jan 8, 2026Close90.406Jan 27, 2026Close90.750Feb 12, 2026Close92.313Mar 3, 2026Close92.656Mar 19, 2026Close90.625Apr 6, 2026Close89.875Apr 22, 2026Close89.750May 8, 2026Close89.094May 27, 2026Close88.125Jun 12, 2026Close88.719Jul 1, 2026Close88.813Jul 20, 2026Close86.875Aug 5, 2026Close85.969Aug 21, 2026Close84.688Sep 9, 2026Close84.656Sep 10, 2026Close83.500
The most recent 20 trading days of prices for 912810UC0.
DateBidOfferClose
Sep 10, 202683.85983.84483.500
Sep 9, 202684.45384.43884.656
Sep 8, 202685.14185.12585.000
Sep 4, 202685.17285.15685.125
Sep 3, 202685.28185.25085.063
Sep 2, 202684.79784.78184.781
Sep 1, 202685.10985.09484.781
Aug 31, 202684.89184.87585.063
Aug 28, 202685.92285.90685.469
Aug 27, 202685.98485.96985.813
Aug 26, 202685.95385.93885.938
Aug 25, 202685.98485.96986.094
Aug 24, 202685.46985.43885.281
Aug 21, 202684.82884.81384.688
Aug 20, 202685.04785.03185.250
Aug 19, 202685.59485.56385.719
Aug 18, 202684.32884.31384.500
Aug 17, 202684.51684.50084.188
Aug 14, 202684.79784.78184.875
Aug 13, 202685.48485.46985.469

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 912810UC0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 8, 2024Aug 15, 2024New issue$25.0bn$29.8bn2.31x4.314%
Sep 12, 2024Sep 16, 2024Reopening$22.0bn$22.2bn2.38x4.015%
Oct 10, 2024Oct 15, 2024Reopening$22.0bn$22.3bn2.50x4.389%

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.