Treasury bond

912810UF3 · 4.625% due November 15, 2044

Original term
20-Year
Maturity
Nov 15, 2044
Coupon
4.625%
Pays
Semi-Annual
Dated
Nov 15, 2024
First coupon
May 15, 2025
Priced through
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$43.90bn
Held stripped
$126.2m
Share stripped
0.29%

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
5.281%
Modified duration
11.566 yr
DV01
0.1095
Convexity
1.8
Dirty price
94.687

Where its rate sensitivity sits

0.01
0.04
0.09
0.21
0.38
0.63
1.22
4.45
4.73
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 9 of twelve buckets, summing to 11.758 years against a modified duration of 11.566.

Against the fitted curve

Priced 2.5 bp cheap to the curve on that day, 27.25 cents per 100 of face.

That is -0.24 standard deviations from its own typical residual.

Yield to maturity, 485 observations

4.25%4.50%4.75%5.00%5.25%5.50%5.75%Dec 2, 2024Nov 9, 2026Dec 2, 2024Yield to maturity4.458%Dec 5, 2024Yield to maturity4.425%Dec 10, 2024Yield to maturity4.486%Dec 13, 2024Yield to maturity4.693%Dec 18, 2024Yield to maturity4.754%Dec 23, 2024Yield to maturity4.859%Dec 27, 2024Yield to maturity4.900%Jan 2, 2025Yield to maturity4.859%Jan 7, 2025Yield to maturity4.976%Jan 10, 2025Yield to maturity5.041%Jan 15, 2025Yield to maturity4.951%Jan 21, 2025Yield to maturity4.872%Jan 24, 2025Yield to maturity4.918%Jan 29, 2025Yield to maturity4.850%Feb 3, 2025Yield to maturity4.825%Feb 6, 2025Yield to maturity4.700%Feb 11, 2025Yield to maturity4.802%Feb 14, 2025Yield to maturity4.755%Feb 20, 2025Yield to maturity4.800%Feb 25, 2025Yield to maturity4.617%Feb 28, 2025Yield to maturity4.574%Mar 5, 2025Yield to maturity4.632%Mar 10, 2025Yield to maturity4.595%Mar 13, 2025Yield to maturity4.644%Mar 18, 2025Yield to maturity4.627%Mar 21, 2025Yield to maturity4.620%Mar 26, 2025Yield to maturity4.723%Mar 31, 2025Yield to maturity4.622%Apr 3, 2025Yield to maturity4.511%Apr 8, 2025Yield to maturity4.761%Apr 11, 2025Yield to maturity4.918%Apr 16, 2025Yield to maturity4.786%Apr 22, 2025Yield to maturity4.918%Apr 25, 2025Yield to maturity4.758%Apr 30, 2025Yield to maturity4.681%May 5, 2025Yield to maturity4.847%May 8, 2025Yield to maturity4.867%May 13, 2025Yield to maturity4.976%May 16, 2025Yield to maturity4.924%May 21, 2025Yield to maturity5.112%May 27, 2025Yield to maturity4.978%May 30, 2025Yield to maturity4.958%Jun 4, 2025Yield to maturity4.911%Jun 9, 2025Yield to maturity4.992%Jun 12, 2025Yield to maturity4.865%Jun 17, 2025Yield to maturity4.906%Jun 23, 2025Yield to maturity4.878%Jun 26, 2025Yield to maturity4.820%Jul 1, 2025Yield to maturity4.789%Jul 7, 2025Yield to maturity4.933%Jul 10, 2025Yield to maturity4.868%Jul 15, 2025Yield to maturity5.027%Jul 18, 2025Yield to maturity5.001%Jul 23, 2025Yield to maturity4.941%Jul 28, 2025Yield to maturity4.956%Jul 31, 2025Yield to maturity4.889%Aug 5, 2025Yield to maturity4.759%Aug 8, 2025Yield to maturity4.835%Aug 13, 2025Yield to maturity4.805%Aug 18, 2025Yield to maturity4.918%Aug 21, 2025Yield to maturity4.903%Aug 26, 2025Yield to maturity4.869%Aug 29, 2025Yield to maturity4.864%Sep 4, 2025Yield to maturity4.808%Sep 9, 2025Yield to maturity4.664%Sep 12, 2025Yield to maturity4.637%Sep 17, 2025Yield to maturity4.620%Sep 22, 2025Yield to maturity4.730%Sep 25, 2025Yield to maturity4.725%Sep 30, 2025Yield to maturity4.702%Oct 3, 2025Yield to maturity4.677%Oct 8, 2025Yield to maturity4.685%Oct 14, 2025Yield to maturity4.580%Oct 17, 2025Yield to maturity4.568%Oct 22, 2025Yield to maturity4.509%Oct 27, 2025Yield to maturity4.536%Oct 30, 2025Yield to maturity4.625%Nov 4, 2025Yield to maturity4.637%Nov 7, 2025Yield to maturity4.660%Nov 13, 2025Yield to maturity4.670%Nov 18, 2025Yield to maturity4.700%Nov 21, 2025Yield to maturity4.665%Nov 26, 2025Yield to maturity4.590%Dec 2, 2025Yield to maturity4.698%Dec 5, 2025Yield to maturity4.748%Dec 10, 2025Yield to maturity4.743%Dec 15, 2025Yield to maturity4.799%Dec 18, 2025Yield to maturity4.746%Dec 23, 2025Yield to maturity4.774%Dec 29, 2025Yield to maturity4.738%Jan 2, 2026Yield to maturity4.794%Jan 7, 2026Yield to maturity4.738%Jan 12, 2026Yield to maturity4.761%Jan 15, 2026Yield to maturity4.720%Jan 21, 2026Yield to maturity4.815%Jan 26, 2026Yield to maturity4.743%Jan 29, 2026Yield to maturity4.792%Feb 3, 2026Yield to maturity4.834%Feb 6, 2026Yield to maturity4.777%Feb 11, 2026Yield to maturity4.741%Feb 17, 2026Yield to maturity4.607%Feb 20, 2026Yield to maturity4.650%Feb 25, 2026Yield to maturity4.617%Mar 2, 2026Yield to maturity4.619%Mar 5, 2026Yield to maturity4.693%Mar 10, 2026Yield to maturity4.723%Mar 13, 2026Yield to maturity4.882%Mar 18, 2026Yield to maturity4.845%Mar 23, 2026Yield to maturity4.929%Mar 26, 2026Yield to maturity4.956%Mar 31, 2026Yield to maturity4.861%Apr 3, 2026Yield to maturity4.903%Apr 8, 2026Yield to maturity4.856%Apr 13, 2026Yield to maturity4.861%Apr 16, 2026Yield to maturity4.888%Apr 21, 2026Yield to maturity4.856%Apr 24, 2026Yield to maturity4.867%Apr 29, 2026Yield to maturity4.960%May 4, 2026Yield to maturity5.000%May 7, 2026Yield to maturity4.944%May 12, 2026Yield to maturity5.006%May 15, 2026Yield to maturity5.126%May 20, 2026Yield to maturity5.107%May 26, 2026Yield to maturity5.020%May 29, 2026Yield to maturity4.969%Jun 3, 2026Yield to maturity4.985%Jun 8, 2026Yield to maturity5.039%Jun 11, 2026Yield to maturity4.942%Jun 16, 2026Yield to maturity4.910%Jun 22, 2026Yield to maturity4.953%Jun 25, 2026Yield to maturity4.852%Jun 30, 2026Yield to maturity4.908%Jul 6, 2026Yield to maturity4.972%Jul 9, 2026Yield to maturity5.051%Jul 14, 2026Yield to maturity5.078%Jul 17, 2026Yield to maturity5.054%Jul 22, 2026Yield to maturity5.164%Jul 27, 2026Yield to maturity5.140%Jul 30, 2026Yield to maturity5.209%Aug 4, 2026Yield to maturity5.170%Aug 7, 2026Yield to maturity5.190%Aug 12, 2026Yield to maturity5.232%Aug 17, 2026Yield to maturity5.289%Aug 20, 2026Yield to maturity5.202%Aug 25, 2026Yield to maturity5.144%Aug 28, 2026Yield to maturity5.200%Sep 2, 2026Yield to maturity5.259%Sep 8, 2026Yield to maturity5.248%Sep 11, 2026Yield to maturity5.377%Sep 16, 2026Yield to maturity5.389%Sep 21, 2026Yield to maturity5.323%Sep 24, 2026Yield to maturity5.535%Sep 29, 2026Yield to maturity5.640%Oct 2, 2026Yield to maturity5.680%Oct 7, 2026Yield to maturity5.717%Oct 13, 2026Yield to maturity5.606%Oct 16, 2026Yield to maturity5.476%Oct 21, 2026Yield to maturity5.470%Oct 26, 2026Yield to maturity5.351%Oct 29, 2026Yield to maturity5.349%Nov 3, 2026Yield to maturity5.343%Nov 6, 2026Yield to maturity5.275%Nov 9, 2026Yield to maturity5.281%

Price history

485 trading days to Nov 9, 2026

87.590.092.595.097.5100.0102.5105.0Dec 2, 2024Nov 9, 2026Dec 2, 2024Close102.188Dec 5, 2024Close102.625Dec 10, 2024Close101.813Dec 13, 2024Close99.125Dec 18, 2024Close98.344Dec 23, 2024Close97.031Dec 27, 2024Close96.531Jan 2, 2025Close97.031Jan 7, 2025Close95.594Jan 10, 2025Close94.813Jan 15, 2025Close95.906Jan 21, 2025Close96.875Jan 24, 2025Close96.313Jan 29, 2025Close97.156Feb 3, 2025Close97.469Feb 6, 2025Close99.031Feb 11, 2025Close97.750Feb 14, 2025Close98.344Feb 20, 2025Close97.781Feb 25, 2025Close100.094Feb 28, 2025Close100.656Mar 5, 2025Close99.906Mar 10, 2025Close100.375Mar 13, 2025Close99.750Mar 18, 2025Close99.969Mar 21, 2025Close100.063Mar 26, 2025Close98.750Mar 31, 2025Close100.031Apr 3, 2025Close101.469Apr 8, 2025Close98.281Apr 11, 2025Close96.344Apr 16, 2025Close97.969Apr 22, 2025Close96.344Apr 25, 2025Close98.313Apr 30, 2025Close99.281May 5, 2025Close97.219May 8, 2025Close96.969May 13, 2025Close95.656May 16, 2025Close96.281May 21, 2025Close94.031May 27, 2025Close95.625May 30, 2025Close95.875Jun 4, 2025Close96.438Jun 9, 2025Close95.469Jun 12, 2025Close97.000Jun 17, 2025Close96.500Jun 23, 2025Close96.844Jun 26, 2025Close97.563Jul 1, 2025Close97.938Jul 7, 2025Close96.188Jul 10, 2025Close96.969Jul 15, 2025Close95.063Jul 18, 2025Close95.375Jul 23, 2025Close96.094Jul 28, 2025Close95.906Jul 31, 2025Close96.719Aug 5, 2025Close98.313Aug 8, 2025Close97.375Aug 13, 2025Close97.750Aug 18, 2025Close96.375Aug 21, 2025Close96.563Aug 26, 2025Close96.969Aug 29, 2025Close97.031Sep 4, 2025Close97.719Sep 9, 2025Close99.500Sep 12, 2025Close99.844Sep 17, 2025Close100.063Sep 22, 2025Close98.688Sep 25, 2025Close98.750Sep 30, 2025Close99.031Oct 3, 2025Close99.344Oct 8, 2025Close99.250Oct 14, 2025Close100.563Oct 17, 2025Close100.719Oct 22, 2025Close101.469Oct 27, 2025Close101.125Oct 30, 2025Close100.000Nov 4, 2025Close99.844Nov 7, 2025Close99.563Nov 13, 2025Close99.438Nov 18, 2025Close99.063Nov 21, 2025Close99.500Nov 26, 2025Close100.438Dec 2, 2025Close99.094Dec 5, 2025Close98.469Dec 10, 2025Close98.531Dec 15, 2025Close97.844Dec 18, 2025Close98.500Dec 23, 2025Close98.156Dec 29, 2025Close98.594Jan 2, 2026Close97.906Jan 7, 2026Close98.594Jan 12, 2026Close98.313Jan 15, 2026Close98.813Jan 21, 2026Close97.656Jan 26, 2026Close98.531Jan 29, 2026Close97.938Feb 3, 2026Close97.438Feb 6, 2026Close98.125Feb 11, 2026Close98.563Feb 17, 2026Close100.219Feb 20, 2026Close99.688Feb 25, 2026Close100.094Mar 2, 2026Close100.063Mar 5, 2026Close99.156Mar 10, 2026Close98.781Mar 13, 2026Close96.875Mar 18, 2026Close97.313Mar 23, 2026Close96.313Mar 26, 2026Close96.000Mar 31, 2026Close97.125Apr 3, 2026Close96.625Apr 8, 2026Close97.188Apr 13, 2026Close97.125Apr 16, 2026Close96.813Apr 21, 2026Close97.188Apr 24, 2026Close97.063Apr 29, 2026Close95.969May 4, 2026Close95.500May 7, 2026Close96.156May 12, 2026Close95.438May 15, 2026Close94.063May 20, 2026Close94.281May 26, 2026Close95.281May 29, 2026Close95.875Jun 3, 2026Close95.688Jun 8, 2026Close95.063Jun 11, 2026Close96.188Jun 16, 2026Close96.563Jun 22, 2026Close96.063Jun 25, 2026Close97.250Jun 30, 2026Close96.594Jul 6, 2026Close95.844Jul 9, 2026Close94.938Jul 14, 2026Close94.625Jul 17, 2026Close94.906Jul 22, 2026Close93.656Jul 27, 2026Close93.938Jul 30, 2026Close93.156Aug 4, 2026Close93.594Aug 7, 2026Close93.375Aug 12, 2026Close92.906Aug 17, 2026Close92.281Aug 20, 2026Close93.250Aug 25, 2026Close93.906Aug 28, 2026Close93.281Sep 2, 2026Close92.625Sep 8, 2026Close92.750Sep 11, 2026Close91.344Sep 16, 2026Close91.219Sep 21, 2026Close91.938Sep 24, 2026Close89.656Sep 29, 2026Close88.563Oct 2, 2026Close88.156Oct 7, 2026Close87.781Oct 13, 2026Close88.938Oct 16, 2026Close90.313Oct 21, 2026Close90.375Oct 26, 2026Close91.656Oct 29, 2026Close91.688Nov 3, 2026Close91.750Nov 6, 2026Close92.500Nov 9, 2026Close92.438
The most recent 20 trading days of prices for 912810UF3.
DateBidOfferClose
Nov 9, 202692.43892.46992.438
Nov 6, 202692.53192.56392.500
Nov 5, 202692.65692.68892.656
Nov 4, 202692.00092.03192.313
Nov 3, 202691.87591.92291.750
Nov 2, 202692.50092.53192.188
Oct 30, 202691.81391.82891.875
Oct 29, 202691.71991.75091.688
Oct 28, 202691.43891.46991.000
Oct 27, 202691.71991.75091.781
Oct 26, 202691.65691.70391.656
Oct 23, 202691.56391.59491.469
Oct 22, 202691.40691.43891.969
Oct 21, 202690.43890.46990.375
Oct 20, 202690.31390.34490.344
Oct 19, 202689.90689.93889.719
Oct 16, 202690.43890.48490.313
Oct 15, 202690.25090.29790.188
Oct 14, 202688.71988.75089.250
Oct 13, 202688.87588.90688.938

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 912810UF3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 20, 2024Dec 2, 2024New issue$16.0bn$17.1bn2.34x4.680%
Dec 17, 2024Dec 31, 2024Reopening$13.0bn$13.1bn2.50x4.686%
Jan 22, 2025Jan 31, 2025Reopening$13.0bn$13.7bn2.75x4.900%

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.