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
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$43.92bn
Held stripped
$118.0m
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
5.382%
Modified duration
11.678 yr
DV01
0.1083
Convexity
182.513
Dirty price
92.777

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 11.872 years against a modified duration of 11.678.

Against the fitted curve

Priced 2.7 bp cheap to the curve on that day, 29.68 cents per 100 of face.

That is -0.17 standard deviations from its own typical residual.

Yield to maturity, 445 observations

4.4%4.6%4.8%5.0%5.2%5.4%Dec 2, 2024Sep 10, 2026Dec 2, 2024Yield to maturity4.458%Dec 17, 2024Yield to maturity4.673%Jan 3, 2025Yield to maturity4.887%Jan 21, 2025Yield to maturity4.872%Feb 5, 2025Yield to maturity4.695%Feb 21, 2025Yield to maturity4.723%Mar 10, 2025Yield to maturity4.595%Mar 25, 2025Yield to maturity4.683%Apr 9, 2025Yield to maturity4.781%Apr 24, 2025Yield to maturity4.796%May 9, 2025Yield to maturity4.870%May 27, 2025Yield to maturity4.978%Jun 11, 2025Yield to maturity4.937%Jun 27, 2025Yield to maturity4.853%Jul 15, 2025Yield to maturity5.027%Jul 30, 2025Yield to maturity4.897%Aug 14, 2025Yield to maturity4.856%Aug 29, 2025Yield to maturity4.864%Sep 16, 2025Yield to maturity4.607%Oct 1, 2025Yield to maturity4.679%Oct 17, 2025Yield to maturity4.568%Nov 3, 2025Yield to maturity4.657%Nov 19, 2025Yield to maturity4.708%Dec 5, 2025Yield to maturity4.748%Dec 22, 2025Yield to maturity4.784%Jan 8, 2026Yield to maturity4.777%Jan 26, 2026Yield to maturity4.743%Feb 10, 2026Yield to maturity4.708%Feb 26, 2026Yield to maturity4.584%Mar 13, 2026Yield to maturity4.882%Mar 30, 2026Yield to maturity4.903%Apr 14, 2026Yield to maturity4.822%Apr 29, 2026Yield to maturity4.960%May 14, 2026Yield to maturity4.998%Jun 1, 2026Yield to maturity4.977%Jun 16, 2026Yield to maturity4.910%Jul 2, 2026Yield to maturity4.980%Jul 20, 2026Yield to maturity5.101%Aug 4, 2026Yield to maturity5.170%Aug 19, 2026Yield to maturity5.166%Sep 3, 2026Yield to maturity5.234%Sep 10, 2026Yield to maturity5.382%

Price history

445 trading days to Sep 10, 2026

90.092.595.097.5100.0102.5105.0Dec 2, 2024Sep 10, 2026Dec 2, 2024Close102.188Dec 17, 2024Close99.375Jan 3, 2025Close96.688Jan 21, 2025Close96.875Feb 5, 2025Close99.094Feb 21, 2025Close98.750Mar 10, 2025Close100.375Mar 25, 2025Close99.250Apr 9, 2025Close98.031Apr 24, 2025Close97.844May 9, 2025Close96.938May 27, 2025Close95.625Jun 11, 2025Close96.125Jun 27, 2025Close97.156Jul 15, 2025Close95.063Jul 30, 2025Close96.625Aug 14, 2025Close97.125Aug 29, 2025Close97.031Sep 16, 2025Close100.219Oct 1, 2025Close99.313Oct 17, 2025Close100.719Nov 3, 2025Close99.594Nov 19, 2025Close98.969Dec 5, 2025Close98.469Dec 22, 2025Close98.031Jan 8, 2026Close98.125Jan 26, 2026Close98.531Feb 10, 2026Close98.969Feb 26, 2026Close100.500Mar 13, 2026Close96.875Mar 30, 2026Close96.625Apr 14, 2026Close97.594Apr 29, 2026Close95.969May 14, 2026Close95.531Jun 1, 2026Close95.781Jun 16, 2026Close96.563Jul 2, 2026Close95.750Jul 20, 2026Close94.375Aug 4, 2026Close93.594Aug 19, 2026Close93.656Sep 3, 2026Close92.906Sep 10, 2026Close91.281
The most recent 20 trading days of prices for 912810UF3.
DateBidOfferClose
Sep 10, 202691.70391.68891.281
Sep 9, 202692.25092.21992.500
Sep 8, 202692.92292.90692.750
Sep 4, 202692.96992.93892.906
Sep 3, 202693.12593.09492.906
Sep 2, 202692.60992.59492.625
Sep 1, 202692.93892.90692.594
Aug 31, 202692.81392.78192.938
Aug 28, 202693.62593.59493.281
Aug 27, 202693.78193.75093.594
Aug 26, 202693.76693.75093.719
Aug 25, 202693.84493.81393.906
Aug 24, 202693.40693.37593.219
Aug 21, 202692.85992.84492.750
Aug 20, 202693.07893.06393.250
Aug 19, 202693.53193.50093.656
Aug 18, 202692.42292.40692.531
Aug 17, 202692.56392.53192.281
Aug 14, 202692.79792.78192.813
Aug 13, 202693.37593.34493.406

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 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.