Treasury bond

912810UJ5 · 4.75% due February 15, 2045

Original term
20-Year
Maturity
Feb 15, 2045
Coupon
4.750%
Pays
Semi-Annual
Dated
Feb 15, 2025
First coupon
Aug 15, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$44.86bn
Held stripped
$133.6m
Share stripped
0.30%

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
5.383%
Modified duration
11.856 yr
DV01
0.1103
Convexity
186.816
Dirty price
93.005

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 12.047 years against a modified duration of 11.856.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 25.56 cents per 100 of face.

That is -0.36 standard deviations from its own typical residual.

Yield to maturity, 385 observations

4.4%4.6%4.8%5.0%5.2%5.4%Feb 28, 2025Sep 10, 2026Feb 28, 2025Yield to maturity4.551%Mar 13, 2025Yield to maturity4.624%Mar 26, 2025Yield to maturity4.715%Apr 8, 2025Yield to maturity4.754%Apr 21, 2025Yield to maturity4.949%May 2, 2025Yield to maturity4.806%May 15, 2025Yield to maturity4.937%May 29, 2025Yield to maturity4.962%Jun 11, 2025Yield to maturity4.940%Jun 25, 2025Yield to maturity4.839%Jul 9, 2025Yield to maturity4.872%Jul 22, 2025Yield to maturity4.900%Aug 4, 2025Yield to maturity4.775%Aug 15, 2025Yield to maturity4.905%Aug 28, 2025Yield to maturity4.837%Sep 11, 2025Yield to maturity4.603%Sep 24, 2025Yield to maturity4.725%Oct 7, 2025Yield to maturity4.685%Oct 21, 2025Yield to maturity4.518%Nov 3, 2025Yield to maturity4.663%Nov 17, 2025Yield to maturity4.697%Dec 1, 2025Yield to maturity4.702%Dec 12, 2025Yield to maturity4.817%Dec 26, 2025Yield to maturity4.760%Jan 9, 2026Yield to maturity4.745%Jan 23, 2026Yield to maturity4.775%Feb 5, 2026Yield to maturity4.780%Feb 19, 2026Yield to maturity4.633%Mar 4, 2026Yield to maturity4.655%Mar 17, 2026Yield to maturity4.803%Mar 30, 2026Yield to maturity4.903%Apr 10, 2026Yield to maturity4.885%Apr 23, 2026Yield to maturity4.890%May 6, 2026Yield to maturity4.903%May 19, 2026Yield to maturity5.185%Jun 2, 2026Yield to maturity4.956%Jun 15, 2026Yield to maturity4.959%Jun 29, 2026Yield to maturity4.847%Jul 13, 2026Yield to maturity5.109%Jul 24, 2026Yield to maturity5.178%Aug 6, 2026Yield to maturity5.214%Aug 19, 2026Yield to maturity5.168%Sep 1, 2026Yield to maturity5.265%Sep 10, 2026Yield to maturity5.383%

Price history

385 trading days to Sep 10, 2026

92.595.097.5100.0102.5105.0Feb 28, 2025Sep 10, 2026Feb 28, 2025Close102.594Mar 13, 2025Close101.625Mar 26, 2025Close100.438Apr 8, 2025Close99.938Apr 21, 2025Close97.500May 2, 2025Close99.281May 15, 2025Close97.656May 29, 2025Close97.344Jun 11, 2025Close97.625Jun 25, 2025Close98.875Jul 9, 2025Close98.469Jul 22, 2025Close98.125Aug 4, 2025Close99.688Aug 15, 2025Close98.063Aug 28, 2025Close98.906Sep 11, 2025Close101.875Sep 24, 2025Close100.313Oct 7, 2025Close100.813Oct 21, 2025Close102.969Nov 3, 2025Close101.094Nov 17, 2025Close100.656Dec 1, 2025Close100.594Dec 12, 2025Close99.156Dec 26, 2025Close99.875Jan 9, 2026Close100.063Jan 23, 2026Close99.688Feb 5, 2026Close99.625Feb 19, 2026Close101.469Mar 4, 2026Close101.188Mar 17, 2026Close99.344Mar 30, 2026Close98.125Apr 10, 2026Close98.344Apr 23, 2026Close98.281May 6, 2026Close98.125May 19, 2026Close94.813Jun 2, 2026Close97.500Jun 15, 2026Close97.469Jun 29, 2026Close98.813Jul 13, 2026Close95.719Jul 24, 2026Close94.938Aug 6, 2026Close94.531Aug 19, 2026Close95.063Sep 1, 2026Close93.969Sep 10, 2026Close92.656
The most recent 20 trading days of prices for 912810UJ5.
DateBidOfferClose
Sep 10, 202693.07893.06392.656
Sep 9, 202693.62593.59493.875
Sep 8, 202694.31394.28194.125
Sep 4, 202694.35994.34494.281
Sep 3, 202694.50094.46994.281
Sep 2, 202693.98493.96994.000
Sep 1, 202694.32894.31393.969
Aug 31, 202694.20394.18894.313
Aug 28, 202695.01695.00094.656
Aug 27, 202695.17295.15694.969
Aug 26, 202695.14195.12595.094
Aug 25, 202695.21995.18895.281
Aug 24, 202694.78194.75094.594
Aug 21, 202694.23494.21994.125
Aug 20, 202694.45394.43894.656
Aug 19, 202694.90694.87595.063
Aug 18, 202693.76693.75093.906
Aug 17, 202693.92293.90693.625
Aug 14, 202694.15694.12594.188
Aug 13, 202694.73494.71994.750

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 912810UJ5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 19, 2025Feb 28, 2025New issue$16.0bn$17.6bn2.43x4.830%
Mar 18, 2025Mar 31, 2025Reopening$13.0bn$13.4bn2.78x4.632%
Apr 16, 2025Apr 30, 2025Reopening$13.0bn$13.9bn2.63x4.810%

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.