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
Nov 9, 2026
Analyzed through
Nov 9, 2026

Statement of October 31, 2026

Amount outstanding
$44.66bn
Held stripped
$86.4m
Share stripped
0.19%

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
5.284%
Modified duration
11.743 yr
DV01
0.1114
Convexity
1.84
Dirty price
94.904

Where its rate sensitivity sits

0.01
0.01
0.04
0.09
0.21
0.39
0.64
1.25
4.14
5.15
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 11.934 years against a modified duration of 11.743.

Against the fitted curve

Priced 2.3 bp cheap to the curve on that day, 25.96 cents per 100 of face.

That is -0.13 standard deviations from its own typical residual.

Yield to maturity, 425 observations

4.25%4.50%4.75%5.00%5.25%5.50%5.75%Feb 28, 2025Nov 9, 2026Feb 28, 2025Yield to maturity4.551%Mar 4, 2025Yield to maturity4.558%Mar 6, 2025Yield to maturity4.627%Mar 10, 2025Yield to maturity4.576%Mar 12, 2025Yield to maturity4.665%Mar 14, 2025Yield to maturity4.650%Mar 18, 2025Yield to maturity4.617%Mar 20, 2025Yield to maturity4.581%Mar 24, 2025Yield to maturity4.686%Mar 26, 2025Yield to maturity4.715%Mar 28, 2025Yield to maturity4.655%Apr 1, 2025Yield to maturity4.557%Apr 3, 2025Yield to maturity4.503%Apr 7, 2025Yield to maturity4.609%Apr 9, 2025Yield to maturity4.777%Apr 11, 2025Yield to maturity4.911%Apr 15, 2025Yield to maturity4.821%Apr 17, 2025Yield to maturity4.836%Apr 22, 2025Yield to maturity4.913%Apr 24, 2025Yield to maturity4.794%Apr 28, 2025Yield to maturity4.713%Apr 30, 2025Yield to maturity4.676%May 2, 2025Yield to maturity4.806%May 6, 2025Yield to maturity4.824%May 8, 2025Yield to maturity4.863%May 12, 2025Yield to maturity4.921%May 14, 2025Yield to maturity5.003%May 16, 2025Yield to maturity4.921%May 20, 2025Yield to maturity4.990%May 22, 2025Yield to maturity5.083%May 27, 2025Yield to maturity4.977%May 29, 2025Yield to maturity4.962%Jun 2, 2025Yield to maturity5.011%Jun 4, 2025Yield to maturity4.909%Jun 6, 2025Yield to maturity5.008%Jun 10, 2025Yield to maturity4.970%Jun 12, 2025Yield to maturity4.866%Jun 16, 2025Yield to maturity4.983%Jun 18, 2025Yield to maturity4.902%Jun 23, 2025Yield to maturity4.879%Jun 25, 2025Yield to maturity4.839%Jun 27, 2025Yield to maturity4.852%Jul 1, 2025Yield to maturity4.787%Jul 3, 2025Yield to maturity4.869%Jul 8, 2025Yield to maturity4.945%Jul 10, 2025Yield to maturity4.867%Jul 14, 2025Yield to maturity4.968%Jul 16, 2025Yield to maturity5.012%Jul 18, 2025Yield to maturity4.997%Jul 22, 2025Yield to maturity4.900%Jul 24, 2025Yield to maturity4.956%Jul 28, 2025Yield to maturity4.959%Jul 30, 2025Yield to maturity4.895%Aug 1, 2025Yield to maturity4.785%Aug 5, 2025Yield to maturity4.760%Aug 7, 2025Yield to maturity4.800%Aug 11, 2025Yield to maturity4.825%Aug 13, 2025Yield to maturity4.805%Aug 15, 2025Yield to maturity4.905%Aug 19, 2025Yield to maturity4.883%Aug 21, 2025Yield to maturity4.908%Aug 25, 2025Yield to maturity4.870%Aug 27, 2025Yield to maturity4.878%Aug 29, 2025Yield to maturity4.867%Sep 3, 2025Yield to maturity4.852%Sep 5, 2025Yield to maturity4.720%Sep 9, 2025Yield to maturity4.668%Sep 11, 2025Yield to maturity4.603%Sep 15, 2025Yield to maturity4.622%Sep 17, 2025Yield to maturity4.624%Sep 19, 2025Yield to maturity4.710%Sep 23, 2025Yield to maturity4.695%Sep 25, 2025Yield to maturity4.725%Sep 29, 2025Yield to maturity4.688%Oct 1, 2025Yield to maturity4.680%Oct 3, 2025Yield to maturity4.678%Oct 7, 2025Yield to maturity4.685%Oct 9, 2025Yield to maturity4.690%Oct 14, 2025Yield to maturity4.583%Oct 16, 2025Yield to maturity4.544%Oct 20, 2025Yield to maturity4.546%Oct 22, 2025Yield to maturity4.510%Oct 24, 2025Yield to maturity4.556%Oct 28, 2025Yield to maturity4.520%Oct 30, 2025Yield to maturity4.629%Nov 3, 2025Yield to maturity4.663%Nov 5, 2025Yield to maturity4.712%Nov 7, 2025Yield to maturity4.663%Nov 12, 2025Yield to maturity4.633%Nov 14, 2025Yield to maturity4.715%Nov 18, 2025Yield to maturity4.705%Nov 20, 2025Yield to maturity4.687%Nov 24, 2025Yield to maturity4.636%Nov 26, 2025Yield to maturity4.592%Dec 1, 2025Yield to maturity4.702%Dec 3, 2025Yield to maturity4.677%Dec 5, 2025Yield to maturity4.749%Dec 9, 2025Yield to maturity4.772%Dec 11, 2025Yield to maturity4.749%Dec 15, 2025Yield to maturity4.800%Dec 17, 2025Yield to maturity4.780%Dec 19, 2025Yield to maturity4.775%Dec 23, 2025Yield to maturity4.777%Dec 26, 2025Yield to maturity4.760%Dec 30, 2025Yield to maturity4.747%Jan 2, 2026Yield to maturity4.795%Jan 6, 2026Yield to maturity4.790%Jan 8, 2026Yield to maturity4.777%Jan 12, 2026Yield to maturity4.762%Jan 14, 2026Yield to maturity4.717%Jan 16, 2026Yield to maturity4.770%Jan 21, 2026Yield to maturity4.818%Jan 23, 2026Yield to maturity4.775%Jan 27, 2026Yield to maturity4.777%Jan 29, 2026Yield to maturity4.793%Feb 2, 2026Yield to maturity4.838%Feb 4, 2026Yield to maturity4.851%Feb 6, 2026Yield to maturity4.780%Feb 10, 2026Yield to maturity4.710%Feb 12, 2026Yield to maturity4.655%Feb 17, 2026Yield to maturity4.608%Feb 19, 2026Yield to maturity4.633%Feb 23, 2026Yield to maturity4.618%Feb 25, 2026Yield to maturity4.618%Feb 27, 2026Yield to maturity4.552%Mar 3, 2026Yield to maturity4.635%Mar 5, 2026Yield to maturity4.695%Mar 9, 2026Yield to maturity4.687%Mar 11, 2026Yield to maturity4.811%Mar 13, 2026Yield to maturity4.880%Mar 17, 2026Yield to maturity4.803%Mar 19, 2026Yield to maturity4.816%Mar 23, 2026Yield to maturity4.926%Mar 25, 2026Yield to maturity4.895%Mar 27, 2026Yield to maturity4.992%Mar 31, 2026Yield to maturity4.862%Apr 2, 2026Yield to maturity4.867%Apr 6, 2026Yield to maturity4.877%Apr 8, 2026Yield to maturity4.857%Apr 10, 2026Yield to maturity4.885%Apr 14, 2026Yield to maturity4.823%Apr 16, 2026Yield to maturity4.890%Apr 20, 2026Yield to maturity4.828%Apr 22, 2026Yield to maturity4.864%Apr 24, 2026Yield to maturity4.867%Apr 28, 2026Yield to maturity4.908%Apr 30, 2026Yield to maturity4.958%May 4, 2026Yield to maturity5.000%May 6, 2026Yield to maturity4.903%May 8, 2026Yield to maturity4.914%May 12, 2026Yield to maturity5.006%May 14, 2026Yield to maturity4.998%May 18, 2026Yield to maturity5.134%May 20, 2026Yield to maturity5.107%May 22, 2026Yield to maturity5.070%May 27, 2026Yield to maturity5.003%May 29, 2026Yield to maturity4.972%Jun 2, 2026Yield to maturity4.956%Jun 4, 2026Yield to maturity4.972%Jun 8, 2026Yield to maturity5.041%Jun 10, 2026Yield to maturity5.036%Jun 12, 2026Yield to maturity4.972%Jun 16, 2026Yield to maturity4.912%Jun 18, 2026Yield to maturity4.907%Jun 23, 2026Yield to maturity4.946%Jun 25, 2026Yield to maturity4.855%Jun 29, 2026Yield to maturity4.847%Jul 1, 2026Yield to maturity4.962%Jul 6, 2026Yield to maturity4.975%Jul 8, 2026Yield to maturity5.066%Jul 10, 2026Yield to maturity5.066%Jul 14, 2026Yield to maturity5.082%Jul 16, 2026Yield to maturity5.082%Jul 20, 2026Yield to maturity5.104%Jul 22, 2026Yield to maturity5.164%Jul 24, 2026Yield to maturity5.178%Jul 28, 2026Yield to maturity5.102%Jul 30, 2026Yield to maturity5.208%Aug 3, 2026Yield to maturity5.230%Aug 5, 2026Yield to maturity5.170%Aug 7, 2026Yield to maturity5.192%Aug 11, 2026Yield to maturity5.242%Aug 13, 2026Yield to maturity5.195%Aug 17, 2026Yield to maturity5.295%Aug 19, 2026Yield to maturity5.168%Aug 21, 2026Yield to maturity5.251%Aug 25, 2026Yield to maturity5.149%Aug 27, 2026Yield to maturity5.176%Aug 31, 2026Yield to maturity5.234%Sep 2, 2026Yield to maturity5.262%Sep 4, 2026Yield to maturity5.237%Sep 9, 2026Yield to maturity5.273%Sep 11, 2026Yield to maturity5.380%Sep 15, 2026Yield to maturity5.397%Sep 17, 2026Yield to maturity5.316%Sep 21, 2026Yield to maturity5.327%Sep 23, 2026Yield to maturity5.458%Sep 25, 2026Yield to maturity5.553%Sep 29, 2026Yield to maturity5.642%Oct 1, 2026Yield to maturity5.651%Oct 5, 2026Yield to maturity5.719%Oct 7, 2026Yield to maturity5.717%Oct 9, 2026Yield to maturity5.654%Oct 14, 2026Yield to maturity5.578%Oct 16, 2026Yield to maturity5.476%Oct 20, 2026Yield to maturity5.477%Oct 22, 2026Yield to maturity5.320%Oct 26, 2026Yield to maturity5.351%Oct 28, 2026Yield to maturity5.414%Oct 30, 2026Yield to maturity5.332%Nov 3, 2026Yield to maturity5.343%Nov 5, 2026Yield to maturity5.262%Nov 9, 2026Yield to maturity5.284%

Price history

425 trading days to Nov 9, 2026

87.590.092.595.097.5100.0102.5105.0Feb 28, 2025Nov 9, 2026Feb 28, 2025Close102.594Mar 4, 2025Close102.500Mar 6, 2025Close101.594Mar 10, 2025Close102.250Mar 12, 2025Close101.094Mar 14, 2025Close101.281Mar 18, 2025Close101.719Mar 20, 2025Close102.188Mar 24, 2025Close100.813Mar 26, 2025Close100.438Mar 28, 2025Close101.219Apr 1, 2025Close102.500Apr 3, 2025Close103.219Apr 7, 2025Close101.813Apr 9, 2025Close99.656Apr 11, 2025Close97.969Apr 15, 2025Close99.094Apr 17, 2025Close98.906Apr 22, 2025Close97.938Apr 24, 2025Close99.438Apr 28, 2025Close100.469Apr 30, 2025Close100.938May 2, 2025Close99.281May 6, 2025Close99.063May 8, 2025Close98.563May 12, 2025Close97.844May 14, 2025Close96.844May 16, 2025Close97.844May 20, 2025Close97.000May 22, 2025Close95.875May 27, 2025Close97.156May 29, 2025Close97.344Jun 2, 2025Close96.750Jun 4, 2025Close98.000Jun 6, 2025Close96.781Jun 10, 2025Close97.250Jun 12, 2025Close98.531Jun 16, 2025Close97.094Jun 18, 2025Close98.094Jun 23, 2025Close98.375Jun 25, 2025Close98.875Jun 27, 2025Close98.719Jul 1, 2025Close99.531Jul 3, 2025Close98.500Jul 8, 2025Close97.563Jul 10, 2025Close98.531Jul 14, 2025Close97.281Jul 16, 2025Close96.750Jul 18, 2025Close96.938Jul 22, 2025Close98.125Jul 24, 2025Close97.438Jul 28, 2025Close97.406Jul 30, 2025Close98.188Aug 1, 2025Close99.563Aug 5, 2025Close99.875Aug 7, 2025Close99.375Aug 11, 2025Close99.063Aug 13, 2025Close99.313Aug 15, 2025Close98.063Aug 19, 2025Close98.344Aug 21, 2025Close98.031Aug 25, 2025Close98.500Aug 27, 2025Close98.406Aug 29, 2025Close98.531Sep 3, 2025Close98.719Sep 5, 2025Close100.375Sep 9, 2025Close101.031Sep 11, 2025Close101.875Sep 15, 2025Close101.625Sep 17, 2025Close101.594Sep 19, 2025Close100.500Sep 23, 2025Close100.688Sep 25, 2025Close100.313Sep 29, 2025Close100.781Oct 1, 2025Close100.875Oct 3, 2025Close100.906Oct 7, 2025Close100.813Oct 9, 2025Close100.750Oct 14, 2025Close102.125Oct 16, 2025Close102.625Oct 20, 2025Close102.594Oct 22, 2025Close103.063Oct 24, 2025Close102.469Oct 28, 2025Close102.938Oct 30, 2025Close101.531Nov 3, 2025Close101.094Nov 5, 2025Close100.469Nov 7, 2025Close101.094Nov 12, 2025Close101.469Nov 14, 2025Close100.438Nov 18, 2025Close100.563Nov 20, 2025Close100.781Nov 24, 2025Close101.438Nov 26, 2025Close102.000Dec 1, 2025Close100.594Dec 3, 2025Close100.906Dec 5, 2025Close100.000Dec 9, 2025Close99.719Dec 11, 2025Close100.000Dec 15, 2025Close99.375Dec 17, 2025Close99.625Dec 19, 2025Close99.688Dec 23, 2025Close99.656Dec 26, 2025Close99.875Dec 30, 2025Close100.031Jan 2, 2026Close99.438Jan 6, 2026Close99.500Jan 8, 2026Close99.656Jan 12, 2026Close99.844Jan 14, 2026Close100.406Jan 16, 2026Close99.750Jan 21, 2026Close99.156Jan 23, 2026Close99.688Jan 27, 2026Close99.656Jan 29, 2026Close99.469Feb 2, 2026Close98.906Feb 4, 2026Close98.750Feb 6, 2026Close99.625Feb 10, 2026Close100.500Feb 12, 2026Close101.188Feb 17, 2026Close101.781Feb 19, 2026Close101.469Feb 23, 2026Close101.656Feb 25, 2026Close101.656Feb 27, 2026Close102.500Mar 3, 2026Close101.438Mar 5, 2026Close100.688Mar 9, 2026Close100.781Mar 11, 2026Close99.250Mar 13, 2026Close98.406Mar 17, 2026Close99.344Mar 19, 2026Close99.188Mar 23, 2026Close97.844Mar 25, 2026Close98.219Mar 27, 2026Close97.063Mar 31, 2026Close98.625Apr 2, 2026Close98.563Apr 6, 2026Close98.438Apr 8, 2026Close98.688Apr 10, 2026Close98.344Apr 14, 2026Close99.094Apr 16, 2026Close98.281Apr 20, 2026Close99.031Apr 22, 2026Close98.594Apr 24, 2026Close98.563Apr 28, 2026Close98.063Apr 30, 2026Close97.469May 4, 2026Close96.969May 6, 2026Close98.125May 8, 2026Close98.000May 12, 2026Close96.906May 14, 2026Close97.000May 18, 2026Close95.406May 20, 2026Close95.719May 22, 2026Close96.156May 27, 2026Close96.938May 29, 2026Close97.313Jun 2, 2026Close97.500Jun 4, 2026Close97.313Jun 8, 2026Close96.500Jun 10, 2026Close96.563Jun 12, 2026Close97.313Jun 16, 2026Close98.031Jun 18, 2026Close98.094Jun 23, 2026Close97.625Jun 25, 2026Close98.719Jun 29, 2026Close98.813Jul 1, 2026Close97.438Jul 6, 2026Close97.281Jul 8, 2026Close96.219Jul 10, 2026Close96.219Jul 14, 2026Close96.031Jul 16, 2026Close96.031Jul 20, 2026Close95.781Jul 22, 2026Close95.094Jul 24, 2026Close94.938Jul 28, 2026Close95.813Jul 30, 2026Close94.594Aug 3, 2026Close94.344Aug 5, 2026Close95.031Aug 7, 2026Close94.781Aug 11, 2026Close94.219Aug 13, 2026Close94.750Aug 17, 2026Close93.625Aug 19, 2026Close95.063Aug 21, 2026Close94.125Aug 25, 2026Close95.281Aug 27, 2026Close94.969Aug 31, 2026Close94.313Sep 2, 2026Close94.000Sep 4, 2026Close94.281Sep 9, 2026Close93.875Sep 11, 2026Close92.688Sep 15, 2026Close92.500Sep 17, 2026Close93.406Sep 21, 2026Close93.281Sep 23, 2026Close91.844Sep 25, 2026Close90.813Sep 29, 2026Close89.875Oct 1, 2026Close89.781Oct 5, 2026Close89.063Oct 7, 2026Close89.094Oct 9, 2026Close89.750Oct 14, 2026Close90.563Oct 16, 2026Close91.656Oct 20, 2026Close91.656Oct 22, 2026Close93.375Oct 26, 2026Close93.031Oct 28, 2026Close92.344Oct 30, 2026Close93.250Nov 3, 2026Close93.125Nov 5, 2026Close94.031Nov 9, 2026Close93.781
The most recent 20 trading days of prices for 912810UJ5.
DateBidOfferClose
Nov 9, 202693.78193.81393.781
Nov 6, 202693.90693.92293.875
Nov 5, 202694.00094.03194.031
Nov 4, 202693.37593.39193.688
Nov 3, 202693.25093.28193.125
Nov 2, 202693.87593.90693.531
Oct 30, 202693.15693.17293.250
Oct 29, 202693.09493.10993.063
Oct 28, 202692.78192.81392.344
Oct 27, 202693.09493.12593.156
Oct 26, 202693.03193.06393.031
Oct 23, 202692.93892.95392.813
Oct 22, 202692.75092.78193.375
Oct 21, 202691.78191.79791.719
Oct 20, 202691.62591.64191.656
Oct 19, 202691.18891.21991.031
Oct 16, 202691.78191.81391.656
Oct 15, 202691.59491.60991.531
Oct 14, 202690.03190.04790.563
Oct 13, 202690.18890.20390.250

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 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.