Treasury bond

912810UL0 · 5% due May 15, 2045

Original term
20-Year
Maturity
May 15, 2045
Coupon
5.000%
Pays
Semi-Annual
Dated
May 15, 2025
First coupon
Nov 15, 2025
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$46.36bn
Held stripped
$219.8m
Share stripped
0.47%

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
5.387%
Modified duration
11.671 yr
DV01
0.1133
Convexity
184.857
Dirty price
97.086

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 11.852 years against a modified duration of 11.671.

Against the fitted curve

Priced 2.8 bp cheap to the curve on that day, 31.81 cents per 100 of face.

That is 0.27 standard deviations from its own typical residual.

Yield to maturity, 320 observations

4.4%4.6%4.8%5.0%5.2%5.4%Jun 2, 2025Sep 10, 2026Jun 2, 2025Yield to maturity4.995%Jun 12, 2025Yield to maturity4.854%Jun 25, 2025Yield to maturity4.835%Jul 8, 2025Yield to maturity4.942%Jul 18, 2025Yield to maturity4.992%Jul 30, 2025Yield to maturity4.893%Aug 11, 2025Yield to maturity4.822%Aug 21, 2025Yield to maturity4.905%Sep 3, 2025Yield to maturity4.848%Sep 15, 2025Yield to maturity4.620%Sep 25, 2025Yield to maturity4.724%Oct 7, 2025Yield to maturity4.683%Oct 20, 2025Yield to maturity4.543%Oct 30, 2025Yield to maturity4.626%Nov 12, 2025Yield to maturity4.632%Nov 24, 2025Yield to maturity4.630%Dec 5, 2025Yield to maturity4.747%Dec 17, 2025Yield to maturity4.776%Dec 30, 2025Yield to maturity4.741%Jan 12, 2026Yield to maturity4.763%Jan 23, 2026Yield to maturity4.772%Feb 4, 2026Yield to maturity4.849%Feb 17, 2026Yield to maturity4.610%Feb 27, 2026Yield to maturity4.552%Mar 11, 2026Yield to maturity4.811%Mar 23, 2026Yield to maturity4.928%Apr 2, 2026Yield to maturity4.865%Apr 14, 2026Yield to maturity4.823%Apr 24, 2026Yield to maturity4.868%May 6, 2026Yield to maturity4.906%May 18, 2026Yield to maturity5.132%May 29, 2026Yield to maturity4.972%Jun 10, 2026Yield to maturity5.036%Jun 23, 2026Yield to maturity4.948%Jul 6, 2026Yield to maturity4.976%Jul 16, 2026Yield to maturity5.080%Jul 28, 2026Yield to maturity5.104%Aug 7, 2026Yield to maturity5.191%Aug 19, 2026Yield to maturity5.167%Aug 31, 2026Yield to maturity5.237%Sep 10, 2026Yield to maturity5.387%

Price history

320 trading days to Sep 10, 2026

949698100102104106108Jun 2, 2025Sep 10, 2026Jun 2, 2025Close100.063Jun 12, 2025Close101.844Jun 25, 2025Close102.094Jul 8, 2025Close100.719Jul 18, 2025Close100.094Jul 30, 2025Close101.344Aug 11, 2025Close102.250Aug 21, 2025Close101.188Sep 3, 2025Close101.906Sep 15, 2025Close104.875Sep 25, 2025Close103.500Oct 7, 2025Close104.031Oct 20, 2025Close105.875Oct 30, 2025Close104.781Nov 12, 2025Close104.688Nov 24, 2025Close104.719Dec 5, 2025Close103.188Dec 17, 2025Close102.813Dec 30, 2025Close103.250Jan 12, 2026Close102.969Jan 23, 2026Close102.844Feb 4, 2026Close101.875Feb 17, 2026Close104.938Feb 27, 2026Close105.688Mar 11, 2026Close102.344Mar 23, 2026Close100.875Apr 2, 2026Close101.656Apr 14, 2026Close102.188Apr 24, 2026Close101.625May 6, 2026Close101.156May 18, 2026Close98.406May 29, 2026Close100.344Jun 10, 2026Close99.563Jun 23, 2026Close100.625Jul 6, 2026Close100.281Jul 16, 2026Close99.031Jul 28, 2026Close98.750Aug 7, 2026Close97.719Aug 19, 2026Close98.000Aug 31, 2026Close97.188Sep 10, 2026Close95.469
The most recent 20 trading days of prices for 912810UL0.
DateBidOfferClose
Sep 10, 202695.93895.90695.469
Sep 9, 202696.50096.46996.781
Sep 8, 202697.21997.18897.031
Sep 4, 202697.26697.25097.188
Sep 3, 202697.39197.37597.188
Sep 2, 202696.87596.84496.875
Sep 1, 202697.20397.18896.875
Aug 31, 202697.06397.03197.188
Aug 28, 202697.90697.87597.531
Aug 27, 202698.09498.06397.875
Aug 26, 202698.06398.03198.000
Aug 25, 202698.14198.12598.188
Aug 24, 202697.70397.68897.531
Aug 21, 202697.15697.12597.031
Aug 20, 202697.39197.37597.563
Aug 19, 202697.84497.81398.000
Aug 18, 202696.67296.65696.813
Aug 17, 202696.84496.81396.531
Aug 14, 202697.07897.06397.094
Aug 13, 202697.68897.65697.719

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 912810UL0.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 21, 2025Jun 2, 2025New issue$16.0bn$18.2bn2.46x5.047%
Jun 16, 2025Jun 30, 2025Reopening$13.0bn$14.3bn2.68x4.942%
Jul 23, 2025Jul 31, 2025Reopening$13.0bn$13.9bn2.79x4.935%

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.