Treasury bond

912810UM8 · 4.75% due August 15, 2055

Original term
30-Year
Maturity
Aug 15, 2055
Coupon
4.750%
Pays
Semi-Annual
Dated
Aug 15, 2025
First coupon
Feb 15, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$77.83bn
Held stripped
$14.99bn
Share stripped
19.26%

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
14.900 yr
DV01
0.1357
Convexity
328.886
Dirty price
91.067

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 12 of twelve buckets, summing to 15.047 years against a modified duration of 14.900.

Against the fitted curve

Priced 0.1 bp rich to the curve on that day, 1.31 cents per 100 of face.

That is 0.85 standard deviations from its own typical residual.

Yield to maturity, 268 observations

4.4%4.6%4.8%5.0%5.2%5.4%Aug 15, 2025Sep 10, 2026Aug 15, 2025Yield to maturity4.926%Aug 26, 2025Yield to maturity4.906%Sep 5, 2025Yield to maturity4.775%Sep 16, 2025Yield to maturity4.647%Sep 25, 2025Yield to maturity4.752%Oct 6, 2025Yield to maturity4.761%Oct 16, 2025Yield to maturity4.578%Oct 27, 2025Yield to maturity4.568%Nov 5, 2025Yield to maturity4.736%Nov 17, 2025Yield to maturity4.734%Nov 26, 2025Yield to maturity4.644%Dec 8, 2025Yield to maturity4.813%Dec 17, 2025Yield to maturity4.829%Dec 29, 2025Yield to maturity4.801%Jan 8, 2026Yield to maturity4.858%Jan 20, 2026Yield to maturity4.917%Jan 29, 2026Yield to maturity4.852%Feb 9, 2026Yield to maturity4.850%Feb 19, 2026Yield to maturity4.707%Mar 2, 2026Yield to maturity4.701%Mar 11, 2026Yield to maturity4.864%Mar 20, 2026Yield to maturity4.965%Mar 31, 2026Yield to maturity4.889%Apr 9, 2026Yield to maturity4.907%Apr 20, 2026Yield to maturity4.887%Apr 29, 2026Yield to maturity4.986%May 8, 2026Yield to maturity4.955%May 19, 2026Yield to maturity5.190%May 29, 2026Yield to maturity4.999%Jun 9, 2026Yield to maturity5.018%Jun 18, 2026Yield to maturity4.914%Jun 30, 2026Yield to maturity4.926%Jul 10, 2026Yield to maturity5.078%Jul 21, 2026Yield to maturity5.144%Jul 30, 2026Yield to maturity5.223%Aug 10, 2026Yield to maturity5.263%Aug 19, 2026Yield to maturity5.210%Aug 28, 2026Yield to maturity5.232%Sep 9, 2026Yield to maturity5.295%Sep 10, 2026Yield to maturity5.387%

Price history

268 trading days to Sep 10, 2026

90.092.595.097.5100.0102.5105.0Aug 15, 2025Sep 10, 2026Aug 15, 2025Close97.250Aug 26, 2025Close97.563Sep 5, 2025Close99.594Sep 16, 2025Close101.656Sep 25, 2025Close99.969Oct 6, 2025Close99.813Oct 16, 2025Close102.781Oct 27, 2025Close102.938Nov 5, 2025Close100.219Nov 17, 2025Close100.250Nov 26, 2025Close101.688Dec 8, 2025Close99.000Dec 17, 2025Close98.750Dec 29, 2025Close99.188Jan 8, 2026Close98.313Jan 20, 2026Close97.406Jan 29, 2026Close98.406Feb 9, 2026Close98.438Feb 19, 2026Close100.688Mar 2, 2026Close100.781Mar 11, 2026Close98.219Mar 20, 2026Close96.688Mar 31, 2026Close97.844Apr 9, 2026Close97.563Apr 20, 2026Close97.875Apr 29, 2026Close96.375May 8, 2026Close96.844May 19, 2026Close93.406May 29, 2026Close96.188Jun 9, 2026Close95.906Jun 18, 2026Close97.469Jun 30, 2026Close97.281Jul 10, 2026Close95.031Jul 21, 2026Close94.094Jul 30, 2026Close92.969Aug 10, 2026Close92.406Aug 19, 2026Close93.156Aug 28, 2026Close92.844Sep 9, 2026Close91.969Sep 10, 2026Close90.719
The most recent 20 trading days of prices for 912810UM8.
DateBidOfferClose
Sep 10, 202691.09491.06390.719
Sep 9, 202691.75091.71991.969
Sep 8, 202692.46992.43892.313
Sep 4, 202692.51692.50092.469
Sep 3, 202692.64192.62592.406
Sep 2, 202692.12592.09492.125
Sep 1, 202692.45392.43892.125
Aug 31, 202692.23492.21992.406
Aug 28, 202693.32893.31392.844
Aug 27, 202693.39193.37593.188
Aug 26, 202693.35993.34493.313
Aug 25, 202693.39193.37593.500
Aug 24, 202692.84492.81392.625
Aug 21, 202692.14192.12592.000
Aug 20, 202692.39192.37592.625
Aug 19, 202693.01693.00093.156
Aug 18, 202691.68891.65691.844
Aug 17, 202691.89191.87591.531
Aug 14, 202692.17292.15692.281
Aug 13, 202692.90692.87592.906

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 912810UM8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 7, 2025Aug 15, 2025New issue$25.0bn$33.5bn2.27x4.813%
Sep 11, 2025Sep 15, 2025Reopening$22.0bn$22.0bn2.38x4.651%
Oct 9, 2025Oct 15, 2025Reopening$22.0bn$22.4bn2.38x4.734%

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.