Treasury bond

912810UQ9 · 4.625% due November 15, 2045

Original term
20-Year
Maturity
Nov 15, 2045
Coupon
4.625%
Pays
Semi-Annual
Dated
Nov 15, 2025
First coupon
May 15, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$46.13bn
Held stripped
$206.2m
Share stripped
0.45%

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
5.397%
Modified duration
12.046 yr
DV01
0.1112
Convexity
196.427
Dirty price
92.339

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 12.228 years against a modified duration of 12.046.

Against the fitted curve

Priced 1.8 bp cheap to the curve on that day, 20.20 cents per 100 of face.

That is 0.41 standard deviations from its own typical residual.

Yield to maturity, 196 observations

4.4%4.6%4.8%5.0%5.2%5.4%Dec 1, 2025Sep 10, 2026Dec 1, 2025Yield to maturity4.710%Dec 8, 2025Yield to maturity4.781%Dec 15, 2025Yield to maturity4.806%Dec 22, 2025Yield to maturity4.794%Dec 30, 2025Yield to maturity4.759%Jan 7, 2026Yield to maturity4.759%Jan 14, 2026Yield to maturity4.735%Jan 22, 2026Yield to maturity4.807%Jan 29, 2026Yield to maturity4.807%Feb 5, 2026Yield to maturity4.794%Feb 12, 2026Yield to maturity4.673%Feb 20, 2026Yield to maturity4.671%Feb 27, 2026Yield to maturity4.574%Mar 6, 2026Yield to maturity4.743%Mar 13, 2026Yield to maturity4.899%Mar 20, 2026Yield to maturity4.994%Mar 27, 2026Yield to maturity5.007%Apr 3, 2026Yield to maturity4.917%Apr 10, 2026Yield to maturity4.902%Apr 17, 2026Yield to maturity4.854%Apr 24, 2026Yield to maturity4.885%May 1, 2026Yield to maturity4.960%May 8, 2026Yield to maturity4.931%May 15, 2026Yield to maturity5.142%May 22, 2026Yield to maturity5.083%Jun 1, 2026Yield to maturity4.997%Jun 8, 2026Yield to maturity5.055%Jun 15, 2026Yield to maturity4.976%Jun 23, 2026Yield to maturity4.961%Jun 30, 2026Yield to maturity4.927%Jul 8, 2026Yield to maturity5.079%Jul 15, 2026Yield to maturity5.077%Jul 22, 2026Yield to maturity5.179%Jul 29, 2026Yield to maturity5.217%Aug 5, 2026Yield to maturity5.182%Aug 12, 2026Yield to maturity5.251%Aug 19, 2026Yield to maturity5.183%Aug 26, 2026Yield to maturity5.181%Sep 2, 2026Yield to maturity5.277%Sep 10, 2026Yield to maturity5.397%

Price history

196 trading days to Sep 10, 2026

9092949698100102Dec 1, 2025Sep 10, 2026Dec 1, 2025Close98.906Dec 8, 2025Close98.000Dec 15, 2025Close97.688Dec 22, 2025Close97.844Dec 30, 2025Close98.281Jan 7, 2026Close98.281Jan 14, 2026Close98.594Jan 22, 2026Close97.688Jan 29, 2026Close97.688Feb 5, 2026Close97.844Feb 12, 2026Close99.375Feb 20, 2026Close99.406Feb 27, 2026Close100.656Mar 6, 2026Close98.500Mar 13, 2026Close96.563Mar 20, 2026Close95.406Mar 27, 2026Close95.250Apr 3, 2026Close96.344Apr 10, 2026Close96.531Apr 17, 2026Close97.125Apr 24, 2026Close96.750May 1, 2026Close95.844May 8, 2026Close96.188May 15, 2026Close93.688May 22, 2026Close94.375Jun 1, 2026Close95.406Jun 8, 2026Close94.719Jun 15, 2026Close95.656Jun 23, 2026Close95.844Jun 30, 2026Close96.250Jul 8, 2026Close94.438Jul 15, 2026Close94.469Jul 22, 2026Close93.281Jul 29, 2026Close92.844Aug 5, 2026Close93.250Aug 12, 2026Close92.469Aug 19, 2026Close93.250Aug 26, 2026Close93.281Sep 2, 2026Close92.188Sep 10, 2026Close90.844
The most recent 20 trading days of prices for 912810UQ9.
DateBidOfferClose
Sep 10, 202691.26691.25090.844
Sep 9, 202691.85991.84492.094
Sep 8, 202692.48492.46992.344
Sep 4, 202692.54792.53192.469
Sep 3, 202692.70392.68892.500
Sep 2, 202692.17292.15692.188
Sep 1, 202692.50092.46992.188
Aug 31, 202692.35992.34492.500
Aug 28, 202693.17293.15692.844
Aug 27, 202693.32893.31393.156
Aug 26, 202693.31393.28193.281
Aug 25, 202693.39193.37593.438
Aug 24, 202692.95392.93892.781
Aug 21, 202692.42292.40692.281
Aug 20, 202692.62592.59492.813
Aug 19, 202693.07893.06393.250
Aug 18, 202691.95391.93892.094
Aug 17, 202692.10992.09491.813
Aug 14, 202692.32892.31392.375
Aug 13, 202692.92292.90692.969

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 912810UQ9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Nov 19, 2025Dec 1, 2025New issue$16.0bn$17.8bn2.41x4.706%
Dec 17, 2025Dec 31, 2025Reopening$13.0bn$14.4bn2.67x4.798%
Jan 21, 2026Feb 2, 2026Reopening$13.0bn$13.9bn2.86x4.846%

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.