Treasury bond

912810UT3 · 4.625% due February 15, 2046

Original term
20-Year
Maturity
Feb 15, 2046
Coupon
4.625%
Pays
Semi-Annual
Dated
Feb 15, 2026
First coupon
Aug 15, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$46.89bn
Held stripped
$38.8m
Share stripped
0.08%

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
5.399%
Modified duration
12.289 yr
DV01
0.1119
Convexity
202.438
Dirty price
91.089

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 12.470 years against a modified duration of 12.289.

Against the fitted curve

Priced 1.5 bp cheap to the curve on that day, 16.42 cents per 100 of face.

That is 1.87 standard deviations from its own typical residual.

Yield to maturity, 135 observations

4.6%4.8%5.0%5.2%5.4%Mar 2, 2026Sep 10, 2026Mar 2, 2026Yield to maturity4.639%Mar 6, 2026Yield to maturity4.739%Mar 12, 2026Yield to maturity4.867%Mar 18, 2026Yield to maturity4.859%Mar 24, 2026Yield to maturity4.966%Mar 30, 2026Yield to maturity4.922%Apr 3, 2026Yield to maturity4.920%Apr 9, 2026Yield to maturity4.885%Apr 15, 2026Yield to maturity4.870%Apr 21, 2026Yield to maturity4.875%Apr 27, 2026Yield to maturity4.923%May 1, 2026Yield to maturity4.962%May 7, 2026Yield to maturity4.964%May 13, 2026Yield to maturity5.034%May 19, 2026Yield to maturity5.198%May 26, 2026Yield to maturity5.037%Jun 1, 2026Yield to maturity4.996%Jun 5, 2026Yield to maturity5.038%Jun 11, 2026Yield to maturity4.965%Jun 17, 2026Yield to maturity4.958%Jun 24, 2026Yield to maturity4.879%Jun 30, 2026Yield to maturity4.927%Jul 7, 2026Yield to maturity5.055%Jul 13, 2026Yield to maturity5.121%Jul 17, 2026Yield to maturity5.074%Jul 23, 2026Yield to maturity5.213%Jul 29, 2026Yield to maturity5.218%Aug 4, 2026Yield to maturity5.189%Aug 10, 2026Yield to maturity5.265%Aug 14, 2026Yield to maturity5.263%Aug 20, 2026Yield to maturity5.225%Aug 26, 2026Yield to maturity5.185%Sep 1, 2026Yield to maturity5.280%Sep 8, 2026Yield to maturity5.267%Sep 10, 2026Yield to maturity5.399%

Price history

135 trading days to Sep 10, 2026

9092949698100Mar 2, 2026Sep 10, 2026Mar 2, 2026Close99.813Mar 6, 2026Close98.531Mar 12, 2026Close96.938Mar 18, 2026Close97.031Mar 24, 2026Close95.719Mar 30, 2026Close96.250Apr 3, 2026Close96.281Apr 9, 2026Close96.719Apr 15, 2026Close96.906Apr 21, 2026Close96.844Apr 27, 2026Close96.250May 1, 2026Close95.781May 7, 2026Close95.750May 13, 2026Close94.906May 19, 2026Close92.969May 26, 2026Close94.875Jun 1, 2026Close95.375Jun 5, 2026Close94.875Jun 11, 2026Close95.750Jun 17, 2026Close95.844Jun 24, 2026Close96.813Jun 30, 2026Close96.219Jul 7, 2026Close94.688Jul 13, 2026Close93.906Jul 17, 2026Close94.469Jul 23, 2026Close92.844Jul 29, 2026Close92.781Aug 4, 2026Close93.125Aug 10, 2026Close92.250Aug 14, 2026Close92.281Aug 20, 2026Close92.719Aug 26, 2026Close93.188Sep 1, 2026Close92.094Sep 8, 2026Close92.250Sep 10, 2026Close90.750
The most recent 20 trading days of prices for 912810UT3.
DateBidOfferClose
Sep 10, 202691.17291.15690.750
Sep 9, 202691.76691.75092.000
Sep 8, 202692.42292.40692.250
Sep 4, 202692.45392.43892.406
Sep 3, 202692.60992.59492.406
Sep 2, 202692.10992.09492.094
Sep 1, 202692.42292.40692.094
Aug 31, 202692.29792.28192.406
Aug 28, 202693.10993.09492.750
Aug 27, 202693.26693.25093.094
Aug 26, 202693.23493.21993.188
Aug 25, 202693.32893.31393.375
Aug 24, 202692.85992.84492.688
Aug 21, 202692.32892.31392.188
Aug 20, 202692.51692.50092.719
Aug 19, 202692.98492.96993.156
Aug 18, 202691.85991.84492.000
Aug 17, 202692.01692.00091.719
Aug 14, 202692.25092.25092.281
Aug 13, 202692.82892.81392.875

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 912810UT3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Feb 18, 2026Mar 2, 2026New issue$16.0bn$17.9bn2.36x4.664%
Mar 17, 2026Mar 31, 2026Reopening$13.0bn$14.3bn2.76x4.817%
Apr 22, 2026Apr 30, 2026Reopening$13.0bn$14.6bn2.68x4.883%

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.