Treasury bond

912810UV8 · 5% due May 15, 2046

Original term
20-Year
Maturity
May 15, 2046
Coupon
5.000%
Pays
Semi-Annual
Dated
May 15, 2026
First coupon
Nov 15, 2026
Priced through
Sep 10, 2026
Analyzed through
Sep 10, 2026

Statement of August 31, 2026

Amount outstanding
$44.34bn
Held stripped
$21.6m
Share stripped
0.05%

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
12.023 yr
DV01
0.1164
Convexity
198.370
Dirty price
96.836

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 12.190 years against a modified duration of 12.023.

Against the fitted curve

Priced 1.7 bp cheap to the curve on that day, 19.41 cents per 100 of face.

That is 2.09 standard deviations from its own typical residual.

Yield to maturity, 71 observations

4.8%4.9%5.0%5.1%5.2%5.3%5.4%Jun 1, 2026Sep 10, 2026Jun 1, 2026Yield to maturity4.990%Jun 3, 2026Yield to maturity4.995%Jun 5, 2026Yield to maturity5.030%Jun 9, 2026Yield to maturity5.022%Jun 11, 2026Yield to maturity4.955%Jun 15, 2026Yield to maturity4.972%Jun 17, 2026Yield to maturity4.952%Jun 22, 2026Yield to maturity4.965%Jun 24, 2026Yield to maturity4.871%Jun 26, 2026Yield to maturity4.866%Jun 30, 2026Yield to maturity4.923%Jul 2, 2026Yield to maturity4.987%Jul 7, 2026Yield to maturity5.050%Jul 9, 2026Yield to maturity5.060%Jul 13, 2026Yield to maturity5.116%Jul 15, 2026Yield to maturity5.072%Jul 17, 2026Yield to maturity5.067%Jul 21, 2026Yield to maturity5.141%Jul 23, 2026Yield to maturity5.203%Jul 27, 2026Yield to maturity5.149%Jul 29, 2026Yield to maturity5.214%Jul 31, 2026Yield to maturity5.287%Aug 4, 2026Yield to maturity5.183%Aug 6, 2026Yield to maturity5.224%Aug 10, 2026Yield to maturity5.258%Aug 12, 2026Yield to maturity5.245%Aug 14, 2026Yield to maturity5.256%Aug 18, 2026Yield to maturity5.279%Aug 20, 2026Yield to maturity5.219%Aug 24, 2026Yield to maturity5.222%Aug 26, 2026Yield to maturity5.180%Aug 28, 2026Yield to maturity5.219%Sep 1, 2026Yield to maturity5.277%Sep 3, 2026Yield to maturity5.251%Sep 8, 2026Yield to maturity5.264%Sep 10, 2026Yield to maturity5.397%

Price history

71 trading days to Sep 10, 2026

9596979899100101102Jun 1, 2026Sep 10, 2026Jun 1, 2026Close100.125Jun 3, 2026Close100.063Jun 5, 2026Close99.625Jun 9, 2026Close99.719Jun 11, 2026Close100.563Jun 15, 2026Close100.344Jun 17, 2026Close100.594Jun 22, 2026Close100.438Jun 24, 2026Close101.625Jun 26, 2026Close101.688Jun 30, 2026Close100.969Jul 2, 2026Close100.156Jul 7, 2026Close99.375Jul 9, 2026Close99.250Jul 13, 2026Close98.563Jul 15, 2026Close99.094Jul 17, 2026Close99.156Jul 21, 2026Close98.250Jul 23, 2026Close97.500Jul 27, 2026Close98.156Jul 29, 2026Close97.375Jul 31, 2026Close96.500Aug 4, 2026Close97.750Aug 6, 2026Close97.250Aug 10, 2026Close96.844Aug 12, 2026Close97.000Aug 14, 2026Close96.875Aug 18, 2026Close96.594Aug 20, 2026Close97.313Aug 24, 2026Close97.281Aug 26, 2026Close97.781Aug 28, 2026Close97.313Sep 1, 2026Close96.625Sep 3, 2026Close96.938Sep 8, 2026Close96.781Sep 10, 2026Close95.219
The most recent 20 trading days of prices for 912810UV8.
DateBidOfferClose
Sep 10, 202695.67295.65695.219
Sep 9, 202696.29796.28196.531
Sep 8, 202696.95396.93896.781
Sep 4, 202696.98496.96996.938
Sep 3, 202697.14197.12596.938
Sep 2, 202696.60996.59496.625
Sep 1, 202696.95396.93896.625
Aug 31, 202696.82896.81396.969
Aug 28, 202697.67297.65697.313
Aug 27, 202697.84497.84497.688
Aug 26, 202697.82897.81397.781
Aug 25, 202697.92297.90697.969
Aug 24, 202697.45397.43897.281
Aug 21, 202696.89196.87596.781
Aug 20, 202697.10997.09497.313
Aug 19, 202697.59497.59497.781
Aug 18, 202696.42296.40696.594
Aug 17, 202696.57896.56396.313
Aug 14, 202696.82896.81396.875
Aug 13, 202697.45397.43897.469

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 912810UV8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 20, 2026Jun 1, 2026New issue$16.0bn$18.4bn2.55x5.122%
Jun 16, 2026Jun 22, 2026Reopening$13.0bn$13.0bn2.75x4.927%
Jul 22, 2026Jul 24, 2026Reopening$13.0bn$13.0bn2.64x5.163%

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.