Treasury bond

912810UX4 · 5.125% due August 15, 2046

Original term
20-Year
Maturity
Aug 15, 2046
Coupon
5.125%
Pays
Semi-Annual
Dated
Aug 15, 2026
First coupon
Feb 15, 2027
Priced through
Sep 30, 2026
Analyzed through
Sep 30, 2026

Statement of August 31, 2026

Amount outstanding
$18.05bn
Held stripped
$0.1m
Share stripped
<0.01%

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 30, 2026

Yield to maturity
5.685%
Modified duration
11.994 yr
DV01
0.1128
Convexity
1.98
Dirty price
94.030

Where its rate sensitivity sits

0.01
0.01
0.04
0.10
0.23
0.42
0.68
1.30
1.92
7.47
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 12.183 years against a modified duration of 11.994.

Against the fitted curve

Priced 1.1 bp cheap to the curve on that day, 12.90 cents per 100 of face.

That is 2.07 standard deviations from its own typical residual.

Yield to maturity, 22 observations

5.2%5.3%5.4%5.5%5.6%5.7%Aug 31, 2026Sep 30, 2026Aug 31, 2026Yield to maturity5.244%Sep 1, 2026Yield to maturity5.273%Sep 2, 2026Yield to maturity5.273%Sep 3, 2026Yield to maturity5.247%Sep 4, 2026Yield to maturity5.247%Sep 8, 2026Yield to maturity5.260%Sep 9, 2026Yield to maturity5.283%Sep 10, 2026Yield to maturity5.390%Sep 11, 2026Yield to maturity5.385%Sep 14, 2026Yield to maturity5.377%Sep 15, 2026Yield to maturity5.401%Sep 16, 2026Yield to maturity5.395%Sep 17, 2026Yield to maturity5.322%Sep 18, 2026Yield to maturity5.382%Sep 21, 2026Yield to maturity5.330%Sep 22, 2026Yield to maturity5.330%Sep 23, 2026Yield to maturity5.459%Sep 24, 2026Yield to maturity5.537%Sep 25, 2026Yield to maturity5.551%Sep 28, 2026Yield to maturity5.611%Sep 29, 2026Yield to maturity5.644%Sep 30, 2026Yield to maturity5.685%

Price history

22 trading days to Sep 30, 2026

93949596979899Aug 31, 2026Sep 30, 2026Aug 31, 2026Close98.531Sep 1, 2026Close98.188Sep 2, 2026Close98.188Sep 3, 2026Close98.500Sep 4, 2026Close98.500Sep 8, 2026Close98.344Sep 9, 2026Close98.063Sep 10, 2026Close96.781Sep 11, 2026Close96.844Sep 14, 2026Close96.938Sep 15, 2026Close96.656Sep 16, 2026Close96.719Sep 17, 2026Close97.594Sep 18, 2026Close96.875Sep 21, 2026Close97.500Sep 22, 2026Close97.500Sep 23, 2026Close95.969Sep 24, 2026Close95.063Sep 25, 2026Close94.906Sep 28, 2026Close94.219Sep 29, 2026Close93.844Sep 30, 2026Close93.375
The most recent 20 trading days of prices for 912810UX4.
DateBidOfferClose
Sep 30, 202693.54793.53193.375
Sep 29, 202693.56393.56393.844
Sep 28, 202693.98493.96994.219
Sep 25, 202694.51694.50094.906
Sep 24, 202695.35995.34495.063
Sep 23, 202696.26696.25095.969
Sep 22, 202697.39197.37597.500
Sep 21, 202697.40697.40697.500
Sep 18, 202696.89196.87596.875
Sep 17, 202697.50097.50097.594
Sep 16, 202697.04797.03196.719
Sep 15, 202696.67296.65696.656
Sep 14, 202696.93896.90696.938
Sep 11, 202697.26697.25096.844
Sep 10, 202697.20397.18896.781
Sep 9, 202697.82897.81398.063
Sep 8, 202698.50098.50098.344
Sep 4, 202698.54798.53198.500
Sep 3, 202698.70398.68898.500
Sep 2, 202698.18898.18898.188

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.

2 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 912810UX4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Aug 19, 2026Aug 31, 2026New issue$16.0bn$18.1bn2.53x5.204%
Sep 15, 2026Sep 18, 2026Reopening$13.0bn$13.0bn2.57x5.420%

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.