Inflation-linked (TIPS)

9128282L3 · 0.375% due July 15, 2027

Original term
10-Year
Maturity
Jul 15, 2027
Coupon
0.375%
Pays
Semi-Annual
Dated
Jul 15, 2017
First coupon
Jan 15, 2018
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$50.08bn
Held stripped
$0.0m
Share stripped
0.00%

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. For an inflation-linked security the difference is mostly inflation rather than float: Treasury reports what a holder is owed today, which includes the uplift shown as the index ratio above, while the index keeps original par and carries the uplift in the price. The index figures are published per holding.

Inflation-linked measures, September 10, 2026

An inflation-linked security prices off a real curve, so its yield is a real yield, a return above inflation rather than in cash terms, and its principal is indexed. The figures below are in REAL terms unless labeled otherwise.

Real yield
1.726%
Index ratio
1.3651
Real duration
0.834 yr
DV01
0.0083
Convexity
1.110
Real clean price
98.875
Accrued (real)
0.059
Real dirty price
98.934
Indexed principal
136.515
Money clean price
134.979

The index ratio is a multiplier, not a percentage: 1.3651 means the principal is worth that many times its original face today. So the real clean price of 98.875 is not what a buyer pays , multiply by the ratio to get 134.979 per 100 of original face.

Against the fitted real curve

Priced 52.1 bp rich to the real curve on that day, 42.97 cents per 100 of face.

Not scored against its own history. A linker needs twenty observations before a score means anything.

Real yield, 2,281 observations

-2%-1%0%1%2%3%Jul 31, 2017Sep 10, 2026Jul 31, 2017Real yield0.475%Oct 13, 2017Real yield0.424%Dec 28, 2017Real yield0.465%Mar 15, 2018Real yield0.694%May 30, 2018Real yield0.726%Aug 13, 2018Real yield0.756%Oct 26, 2018Real yield1.006%Jan 15, 2019Real yield0.896%Apr 1, 2019Real yield0.518%Jun 14, 2019Real yield0.395%Aug 28, 2019Real yield-0.072%Nov 13, 2019Real yield0.211%Jan 30, 2020Real yield-0.150%Apr 15, 2020Real yield-0.476%Jun 29, 2020Real yield-0.842%Sep 11, 2020Real yield-1.224%Nov 27, 2020Real yield-1.180%Feb 12, 2021Real yield-1.606%Apr 28, 2021Real yield-1.494%Jul 13, 2021Real yield-1.587%Sep 24, 2021Real yield-1.476%Dec 10, 2021Real yield-1.418%Feb 25, 2022Real yield-1.066%May 11, 2022Real yield-0.160%Jul 27, 2022Real yield0.154%Oct 11, 2022Real yield1.721%Dec 27, 2022Real yield1.657%Mar 14, 2023Real yield1.449%May 25, 2023Real yield1.783%Aug 10, 2023Real yield2.022%Oct 25, 2023Real yield2.573%Jan 10, 2024Real yield1.919%Mar 26, 2024Real yield1.895%Jun 7, 2024Real yield2.266%Aug 22, 2024Real yield1.811%Nov 6, 2024Real yield1.652%Jan 24, 2025Real yield1.568%Apr 9, 2025Real yield0.948%Jun 24, 2025Real yield1.131%Sep 8, 2025Real yield0.631%Nov 21, 2025Real yield1.029%Feb 9, 2026Real yield0.595%Apr 23, 2026Real yield0.401%Jul 9, 2026Real yield2.002%Sep 10, 2026Real yield1.726%

Price history

2,281 trading days to Sep 10, 2026

9095100105110115Jul 31, 2017Sep 10, 2026Jul 31, 2017Close99.031Oct 13, 2017Close99.531Dec 28, 2017Close99.156Mar 15, 2018Close97.125May 30, 2018Close96.906Aug 13, 2018Close96.719Oct 26, 2018Close94.750Jan 15, 2019Close95.750Apr 1, 2019Close98.844Jun 14, 2019Close99.844Aug 28, 2019Close103.531Nov 13, 2019Close101.250Jan 30, 2020Close103.938Apr 15, 2020Close106.281Jun 29, 2020Close108.844Sep 11, 2020Close111.438Nov 27, 2020Close110.750Feb 12, 2021Close113.438Apr 28, 2021Close112.219Jul 13, 2021Close112.406Sep 24, 2021Close111.250Dec 10, 2021Close110.469Feb 25, 2022Close108.000May 11, 2022Close102.781Jul 27, 2022Close101.094Oct 11, 2022Close93.875Dec 27, 2022Close94.406Mar 14, 2023Close95.500May 25, 2023Close94.406Aug 10, 2023Close93.813Oct 25, 2023Close92.250Jan 10, 2024Close94.781Mar 26, 2024Close95.156Jun 7, 2024Close94.375Aug 22, 2024Close95.969Nov 6, 2024Close96.656Jan 24, 2025Close97.125Apr 9, 2025Close98.719Jun 24, 2025Close98.469Sep 8, 2025Close99.531Nov 21, 2025Close98.938Feb 9, 2026Close99.688Apr 23, 2026Close99.969Jul 9, 2026Close98.375Sep 10, 2026Close98.875
The most recent 20 trading days of prices for 9128282L3.
DateBidOfferClose
Sep 10, 202698.90698.87598.875
Sep 9, 202698.89198.84498.844
Sep 8, 202698.84498.81398.813
Sep 4, 202698.75098.71998.750
Sep 3, 202698.75098.71998.719
Sep 2, 202698.71998.68898.656
Sep 1, 202698.64198.59498.656
Aug 31, 202698.59498.56398.563
Aug 28, 202698.53198.50098.469
Aug 27, 202698.59498.56398.563
Aug 26, 202698.53198.50098.531
Aug 25, 202698.53198.50098.500
Aug 24, 202698.53198.50098.500
Aug 21, 202698.56398.53198.531
Aug 20, 202698.46998.43898.469
Aug 19, 202698.37598.34498.344
Aug 18, 202698.31398.28198.281
Aug 17, 202698.25098.21998.250
Aug 14, 202698.23498.18898.188
Aug 13, 202698.21998.18898.156

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 9128282L3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 20, 2017Jul 31, 2017New issue$13.0bn$14.3bn1.98x0.489%
Sep 21, 2017Sep 29, 2017Reopening$11.0bn$11.0bn2.32x0.450%
Nov 16, 2017Nov 30, 2017Reopening$11.0bn$11.6bn2.43x0.512%

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.

Free to benchmark against. Paid only to track. Measuring anything against these curves and indices is free. No license, no fee, no registration, and no permission needed to say that you did, including in a prospectus. A fee applies to one thing: launching a product that tracks an index.

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.