Inflation-linked (TIPS)

9128287D6 · 0.25% due July 15, 2029

Original term
10-Year
Maturity
Jul 15, 2029
Coupon
0.250%
Pays
Semi-Annual
Dated
Jul 15, 2019
First coupon
Jan 15, 2020
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$51.90bn
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
2.047%
Index ratio
1.3055
Real duration
2.804 yr
DV01
0.0267
Convexity
9.268
Real clean price
95.063
Accrued (real)
0.039
Real dirty price
95.102
Indexed principal
130.551
Money clean price
124.105

The index ratio is a multiplier, not a percentage: 1.3055 means the principal is worth that many times its original face today. So the real clean price of 95.063 is not what a buyer pays , multiply by the ratio to get 124.105 per 100 of original face.

Against the fitted real curve

Priced 10.4 bp rich to the real curve on that day, 27.80 cents per 100 of face.

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

Real yield, 1,781 observations

-2%-1%0%1%2%3%Jul 31, 2019Sep 10, 2026Jul 31, 2019Real yield0.256%Sep 27, 2019Real yield0.153%Nov 27, 2019Real yield0.139%Jan 29, 2020Real yield-0.086%Mar 27, 2020Real yield-0.200%May 27, 2020Real yield-0.492%Jul 24, 2020Real yield-0.943%Sep 22, 2020Real yield-1.015%Nov 20, 2020Real yield-0.947%Jan 22, 2021Real yield-1.219%Mar 23, 2021Real yield-0.947%May 19, 2021Real yield-1.112%Jul 19, 2021Real yield-1.297%Sep 15, 2021Real yield-1.307%Nov 15, 2021Real yield-1.405%Jan 13, 2022Real yield-0.956%Mar 15, 2022Real yield-0.909%May 12, 2022Real yield0.127%Jul 13, 2022Real yield0.574%Sep 9, 2022Real yield0.921%Nov 8, 2022Real yield1.732%Jan 10, 2023Real yield1.441%Mar 10, 2023Real yield1.499%May 8, 2023Real yield1.212%Jul 7, 2023Real yield1.972%Sep 5, 2023Real yield2.006%Nov 2, 2023Real yield2.259%Jan 3, 2024Real yield1.682%Mar 4, 2024Real yield1.771%Apr 30, 2024Real yield2.177%Jun 28, 2024Real yield1.958%Aug 27, 2024Real yield1.489%Oct 25, 2024Real yield1.719%Dec 26, 2024Real yield1.996%Feb 26, 2025Real yield1.454%Apr 24, 2025Real yield1.334%Jun 24, 2025Real yield1.354%Aug 21, 2025Real yield1.146%Oct 21, 2025Real yield0.994%Dec 19, 2025Real yield1.284%Feb 20, 2026Real yield1.001%Apr 20, 2026Real yield1.008%Jun 17, 2026Real yield1.771%Aug 17, 2026Real yield1.938%Sep 10, 2026Real yield2.047%

Price history

1,781 trading days to Sep 10, 2026

859095100105110115Jul 31, 2019Sep 10, 2026Jul 31, 2019Close99.938Sep 27, 2019Close100.938Nov 27, 2019Close101.063Jan 29, 2020Close103.188Mar 27, 2020Close104.219May 27, 2020Close106.938Jul 24, 2020Close111.188Sep 22, 2020Close111.688Nov 20, 2020Close110.813Jan 22, 2021Close113.156Mar 23, 2021Close110.375May 19, 2021Close111.656Jul 19, 2021Close113.063Sep 15, 2021Close112.875Nov 15, 2021Close113.438Jan 13, 2022Close109.406Mar 15, 2022Close108.813May 12, 2022Close100.875Jul 13, 2022Close97.781Sep 9, 2022Close95.563Nov 8, 2022Close90.688Jan 10, 2023Close92.625Mar 10, 2023Close92.469May 8, 2023Close94.281Jul 7, 2023Close90.281Sep 5, 2023Close90.344Nov 2, 2023Close89.313Jan 3, 2024Close92.469Mar 4, 2024Close92.250Apr 30, 2024Close90.563Jun 28, 2024Close91.844Aug 27, 2024Close94.188Oct 25, 2024Close93.375Dec 26, 2024Close92.438Feb 26, 2025Close94.906Apr 24, 2025Close95.563Jun 24, 2025Close95.656Aug 21, 2025Close96.594Oct 21, 2025Close97.281Dec 19, 2025Close96.406Feb 20, 2026Close97.500Apr 20, 2026Close97.594Jun 17, 2026Close95.469Aug 17, 2026Close95.250Sep 10, 2026Close95.063
The most recent 20 trading days of prices for 9128287D6.
DateBidOfferClose
Sep 10, 202695.18895.15695.063
Sep 9, 202695.32895.28195.281
Sep 8, 202695.37595.34495.344
Sep 4, 202695.31395.28195.313
Sep 3, 202695.43895.40695.344
Sep 2, 202695.28195.25095.219
Sep 1, 202695.25095.21995.250
Aug 31, 202695.25095.21995.219
Aug 28, 202695.31395.28195.188
Aug 27, 202695.56395.53195.500
Aug 26, 202695.53195.50095.531
Aug 25, 202695.59495.56395.563
Aug 24, 202695.53195.50095.438
Aug 21, 202695.50095.46995.469
Aug 20, 202695.46995.43895.531
Aug 19, 202695.40695.37595.406
Aug 18, 202695.34495.31395.313
Aug 17, 202695.28195.25095.250
Aug 14, 202695.25095.21995.250
Aug 13, 202695.25095.21995.219

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 9128287D6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 18, 2019Jul 31, 2019New issue$14.0bn$14.6bn2.28x0.282%
Sep 19, 2019Sep 30, 2019Reopening$12.0bn$13.2bn2.41x0.174%
Nov 21, 2019Nov 29, 2019Reopening$12.0bn$12.0bn2.40x0.149%

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.