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
withheld
Index ratio
1.1774
Real duration
0.008 yr
DV01
0.0001
Convexity
0.000
Real clean price
99.938
Accrued (real)
0.799
Real dirty price
100.737
Indexed principal
117.742
Money clean price
117.668
The index ratio is a multiplier, not a percentage: 1.1774 means the principal is worth that many times its original face today. So the real clean price of 99.938 is not what a buyer pays , multiply by the ratio to get 117.668 per 100 of original face.
Against the fitted real curve
Priced 7.73 cents per 100 of face cheap to the real curve on that day.
Shown as a price rather than a yield. Less than a month of this security's life remained, and annualizing a stub that short is arithmetic rather than information, the same reason its real yield is withheld above.
Real yield, 2,342 observations
Price history
2,343 trading days to Jan 12, 2018
The most recent 20 trading days of prices for 912828HN3.
Date
Bid
Offer
Close
Jan 12, 2018
–
99.969
100.000
Jan 11, 2018
–
99.938
99.938
Jan 10, 2018
–
100.000
100.000
Jan 9, 2018
–
100.000
99.969
Jan 8, 2018
–
99.938
100.031
Jan 5, 2018
–
99.969
99.938
Jan 4, 2018
–
100.000
99.938
Jan 3, 2018
–
99.969
99.969
Jan 2, 2018
–
99.969
100.000
Dec 29, 2017
–
100.000
99.969
Dec 28, 2017
–
99.938
99.906
Dec 27, 2017
–
99.969
99.938
Dec 26, 2017
–
100.000
100.000
Dec 22, 2017
–
100.000
100.000
Dec 21, 2017
–
99.969
99.938
Dec 20, 2017
–
100.000
99.969
Dec 19, 2017
–
99.938
99.969
Dec 18, 2017
–
99.938
99.969
Dec 15, 2017
–
99.875
99.938
Dec 14, 2017
–
99.969
99.938
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.
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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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.