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
1.0928
Real duration
0.008 yr
DV01
0.0001
Convexity
0.000
Real clean price
100.063
Accrued (real)
0.307
Real dirty price
100.370
Indexed principal
109.276
Money clean price
109.344
The index ratio is a multiplier, not a percentage: 1.0928 means the principal is worth that many times its original face today. So the real clean price of 100.063 is not what a buyer pays , multiply by the ratio to get 109.344 per 100 of original face.
Against the fitted real curve
Priced 4.66 cents per 100 of face rich 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, 1,154 observations
Price history
1,155 trading days to Apr 12, 2013
The most recent 20 trading days of prices for 912828HW3.
Date
Bid
Offer
Close
Apr 12, 2013
–
100.000
100.000
Apr 11, 2013
–
100.063
100.063
Apr 10, 2013
–
100.063
100.063
Apr 9, 2013
–
100.125
100.094
Apr 8, 2013
–
100.125
100.125
Apr 5, 2013
–
100.188
100.188
Apr 4, 2013
–
100.250
100.250
Apr 3, 2013
–
100.281
100.281
Apr 2, 2013
–
100.313
100.313
Apr 1, 2013
–
100.344
100.344
Mar 28, 2013
–
100.375
100.375
Mar 27, 2013
–
100.406
100.438
Mar 26, 2013
–
100.438
100.438
Mar 25, 2013
–
100.469
100.469
Mar 22, 2013
–
100.469
100.469
Mar 21, 2013
–
100.500
100.500
Mar 20, 2013
–
100.500
100.500
Mar 19, 2013
–
100.500
100.500
Mar 18, 2013
–
100.531
100.531
Mar 15, 2013
–
100.531
100.531
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.