Inflation-linked (TIPS)

912828V49 · 0.375% due January 15, 2027

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

Statement of August 31, 2026

Amount outstanding
$52.30bn
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
1.751%
Index ratio
1.3824
Real duration
0.340 yr
DV01
0.0034
Convexity
0.232
Real clean price
99.531
Accrued (real)
0.059
Real dirty price
99.590
Indexed principal
138.244
Money clean price
137.596

The index ratio is a multiplier, not a percentage: 1.3824 means the principal is worth that many times its original face today. So the real clean price of 99.531 is not what a buyer pays , multiply by the ratio to get 137.596 per 100 of original face.

Against the fitted real curve

Priced 56.9 bp rich to the real curve on that day, 19.29 cents per 100 of face.

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

Real yield, 2,406 observations

-2%-1%0%1%2%3%4%5%Jan 31, 2017Sep 10, 2026Jan 31, 2017Real yield0.394%Apr 20, 2017Real yield0.375%Jul 10, 2017Real yield0.646%Sep 26, 2017Real yield0.430%Dec 14, 2017Real yield0.491%Mar 7, 2018Real yield0.751%May 24, 2018Real yield0.837%Aug 13, 2018Real yield0.798%Oct 31, 2018Real yield1.127%Jan 24, 2019Real yield0.938%Apr 12, 2019Real yield0.561%Jul 2, 2019Real yield0.291%Sep 19, 2019Real yield0.246%Dec 10, 2019Real yield0.175%Mar 2, 2020Real yield-0.322%May 19, 2020Real yield-0.434%Aug 6, 2020Real yield-1.203%Oct 26, 2020Real yield-1.139%Jan 15, 2021Real yield-1.479%Apr 6, 2021Real yield-1.372%Jun 23, 2021Real yield-1.454%Sep 10, 2021Real yield-1.718%Dec 1, 2021Real yield-1.469%Feb 18, 2022Real yield-0.986%May 10, 2022Real yield-0.072%Jul 29, 2022Real yield-0.032%Oct 18, 2022Real yield1.845%Jan 9, 2023Real yield1.710%Mar 29, 2023Real yield1.462%Jun 15, 2023Real yield1.946%Sep 5, 2023Real yield2.413%Nov 22, 2023Real yield2.541%Feb 13, 2024Real yield2.187%May 1, 2024Real yield2.442%Jul 22, 2024Real yield2.346%Oct 8, 2024Real yield1.802%Dec 30, 2024Real yield1.944%Mar 20, 2025Real yield1.158%Jun 6, 2025Real yield1.426%Aug 26, 2025Real yield0.945%Nov 14, 2025Real yield1.355%Feb 5, 2026Real yield0.877%Apr 24, 2026Real yield0.027%Jul 15, 2026Real yield3.313%Sep 10, 2026Real yield1.751%

Price history

2,406 trading days to Sep 10, 2026

9095100105110115Jan 31, 2017Sep 10, 2026Jan 31, 2017Close99.813Apr 20, 2017Close100.000Jul 10, 2017Close97.500Sep 26, 2017Close99.500Dec 14, 2017Close98.969Mar 7, 2018Close96.781May 24, 2018Close96.156Aug 13, 2018Close96.563Oct 31, 2018Close94.125Jan 24, 2019Close95.688Apr 12, 2019Close98.594Jul 2, 2019Close100.625Sep 19, 2019Close100.938Dec 10, 2019Close101.406Mar 2, 2020Close104.844May 19, 2020Close105.469Aug 6, 2020Close110.594Oct 26, 2020Close109.781Jan 15, 2021Close111.656Apr 6, 2021Close110.531Jun 23, 2021Close110.625Sep 10, 2021Close111.750Dec 1, 2021Close109.844Feb 18, 2022Close106.844May 10, 2022Close102.094Jul 29, 2022Close101.813Oct 18, 2022Close94.031Jan 9, 2023Close94.844Mar 29, 2023Close96.000Jun 15, 2023Close94.594Sep 5, 2023Close93.469Nov 22, 2023Close93.500Feb 13, 2024Close94.906May 1, 2024Close94.625Jul 22, 2024Close95.281Oct 8, 2024Close96.844Dec 30, 2024Close96.875Mar 20, 2025Close98.594Jun 6, 2025Close98.344Aug 26, 2025Close99.219Nov 14, 2025Close98.875Feb 5, 2026Close99.531Apr 24, 2026Close100.250Jul 15, 2026Close98.563Sep 10, 2026Close99.531
The most recent 20 trading days of prices for 912828V49.
DateBidOfferClose
Sep 10, 2026–99.50099.531
Sep 9, 2026–99.43899.406
Sep 8, 2026–99.40699.406
Sep 4, 2026–99.28199.344
Sep 3, 2026–99.25099.250
Sep 2, 2026–99.25099.250
Sep 1, 2026–99.18899.250
Aug 31, 2026–99.12599.125
Aug 28, 2026–99.03199.063
Aug 27, 2026–99.03199.031
Aug 26, 2026–98.96999.000
Aug 25, 2026–98.96998.969
Aug 24, 2026–99.00098.969
Aug 21, 2026–99.00099.031
Aug 20, 2026–98.90698.906
Aug 19, 2026–98.87598.875
Aug 18, 2026–98.84498.844
Aug 17, 2026–98.68898.750
Aug 14, 2026–98.62598.656
Aug 13, 2026–98.56398.594

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 912828V49.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 19, 2017Jan 31, 2017New issue$13.0bn$13.8bn2.45x0.436%
Mar 23, 2017Mar 31, 2017Reopening$11.0bn$12.3bn2.23x0.466%
May 18, 2017May 31, 2017Reopening$11.0bn$12.3bn2.56x0.420%

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.

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.