Inflation-linked (TIPS)

912828Y38 · 0.75% due July 15, 2028

Original term
10-Year
Maturity
Jul 15, 2028
Coupon
0.750%
Pays
Semi-Annual
Dated
Jul 15, 2018
First coupon
Jan 15, 2019
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$48.43bn
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
1.965%
Index ratio
1.3304
Real duration
1.813 yr
DV01
0.0178
Convexity
4.199
Real clean price
97.813
Accrued (real)
0.118
Real dirty price
97.931
Indexed principal
133.035
Money clean price
130.125

The index ratio is a multiplier, not a percentage: 1.3304 means the principal is worth that many times its original face today. So the real clean price of 97.813 is not what a buyer pays , multiply by the ratio to get 130.125 per 100 of original face.

Against the fitted real curve

Priced 21.1 bp rich to the real curve on that day, 37.43 cents per 100 of face.

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

Real yield, 2,030 observations

-2%-1%0%1%2%3%Jul 31, 2018Sep 10, 2026Jul 31, 2018Real yield0.839%Oct 5, 2018Real yield1.064%Dec 17, 2018Real yield1.049%Feb 26, 2019Real yield0.681%May 3, 2019Real yield0.582%Jul 11, 2019Real yield0.320%Sep 17, 2019Real yield0.165%Nov 25, 2019Real yield0.138%Feb 4, 2020Real yield-0.087%Apr 13, 2020Real yield-0.432%Jun 18, 2020Real yield-0.668%Aug 25, 2020Real yield-1.142%Nov 2, 2020Real yield-1.013%Jan 12, 2021Real yield-1.216%Mar 22, 2021Real yield-1.130%May 26, 2021Real yield-1.326%Aug 3, 2021Real yield-1.655%Oct 8, 2021Real yield-1.329%Dec 17, 2021Real yield-1.260%Feb 25, 2022Real yield-0.898%May 4, 2022Real yield-0.197%Jul 13, 2022Real yield0.549%Sep 19, 2022Real yield1.190%Nov 28, 2022Real yield1.601%Feb 6, 2023Real yield1.470%Apr 13, 2023Real yield1.181%Jun 21, 2023Real yield1.701%Aug 28, 2023Real yield2.084%Nov 3, 2023Real yield2.173%Jan 12, 2024Real yield1.618%Mar 21, 2024Real yield1.816%May 28, 2024Real yield2.190%Aug 5, 2024Real yield1.646%Oct 10, 2024Real yield1.487%Dec 19, 2024Real yield1.998%Feb 28, 2025Real yield1.253%May 6, 2025Real yield1.160%Jul 15, 2025Real yield1.186%Sep 19, 2025Real yield0.863%Nov 28, 2025Real yield1.089%Feb 6, 2026Real yield0.867%Apr 15, 2026Real yield0.806%Jun 23, 2026Real yield1.854%Aug 28, 2026Real yield2.032%Sep 10, 2026Real yield1.965%

Price history

2,030 trading days to Sep 10, 2026

9095100105110115120Jul 31, 2018Sep 10, 2026Jul 31, 2018Close99.156Oct 5, 2018Close97.094Dec 17, 2018Close97.281Feb 26, 2019Close100.625May 3, 2019Close101.500Jul 11, 2019Close103.813Sep 17, 2019Close105.125Nov 25, 2019Close105.250Feb 4, 2020Close107.094Apr 13, 2020Close109.938Jun 18, 2020Close111.781Aug 25, 2020Close115.656Nov 2, 2020Close114.156Jan 12, 2021Close115.500Mar 22, 2021Close114.375May 26, 2021Close115.594Aug 3, 2021Close117.781Oct 8, 2021Close114.750Dec 17, 2021Close113.813Feb 25, 2022Close110.844May 4, 2022Close105.906Jul 13, 2022Close101.188Sep 19, 2022Close97.531Nov 28, 2022Close95.438Feb 6, 2023Close96.250Apr 13, 2023Close97.813Jun 21, 2023Close95.406Aug 28, 2023Close93.844Nov 3, 2023Close93.688Jan 12, 2024Close96.250Mar 21, 2024Close95.594May 28, 2024Close94.344Aug 5, 2024Close96.594Oct 10, 2024Close97.313Dec 19, 2024Close95.719Feb 28, 2025Close98.344May 6, 2025Close98.719Jul 15, 2025Close98.719Sep 19, 2025Close99.688Nov 28, 2025Close99.125Feb 6, 2026Close99.719Apr 15, 2026Close99.875Jun 23, 2026Close97.781Aug 28, 2026Close97.656Sep 10, 2026Close97.813
The most recent 20 trading days of prices for 912828Y38.
DateBidOfferClose
Sep 10, 202697.87597.84497.813
Sep 9, 202697.95397.90697.906
Sep 8, 202697.95397.93897.938
Sep 4, 202697.87597.84497.875
Sep 3, 202697.95397.93897.906
Sep 2, 202697.84497.81397.813
Sep 1, 202697.78197.75097.781
Aug 31, 202697.76697.75097.750
Aug 28, 202697.76697.71997.656
Aug 27, 202697.93897.90697.875
Aug 26, 202697.89197.87597.875
Aug 25, 202697.93897.90697.906
Aug 24, 202697.89197.87597.844
Aug 21, 202697.87597.84497.844
Aug 20, 202697.84497.81397.844
Aug 19, 202697.76697.75097.750
Aug 18, 202697.71997.68897.688
Aug 17, 202697.68897.65697.656
Aug 14, 202697.65697.62597.625
Aug 13, 202697.65697.62597.594

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 912828Y38.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 19, 2018Jul 31, 2018New issue$13.0bn$13.7bn2.22x0.762%
Sep 20, 2018Sep 28, 2018Reopening$11.0bn$11.0bn2.57x0.910%
Nov 21, 2018Nov 30, 2018Reopening$11.0bn$12.0bn2.59x1.109%

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.