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
1.2263
Real duration
0.011 yr
DV01
0.0001
Convexity
0.000
Real clean price
99.906
Accrued (real)
0.061
Real dirty price
99.967
Indexed principal
122.629
Money clean price
122.514
The index ratio is a multiplier, not a percentage: 1.2263 means the principal is worth that many times its original face today. So the real clean price of 99.906 is not what a buyer pays , multiply by the ratio to get 122.514 per 100 of original face.
Against the fitted real curve
Priced 7.09 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, 1,239 observations
Price history
1,240 trading days to Oct 11, 2024
The most recent 20 trading days of prices for 912828YL8.
Date
Bid
Offer
Close
Oct 11, 2024
–
99.906
100.000
Oct 10, 2024
–
99.906
99.906
Oct 9, 2024
–
99.906
99.906
Oct 8, 2024
–
99.906
99.906
Oct 7, 2024
–
99.906
99.906
Oct 4, 2024
–
99.875
99.875
Oct 3, 2024
–
99.844
99.844
Oct 2, 2024
–
99.844
99.844
Oct 1, 2024
–
99.844
99.844
Sep 30, 2024
–
99.813
99.813
Sep 27, 2024
–
99.813
99.813
Sep 26, 2024
–
99.781
99.781
Sep 25, 2024
–
99.781
99.781
Sep 24, 2024
–
99.781
99.781
Sep 23, 2024
–
99.750
99.781
Sep 20, 2024
–
99.750
99.750
Sep 19, 2024
–
99.719
99.719
Sep 18, 2024
–
99.688
99.688
Sep 17, 2024
–
99.688
99.688
Sep 16, 2024
–
99.688
99.688
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.