Inflation-linked (TIPS)

912828Z37 · 0.125% due January 15, 2030

Original term
10-Year
Maturity
Jan 15, 2030
Coupon
0.125%
Pays
Semi-Annual
Dated
Jan 15, 2020
First coupon
Jul 15, 2020
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$53.22bn
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
2.191%
Index ratio
1.2979
Real duration
3.299 yr
DV01
0.0308
Convexity
12.532
Real clean price
93.375
Accrued (real)
0.020
Real dirty price
93.395
Indexed principal
129.795
Money clean price
121.196

The index ratio is a multiplier, not a percentage: 1.2979 means the principal is worth that many times its original face today. So the real clean price of 93.375 is not what a buyer pays , multiply by the ratio to get 121.196 per 100 of original face.

Against the fitted real curve

Priced 3.2 bp cheap to the real curve on that day, 9.87 cents per 100 of face.

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

Real yield, 1,656 observations

-2%-1%0%1%2%3%Jan 31, 2020Sep 10, 2026Jan 31, 2020Real yield-0.137%Mar 26, 2020Real yield-0.240%May 20, 2020Real yield-0.482%Jul 15, 2020Real yield-0.789%Sep 8, 2020Real yield-0.977%Nov 2, 2020Real yield-0.846%Dec 29, 2020Real yield-1.039%Feb 24, 2021Real yield-0.919%Apr 19, 2021Real yield-0.891%Jun 11, 2021Real yield-0.988%Aug 5, 2021Real yield-1.247%Sep 29, 2021Real yield-0.983%Nov 24, 2021Real yield-1.122%Jan 20, 2022Real yield-0.707%Mar 16, 2022Real yield-0.715%May 10, 2022Real yield0.298%Jul 6, 2022Real yield0.684%Aug 29, 2022Real yield0.585%Oct 24, 2022Real yield1.748%Dec 19, 2022Real yield1.519%Feb 14, 2023Real yield1.525%Apr 10, 2023Real yield1.166%Jun 2, 2023Real yield1.616%Jul 28, 2023Real yield1.771%Sep 21, 2023Real yield2.221%Nov 15, 2023Real yield2.295%Jan 11, 2024Real yield1.765%Mar 7, 2024Real yield1.767%Apr 30, 2024Real yield2.255%Jun 25, 2024Real yield2.020%Aug 19, 2024Real yield1.731%Oct 11, 2024Real yield1.563%Dec 9, 2024Real yield1.787%Feb 4, 2025Real yield1.777%Mar 31, 2025Real yield1.397%May 22, 2025Real yield1.625%Jul 18, 2025Real yield1.357%Sep 11, 2025Real yield1.071%Nov 5, 2025Real yield1.349%Jan 2, 2026Real yield1.423%Feb 27, 2026Real yield1.041%Apr 22, 2026Real yield1.208%Jun 16, 2026Real yield1.707%Aug 11, 2026Real yield2.103%Sep 10, 2026Real yield2.191%

Price history

1,656 trading days to Sep 10, 2026

859095100105110115Jan 31, 2020Sep 10, 2026Jan 31, 2020Close102.625Mar 26, 2020Close103.625May 20, 2020Close106.000Jul 15, 2020Close109.031Sep 8, 2020Close110.813Nov 2, 2020Close109.313Dec 29, 2020Close111.063Feb 24, 2021Close109.688Apr 19, 2021Close109.250Jun 11, 2021Close110.000Aug 5, 2021Close112.250Sep 29, 2021Close109.594Nov 24, 2021Close110.656Jan 20, 2022Close106.844Mar 16, 2022Close106.781May 10, 2022Close98.688Jul 6, 2022Close95.906Aug 29, 2022Close96.688Oct 24, 2022Close89.031Dec 19, 2022Close90.688Feb 14, 2023Close90.844Apr 10, 2023Close93.250Jun 2, 2023Close90.688Jul 28, 2023Close90.000Sep 21, 2023Close87.719Nov 15, 2023Close87.594Jan 11, 2024Close90.688Mar 7, 2024Close90.906Apr 30, 2024Close88.656Jun 25, 2024Close90.094Aug 19, 2024Close91.750Oct 11, 2024Close92.781Dec 9, 2024Close91.938Feb 4, 2025Close92.219Mar 31, 2025Close94.125May 22, 2025Close93.313Jul 18, 2025Close94.656Sep 11, 2025Close96.000Nov 5, 2025Close95.031Jan 2, 2026Close94.938Feb 27, 2026Close96.531Apr 22, 2026Close96.063Jun 16, 2026Close94.531Aug 11, 2026Close93.500Sep 10, 2026Close93.375
The most recent 20 trading days of prices for 912828Z37.
DateBidOfferClose
Sep 10, 202693.50093.46993.375
Sep 9, 202693.65693.62593.625
Sep 8, 202693.75093.71993.719
Sep 4, 202693.68893.65693.688
Sep 3, 202693.84493.81393.719
Sep 2, 202693.65693.62593.594
Sep 1, 202693.62593.59493.625
Aug 31, 202693.65693.62593.625
Aug 28, 202693.71993.68893.594
Aug 27, 202694.00093.96993.938
Aug 26, 202693.96993.93893.969
Aug 25, 202694.03194.00094.031
Aug 24, 202693.93893.90693.875
Aug 21, 202693.90693.87593.875
Aug 20, 202693.90693.87593.969
Aug 19, 202693.87593.84493.844
Aug 18, 202693.78193.75093.750
Aug 17, 202693.71993.68893.656
Aug 14, 202693.68893.65693.656
Aug 13, 202693.71993.68893.656

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 912828Z37.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jan 23, 2020Jan 31, 2020New issue$14.0bn$15.4bn2.33x0.036%
Mar 19, 2020Mar 31, 2020Reopening$12.0bn$13.6bn2.32x0.680%
May 21, 2020May 29, 2020Reopening$12.0bn$12.0bn2.39x-0.470%

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.