Inflation-linked (TIPS)

912828ZZ6 · 0.125% due July 15, 2030

Original term
10-Year
Maturity
Jul 15, 2030
Coupon
0.125%
Pays
Semi-Annual
Dated
Jul 15, 2020
First coupon
Jan 15, 2021
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$54.69bn
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
2.117%
Index ratio
1.3025
Real duration
3.793 yr
DV01
0.0352
Convexity
16.287
Real clean price
92.688
Accrued (real)
0.020
Real dirty price
92.707
Indexed principal
130.247
Money clean price
120.722

The index ratio is a multiplier, not a percentage: 1.3025 means the principal is worth that many times its original face today. So the real clean price of 92.688 is not what a buyer pays , multiply by the ratio to get 120.722 per 100 of original face.

Against the fitted real curve

Priced 5.4 bp rich to the real curve on that day, 19.05 cents per 100 of face.

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

Real yield, 1,530 observations

-2%-1%0%1%2%3%Jul 31, 2020Sep 10, 2026Jul 31, 2020Real yield-1.004%Sep 21, 2020Real yield-0.948%Nov 10, 2020Real yield-0.799%Jan 4, 2021Real yield-1.106%Feb 24, 2021Real yield-0.897%Apr 14, 2021Real yield-0.828%Jun 3, 2021Real yield-0.934%Jul 23, 2021Real yield-1.176%Sep 13, 2021Real yield-1.177%Nov 2, 2021Real yield-1.091%Dec 23, 2021Real yield-1.095%Feb 14, 2022Real yield-0.640%Apr 5, 2022Real yield-0.351%May 25, 2022Real yield0.152%Jul 18, 2022Real yield0.578%Sep 6, 2022Real yield0.859%Oct 26, 2022Real yield1.649%Dec 16, 2022Real yield1.394%Feb 8, 2023Real yield1.307%Mar 30, 2023Real yield1.184%May 18, 2023Real yield1.400%Jul 11, 2023Real yield1.849%Aug 29, 2023Real yield1.882%Oct 19, 2023Real yield2.459%Dec 8, 2023Real yield2.027%Jan 31, 2024Real yield1.615%Mar 21, 2024Real yield1.813%May 9, 2024Real yield2.016%Jul 1, 2024Real yield2.038%Aug 20, 2024Real yield1.602%Oct 9, 2024Real yield1.577%Dec 2, 2024Real yield1.750%Jan 23, 2025Real yield1.938%Mar 14, 2025Real yield1.637%May 2, 2025Real yield1.532%Jun 24, 2025Real yield1.457%Aug 13, 2025Real yield1.215%Oct 2, 2025Real yield1.162%Nov 24, 2025Real yield1.252%Jan 15, 2026Real yield1.332%Mar 9, 2026Real yield1.046%Apr 27, 2026Real yield1.091%Jun 16, 2026Real yield1.653%Aug 6, 2026Real yield2.042%Sep 10, 2026Real yield2.117%

Price history

1,530 trading days to Sep 10, 2026

859095100105110115Jul 31, 2020Sep 10, 2026Jul 31, 2020Close111.844Sep 21, 2020Close111.063Nov 10, 2020Close109.313Jan 4, 2021Close112.406Feb 24, 2021Close110.031Apr 14, 2021Close109.188Jun 3, 2021Close110.094Jul 23, 2021Close112.344Sep 13, 2021Close112.156Nov 2, 2021Close111.125Dec 23, 2021Close110.969Feb 14, 2022Close106.625Apr 5, 2022Close104.000May 25, 2022Close99.781Jul 18, 2022Close96.469Sep 6, 2022Close94.438Oct 26, 2022Close89.000Dec 16, 2022Close90.906Feb 8, 2023Close91.656Mar 30, 2023Close92.625May 18, 2023Close91.344Jul 11, 2023Close88.719Aug 29, 2023Close88.719Oct 19, 2023Close85.594Dec 8, 2023Close88.313Jan 31, 2024Close90.906Mar 21, 2024Close89.969May 9, 2024Close89.063Jul 1, 2024Close89.188Aug 20, 2024Close91.719Oct 9, 2024Close92.031Dec 2, 2024Close91.344Jan 23, 2025Close90.625Mar 14, 2025Close92.313May 2, 2025Close93.000Jun 24, 2025Close93.531Aug 13, 2025Close94.813Oct 2, 2025Close95.188Nov 24, 2025Close94.938Jan 15, 2026Close94.750Mar 9, 2026Close96.094Apr 27, 2026Close96.031Jun 16, 2026Close94.000Aug 6, 2026Close92.781Sep 10, 2026Close92.688
The most recent 20 trading days of prices for 912828ZZ6.
DateBidOfferClose
Sep 10, 202692.84492.81392.688
Sep 9, 202693.03193.00093.000
Sep 8, 202693.12593.09493.094
Sep 4, 202693.09493.06393.094
Sep 3, 202693.26693.25093.125
Sep 2, 202693.03193.00092.969
Sep 1, 202693.00092.96993.000
Aug 31, 202693.03193.00093.031
Aug 28, 202693.15693.12592.969
Aug 27, 202693.46993.43893.406
Aug 26, 202693.43893.40693.469
Aug 25, 202693.53193.50093.531
Aug 24, 202693.42293.40693.344
Aug 21, 202693.34493.31393.344
Aug 20, 202693.37593.34493.438
Aug 19, 202693.34493.31393.344
Aug 18, 202693.23493.21993.219
Aug 17, 202693.17293.15693.125
Aug 14, 202693.15693.12593.125
Aug 13, 202693.18893.15693.125

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 912828ZZ6.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 23, 2020Jul 31, 2020New issue$14.0bn$15.6bn2.24x-0.930%
Sep 17, 2020Sep 30, 2020Reopening$12.0bn$13.6bn2.65x-0.966%
Nov 19, 2020Nov 30, 2020Reopening$12.0bn$13.7bn2.71x-0.867%

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.