Inflation-linked (TIPS)

91282CDC2 · 0.125% due October 15, 2026

Original term
5-Year
Maturity
Oct 15, 2026
Coupon
0.125%
Pays
Semi-Annual
Dated
Oct 15, 2021
First coupon
Apr 15, 2022
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$46.76bn
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
2.484%
Index ratio
1.2221
Real duration
0.093 yr
DV01
0.0009
Convexity
0.017
Real clean price
99.781
Accrued (real)
0.051
Real dirty price
99.832
Indexed principal
122.207
Money clean price
121.940

The index ratio is a multiplier, not a percentage: 1.2221 means the principal is worth that many times its original face today. So the real clean price of 99.781 is not what a buyer pays , multiply by the ratio to get 121.940 per 100 of original face.

Against the fitted real curve

Priced 15.2 bp cheap to the real curve on that day, 1.41 cents per 100 of face.

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

Real yield, 1,217 observations

-4%-2%0%2%4%6%Oct 29, 2021Sep 10, 2026Oct 29, 2021Real yield-1.716%Dec 10, 2021Real yield-1.542%Jan 21, 2022Real yield-1.202%Mar 3, 2022Real yield-1.485%Apr 12, 2022Real yield-0.726%May 23, 2022Real yield-0.194%Jul 5, 2022Real yield0.191%Aug 12, 2022Real yield0.215%Sep 22, 2022Real yield1.404%Nov 2, 2022Real yield1.703%Dec 14, 2022Real yield1.532%Jan 26, 2023Real yield1.425%Mar 8, 2023Real yield1.967%Apr 17, 2023Real yield1.470%May 25, 2023Real yield1.925%Jul 7, 2023Real yield2.365%Aug 16, 2023Real yield2.418%Sep 26, 2023Real yield2.581%Nov 6, 2023Real yield2.478%Dec 15, 2023Real yield1.988%Jan 29, 2024Real yield1.861%Mar 8, 2024Real yield1.796%Apr 17, 2024Real yield2.185%May 28, 2024Real yield2.394%Jul 9, 2024Real yield2.230%Aug 16, 2024Real yield2.046%Sep 26, 2024Real yield1.508%Nov 6, 2024Real yield1.706%Dec 18, 2024Real yield1.825%Jan 30, 2025Real yield1.373%Mar 12, 2025Real yield0.858%Apr 21, 2025Real yield0.720%May 30, 2025Real yield1.001%Jul 11, 2025Real yield0.979%Aug 20, 2025Real yield0.836%Sep 30, 2025Real yield0.670%Nov 10, 2025Real yield1.012%Dec 22, 2025Real yield1.292%Feb 3, 2026Real yield0.306%Mar 16, 2026Real yield-0.948%Apr 23, 2026Real yield-1.571%Jun 3, 2026Real yield-0.818%Jul 15, 2026Real yield3.547%Aug 24, 2026Real yield3.730%Sep 10, 2026Real yield2.484%

Price history

1,217 trading days to Sep 10, 2026

9095100105110115Oct 29, 2021Sep 10, 2026Oct 29, 2021Close109.563Dec 10, 2021Close108.406Jan 21, 2022Close106.469Mar 3, 2022Close107.719Apr 12, 2022Close103.906May 23, 2022Close101.406Jul 5, 2022Close99.719Aug 12, 2022Close99.625Sep 22, 2022Close94.969Nov 2, 2022Close94.000Dec 14, 2022Close94.781Jan 26, 2023Close95.313Mar 8, 2023Close93.625Apr 17, 2023Close95.438May 25, 2023Close94.125Jul 7, 2023Close93.000Aug 16, 2023Close93.063Sep 26, 2023Close92.844Nov 6, 2023Close93.375Dec 15, 2023Close94.906Jan 29, 2024Close95.438Mar 8, 2024Close95.781Apr 17, 2024Close95.031May 28, 2024Close94.781Jul 9, 2024Close95.375Aug 16, 2024Close95.969Sep 26, 2024Close97.219Nov 6, 2024Close97.000Dec 18, 2024Close96.969Jan 30, 2025Close97.906Mar 12, 2025Close98.844Apr 21, 2025Close99.125May 30, 2025Close98.813Jul 11, 2025Close98.938Aug 20, 2025Close99.188Sep 30, 2025Close99.438Nov 10, 2025Close99.188Dec 22, 2025Close99.063Feb 3, 2026Close99.875Mar 16, 2026Close100.625Apr 23, 2026Close100.813Jun 3, 2026Close100.344Jul 15, 2026Close99.156Aug 24, 2026Close99.500Sep 10, 2026Close99.781
The most recent 20 trading days of prices for 91282CDC2.
DateBidOfferClose
Sep 10, 2026–99.78199.781
Sep 9, 2026–99.75099.750
Sep 8, 2026–99.71999.719
Sep 4, 2026–99.71999.719
Sep 3, 2026–99.68899.688
Sep 2, 2026–99.68899.688
Sep 1, 2026–99.65699.656
Aug 31, 2026–99.65699.656
Aug 28, 2026–99.62599.625
Aug 27, 2026–99.59499.594
Aug 26, 2026–99.56399.563
Aug 25, 2026–99.53199.531
Aug 24, 2026–99.53199.500
Aug 21, 2026–99.50099.500
Aug 20, 2026–99.43899.406
Aug 19, 2026–99.40699.406
Aug 18, 2026–99.40699.375
Aug 17, 2026–99.34499.375
Aug 14, 2026–99.34499.344
Aug 13, 2026–99.25099.250

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.

Auction history for 91282CDC2.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 21, 2021Oct 29, 2021New issue$19.0bn$19.0bn2.45x-1.685%
Dec 22, 2021Dec 31, 2021Reopening$17.0bn$19.3bn2.42x-1.508%

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.