Inflation-linked (TIPS)

91282CGW5 · 1.25% due April 15, 2028

Original term
5-Year
Maturity
Apr 15, 2028
Coupon
1.250%
Pays
Semi-Annual
Dated
Apr 15, 2023
First coupon
Oct 15, 2023
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$44.42bn
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
2.294%
Index ratio
1.1133
Real duration
1.556 yr
DV01
0.0154
Convexity
3.212
Real clean price
98.375
Accrued (real)
0.509
Real dirty price
98.884
Indexed principal
111.332
Money clean price
109.523

The index ratio is a multiplier, not a percentage: 1.1133 means the principal is worth that many times its original face today. So the real clean price of 98.375 is not what a buyer pays , multiply by the ratio to get 109.523 per 100 of original face.

Against the fitted real curve

Priced 10.4 bp cheap to the real curve on that day, 15.93 cents per 100 of face.

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

Real yield, 844 observations

0.50%1.00%1.50%2.00%2.50%3.00%Apr 28, 2023Sep 10, 2026Apr 28, 2023Real yield1.309%May 26, 2023Real yield1.794%Jun 27, 2023Real yield1.914%Jul 26, 2023Real yield1.875%Aug 23, 2023Real yield2.124%Sep 21, 2023Real yield2.346%Oct 20, 2023Real yield2.519%Nov 17, 2023Real yield2.355%Dec 18, 2023Real yield1.923%Jan 18, 2024Real yield1.890%Feb 15, 2024Real yield2.005%Mar 15, 2024Real yield2.077%Apr 12, 2024Real yield2.210%May 10, 2024Real yield2.288%Jun 10, 2024Real yield2.318%Jul 10, 2024Real yield2.118%Aug 7, 2024Real yield1.902%Sep 5, 2024Real yield1.762%Oct 3, 2024Real yield1.533%Nov 1, 2024Real yield1.947%Dec 3, 2024Real yield1.837%Jan 2, 2025Real yield2.032%Jan 31, 2025Real yield1.765%Mar 3, 2025Real yield1.332%Mar 31, 2025Real yield1.229%Apr 28, 2025Real yield1.164%May 27, 2025Real yield1.416%Jun 25, 2025Real yield1.387%Jul 24, 2025Real yield1.285%Aug 21, 2025Real yield1.190%Sep 19, 2025Real yield1.027%Oct 20, 2025Real yield1.071%Nov 18, 2025Real yield1.329%Dec 17, 2025Real yield1.414%Jan 16, 2026Real yield1.321%Feb 17, 2026Real yield1.103%Mar 17, 2026Real yield0.915%Apr 14, 2026Real yield0.997%May 12, 2026Real yield1.069%Jun 10, 2026Real yield1.612%Jul 10, 2026Real yield2.234%Aug 7, 2026Real yield2.414%Sep 4, 2026Real yield2.269%Sep 10, 2026Real yield2.294%

Price history

844 trading days to Sep 10, 2026

949596979899100101Apr 28, 2023Sep 10, 2026Apr 28, 2023Close99.719May 26, 2023Close97.469Jun 27, 2023Close96.969Jul 26, 2023Close97.188Aug 23, 2023Close96.156Sep 21, 2023Close95.281Oct 20, 2023Close94.656Nov 17, 2023Close95.406Dec 18, 2023Close97.219Jan 18, 2024Close97.406Feb 15, 2024Close97.000Mar 15, 2024Close96.781Apr 12, 2024Close96.344May 10, 2024Close96.125Jun 10, 2024Close96.094Jul 10, 2024Close96.875Aug 7, 2024Close97.688Sep 5, 2024Close98.219Oct 3, 2024Close99.031Nov 1, 2024Close97.688Dec 3, 2024Close98.094Jan 2, 2025Close97.531Jan 31, 2025Close98.406Mar 3, 2025Close99.750Mar 31, 2025Close100.063Apr 28, 2025Close100.250May 27, 2025Close99.531Jun 25, 2025Close99.625Jul 24, 2025Close99.906Aug 21, 2025Close100.156Sep 19, 2025Close100.563Oct 20, 2025Close100.438Nov 18, 2025Close99.813Dec 17, 2025Close99.625Jan 16, 2026Close99.844Feb 17, 2026Close100.313Mar 17, 2026Close100.688Apr 14, 2026Close100.500May 12, 2026Close100.344Jun 10, 2026Close99.344Jul 10, 2026Close98.313Aug 7, 2026Close98.094Sep 4, 2026Close98.406Sep 10, 2026Close98.375
The most recent 20 trading days of prices for 91282CGW5.
DateBidOfferClose
Sep 10, 202698.45398.40698.375
Sep 9, 202698.50098.46998.469
Sep 8, 202698.50098.46998.469
Sep 4, 202698.42298.40698.406
Sep 3, 202698.46998.43898.438
Sep 2, 202698.37598.34498.344
Sep 1, 202698.31398.28198.313
Aug 31, 202698.31398.28198.281
Aug 28, 202698.31398.28198.219
Aug 27, 202698.43898.40698.406
Aug 26, 202698.40698.37598.406
Aug 25, 202698.45398.40698.406
Aug 24, 202698.42298.40698.375
Aug 21, 202698.43898.40698.406
Aug 20, 202698.37598.34498.406
Aug 19, 202698.31398.28198.281
Aug 18, 202698.28198.25098.250
Aug 17, 202698.23498.18898.188
Aug 14, 202698.21998.18898.188
Aug 13, 202698.18898.15698.156

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 91282CGW5.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 20, 2023Apr 28, 2023New issue$21.0bn$21.0bn2.34x1.320%
Jun 22, 2023Jun 30, 2023Reopening$19.0bn$19.0bn2.56x1.832%

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.