Inflation-linked (TIPS)

91282CHP9 · 1.375% due July 15, 2033

Original term
10-Year
Maturity
Jul 15, 2033
Coupon
1.375%
Pays
Semi-Annual
Dated
Jul 15, 2023
First coupon
Jan 15, 2024
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$51.39bn
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
2.323%
Index ratio
1.0995
Real duration
6.453 yr
DV01
0.0608
Convexity
46.132
Real clean price
94.031
Accrued (real)
0.217
Real dirty price
94.248
Indexed principal
109.955
Money clean price
103.392

The index ratio is a multiplier, not a percentage: 1.0995 means the principal is worth that many times its original face today. So the real clean price of 94.031 is not what a buyer pays , multiply by the ratio to get 103.392 per 100 of original face.

Against the fitted real curve

Priced 3.1 bp rich to the real curve on that day, 18.80 cents per 100 of face.

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

Real yield, 781 observations

1.2%1.4%1.6%1.8%2.0%2.2%2.4%2.6%Jul 31, 2023Sep 10, 2026Jul 31, 2023Real yield1.596%Aug 24, 2023Real yield1.904%Sep 20, 2023Real yield2.002%Oct 17, 2023Real yield2.417%Nov 10, 2023Real yield2.291%Dec 7, 2023Real yield1.970%Jan 4, 2024Real yield1.772%Jan 31, 2024Real yield1.691%Feb 27, 2024Real yield1.946%Mar 22, 2024Real yield1.833%Apr 17, 2024Real yield2.158%May 13, 2024Real yield2.109%Jun 7, 2024Real yield2.099%Jul 5, 2024Real yield1.960%Jul 31, 2024Real yield1.835%Aug 26, 2024Real yield1.641%Sep 20, 2024Real yield1.531%Oct 17, 2024Real yield1.743%Nov 13, 2024Real yield2.047%Dec 10, 2024Real yield1.893%Jan 7, 2025Real yield2.250%Feb 3, 2025Real yield1.985%Feb 28, 2025Real yield1.750%Mar 26, 2025Real yield1.848%Apr 21, 2025Real yield2.042%May 15, 2025Real yield1.944%Jun 11, 2025Real yield1.971%Jul 9, 2025Real yield1.804%Aug 4, 2025Real yield1.653%Aug 28, 2025Real yield1.557%Sep 24, 2025Real yield1.558%Oct 21, 2025Real yield1.495%Nov 17, 2025Real yield1.636%Dec 12, 2025Real yield1.701%Jan 9, 2026Real yield1.691%Feb 5, 2026Real yield1.576%Mar 4, 2026Real yield1.487%Mar 30, 2026Real yield1.718%Apr 23, 2026Real yield1.595%May 19, 2026Real yield1.843%Jun 15, 2026Real yield1.896%Jul 13, 2026Real yield2.113%Aug 6, 2026Real yield2.200%Sep 1, 2026Real yield2.208%Sep 10, 2026Real yield2.323%

Price history

781 trading days to Sep 10, 2026

9092949698100Jul 31, 2023Sep 10, 2026Jul 31, 2023Close97.969Aug 24, 2023Close95.250Sep 20, 2023Close94.438Oct 17, 2023Close91.000Nov 10, 2023Close92.094Dec 7, 2023Close94.813Jan 4, 2024Close96.531Jan 31, 2024Close97.250Feb 27, 2024Close95.125Mar 22, 2024Close96.094Apr 17, 2024Close93.469May 13, 2024Close93.906Jun 7, 2024Close94.031Jul 5, 2024Close95.188Jul 31, 2024Close96.219Aug 26, 2024Close97.813Sep 20, 2024Close98.719Oct 17, 2024Close97.031Nov 13, 2024Close94.688Dec 10, 2024Close95.906Jan 7, 2025Close93.250Feb 3, 2025Close95.281Feb 28, 2025Close97.094Mar 26, 2025Close96.375Apr 21, 2025Close94.969May 15, 2025Close95.719Jun 11, 2025Close95.563Jul 9, 2025Close96.813Aug 4, 2025Close97.938Aug 28, 2025Close98.656Sep 24, 2025Close98.656Oct 21, 2025Close99.125Nov 17, 2025Close98.125Dec 12, 2025Close97.688Jan 9, 2026Close97.781Feb 5, 2026Close98.594Mar 4, 2026Close99.219Mar 30, 2026Close97.656Apr 23, 2026Close98.500May 19, 2026Close96.875Jun 15, 2026Close96.563Jul 13, 2026Close95.219Aug 6, 2026Close94.719Sep 1, 2026Close94.719Sep 10, 2026Close94.031
The most recent 20 trading days of prices for 91282CHP9.
DateBidOfferClose
Sep 10, 202694.25094.21994.031
Sep 9, 202694.57894.53194.594
Sep 8, 202694.78194.75094.750
Sep 4, 202694.78194.75094.750
Sep 3, 202695.07895.06394.875
Sep 2, 202694.71994.68894.656
Sep 1, 202694.75094.71994.719
Aug 31, 202694.75094.71994.781
Aug 28, 202695.04795.00094.813
Aug 27, 202695.48495.46995.375
Aug 26, 202695.46995.43895.438
Aug 25, 202695.56395.53195.563
Aug 24, 202695.34495.31395.219
Aug 21, 202695.21995.18895.125
Aug 20, 202695.31395.28195.406
Aug 19, 202695.40695.37595.406
Aug 18, 202695.06395.03195.094
Aug 17, 202695.03195.00094.906
Aug 14, 202695.04795.00095.063
Aug 13, 202695.18895.15695.125

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 91282CHP9.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Jul 20, 2023Jul 31, 2023New issue$17.0bn$17.0bn2.51x1.495%
Sep 21, 2023Sep 29, 2023Reopening$15.0bn$15.0bn2.44x2.094%
Nov 21, 2023Nov 30, 2023Reopening$15.0bn$15.2bn2.32x2.180%

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.