Inflation-linked (TIPS)

91282CKL4 · 2.125% due April 15, 2029

Original term
5-Year
Maturity
Apr 15, 2029
Coupon
2.125%
Pays
Semi-Annual
Dated
Apr 15, 2024
First coupon
Oct 15, 2024
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$46.37bn
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
2.237%
Index ratio
1.0796
Real duration
2.487 yr
DV01
0.0250
Convexity
7.550
Real clean price
99.719
Accrued (real)
0.865
Real dirty price
100.584
Indexed principal
107.964
Money clean price
107.660

The index ratio is a multiplier, not a percentage: 1.0796 means the principal is worth that many times its original face today. So the real clean price of 99.719 is not what a buyer pays , multiply by the ratio to get 107.660 per 100 of original face.

Against the fitted real curve

Priced 8.3 bp cheap to the real curve on that day, 20.85 cents per 100 of face.

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

Real yield, 592 observations

1.00%1.25%1.50%1.75%2.00%2.25%2.50%Apr 30, 2024Sep 10, 2026Apr 30, 2024Real yield2.293%May 20, 2024Real yield2.132%Jun 10, 2024Real yield2.207%Jul 1, 2024Real yield2.145%Jul 22, 2024Real yield1.993%Aug 9, 2024Real yield1.837%Aug 29, 2024Real yield1.646%Sep 19, 2024Real yield1.444%Oct 9, 2024Real yield1.692%Oct 30, 2024Real yield1.875%Nov 20, 2024Real yield1.939%Dec 11, 2024Real yield1.839%Jan 2, 2025Real yield2.063%Jan 23, 2025Real yield1.977%Feb 12, 2025Real yield1.874%Mar 5, 2025Real yield1.542%Mar 25, 2025Real yield1.534%Apr 14, 2025Real yield1.639%May 2, 2025Real yield1.478%May 22, 2025Real yield1.569%Jun 12, 2025Real yield1.611%Jul 3, 2025Real yield1.475%Jul 24, 2025Real yield1.365%Aug 13, 2025Real yield1.225%Sep 3, 2025Real yield1.072%Sep 23, 2025Real yield1.119%Oct 14, 2025Real yield1.130%Nov 3, 2025Real yield1.306%Nov 24, 2025Real yield1.320%Dec 15, 2025Real yield1.421%Jan 6, 2026Real yield1.389%Jan 27, 2026Real yield1.258%Feb 17, 2026Real yield1.163%Mar 9, 2026Real yield1.036%Mar 27, 2026Real yield1.326%Apr 16, 2026Real yield1.146%May 6, 2026Real yield1.192%May 27, 2026Real yield1.513%Jun 16, 2026Real yield1.749%Jul 8, 2026Real yield2.031%Jul 28, 2026Real yield2.316%Aug 17, 2026Real yield2.161%Sep 4, 2026Real yield2.149%Sep 10, 2026Real yield2.237%

Price history

592 trading days to Sep 10, 2026

99100101102103104Apr 30, 2024Sep 10, 2026Apr 30, 2024Close99.219May 20, 2024Close99.969Jun 10, 2024Close99.625Jul 1, 2024Close99.906Jul 22, 2024Close100.594Aug 9, 2024Close101.281Aug 29, 2024Close102.125Sep 19, 2024Close103.000Oct 9, 2024Close101.875Oct 30, 2024Close101.063Nov 20, 2024Close100.781Dec 11, 2024Close101.188Jan 2, 2025Close100.250Jan 23, 2025Close100.594Feb 12, 2025Close101.000Mar 5, 2025Close102.313Mar 25, 2025Close102.313Apr 14, 2025Close101.875May 2, 2025Close102.469May 22, 2025Close102.094Jun 12, 2025Close101.906Jul 3, 2025Close102.375Jul 24, 2025Close102.750Aug 13, 2025Close103.219Sep 3, 2025Close103.719Sep 23, 2025Close103.500Oct 14, 2025Close103.406Nov 3, 2025Close102.750Nov 24, 2025Close102.656Dec 15, 2025Close102.281Jan 6, 2026Close102.344Jan 27, 2026Close102.719Feb 17, 2026Close102.969Mar 9, 2026Close103.313Mar 27, 2026Close102.375Apr 16, 2026Close102.875May 6, 2026Close102.688May 27, 2026Close101.719Jun 16, 2026Close101.031Jul 8, 2026Close100.250Jul 28, 2026Close99.500Aug 17, 2026Close99.906Sep 4, 2026Close99.938Sep 10, 2026Close99.719
The most recent 20 trading days of prices for 91282CKL4.
DateBidOfferClose
Sep 10, 202699.81399.78199.719
Sep 9, 202699.93899.90699.906
Sep 8, 2026100.00099.96999.969
Sep 4, 202699.93899.90699.938
Sep 3, 2026100.078100.063100.000
Sep 2, 202699.93899.90699.875
Sep 1, 202699.89199.87599.906
Aug 31, 202699.89199.87599.875
Aug 28, 202699.93899.90699.813
Aug 27, 2026100.188100.156100.125
Aug 26, 2026100.156100.125100.156
Aug 25, 2026100.219100.188100.188
Aug 24, 2026100.156100.125100.094
Aug 21, 2026100.125100.094100.125
Aug 20, 2026100.125100.094100.156
Aug 19, 2026100.063100.031100.063
Aug 18, 2026100.00099.969100.000
Aug 17, 202699.96999.93899.906
Aug 14, 202699.93899.90699.906
Aug 13, 202699.92299.90699.875

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 91282CKL4.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 18, 2024Apr 30, 2024New issue$23.0bn$23.1bn2.58x2.242%
Jun 20, 2024Jun 28, 2024Reopening$21.0bn$21.0bn2.52x2.050%

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.