Inflation-linked (TIPS)

91282CNB3 · 1.625% due April 15, 2030

Original term
5-Year
Maturity
Apr 15, 2030
Coupon
1.625%
Pays
Semi-Annual
Dated
Apr 15, 2025
First coupon
Oct 15, 2025
Priced through
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$53.97bn
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
2.244%
Index ratio
1.0490
Real duration
3.442 yr
DV01
0.0339
Convexity
13.811
Real clean price
97.875
Accrued (real)
0.662
Real dirty price
98.537
Indexed principal
104.904
Money clean price
102.675

The index ratio is a multiplier, not a percentage: 1.0490 means the principal is worth that many times its original face today. So the real clean price of 97.875 is not what a buyer pays , multiply by the ratio to get 102.675 per 100 of original face.

Against the fitted real curve

Priced 8.1 bp cheap to the real curve on that day, 27.36 cents per 100 of face.

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

Real yield, 342 observations

1.00%1.25%1.50%1.75%2.00%2.25%2.50%Apr 30, 2025Sep 10, 2026Apr 30, 2025Real yield1.422%May 12, 2025Real yield1.731%May 22, 2025Real yield1.678%Jun 4, 2025Real yield1.591%Jun 16, 2025Real yield1.706%Jun 27, 2025Real yield1.503%Jul 10, 2025Real yield1.516%Jul 22, 2025Real yield1.372%Aug 1, 2025Real yield1.356%Aug 13, 2025Real yield1.313%Aug 25, 2025Real yield1.263%Sep 5, 2025Real yield1.122%Sep 17, 2025Real yield1.147%Sep 29, 2025Real yield1.284%Oct 9, 2025Real yield1.296%Oct 22, 2025Real yield1.187%Nov 3, 2025Real yield1.349%Nov 14, 2025Real yield1.390%Nov 26, 2025Real yield1.315%Dec 9, 2025Real yield1.506%Dec 19, 2025Real yield1.475%Jan 2, 2026Real yield1.489%Jan 14, 2026Real yield1.382%Jan 27, 2026Real yield1.342%Feb 6, 2026Real yield1.255%Feb 19, 2026Real yield1.230%Mar 3, 2026Real yield1.165%Mar 13, 2026Real yield1.255%Mar 25, 2026Real yield1.434%Apr 6, 2026Real yield1.353%Apr 16, 2026Real yield1.279%Apr 28, 2026Real yield1.212%May 8, 2026Real yield1.298%May 20, 2026Real yield1.534%Jun 2, 2026Real yield1.575%Jun 12, 2026Real yield1.769%Jun 25, 2026Real yield1.933%Jul 8, 2026Real yield1.988%Jul 20, 2026Real yield2.062%Jul 30, 2026Real yield2.163%Aug 11, 2026Real yield2.149%Aug 21, 2026Real yield2.054%Sep 2, 2026Real yield2.158%Sep 10, 2026Real yield2.244%

Price history

342 trading days to Sep 10, 2026

979899100101102103Apr 30, 2025Sep 10, 2026Apr 30, 2025Close100.969May 12, 2025Close99.500May 22, 2025Close99.750Jun 4, 2025Close100.156Jun 16, 2025Close99.625Jun 27, 2025Close100.563Jul 10, 2025Close100.500Jul 22, 2025Close101.156Aug 1, 2025Close101.219Aug 13, 2025Close101.406Aug 25, 2025Close101.625Sep 5, 2025Close102.250Sep 17, 2025Close102.125Sep 29, 2025Close101.500Oct 9, 2025Close101.438Oct 22, 2025Close101.906Nov 3, 2025Close101.188Nov 14, 2025Close101.000Nov 26, 2025Close101.313Dec 9, 2025Close100.500Dec 19, 2025Close100.625Jan 2, 2026Close100.563Jan 14, 2026Close101.000Jan 27, 2026Close101.156Feb 6, 2026Close101.500Feb 19, 2026Close101.594Mar 3, 2026Close101.844Mar 13, 2026Close101.469Mar 25, 2026Close100.750Apr 6, 2026Close101.063Apr 16, 2026Close101.344Apr 28, 2026Close101.594May 8, 2026Close101.250May 20, 2026Close100.344Jun 2, 2026Close100.188Jun 12, 2026Close99.469Jun 25, 2026Close98.875Jul 8, 2026Close98.688Jul 20, 2026Close98.438Jul 30, 2026Close98.094Aug 11, 2026Close98.156Aug 21, 2026Close98.500Sep 2, 2026Close98.156Sep 10, 2026Close97.875
The most recent 20 trading days of prices for 91282CNB3.
DateBidOfferClose
Sep 10, 202698.00097.96997.875
Sep 9, 202698.18898.15698.156
Sep 8, 202698.28198.25098.250
Sep 4, 202698.23498.18898.219
Sep 3, 202698.42298.40698.281
Sep 2, 202698.18898.15698.156
Sep 1, 202698.18898.15698.156
Aug 31, 202698.20398.18898.188
Aug 28, 202698.29798.25098.156
Aug 27, 202698.62598.59498.563
Aug 26, 202698.57898.56398.594
Aug 25, 202698.68898.65698.656
Aug 24, 202698.57898.56398.500
Aug 21, 202698.53198.50098.500
Aug 20, 202698.54798.53198.594
Aug 19, 202698.51698.50098.500
Aug 18, 202698.40698.37598.406
Aug 17, 202698.34498.31398.313
Aug 14, 202698.34498.31398.313
Aug 13, 202698.37598.34498.313

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 91282CNB3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Apr 17, 2025Apr 30, 2025New issue$25.0bn$26.7bn2.28x1.702%
Jun 17, 2025Jun 30, 2025Reopening$23.0bn$25.3bn2.53x1.650%

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.