Inflation-linked (TIPS)

91282CPH8 · 1.125% due October 15, 2030

Original term
5-Year
Maturity
Oct 15, 2030
Coupon
1.125%
Pays
Semi-Annual
Dated
Oct 15, 2025
First coupon
Apr 15, 2026
Priced through
Oct 20, 2026
Analyzed through
not analyzed

Statement of September 30, 2026

Amount outstanding
$55.72bn
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, October 20, 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
2.399%
Index ratio
1.0344
Real duration
3.857 yr
DV01
0.0367
Convexity
0.17
Real clean price
95.188
Accrued (real)
0.019
Real dirty price
95.206
Indexed principal
103.443
Money clean price
98.465

The index ratio is a multiplier, not a percentage: 1.0344 means the principal is worth that many times its original face today. So the real clean price of 95.188 is not what a buyer pays , multiply by the ratio to get 98.465 per 100 of original face.

Against the fitted real curve

Priced 5.3 bp rich to the real curve on that day, 19.58 cents per 100 of face.

That is -1.19 standard deviations from its own typical residual.

Real yield, 242 observations

1.00%1.25%1.50%1.75%2.00%2.25%2.50%2.75%Oct 31, 2025Oct 20, 2026Oct 31, 2025Real yield1.308%Nov 4, 2025Real yield1.302%Nov 6, 2025Real yield1.315%Nov 10, 2025Real yield1.329%Nov 13, 2025Real yield1.329%Nov 17, 2025Real yield1.343%Nov 19, 2025Real yield1.336%Nov 21, 2025Real yield1.290%Nov 25, 2025Real yield1.271%Nov 28, 2025Real yield1.284%Dec 2, 2025Real yield1.345%Dec 4, 2025Real yield1.338%Dec 8, 2025Real yield1.413%Dec 10, 2025Real yield1.386%Dec 12, 2025Real yield1.414%Dec 16, 2025Real yield1.421%Dec 18, 2025Real yield1.387%Dec 22, 2025Real yield1.449%Dec 24, 2025Real yield1.449%Dec 29, 2025Real yield1.423%Dec 31, 2025Real yield1.451%Jan 5, 2026Real yield1.397%Jan 7, 2026Real yield1.376%Jan 9, 2026Real yield1.404%Jan 13, 2026Real yield1.357%Jan 15, 2026Real yield1.384%Jan 20, 2026Real yield1.433%Jan 22, 2026Real yield1.399%Jan 26, 2026Real yield1.338%Jan 28, 2026Real yield1.290%Jan 30, 2026Real yield1.214%Feb 3, 2026Real yield1.256%Feb 5, 2026Real yield1.221%Feb 9, 2026Real yield1.201%Feb 11, 2026Real yield1.222%Feb 13, 2026Real yield1.146%Feb 18, 2026Real yield1.187%Feb 20, 2026Real yield1.174%Feb 24, 2026Real yield1.160%Feb 26, 2026Real yield1.090%Mar 2, 2026Real yield1.104%Mar 4, 2026Real yield1.160%Mar 6, 2026Real yield1.097%Mar 10, 2026Real yield1.139%Mar 12, 2026Real yield1.195%Mar 16, 2026Real yield1.153%Mar 18, 2026Real yield1.146%Mar 20, 2026Real yield1.316%Mar 24, 2026Real yield1.423%Mar 26, 2026Real yield1.460%Mar 30, 2026Real yield1.331%Apr 1, 2026Real yield1.360%Apr 3, 2026Real yield1.318%Apr 7, 2026Real yield1.275%Apr 9, 2026Real yield1.282%Apr 13, 2026Real yield1.240%Apr 15, 2026Real yield1.218%Apr 17, 2026Real yield1.211%Apr 21, 2026Real yield1.240%Apr 23, 2026Real yield1.219%Apr 27, 2026Real yield1.147%Apr 29, 2026Real yield1.212%May 1, 2026Real yield1.147%May 5, 2026Real yield1.234%May 7, 2026Real yield1.256%May 11, 2026Real yield1.227%May 13, 2026Real yield1.256%May 15, 2026Real yield1.396%May 19, 2026Real yield1.493%May 21, 2026Real yield1.523%May 26, 2026Real yield1.509%May 28, 2026Real yield1.458%Jun 1, 2026Real yield1.481%Jun 3, 2026Real yield1.534%Jun 5, 2026Real yield1.670%Jun 9, 2026Real yield1.671%Jun 11, 2026Real yield1.641%Jun 15, 2026Real yield1.650%Jun 17, 2026Real yield1.834%Jun 22, 2026Real yield1.906%Jun 24, 2026Real yield1.868%Jun 26, 2026Real yield1.808%Jun 30, 2026Real yield1.817%Jul 2, 2026Real yield1.881%Jul 7, 2026Real yield1.874%Jul 9, 2026Real yield1.868%Jul 13, 2026Real yield1.940%Jul 15, 2026Real yield1.886%Jul 17, 2026Real yield1.896%Jul 21, 2026Real yield1.968%Jul 23, 2026Real yield2.056%Jul 27, 2026Real yield2.114%Jul 29, 2026Real yield2.019%Jul 31, 2026Real yield2.078%Aug 4, 2026Real yield2.031%Aug 6, 2026Real yield2.056%Aug 10, 2026Real yield2.034%Aug 12, 2026Real yield2.011%Aug 14, 2026Real yield1.982%Aug 18, 2026Real yield1.951%Aug 20, 2026Real yield1.904%Aug 24, 2026Real yield1.930%Aug 26, 2026Real yield1.907%Aug 28, 2026Real yield2.038%Sep 1, 2026Real yield2.039%Sep 3, 2026Real yield2.008%Sep 8, 2026Real yield2.027%Sep 10, 2026Real yield2.151%Sep 14, 2026Real yield2.269%Sep 16, 2026Real yield2.387%Sep 18, 2026Real yield2.432%Sep 22, 2026Real yield2.392%Sep 24, 2026Real yield2.579%Sep 28, 2026Real yield2.599%Sep 30, 2026Real yield2.593%Oct 2, 2026Real yield2.554%Oct 6, 2026Real yield2.514%Oct 8, 2026Real yield2.473%Oct 13, 2026Real yield2.520%Oct 15, 2026Real yield2.429%Oct 19, 2026Real yield2.415%Oct 20, 2026Real yield2.399%

Price history

242 trading days to Oct 20, 2026

949596979899100101Oct 31, 2025Oct 20, 2026Oct 31, 2025Close99.125Nov 4, 2025Close99.156Nov 6, 2025Close99.094Nov 10, 2025Close99.031Nov 13, 2025Close99.031Nov 17, 2025Close98.969Nov 19, 2025Close99.000Nov 21, 2025Close99.219Nov 25, 2025Close99.313Nov 28, 2025Close99.250Dec 2, 2025Close98.969Dec 4, 2025Close99.000Dec 8, 2025Close98.656Dec 10, 2025Close98.781Dec 12, 2025Close98.656Dec 16, 2025Close98.625Dec 18, 2025Close98.781Dec 22, 2025Close98.500Dec 24, 2025Close98.500Dec 29, 2025Close98.625Dec 31, 2025Close98.500Jan 5, 2026Close98.750Jan 7, 2026Close98.844Jan 9, 2026Close98.719Jan 13, 2026Close98.938Jan 15, 2026Close98.813Jan 20, 2026Close98.594Jan 22, 2026Close98.750Jan 26, 2026Close99.031Jan 28, 2026Close99.250Jan 30, 2026Close99.594Feb 3, 2026Close99.406Feb 5, 2026Close99.563Feb 9, 2026Close99.656Feb 11, 2026Close99.563Feb 13, 2026Close99.906Feb 18, 2026Close99.719Feb 20, 2026Close99.781Feb 24, 2026Close99.844Feb 26, 2026Close100.156Mar 2, 2026Close100.094Mar 4, 2026Close99.844Mar 6, 2026Close100.125Mar 10, 2026Close99.938Mar 12, 2026Close99.688Mar 16, 2026Close99.875Mar 18, 2026Close99.906Mar 20, 2026Close99.156Mar 24, 2026Close98.688Mar 26, 2026Close98.531Mar 30, 2026Close99.094Apr 1, 2026Close98.969Apr 3, 2026Close99.156Apr 7, 2026Close99.344Apr 9, 2026Close99.313Apr 13, 2026Close99.500Apr 15, 2026Close99.594Apr 17, 2026Close99.625Apr 21, 2026Close99.500Apr 23, 2026Close99.594Apr 27, 2026Close99.906Apr 29, 2026Close99.625May 1, 2026Close99.906May 5, 2026Close99.531May 7, 2026Close99.438May 11, 2026Close99.563May 13, 2026Close99.438May 15, 2026Close98.844May 19, 2026Close98.438May 21, 2026Close98.313May 26, 2026Close98.375May 28, 2026Close98.594Jun 1, 2026Close98.500Jun 3, 2026Close98.281Jun 5, 2026Close97.719Jun 9, 2026Close97.719Jun 11, 2026Close97.844Jun 15, 2026Close97.813Jun 17, 2026Close97.063Jun 22, 2026Close96.781Jun 24, 2026Close96.938Jun 26, 2026Close97.188Jun 30, 2026Close97.156Jul 2, 2026Close96.906Jul 7, 2026Close96.938Jul 9, 2026Close96.969Jul 13, 2026Close96.688Jul 15, 2026Close96.906Jul 17, 2026Close96.875Jul 21, 2026Close96.594Jul 23, 2026Close96.250Jul 27, 2026Close96.031Jul 29, 2026Close96.406Jul 31, 2026Close96.188Aug 4, 2026Close96.375Aug 6, 2026Close96.281Aug 10, 2026Close96.375Aug 12, 2026Close96.469Aug 14, 2026Close96.594Aug 18, 2026Close96.719Aug 20, 2026Close96.906Aug 24, 2026Close96.813Aug 26, 2026Close96.906Aug 28, 2026Close96.406Sep 1, 2026Close96.406Sep 3, 2026Close96.531Sep 8, 2026Close96.469Sep 10, 2026Close96.000Sep 14, 2026Close95.563Sep 16, 2026Close95.125Sep 18, 2026Close94.969Sep 22, 2026Close95.125Sep 24, 2026Close94.438Sep 28, 2026Close94.375Sep 30, 2026Close94.406Oct 2, 2026Close94.563Oct 6, 2026Close94.719Oct 8, 2026Close94.875Oct 13, 2026Close94.719Oct 15, 2026Close95.063Oct 19, 2026Close95.125Oct 20, 2026Close95.188
The most recent 20 trading days of prices for 91282CPH8.
DateBidOfferClose
Oct 20, 202695.21995.18895.188
Oct 19, 202695.18895.15695.125
Oct 16, 202695.25095.21995.281
Oct 15, 202695.06395.03195.063
Oct 14, 202694.67294.65694.844
Oct 13, 202694.75094.71994.719
Oct 9, 202694.73494.71994.656
Oct 8, 202694.71994.68894.875
Oct 7, 202694.71994.68894.750
Oct 6, 202694.73494.71994.719
Oct 5, 202694.57894.56394.563
Oct 2, 202694.67294.65694.563
Oct 1, 202694.70394.68894.750
Sep 30, 202694.50094.46994.406
Sep 29, 202694.28194.25094.406
Sep 28, 202694.40694.37594.375
Sep 25, 202694.56394.53194.656
Sep 24, 202694.54794.53194.438
Sep 23, 202694.75094.71994.594
Sep 22, 202695.14195.12595.125

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.

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 91282CPH8.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
Oct 23, 2025Oct 31, 2025New issue$26.0bn$27.5bn2.51x1.182%
Dec 18, 2025Dec 31, 2025Reopening$24.0bn$26.6bn2.62x1.433%

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.

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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.