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
Sep 10, 2026
Analyzed through
not analyzed

Statement of August 31, 2026

Amount outstanding
$55.74bn
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
2.151%
Index ratio
1.0324
Real duration
3.948 yr
DV01
0.0381
Convexity
17.817
Real clean price
96.000
Accrued (real)
0.458
Real dirty price
96.458
Indexed principal
103.238
Money clean price
99.108

The index ratio is a multiplier, not a percentage: 1.0324 means the principal is worth that many times its original face today. So the real clean price of 96.000 is not what a buyer pays , multiply by the ratio to get 99.108 per 100 of original face.

Against the fitted real curve

Priced 3.0 bp rich to the real curve on that day, 11.57 cents per 100 of face.

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

Real yield, 215 observations

1.0%1.2%1.4%1.6%1.8%2.0%2.2%Oct 31, 2025Sep 10, 2026Oct 31, 2025Real yield1.308%Nov 7, 2025Real yield1.309%Nov 17, 2025Real yield1.343%Nov 24, 2025Real yield1.297%Dec 2, 2025Real yield1.345%Dec 9, 2025Real yield1.447%Dec 16, 2025Real yield1.421%Dec 23, 2025Real yield1.463%Dec 31, 2025Real yield1.451%Jan 8, 2026Real yield1.404%Jan 15, 2026Real yield1.384%Jan 23, 2026Real yield1.351%Jan 30, 2026Real yield1.214%Feb 6, 2026Real yield1.221%Feb 13, 2026Real yield1.146%Feb 23, 2026Real yield1.139%Mar 2, 2026Real yield1.104%Mar 9, 2026Real yield1.097%Mar 16, 2026Real yield1.153%Mar 23, 2026Real yield1.359%Mar 30, 2026Real yield1.331%Apr 6, 2026Real yield1.311%Apr 13, 2026Real yield1.240%Apr 20, 2026Real yield1.218%Apr 27, 2026Real yield1.147%May 4, 2026Real yield1.176%May 11, 2026Real yield1.227%May 18, 2026Real yield1.426%May 26, 2026Real yield1.509%Jun 2, 2026Real yield1.503%Jun 9, 2026Real yield1.671%Jun 16, 2026Real yield1.658%Jun 24, 2026Real yield1.868%Jul 1, 2026Real yield1.864%Jul 9, 2026Real yield1.868%Jul 16, 2026Real yield1.918%Jul 23, 2026Real yield2.056%Jul 30, 2026Real yield2.028%Aug 6, 2026Real yield2.056%Aug 13, 2026Real yield1.972%Aug 20, 2026Real yield1.904%Aug 27, 2026Real yield1.915%Sep 3, 2026Real yield2.008%Sep 10, 2026Real yield2.151%

Price history

215 trading days to Sep 10, 2026

96979899100101Oct 31, 2025Sep 10, 2026Oct 31, 2025Close99.125Nov 7, 2025Close99.125Nov 17, 2025Close98.969Nov 24, 2025Close99.188Dec 2, 2025Close98.969Dec 9, 2025Close98.500Dec 16, 2025Close98.625Dec 23, 2025Close98.438Dec 31, 2025Close98.500Jan 8, 2026Close98.719Jan 15, 2026Close98.813Jan 23, 2026Close98.969Jan 30, 2026Close99.594Feb 6, 2026Close99.563Feb 13, 2026Close99.906Feb 23, 2026Close99.938Mar 2, 2026Close100.094Mar 9, 2026Close100.125Mar 16, 2026Close99.875Mar 23, 2026Close98.969Mar 30, 2026Close99.094Apr 6, 2026Close99.188Apr 13, 2026Close99.500Apr 20, 2026Close99.594Apr 27, 2026Close99.906May 4, 2026Close99.781May 11, 2026Close99.563May 18, 2026Close98.719May 26, 2026Close98.375Jun 2, 2026Close98.406Jun 9, 2026Close97.719Jun 16, 2026Close97.781Jun 24, 2026Close96.938Jul 1, 2026Close96.969Jul 9, 2026Close96.969Jul 16, 2026Close96.781Jul 23, 2026Close96.250Jul 30, 2026Close96.375Aug 6, 2026Close96.281Aug 13, 2026Close96.625Aug 20, 2026Close96.906Aug 27, 2026Close96.875Sep 3, 2026Close96.531Sep 10, 2026Close96.000
The most recent 20 trading days of prices for 91282CPH8.
DateBidOfferClose
Sep 10, 202696.15696.12596.000
Sep 9, 202696.37596.34496.375
Sep 8, 202696.50096.46996.469
Sep 4, 202696.46996.43896.469
Sep 3, 202696.67296.65696.531
Sep 2, 202696.40696.37596.375
Sep 1, 202696.42296.40696.406
Aug 31, 202696.43896.40696.438
Aug 28, 202696.59496.56396.406
Aug 27, 202696.92296.90696.875
Aug 26, 202696.90696.87596.906
Aug 25, 202697.01697.00097.000
Aug 24, 202696.87596.84496.813
Aug 21, 202696.81396.78196.781
Aug 20, 202696.85996.84496.906
Aug 19, 202696.84496.81396.844
Aug 18, 202696.71996.68896.719
Aug 17, 202696.64196.62596.594
Aug 14, 202696.62596.59496.594
Aug 13, 202696.65696.62596.625

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.

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.