Bond Field Guide Fixed income. Clear perspective.
Methodology
TIPS Public

U.S. Treasury 1.38% TIPS due Feb 15, 2044

CUSIP 912810RF7 · 29-Year 4-Month · coupon paid semiannually

AAA·Govt
Real yield to maturity i
2.99%
real yield, off the Treasury real-yield curve
Current yield i
1.76%
Coupon i
1.38%
Modified duration i
14.9 yr
Convexity i
250.43
Indicative REAL price i
78.307
real model per 100 real par, not a tradable quote
real auctioned at 112.168 · 0.98% high yield (Oct 23, 2014) · reopening · at issuance, not a current price
These are real (inflation-adjusted) figures off the Treasury real-yield curve. The actual dollar invoice = the real price × this TIPS's CPI index ratio, which is not applied here.
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Real price i
78.535
real dirty price per 100 real par. The $ invoice = real price × CPI index ratio (not applied)
Next coupon i
Feb 15, 2027
0.688 per 100 (real coupon; actual $ scales with the CPI index ratio)

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Oct 2014par 100 · Feb 204435 coupons remaining + principal

Terms fetched

Type TIPS Treasury Inflation-Protected Securities: the principal tracks the CPI.
Term i29-Year 4-Month
Coupon i1.38% (semiannual)
Maturity iFeb 15, 2044
Issue dateOct 31, 2014
Par value i100.00
CallableNo
Amount outstanding i$16.0B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price (real) i
78.307
Dirty price (real) i
78.535
Accrued interest i
0.228
per 100 par
Yield to maturity (real) i
2.99%
Yield to worst (real) i
2.99%
Current yield i
1.76%
Modified duration i
14.9 yr
Macaulay duration i
15.1 yr
Convexity i
250.43
DV01 i
0.1171
per 100 par

indicative REAL price/yield, discounted off the Treasury real-yield curve; CPI inflation accrual (index ratio) is not applied.

Remaining cash flows

35 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Feb 15, 20270.688 0.985600.678
Aug 15, 20270.688 0.964050.663
Feb 15, 20280.688 0.941160.647
Aug 15, 20280.688 0.917750.631
Feb 15, 20290.688 0.894840.615
Aug 15, 20290.688 0.873030.600
Feb 15, 20300.688 0.851550.585
Aug 15, 20300.688 0.831010.571
Feb 15, 20310.688 0.810500.557
Aug 15, 20310.688 0.790700.544
Feb 15, 20320.688 0.770700.530
Aug 15, 20320.688 0.751120.516
Feb 15, 20330.688 0.731650.503
Aug 15, 20330.688 0.712790.490
Feb 15, 20340.688 0.694180.477
Aug 15, 20340.688 0.676310.465
Feb 15, 20350.688 0.658480.453
Aug 15, 20350.688 0.641270.441
Feb 15, 20360.688 0.624100.429
Aug 15, 20360.688 0.607440.418
Feb 15, 20370.688 0.590790.406
Aug 15, 20370.688 0.574660.395
Feb 15, 20380.688 0.558570.384
Aug 15, 20380.688 0.543030.373
Feb 15, 20390.688 0.527540.363
Aug 15, 20390.688 0.512580.352
Feb 15, 20400.688 0.497670.342
Aug 15, 20400.688 0.483210.332
Feb 15, 20410.688 0.468880.322
Aug 15, 20410.688 0.455060.313
Feb 15, 20420.688 0.441280.303
Aug 15, 20420.688 0.428000.294
Feb 15, 20430.688 0.414770.285
Aug 15, 20430.688 0.402020.276
Feb 15, 2044100.688 0.3893339.200
Sum of present values 78.535

Present values sum to the dirty price; subtract 0.228 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +34.82% 105.573
-100 bp (-1.0%) +16.16% 90.959
+100 bp (+1.0%) -13.65% 67.615
+200 bp (+2.0%) -24.8% 58.885

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (14.9 yr) and convexity. Real moves are rarely parallel; this is not a forecast.

What to know

Key risks

  • Interest-rate risk. If market yields rise, the price falls, and more so the longer the maturity. See the rate-sensitivity table above.
  • Inflation risk. Fixed coupons lose purchasing power if inflation rises. TIPS are designed to offset this; nominal bills, notes and bonds are not.
  • Reinvestment risk. Coupons, and principal at maturity, may have to be reinvested later at lower rates than today's.
  • Liquidity / price risk. Selling before maturity means taking the market price at that time, which can be above or below the indicative value shown here.

Tax

Interest on U.S. Treasuries is subject to federal income tax but is generally exempt from state and local income tax.

How Treasuries are bought

New issues are sold at auction (including directly via TreasuryDirect.gov); outstanding securities trade on the secondary market through a broker. This site is for research only and does not sell or recommend securities.

General information only, not tax, legal or investment advice.

Benchmark yield, past year

All tenors →
4.345.145.94Jan 2026Oct 2026

Par yield of the nearest benchmark tenor, the main input to this bond's price.