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Methodology
Bond Public

U.S. Treasury 2.50% Bond due May 15, 2046

CUSIP 912810RS9 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.54%
annualized · YTW equals YTM (non-callable)
Current yield i
3.91%
Coupon i
2.50%
Modified duration i
13.8 yr
Convexity i
241.37
Indicative price i
63.953
indicative model price, not a tradable quote
real auctioned at 107.171 · 2.17% high yield (Jul 13, 2016) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
64.993
per 100 par (clean 63.953 + accrued 1.039) · ≈ $6,499.26 per $10,000 face
Next coupon i
Nov 15, 2026
1.250 per 100 · $125.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2016par 100 · May 204640 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i2.50% (semiannual)
Maturity iMay 15, 2046
Issue dateJul 15, 2016
Par value i100.00
CallableNo
Amount outstanding i$30.4B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
63.953
Dirty price i
64.993
Accrued interest i
1.039
per 100 par
Yield to maturity i
5.54%
Yield to worst i
5.54%
Current yield i
3.91%
Modified duration i
13.8 yr
Macaulay duration i
14.1 yr
Convexity i
241.37
DV01 i
0.0894
per 100 par

indicative, matrix-priced off today's par curve.

Remaining cash flows

40 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20261.250 0.996501.246
May 15, 20271.250 0.975191.219
Nov 15, 20271.250 0.952711.191
May 15, 20281.250 0.929671.162
Nov 15, 20281.250 0.905991.132
May 15, 20291.250 0.884091.105
Nov 15, 20291.250 0.862141.078
May 15, 20301.250 0.841411.052
Nov 15, 20301.250 0.820711.026
May 15, 20311.250 0.800721.001
Nov 15, 20311.250 0.780710.976
May 15, 20321.250 0.760980.951
Nov 15, 20321.250 0.741340.927
May 15, 20331.250 0.722340.903
Nov 15, 20331.250 0.703390.879
May 15, 20341.250 0.685350.857
Nov 15, 20341.250 0.667360.834
May 15, 20351.250 0.649980.812
Nov 15, 20351.250 0.632640.791
May 15, 20361.250 0.615820.770
Nov 15, 20361.250 0.599100.749
May 15, 20371.250 0.582820.729
Nov 15, 20371.250 0.566570.708
May 15, 20381.250 0.550890.689
Nov 15, 20381.250 0.535250.669
May 15, 20391.250 0.520150.650
Nov 15, 20391.250 0.505090.631
May 15, 20401.250 0.490490.613
Nov 15, 20401.250 0.476010.595
May 15, 20411.250 0.462050.578
Nov 15, 20411.250 0.448140.560
May 15, 20421.250 0.434720.543
Nov 15, 20421.250 0.421350.527
May 15, 20431.250 0.408470.511
Nov 15, 20431.250 0.395640.495
May 15, 20441.250 0.383220.479
Nov 15, 20441.250 0.370910.464
May 15, 20451.250 0.359060.449
Nov 15, 20451.250 0.347260.434
May 15, 2046101.250 0.3359034.010
Sum of present values 64.993

Present values sum to the dirty price; subtract 1.039 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +32.34% 84.636
-100 bp (-1.0%) +14.96% 73.523
+100 bp (+1.0%) -12.55% 55.927
+200 bp (+2.0%) -22.69% 49.445

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (13.8 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.