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Bond Public

U.S. Treasury 2.88% Bond due Nov 15, 2046

CUSIP 912810RU4 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.54%
annualized · YTW equals YTM (non-callable)
Current yield i
4.23%
Coupon i
2.88%
Modified duration i
13.6 yr
Convexity i
240.06
Indicative price i
67.989
indicative model price, not a tradable quote
real auctioned at 99.222 · 2.91% high yield (Jan 12, 2017) · reopening · at issuance, not a current price
Settles i
Oct 16, 2026
priced to this date (T+1 basis)
Total to settle i
69.192
per 100 par (clean 67.989 + accrued 1.203) · ≈ $6,919.23 per $10,000 face
Next coupon i
Nov 15, 2026
1.438 per 100 · $143.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2017par 100 · Nov 204641 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i2.88% (semiannual)
Maturity iNov 15, 2046
Issue dateJan 17, 2017
Par value i100.00
CallableNo
Amount outstanding i$30.3B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
67.989
Dirty price i
69.192
Accrued interest i
1.203
per 100 par
Yield to maturity i
5.54%
Yield to worst i
5.54%
Current yield i
4.23%
Modified duration i
13.6 yr
Macaulay duration i
13.9 yr
Convexity i
240.06
DV01 i
0.0939
per 100 par

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

Remaining cash flows

41 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20261.438 0.996651.433
May 15, 20271.438 0.975381.402
Nov 15, 20271.438 0.953141.370
May 15, 20281.438 0.930231.337
Nov 15, 20281.438 0.906671.303
May 15, 20291.438 0.884881.272
Nov 15, 20291.438 0.863021.241
May 15, 20301.438 0.842311.211
Nov 15, 20301.438 0.821621.181
May 15, 20311.438 0.801601.152
Nov 15, 20311.438 0.781571.123
May 15, 20321.438 0.761891.095
Nov 15, 20321.438 0.742301.067
May 15, 20331.438 0.723351.040
Nov 15, 20331.438 0.704421.013
May 15, 20341.438 0.686330.987
Nov 15, 20341.438 0.668250.961
May 15, 20351.438 0.650800.936
Nov 15, 20351.438 0.633370.910
May 15, 20361.438 0.616440.886
Nov 15, 20361.438 0.599640.862
May 15, 20371.438 0.583370.839
Nov 15, 20371.438 0.567140.815
May 15, 20381.438 0.551460.793
Nov 15, 20381.438 0.535830.770
May 15, 20391.438 0.520740.749
Nov 15, 20391.438 0.505700.727
May 15, 20401.438 0.491100.706
Nov 15, 20401.438 0.476630.685
May 15, 20411.438 0.462670.665
Nov 15, 20411.438 0.448760.645
May 15, 20421.438 0.435350.626
Nov 15, 20421.438 0.421990.607
May 15, 20431.438 0.409110.588
Nov 15, 20431.438 0.396280.570
May 15, 20441.438 0.383850.552
Nov 15, 20441.438 0.371550.534
May 15, 20451.438 0.359690.517
Nov 15, 20451.438 0.347890.500
May 15, 20461.438 0.336530.484
Nov 15, 2046101.438 0.3257233.040
Sum of present values 69.192

Present values sum to the dirty price; subtract 1.203 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +31.93% 89.699
-100 bp (-1.0%) +14.77% 78.028
+100 bp (+1.0%) -12.36% 59.582
+200 bp (+2.0%) -22.33% 52.808

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (13.6 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.