Bond Field Guide Revenu fixe. Perspective claire.
Méthodologie
Bond Public

U.S. Treasury 3.00% Bond due Feb 15, 2048

CUSIP 912810SA7 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.53%
annualized · YTW equals YTM (non-callable)
Current yield i
4.38%
Coupon i
3.00%
Modified duration i
14.1 yr
Convexity i
260.49
Indicative price i
68.543
indicative model price, not a tradable quote
real auctioned at 99.136 · 3.04% high yield (Apr 12, 2018) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
69.040
per 100 par (clean 68.543 + accrued 0.497) · ≈ $6,904.02 per $10,000 face
Next coupon i
Feb 15, 2027
1.500 per 100 · $150.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Apr 2018par 100 · Feb 204843 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i3.00% (semiannual)
Maturity iFeb 15, 2048
Issue dateApr 16, 2018
Par value i100.00
CallableNo
Amount outstanding i$32.0B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
68.543
Dirty price i
69.040
Accrued interest i
0.497
per 100 par
Yield to maturity i
5.53%
Yield to worst i
5.53%
Current yield i
4.38%
Modified duration i
14.1 yr
Macaulay duration i
14.5 yr
Convexity i
260.49
DV01 i
0.0972
per 100 par

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

Remaining cash flows

43 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Feb 15, 20271.500 0.985601.478
Aug 15, 20271.500 0.964051.446
Feb 15, 20281.500 0.941161.412
Aug 15, 20281.500 0.917751.377
Feb 15, 20291.500 0.894841.342
Aug 15, 20291.500 0.873031.310
Feb 15, 20301.500 0.851551.277
Aug 15, 20301.500 0.831011.247
Feb 15, 20311.500 0.810501.216
Aug 15, 20311.500 0.790701.186
Feb 15, 20321.500 0.770701.156
Aug 15, 20321.500 0.751121.127
Feb 15, 20331.500 0.731651.097
Aug 15, 20331.500 0.712791.069
Feb 15, 20341.500 0.694181.041
Aug 15, 20341.500 0.676311.014
Feb 15, 20351.500 0.658480.988
Aug 15, 20351.500 0.641270.962
Feb 15, 20361.500 0.624100.936
Aug 15, 20361.500 0.607440.911
Feb 15, 20371.500 0.590790.886
Aug 15, 20371.500 0.574660.862
Feb 15, 20381.500 0.558570.838
Aug 15, 20381.500 0.543030.815
Feb 15, 20391.500 0.527540.791
Aug 15, 20391.500 0.512580.769
Feb 15, 20401.500 0.497670.747
Aug 15, 20401.500 0.483210.725
Feb 15, 20411.500 0.468880.703
Aug 15, 20411.500 0.455060.683
Feb 15, 20421.500 0.441280.662
Aug 15, 20421.500 0.428000.642
Feb 15, 20431.500 0.414770.622
Aug 15, 20431.500 0.402020.603
Feb 15, 20441.500 0.389330.584
Aug 15, 20441.500 0.377030.566
Feb 15, 20451.500 0.364850.547
Aug 15, 20451.500 0.353130.530
Feb 15, 20461.500 0.341450.512
Aug 15, 20461.500 0.330220.495
Feb 15, 20471.500 0.320870.481
Aug 15, 20471.500 0.312680.469
Feb 15, 2048101.500 0.3045930.916
Sum of present values 69.040

Present values sum to the dirty price; subtract 0.497 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +33.35% 91.404
-100 bp (-1.0%) +15.37% 79.081
+100 bp (+1.0%) -12.77% 59.790
+200 bp (+2.0%) -22.93% 52.823

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (14.1 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.