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

U.S. Treasury 3.12% Bond due May 15, 2048

CUSIP 912810SC3 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.52%
annualized · YTW equals YTM (non-callable)
Current yield i
4.47%
Coupon i
3.12%
Modified duration i
13.9 yr
Convexity i
258.47
Indicative price i
69.981
indicative model price, not a tradable quote
real auctioned at 103.289 · 2.96% high yield (Jul 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
71.281
per 100 par (clean 69.981 + accrued 1.299) · ≈ $7,128.05 per $10,000 face
Next coupon i
Nov 15, 2026
1.562 per 100 · $156.25 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2018par 100 · May 204844 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i3.12% (semiannual)
Maturity iMay 15, 2048
Issue dateJul 16, 2018
Par value i100.00
CallableNo
Amount outstanding i$35.1B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
69.981
Dirty price i
71.281
Accrued interest i
1.299
per 100 par
Yield to maturity i
5.52%
Yield to worst i
5.52%
Current yield i
4.47%
Modified duration i
13.9 yr
Macaulay duration i
14.3 yr
Convexity i
258.47
DV01 i
0.0990
per 100 par

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

Remaining cash flows

44 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20261.562 0.996501.557
May 15, 20271.562 0.975191.524
Nov 15, 20271.562 0.952711.489
May 15, 20281.562 0.929671.453
Nov 15, 20281.562 0.905991.416
May 15, 20291.562 0.884091.381
Nov 15, 20291.562 0.862141.347
May 15, 20301.562 0.841411.315
Nov 15, 20301.562 0.820711.282
May 15, 20311.562 0.800721.251
Nov 15, 20311.562 0.780711.220
May 15, 20321.562 0.760981.189
Nov 15, 20321.562 0.741341.158
May 15, 20331.562 0.722341.129
Nov 15, 20331.562 0.703391.099
May 15, 20341.562 0.685351.071
Nov 15, 20341.562 0.667361.043
May 15, 20351.562 0.649981.016
Nov 15, 20351.562 0.632640.989
May 15, 20361.562 0.615820.962
Nov 15, 20361.562 0.599100.936
May 15, 20371.562 0.582820.911
Nov 15, 20371.562 0.566570.885
May 15, 20381.562 0.550890.861
Nov 15, 20381.562 0.535250.836
May 15, 20391.562 0.520150.813
Nov 15, 20391.562 0.505090.789
May 15, 20401.562 0.490490.766
Nov 15, 20401.562 0.476010.744
May 15, 20411.562 0.462050.722
Nov 15, 20411.562 0.448140.700
May 15, 20421.562 0.434720.679
Nov 15, 20421.562 0.421350.658
May 15, 20431.562 0.408470.638
Nov 15, 20431.562 0.395640.618
May 15, 20441.562 0.383220.599
Nov 15, 20441.562 0.370910.580
May 15, 20451.562 0.359060.561
Nov 15, 20451.562 0.347260.543
May 15, 20461.562 0.335900.525
Nov 15, 20461.562 0.325110.508
May 15, 20471.562 0.316810.495
Nov 15, 20471.562 0.308610.482
May 15, 2048101.562 0.3007230.542
Sum of present values 71.281

Present values sum to the dirty price; subtract 1.299 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +32.95% 93.037
-100 bp (-1.0%) +15.18% 80.605
+100 bp (+1.0%) -12.6% 61.167
+200 bp (+2.0%) -22.61% 54.161

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (13.9 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.