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

U.S. Treasury 3.38% Bond due Nov 15, 2048

CUSIP 912810SE9 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.51%
annualized · YTW equals YTM (non-callable)
Current yield i
4.63%
Coupon i
3.38%
Modified duration i
13.8 yr
Convexity i
260.00
Indicative price i
72.893
indicative model price, not a tradable quote
real auctioned at 106.636 · 3.04% high yield (Jan 10, 2019) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
74.296
per 100 par (clean 72.893 + accrued 1.403) · ≈ $7,429.59 per $10,000 face
Next coupon i
Nov 15, 2026
1.688 per 100 · $168.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2019par 100 · Nov 204845 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i3.38% (semiannual)
Maturity iNov 15, 2048
Issue dateJan 15, 2019
Par value i100.00
CallableNo
Amount outstanding i$38.9B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
72.893
Dirty price i
74.296
Accrued interest i
1.403
per 100 par
Yield to maturity i
5.51%
Yield to worst i
5.51%
Current yield i
4.63%
Modified duration i
13.8 yr
Macaulay duration i
14.2 yr
Convexity i
260.00
DV01 i
0.1027
per 100 par

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

Remaining cash flows

45 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20261.688 0.996501.682
May 15, 20271.688 0.975191.646
Nov 15, 20271.688 0.952711.608
May 15, 20281.688 0.929671.569
Nov 15, 20281.688 0.905991.529
May 15, 20291.688 0.884091.492
Nov 15, 20291.688 0.862141.455
May 15, 20301.688 0.841411.420
Nov 15, 20301.688 0.820711.385
May 15, 20311.688 0.800721.351
Nov 15, 20311.688 0.780711.317
May 15, 20321.688 0.760981.284
Nov 15, 20321.688 0.741341.251
May 15, 20331.688 0.722341.219
Nov 15, 20331.688 0.703391.187
May 15, 20341.688 0.685351.157
Nov 15, 20341.688 0.667361.126
May 15, 20351.688 0.649981.097
Nov 15, 20351.688 0.632641.068
May 15, 20361.688 0.615821.039
Nov 15, 20361.688 0.599101.011
May 15, 20371.688 0.582820.984
Nov 15, 20371.688 0.566570.956
May 15, 20381.688 0.550890.930
Nov 15, 20381.688 0.535250.903
May 15, 20391.688 0.520150.878
Nov 15, 20391.688 0.505090.852
May 15, 20401.688 0.490490.828
Nov 15, 20401.688 0.476010.803
May 15, 20411.688 0.462050.780
Nov 15, 20411.688 0.448140.756
May 15, 20421.688 0.434720.734
Nov 15, 20421.688 0.421350.711
May 15, 20431.688 0.408470.689
Nov 15, 20431.688 0.395640.668
May 15, 20441.688 0.383220.647
Nov 15, 20441.688 0.370910.626
May 15, 20451.688 0.359060.606
Nov 15, 20451.688 0.347260.586
May 15, 20461.688 0.335900.567
Nov 15, 20461.688 0.325110.549
May 15, 20471.688 0.316810.535
Nov 15, 20471.688 0.308610.521
May 15, 20481.688 0.300720.507
Nov 15, 2048101.688 0.2929629.791
Sum of present values 74.296

Present values sum to the dirty price; subtract 1.403 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +32.86% 96.842
-100 bp (-1.0%) +15.13% 83.920
+100 bp (+1.0%) -12.53% 63.761
+200 bp (+2.0%) -22.45% 56.525

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.