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Methodology
Bond Public

U.S. Treasury 2.88% Bond due May 15, 2049

CUSIP 912810SH2 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.52%
annualized · YTW equals YTM (non-callable)
Current yield i
4.35%
Coupon i
2.88%
Modified duration i
14.5 yr
Convexity i
282.15
Indicative price i
66.103
indicative model price, not a tradable quote
real auctioned at 104.742 · 2.64% high yield (Jul 11, 2019) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
67.298
per 100 par (clean 66.103 + accrued 1.195) · ≈ $6,729.78 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 Jul 2019par 100 · May 204946 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 iMay 15, 2049
Issue dateJul 15, 2019
Par value i100.00
CallableNo
Amount outstanding i$41.5B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
66.103
Dirty price i
67.298
Accrued interest i
1.195
per 100 par
Yield to maturity i
5.52%
Yield to worst i
5.52%
Current yield i
4.35%
Modified duration i
14.5 yr
Macaulay duration i
14.9 yr
Convexity i
282.15
DV01 i
0.0976
per 100 par

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

Remaining cash flows

46 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20261.438 0.996501.432
May 15, 20271.438 0.975191.402
Nov 15, 20271.438 0.952711.370
May 15, 20281.438 0.929671.336
Nov 15, 20281.438 0.905991.302
May 15, 20291.438 0.884091.271
Nov 15, 20291.438 0.862141.239
May 15, 20301.438 0.841411.210
Nov 15, 20301.438 0.820711.180
May 15, 20311.438 0.800721.151
Nov 15, 20311.438 0.780711.122
May 15, 20321.438 0.760981.094
Nov 15, 20321.438 0.741341.066
May 15, 20331.438 0.722341.038
Nov 15, 20331.438 0.703391.011
May 15, 20341.438 0.685350.985
Nov 15, 20341.438 0.667360.959
May 15, 20351.438 0.649980.934
Nov 15, 20351.438 0.632640.909
May 15, 20361.438 0.615820.885
Nov 15, 20361.438 0.599100.861
May 15, 20371.438 0.582820.838
Nov 15, 20371.438 0.566570.814
May 15, 20381.438 0.550890.792
Nov 15, 20381.438 0.535250.769
May 15, 20391.438 0.520150.748
Nov 15, 20391.438 0.505090.726
May 15, 20401.438 0.490490.705
Nov 15, 20401.438 0.476010.684
May 15, 20411.438 0.462050.664
Nov 15, 20411.438 0.448140.644
May 15, 20421.438 0.434720.625
Nov 15, 20421.438 0.421350.606
May 15, 20431.438 0.408470.587
Nov 15, 20431.438 0.395640.569
May 15, 20441.438 0.383220.551
Nov 15, 20441.438 0.370910.533
May 15, 20451.438 0.359060.516
Nov 15, 20451.438 0.347260.499
May 15, 20461.438 0.335900.483
Nov 15, 20461.438 0.325110.467
May 15, 20471.438 0.316810.455
Nov 15, 20471.438 0.308610.444
May 15, 20481.438 0.300720.432
Nov 15, 20481.438 0.292960.421
May 15, 2049101.438 0.2855428.965
Sum of present values 67.298

Present values sum to the dirty price; subtract 1.195 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +34.64% 89.003
-100 bp (-1.0%) +15.91% 76.620
+100 bp (+1.0%) -13.09% 57.450
+200 bp (+2.0%) -23.36% 50.662

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (14.5 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.