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

U.S. Treasury 2.25% Bond due Aug 15, 2049

CUSIP 912810SJ8 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.53%
annualized · YTW equals YTM (non-callable)
Current yield i
3.90%
Coupon i
2.25%
Modified duration i
15.5 yr
Convexity i
312.27
Indicative price i
57.724
indicative model price, not a tradable quote
real auctioned at 101.748 · 2.17% high yield (Oct 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
58.097
per 100 par (clean 57.724 + accrued 0.373) · ≈ $5,809.69 per $10,000 face
Next coupon i
Feb 15, 2027
1.125 per 100 · $112.50 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Oct 2019par 100 · Aug 204946 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i2.25% (semiannual)
Maturity iAug 15, 2049
Issue dateOct 15, 2019
Par value i100.00
CallableNo
Amount outstanding i$47.4B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
57.724
Dirty price i
58.097
Accrued interest i
0.373
per 100 par
Yield to maturity i
5.53%
Yield to worst i
5.53%
Current yield i
3.90%
Modified duration i
15.5 yr
Macaulay duration i
16.0 yr
Convexity i
312.27
DV01 i
0.0903
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
Feb 15, 20271.125 0.985601.109
Aug 15, 20271.125 0.964051.085
Feb 15, 20281.125 0.941161.059
Aug 15, 20281.125 0.917751.032
Feb 15, 20291.125 0.894841.007
Aug 15, 20291.125 0.873030.982
Feb 15, 20301.125 0.851550.958
Aug 15, 20301.125 0.831010.935
Feb 15, 20311.125 0.810500.912
Aug 15, 20311.125 0.790700.890
Feb 15, 20321.125 0.770700.867
Aug 15, 20321.125 0.751120.845
Feb 15, 20331.125 0.731650.823
Aug 15, 20331.125 0.712790.802
Feb 15, 20341.125 0.694180.781
Aug 15, 20341.125 0.676310.761
Feb 15, 20351.125 0.658480.741
Aug 15, 20351.125 0.641270.721
Feb 15, 20361.125 0.624100.702
Aug 15, 20361.125 0.607440.683
Feb 15, 20371.125 0.590790.665
Aug 15, 20371.125 0.574660.646
Feb 15, 20381.125 0.558570.628
Aug 15, 20381.125 0.543030.611
Feb 15, 20391.125 0.527540.593
Aug 15, 20391.125 0.512580.577
Feb 15, 20401.125 0.497670.560
Aug 15, 20401.125 0.483210.544
Feb 15, 20411.125 0.468880.527
Aug 15, 20411.125 0.455060.512
Feb 15, 20421.125 0.441280.496
Aug 15, 20421.125 0.428000.482
Feb 15, 20431.125 0.414770.467
Aug 15, 20431.125 0.402020.452
Feb 15, 20441.125 0.389330.438
Aug 15, 20441.125 0.377030.424
Feb 15, 20451.125 0.364850.410
Aug 15, 20451.125 0.353130.397
Feb 15, 20461.125 0.341450.384
Aug 15, 20461.125 0.330220.371
Feb 15, 20471.125 0.320870.361
Aug 15, 20471.125 0.312680.352
Feb 15, 20481.125 0.304590.343
Aug 15, 20481.125 0.296820.334
Feb 15, 20491.125 0.289170.325
Aug 15, 2049101.125 0.2818528.502
Sum of present values 58.097

Present values sum to the dirty price; subtract 0.373 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +37.32% 79.269
-100 bp (-1.0%) +17.1% 67.595
+100 bp (+1.0%) -13.98% 49.655
+200 bp (+2.0%) -24.83% 43.389

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (15.5 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.