Bond Field Guide 固定收益，清晰视角。
方法论
Bond Public

U.S. Treasury 2.38% Bond due Nov 15, 2049

CUSIP 912810SK5 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.53%
annualized · YTW equals YTM (non-callable)
Current yield i
4.01%
Coupon i
2.38%
Modified duration i
15.3 yr
Convexity i
308.72
Indicative price i
59.169
indicative model price, not a tradable quote
real auctioned at 100.724 · 2.34% high yield (Jan 9, 2020) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
60.157
per 100 par (clean 59.169 + accrued 0.987) · ≈ $6,015.67 per $10,000 face
Next coupon i
Nov 15, 2026
1.188 per 100 · $118.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2020par 100 · Nov 204947 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i2.38% (semiannual)
Maturity iNov 15, 2049
Issue dateJan 15, 2020
Par value i100.00
CallableNo
Amount outstanding i$44.0B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
59.169
Dirty price i
60.157
Accrued interest i
0.987
per 100 par
Yield to maturity i
5.53%
Yield to worst i
5.53%
Current yield i
4.01%
Modified duration i
15.3 yr
Macaulay duration i
15.7 yr
Convexity i
308.72
DV01 i
0.0921
per 100 par

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

Remaining cash flows

47 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20261.188 0.996501.183
May 15, 20271.188 0.975191.158
Nov 15, 20271.188 0.952711.131
May 15, 20281.188 0.929671.104
Nov 15, 20281.188 0.905991.076
May 15, 20291.188 0.884091.050
Nov 15, 20291.188 0.862141.024
May 15, 20301.188 0.841410.999
Nov 15, 20301.188 0.820710.975
May 15, 20311.188 0.800720.951
Nov 15, 20311.188 0.780710.927
May 15, 20321.188 0.760980.904
Nov 15, 20321.188 0.741340.880
May 15, 20331.188 0.722340.858
Nov 15, 20331.188 0.703390.835
May 15, 20341.188 0.685350.814
Nov 15, 20341.188 0.667360.792
May 15, 20351.188 0.649980.772
Nov 15, 20351.188 0.632640.751
May 15, 20361.188 0.615820.731
Nov 15, 20361.188 0.599100.711
May 15, 20371.188 0.582820.692
Nov 15, 20371.188 0.566570.673
May 15, 20381.188 0.550890.654
Nov 15, 20381.188 0.535250.636
May 15, 20391.188 0.520150.618
Nov 15, 20391.188 0.505090.600
May 15, 20401.188 0.490490.582
Nov 15, 20401.188 0.476010.565
May 15, 20411.188 0.462050.549
Nov 15, 20411.188 0.448140.532
May 15, 20421.188 0.434720.516
Nov 15, 20421.188 0.421350.500
May 15, 20431.188 0.408470.485
Nov 15, 20431.188 0.395640.470
May 15, 20441.188 0.383220.455
Nov 15, 20441.188 0.370910.440
May 15, 20451.188 0.359060.426
Nov 15, 20451.188 0.347260.412
May 15, 20461.188 0.335900.399
Nov 15, 20461.188 0.325110.386
May 15, 20471.188 0.316810.376
Nov 15, 20471.188 0.308610.366
May 15, 20481.188 0.300720.357
Nov 15, 20481.188 0.292960.348
May 15, 20491.188 0.285540.339
Nov 15, 2049101.188 0.2782128.151
Sum of present values 60.157

Present values sum to the dirty price; subtract 0.987 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +36.78% 80.932
-100 bp (-1.0%) +16.85% 69.137
+100 bp (+1.0%) -13.76% 51.028
+200 bp (+2.0%) -24.43% 44.713

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (15.3 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.