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Methodology
Bond Public

U.S. Treasury 2.00% Bond due Feb 15, 2050

CUSIP 912810SL3 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.54%
annualized · YTW equals YTM (non-callable)
Current yield i
3.70%
Coupon i
2.00%
Modified duration i
16.1 yr
Convexity i
333.28
Indicative price i
53.993
indicative model price, not a tradable quote
real auctioned at 116.589 · 1.32% high yield (Apr 8, 2020) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
54.325
per 100 par (clean 53.993 + accrued 0.332) · ≈ $5,432.47 per $10,000 face
Next coupon i
Feb 15, 2027
1.000 per 100 · $100.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Apr 2020par 100 · Feb 205047 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i2.00% (semiannual)
Maturity iFeb 15, 2050
Issue dateApr 15, 2020
Par value i100.00
CallableNo
Amount outstanding i$43.5B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
53.993
Dirty price i
54.325
Accrued interest i
0.332
per 100 par
Yield to maturity i
5.54%
Yield to worst i
5.54%
Current yield i
3.70%
Modified duration i
16.1 yr
Macaulay duration i
16.6 yr
Convexity i
333.28
DV01 i
0.0876
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
Feb 15, 20271.000 0.985600.986
Aug 15, 20271.000 0.964050.964
Feb 15, 20281.000 0.941160.941
Aug 15, 20281.000 0.917750.918
Feb 15, 20291.000 0.894840.895
Aug 15, 20291.000 0.873030.873
Feb 15, 20301.000 0.851550.852
Aug 15, 20301.000 0.831010.831
Feb 15, 20311.000 0.810500.811
Aug 15, 20311.000 0.790700.791
Feb 15, 20321.000 0.770700.771
Aug 15, 20321.000 0.751120.751
Feb 15, 20331.000 0.731650.732
Aug 15, 20331.000 0.712790.713
Feb 15, 20341.000 0.694180.694
Aug 15, 20341.000 0.676310.676
Feb 15, 20351.000 0.658480.658
Aug 15, 20351.000 0.641270.641
Feb 15, 20361.000 0.624100.624
Aug 15, 20361.000 0.607440.607
Feb 15, 20371.000 0.590790.591
Aug 15, 20371.000 0.574660.575
Feb 15, 20381.000 0.558570.559
Aug 15, 20381.000 0.543030.543
Feb 15, 20391.000 0.527540.528
Aug 15, 20391.000 0.512580.513
Feb 15, 20401.000 0.497670.498
Aug 15, 20401.000 0.483210.483
Feb 15, 20411.000 0.468880.469
Aug 15, 20411.000 0.455060.455
Feb 15, 20421.000 0.441280.441
Aug 15, 20421.000 0.428000.428
Feb 15, 20431.000 0.414770.415
Aug 15, 20431.000 0.402020.402
Feb 15, 20441.000 0.389330.389
Aug 15, 20441.000 0.377030.377
Feb 15, 20451.000 0.364850.365
Aug 15, 20451.000 0.353130.353
Feb 15, 20461.000 0.341450.341
Aug 15, 20461.000 0.330220.330
Feb 15, 20471.000 0.320870.321
Aug 15, 20471.000 0.312680.313
Feb 15, 20481.000 0.304590.305
Aug 15, 20481.000 0.296820.297
Feb 15, 20491.000 0.289170.289
Aug 15, 20491.000 0.281850.282
Feb 15, 2050101.000 0.2746227.736
Sum of present values 54.325

Present values sum to the dirty price; subtract 0.332 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +38.91% 75.003
-100 bp (-1.0%) +17.79% 63.598
+100 bp (+1.0%) -14.46% 46.188
+200 bp (+2.0%) -25.58% 40.182

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (16.1 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.