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

U.S. Treasury 1.25% Bond due May 15, 2050

CUSIP 912810SN9 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.55%
annualized · YTW equals YTM (non-callable)
Current yield i
2.85%
Coupon i
1.25%
Modified duration i
17.7 yr
Convexity i
381.85
Indicative price i
43.788
indicative model price, not a tradable quote
real auctioned at 98.034 · 1.33% high yield (Jul 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
44.308
per 100 par (clean 43.788 + accrued 0.520) · ≈ $4,430.76 per $10,000 face
Next coupon i
Nov 15, 2026
0.625 per 100 · $62.50 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2020par 100 · May 205048 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i1.25% (semiannual)
Maturity iMay 15, 2050
Issue dateJul 15, 2020
Par value i100.00
CallableNo
Amount outstanding i$52.9B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
43.788
Dirty price i
44.308
Accrued interest i
0.520
per 100 par
Yield to maturity i
5.55%
Yield to worst i
5.55%
Current yield i
2.85%
Modified duration i
17.7 yr
Macaulay duration i
18.1 yr
Convexity i
381.85
DV01 i
0.0782
per 100 par

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

Remaining cash flows

48 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20260.625 0.996500.623
May 15, 20270.625 0.975190.609
Nov 15, 20270.625 0.952710.595
May 15, 20280.625 0.929670.581
Nov 15, 20280.625 0.905990.566
May 15, 20290.625 0.884090.553
Nov 15, 20290.625 0.862140.539
May 15, 20300.625 0.841410.526
Nov 15, 20300.625 0.820710.513
May 15, 20310.625 0.800720.500
Nov 15, 20310.625 0.780710.488
May 15, 20320.625 0.760980.476
Nov 15, 20320.625 0.741340.463
May 15, 20330.625 0.722340.451
Nov 15, 20330.625 0.703390.440
May 15, 20340.625 0.685350.428
Nov 15, 20340.625 0.667360.417
May 15, 20350.625 0.649980.406
Nov 15, 20350.625 0.632640.395
May 15, 20360.625 0.615820.385
Nov 15, 20360.625 0.599100.374
May 15, 20370.625 0.582820.364
Nov 15, 20370.625 0.566570.354
May 15, 20380.625 0.550890.344
Nov 15, 20380.625 0.535250.335
May 15, 20390.625 0.520150.325
Nov 15, 20390.625 0.505090.316
May 15, 20400.625 0.490490.307
Nov 15, 20400.625 0.476010.298
May 15, 20410.625 0.462050.289
Nov 15, 20410.625 0.448140.280
May 15, 20420.625 0.434720.272
Nov 15, 20420.625 0.421350.263
May 15, 20430.625 0.408470.255
Nov 15, 20430.625 0.395640.247
May 15, 20440.625 0.383220.240
Nov 15, 20440.625 0.370910.232
May 15, 20450.625 0.359060.224
Nov 15, 20450.625 0.347260.217
May 15, 20460.625 0.335900.210
Nov 15, 20460.625 0.325110.203
May 15, 20470.625 0.316810.198
Nov 15, 20470.625 0.308610.193
May 15, 20480.625 0.300720.188
Nov 15, 20480.625 0.292960.183
May 15, 20490.625 0.285540.178
Nov 15, 20490.625 0.278210.174
May 15, 2050100.625 0.2711927.289
Sum of present values 44.308

Present values sum to the dirty price; subtract 0.520 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +42.95% 62.595
-100 bp (-1.0%) +19.57% 52.355
+100 bp (+1.0%) -15.75% 36.893
+200 bp (+2.0%) -27.68% 31.669

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (17.7 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.