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Methodology
Bond Public

U.S. Treasury 1.38% Bond due Aug 15, 2050

CUSIP 912810SP4 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.55%
annualized · YTW equals YTM (non-callable)
Current yield i
3.04%
Coupon i
1.38%
Modified duration i
17.6 yr
Convexity i
381.31
Indicative price i
45.194
indicative model price, not a tradable quote
real auctioned at 95.183 · 1.58% high yield (Oct 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
45.422
per 100 par (clean 45.194 + accrued 0.228) · ≈ $4,542.22 per $10,000 face
Next coupon i
Feb 15, 2027
0.688 per 100 · $68.75 per $10,000 face

Cash-flow timeline

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

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i1.38% (semiannual)
Maturity iAug 15, 2050
Issue dateOct 15, 2020
Par value i100.00
CallableNo
Amount outstanding i$65.4B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
45.194
Dirty price i
45.422
Accrued interest i
0.228
per 100 par
Yield to maturity i
5.55%
Yield to worst i
5.55%
Current yield i
3.04%
Modified duration i
17.6 yr
Macaulay duration i
18.1 yr
Convexity i
381.31
DV01 i
0.0799
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
Feb 15, 20270.688 0.985600.678
Aug 15, 20270.688 0.964050.663
Feb 15, 20280.688 0.941160.647
Aug 15, 20280.688 0.917750.631
Feb 15, 20290.688 0.894840.615
Aug 15, 20290.688 0.873030.600
Feb 15, 20300.688 0.851550.585
Aug 15, 20300.688 0.831010.571
Feb 15, 20310.688 0.810500.557
Aug 15, 20310.688 0.790700.544
Feb 15, 20320.688 0.770700.530
Aug 15, 20320.688 0.751120.516
Feb 15, 20330.688 0.731650.503
Aug 15, 20330.688 0.712790.490
Feb 15, 20340.688 0.694180.477
Aug 15, 20340.688 0.676310.465
Feb 15, 20350.688 0.658480.453
Aug 15, 20350.688 0.641270.441
Feb 15, 20360.688 0.624100.429
Aug 15, 20360.688 0.607440.418
Feb 15, 20370.688 0.590790.406
Aug 15, 20370.688 0.574660.395
Feb 15, 20380.688 0.558570.384
Aug 15, 20380.688 0.543030.373
Feb 15, 20390.688 0.527540.363
Aug 15, 20390.688 0.512580.352
Feb 15, 20400.688 0.497670.342
Aug 15, 20400.688 0.483210.332
Feb 15, 20410.688 0.468880.322
Aug 15, 20410.688 0.455060.313
Feb 15, 20420.688 0.441280.303
Aug 15, 20420.688 0.428000.294
Feb 15, 20430.688 0.414770.285
Aug 15, 20430.688 0.402020.276
Feb 15, 20440.688 0.389330.268
Aug 15, 20440.688 0.377030.259
Feb 15, 20450.688 0.364850.251
Aug 15, 20450.688 0.353130.243
Feb 15, 20460.688 0.341450.235
Aug 15, 20460.688 0.330220.227
Feb 15, 20470.688 0.320870.221
Aug 15, 20470.688 0.312680.215
Feb 15, 20480.688 0.304590.209
Aug 15, 20480.688 0.296820.204
Feb 15, 20490.688 0.289170.199
Aug 15, 20490.688 0.281850.194
Feb 15, 20500.688 0.274620.189
Aug 15, 2050100.688 0.2677026.954
Sum of present values 45.422

Present values sum to the dirty price; subtract 0.228 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +42.8% 64.539
-100 bp (-1.0%) +19.5% 54.005
+100 bp (+1.0%) -15.68% 38.107
+200 bp (+2.0%) -27.55% 32.743

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (17.6 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.