Bond Field Guide Fixed income. Clear perspective.
Methodology
Bond Public

U.S. Treasury 1.12% Bond due Aug 15, 2040

CUSIP 912810SQ2 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.30%
annualized · YTW equals YTM (non-callable)
Current yield i
1.89%
Coupon i
1.12%
Modified duration i
12.1 yr
Convexity i
163.34
Indicative price i
59.394
indicative model price, not a tradable quote
real auctioned at 95.766 · 1.37% high yield (Oct 21, 2020) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
59.581
per 100 par (clean 59.394 + accrued 0.186) · ≈ $5,958.05 per $10,000 face
Next coupon i
Feb 15, 2027
0.562 per 100 · $56.25 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Nov 2020par 100 · Aug 204028 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i1.12% (semiannual)
Maturity iAug 15, 2040
Issue dateNov 2, 2020
Par value i100.00
CallableNo
Amount outstanding i$52.2B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
59.394
Dirty price i
59.581
Accrued interest i
0.186
per 100 par
Yield to maturity i
5.30%
Yield to worst i
5.30%
Current yield i
1.89%
Modified duration i
12.1 yr
Macaulay duration i
12.4 yr
Convexity i
163.34
DV01 i
0.0721
per 100 par

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

Remaining cash flows

28 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Feb 15, 20270.562 0.985600.554
Aug 15, 20270.562 0.964050.542
Feb 15, 20280.562 0.941160.529
Aug 15, 20280.562 0.917750.516
Feb 15, 20290.562 0.894840.503
Aug 15, 20290.562 0.873030.491
Feb 15, 20300.562 0.851550.479
Aug 15, 20300.562 0.831010.467
Feb 15, 20310.562 0.810500.456
Aug 15, 20310.562 0.790700.445
Feb 15, 20320.562 0.770700.434
Aug 15, 20320.562 0.751120.423
Feb 15, 20330.562 0.731650.412
Aug 15, 20330.562 0.712790.401
Feb 15, 20340.562 0.694180.390
Aug 15, 20340.562 0.676310.380
Feb 15, 20350.562 0.658480.370
Aug 15, 20350.562 0.641270.361
Feb 15, 20360.562 0.624100.351
Aug 15, 20360.562 0.607440.342
Feb 15, 20370.562 0.590790.332
Aug 15, 20370.562 0.574660.323
Feb 15, 20380.562 0.558570.314
Aug 15, 20380.562 0.543030.305
Feb 15, 20390.562 0.527540.297
Aug 15, 20390.562 0.512580.288
Feb 15, 20400.562 0.497670.280
Aug 15, 2040100.562 0.4832148.593
Sum of present values 59.581

Present values sum to the dirty price; subtract 0.186 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +27.46% 75.703
-100 bp (-1.0%) +12.91% 67.064
+100 bp (+1.0%) -11.28% 52.695
+200 bp (+2.0%) -20.93% 46.965

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (12.1 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 →
3.704.645.58Jan 2026Oct 2026

Par yield of the nearest benchmark tenor, the main input to this bond's price.