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Methodology
Bond Public

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

CUSIP 912810SR0 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.29%
annualized · YTW equals YTM (non-callable)
Current yield i
1.88%
Coupon i
1.12%
Modified duration i
11.9 yr
Convexity i
157.43
Indicative price i
59.988
indicative model price, not a tradable quote
real auctioned at 101.175 · 1.06% high yield (Jul 22, 2020) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
60.456
per 100 par (clean 59.988 + accrued 0.468) · ≈ $6,045.61 per $10,000 face
Next coupon i
Nov 15, 2026
0.562 per 100 · $56.25 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2020par 100 · May 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 iMay 15, 2040
Issue dateJul 31, 2020
Par value i100.00
CallableNo
Amount outstanding i$41.4B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
59.988
Dirty price i
60.456
Accrued interest i
0.468
per 100 par
Yield to maturity i
5.29%
Yield to worst i
5.29%
Current yield i
1.88%
Modified duration i
11.9 yr
Macaulay duration i
12.2 yr
Convexity i
157.43
DV01 i
0.0717
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
Nov 15, 20260.562 0.996500.561
May 15, 20270.562 0.975190.549
Nov 15, 20270.562 0.952710.536
May 15, 20280.562 0.929670.523
Nov 15, 20280.562 0.905990.510
May 15, 20290.562 0.884090.497
Nov 15, 20290.562 0.862140.485
May 15, 20300.562 0.841410.473
Nov 15, 20300.562 0.820710.462
May 15, 20310.562 0.800720.450
Nov 15, 20310.562 0.780710.439
May 15, 20320.562 0.760980.428
Nov 15, 20320.562 0.741340.417
May 15, 20330.562 0.722340.406
Nov 15, 20330.562 0.703390.396
May 15, 20340.562 0.685350.386
Nov 15, 20340.562 0.667360.375
May 15, 20350.562 0.649980.366
Nov 15, 20350.562 0.632640.356
May 15, 20360.562 0.615820.346
Nov 15, 20360.562 0.599100.337
May 15, 20370.562 0.582820.328
Nov 15, 20370.562 0.566570.319
May 15, 20380.562 0.550890.310
Nov 15, 20380.562 0.535250.301
May 15, 20390.562 0.520150.293
Nov 15, 20390.562 0.505090.284
May 15, 2040100.562 0.4904949.325
Sum of present values 60.456

Present values sum to the dirty price; subtract 0.468 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +26.86% 76.100
-100 bp (-1.0%) +12.64% 67.572
+100 bp (+1.0%) -11.07% 53.349
+200 bp (+2.0%) -20.56% 47.654

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (11.9 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.