Bond Field Guide Anleihen. Klare Perspektive.
Methodik
Bond Public

U.S. Treasury 1.38% Bond due Nov 15, 2040

CUSIP 912810ST6 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.31%
annualized · YTW equals YTM (non-callable)
Current yield i
2.24%
Coupon i
1.38%
Modified duration i
12.0 yr
Convexity i
163.12
Indicative price i
61.299
indicative model price, not a tradable quote
real auctioned at 95.258 · 1.66% high yield (Jan 20, 2021) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
61.871
per 100 par (clean 61.299 + accrued 0.572) · ≈ $6,187.05 per $10,000 face
Next coupon i
Nov 15, 2026
0.688 per 100 · $68.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Feb 2021par 100 · Nov 204029 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i1.38% (semiannual)
Maturity iNov 15, 2040
Issue dateFeb 1, 2021
Par value i100.00
CallableNo
Amount outstanding i$58.4B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
61.299
Dirty price i
61.871
Accrued interest i
0.572
per 100 par
Yield to maturity i
5.31%
Yield to worst i
5.31%
Current yield i
2.24%
Modified duration i
12.0 yr
Macaulay duration i
12.3 yr
Convexity i
163.12
DV01 i
0.0740
per 100 par

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

Remaining cash flows

29 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20260.688 0.996500.685
May 15, 20270.688 0.975190.670
Nov 15, 20270.688 0.952710.655
May 15, 20280.688 0.929670.639
Nov 15, 20280.688 0.905990.623
May 15, 20290.688 0.884090.608
Nov 15, 20290.688 0.862140.593
May 15, 20300.688 0.841410.578
Nov 15, 20300.688 0.820710.564
May 15, 20310.688 0.800720.550
Nov 15, 20310.688 0.780710.537
May 15, 20320.688 0.760980.523
Nov 15, 20320.688 0.741340.510
May 15, 20330.688 0.722340.497
Nov 15, 20330.688 0.703390.484
May 15, 20340.688 0.685350.471
Nov 15, 20340.688 0.667360.459
May 15, 20350.688 0.649980.447
Nov 15, 20350.688 0.632640.435
May 15, 20360.688 0.615820.423
Nov 15, 20360.688 0.599100.412
May 15, 20370.688 0.582820.401
Nov 15, 20370.688 0.566570.390
May 15, 20380.688 0.550890.379
Nov 15, 20380.688 0.535250.368
May 15, 20390.688 0.520150.358
Nov 15, 20390.688 0.505090.347
May 15, 20400.688 0.490490.337
Nov 15, 2040100.688 0.4760147.928
Sum of present values 61.871

Present values sum to the dirty price; subtract 0.572 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +27.19% 77.969
-100 bp (-1.0%) +12.78% 69.134
+100 bp (+1.0%) -11.15% 54.464
+200 bp (+2.0%) -20.67% 48.629

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (12.0 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.