Bond Field Guide Revenu fixe. Perspective claire.
Méthodologie
TIPS Public

U.S. Treasury 0.12% TIPS due Feb 15, 2051

CUSIP 912810SV1 · 29-Year 6-Month · coupon paid semiannually

AAA·Govt
Real yield to maturity i
3.17%
real yield, off the Treasury real-yield curve
Current yield i
0.26%
Coupon i
0.12%
Modified duration i
23.4 yr
Convexity i
567.17
Indicative REAL price i
48.596
real model per 100 real par, not a tradable quote
real auctioned at 117.718 · -0.29% high yield (Aug 19, 2021) · reopening · at issuance, not a current price
These are real (inflation-adjusted) figures off the Treasury real-yield curve. The actual dollar invoice = the real price × this TIPS's CPI index ratio, which is not applied here.
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Real price i
48.617
real dirty price per 100 real par. The $ invoice = real price × CPI index ratio (not applied)
Next coupon i
Feb 15, 2027
0.062 per 100 (real coupon; actual $ scales with the CPI index ratio)

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Aug 2021par 100 · Feb 205149 coupons remaining + principal

Terms fetched

Type TIPS Treasury Inflation-Protected Securities: the principal tracks the CPI.
Term i29-Year 6-Month
Coupon i0.12% (semiannual)
Maturity iFeb 15, 2051
Issue dateAug 31, 2021
Par value i100.00
CallableNo
Amount outstanding i$9.0B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price (real) i
48.596
Dirty price (real) i
48.617
Accrued interest i
0.021
per 100 par
Yield to maturity (real) i
3.17%
Yield to worst (real) i
3.17%
Current yield i
0.26%
Modified duration i
23.4 yr
Macaulay duration i
23.7 yr
Convexity i
567.17
DV01 i
0.1136
per 100 par

indicative REAL price/yield, discounted off the Treasury real-yield curve; CPI inflation accrual (index ratio) is not applied.

Remaining cash flows

49 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Feb 15, 20270.062 0.985600.062
Aug 15, 20270.062 0.964050.060
Feb 15, 20280.062 0.941160.059
Aug 15, 20280.062 0.917750.057
Feb 15, 20290.062 0.894840.056
Aug 15, 20290.062 0.873030.055
Feb 15, 20300.062 0.851550.053
Aug 15, 20300.062 0.831010.052
Feb 15, 20310.062 0.810500.051
Aug 15, 20310.062 0.790700.049
Feb 15, 20320.062 0.770700.048
Aug 15, 20320.062 0.751120.047
Feb 15, 20330.062 0.731650.046
Aug 15, 20330.062 0.712790.045
Feb 15, 20340.062 0.694180.043
Aug 15, 20340.062 0.676310.042
Feb 15, 20350.062 0.658480.041
Aug 15, 20350.062 0.641270.040
Feb 15, 20360.062 0.624100.039
Aug 15, 20360.062 0.607440.038
Feb 15, 20370.062 0.590790.037
Aug 15, 20370.062 0.574660.036
Feb 15, 20380.062 0.558570.035
Aug 15, 20380.062 0.543030.034
Feb 15, 20390.062 0.527540.033
Aug 15, 20390.062 0.512580.032
Feb 15, 20400.062 0.497670.031
Aug 15, 20400.062 0.483210.030
Feb 15, 20410.062 0.468880.029
Aug 15, 20410.062 0.455060.028
Feb 15, 20420.062 0.441280.028
Aug 15, 20420.062 0.428000.027
Feb 15, 20430.062 0.414770.026
Aug 15, 20430.062 0.402020.025
Feb 15, 20440.062 0.389330.024
Aug 15, 20440.062 0.377030.024
Feb 15, 20450.062 0.364850.023
Aug 15, 20450.062 0.353130.022
Feb 15, 20460.062 0.341450.021
Aug 15, 20460.062 0.330220.021
Feb 15, 20470.062 0.320870.020
Aug 15, 20470.062 0.312680.020
Feb 15, 20480.062 0.304590.019
Aug 15, 20480.062 0.296820.019
Feb 15, 20490.062 0.289170.018
Aug 15, 20490.062 0.281850.018
Feb 15, 20500.062 0.274620.017
Aug 15, 20500.062 0.267700.017
Feb 15, 2051100.062 0.2608626.102
Sum of present values 48.617

Present values sum to the dirty price; subtract 0.021 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +58.08% 76.822
-100 bp (-1.0%) +26.21% 61.331
+100 bp (+1.0%) -20.53% 38.617
+200 bp (+2.0%) -35.4% 31.395

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (23.4 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.