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

U.S. Treasury 1.88% Bond due Feb 15, 2041

CUSIP 912810SW9 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.32%
annualized · YTW equals YTM (non-callable)
Current yield i
2.85%
Coupon i
1.88%
Modified duration i
11.8 yr
Convexity i
160.64
Indicative price i
65.782
indicative model price, not a tradable quote
real auctioned at 95.677 · 2.14% high yield (Apr 21, 2021) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
66.093
per 100 par (clean 65.782 + accrued 0.311) · ≈ $6,609.28 per $10,000 face
Next coupon i
Feb 15, 2027
0.938 per 100 · $93.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Apr 2021par 100 · Feb 204129 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i1.88% (semiannual)
Maturity iFeb 15, 2041
Issue dateApr 30, 2021
Par value i100.00
CallableNo
Amount outstanding i$61.2B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
65.782
Dirty price i
66.093
Accrued interest i
0.311
per 100 par
Yield to maturity i
5.32%
Yield to worst i
5.32%
Current yield i
2.85%
Modified duration i
11.8 yr
Macaulay duration i
12.1 yr
Convexity i
160.64
DV01 i
0.0777
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
Feb 15, 20270.938 0.985600.924
Aug 15, 20270.938 0.964050.904
Feb 15, 20280.938 0.941160.882
Aug 15, 20280.938 0.917750.860
Feb 15, 20290.938 0.894840.839
Aug 15, 20290.938 0.873030.818
Feb 15, 20300.938 0.851550.798
Aug 15, 20300.938 0.831010.779
Feb 15, 20310.938 0.810500.760
Aug 15, 20310.938 0.790700.741
Feb 15, 20320.938 0.770700.723
Aug 15, 20320.938 0.751120.704
Feb 15, 20330.938 0.731650.686
Aug 15, 20330.938 0.712790.668
Feb 15, 20340.938 0.694180.651
Aug 15, 20340.938 0.676310.634
Feb 15, 20350.938 0.658480.617
Aug 15, 20350.938 0.641270.601
Feb 15, 20360.938 0.624100.585
Aug 15, 20360.938 0.607440.569
Feb 15, 20370.938 0.590790.554
Aug 15, 20370.938 0.574660.539
Feb 15, 20380.938 0.558570.524
Aug 15, 20380.938 0.543030.509
Feb 15, 20390.938 0.527540.495
Aug 15, 20390.938 0.512580.481
Feb 15, 20400.938 0.497670.467
Aug 15, 20400.938 0.483210.453
Feb 15, 2041100.938 0.4688847.328
Sum of present values 66.093

Present values sum to the dirty price; subtract 0.311 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +26.72% 83.359
-100 bp (-1.0%) +12.56% 74.042
+100 bp (+1.0%) -10.95% 58.579
+200 bp (+2.0%) -20.29% 52.432

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (11.8 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.