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方法论
Bond Public

U.S. Treasury 1.88% Bond due Nov 15, 2051

CUSIP 912810TB4 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.52%
annualized · YTW equals YTM (non-callable)
Current yield i
3.69%
Coupon i
1.88%
Modified duration i
16.9 yr
Convexity i
371.83
Indicative price i
50.833
indicative model price, not a tradable quote
real auctioned at 95.567 · 2.08% high yield (Jan 13, 2022) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
51.613
per 100 par (clean 50.833 + accrued 0.780) · ≈ $5,161.29 per $10,000 face
Next coupon i
Nov 15, 2026
0.938 per 100 · $93.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2022par 100 · Nov 205151 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i1.88% (semiannual)
Maturity iNov 15, 2051
Issue dateJan 18, 2022
Par value i100.00
CallableNo
Amount outstanding i$64.7B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
50.833
Dirty price i
51.613
Accrued interest i
0.780
per 100 par
Yield to maturity i
5.52%
Yield to worst i
5.52%
Current yield i
3.69%
Modified duration i
16.9 yr
Macaulay duration i
17.3 yr
Convexity i
371.83
DV01 i
0.0870
per 100 par

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

Remaining cash flows

51 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20260.938 0.996500.934
May 15, 20270.938 0.975190.914
Nov 15, 20270.938 0.952710.893
May 15, 20280.938 0.929670.872
Nov 15, 20280.938 0.905990.849
May 15, 20290.938 0.884090.829
Nov 15, 20290.938 0.862140.808
May 15, 20300.938 0.841410.789
Nov 15, 20300.938 0.820710.769
May 15, 20310.938 0.800720.751
Nov 15, 20310.938 0.780710.732
May 15, 20320.938 0.760980.713
Nov 15, 20320.938 0.741340.695
May 15, 20330.938 0.722340.677
Nov 15, 20330.938 0.703390.659
May 15, 20340.938 0.685350.643
Nov 15, 20340.938 0.667360.626
May 15, 20350.938 0.649980.609
Nov 15, 20350.938 0.632640.593
May 15, 20360.938 0.615820.577
Nov 15, 20360.938 0.599100.562
May 15, 20370.938 0.582820.546
Nov 15, 20370.938 0.566570.531
May 15, 20380.938 0.550890.516
Nov 15, 20380.938 0.535250.502
May 15, 20390.938 0.520150.488
Nov 15, 20390.938 0.505090.474
May 15, 20400.938 0.490490.460
Nov 15, 20400.938 0.476010.446
May 15, 20410.938 0.462050.433
Nov 15, 20410.938 0.448140.420
May 15, 20420.938 0.434720.408
Nov 15, 20420.938 0.421350.395
May 15, 20430.938 0.408470.383
Nov 15, 20430.938 0.395640.371
May 15, 20440.938 0.383220.359
Nov 15, 20440.938 0.370910.348
May 15, 20450.938 0.359060.337
Nov 15, 20450.938 0.347260.326
May 15, 20460.938 0.335900.315
Nov 15, 20460.938 0.325110.305
May 15, 20470.938 0.316810.297
Nov 15, 20470.938 0.308610.289
May 15, 20480.938 0.300720.282
Nov 15, 20480.938 0.292960.275
May 15, 20490.938 0.285540.268
Nov 15, 20490.938 0.278210.261
May 15, 20500.938 0.271190.254
Nov 15, 20500.938 0.264260.248
May 15, 20510.938 0.257620.242
Nov 15, 2051100.938 0.2510625.341
Sum of present values 51.613

Present values sum to the dirty price; subtract 0.780 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +41.15% 71.752
-100 bp (-1.0%) +18.72% 60.348
+100 bp (+1.0%) -15.0% 43.209
+200 bp (+2.0%) -26.28% 37.475

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (16.9 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 →
4.435.155.88Jan 2026Oct 2026

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