TIPS
Public
U.S. Treasury 1.50% TIPS due Feb 15, 2053
CUSIP 912810TP3 · 29-Year 6-Month · coupon paid semiannually
Real yield to maturity i
3.16%
real yield, off the Treasury real-yield curve
Current yield i
2.13%
Coupon i
1.50%
Modified duration i
20.4 yr
Convexity i
495.93
Indicative REAL price i
70.406
real model per 100 real par, not a tradable quote
real auctioned at 91.890 · 1.97% high yield (Aug 24, 2023) · 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
70.654
real dirty price per 100 real par. The $ invoice = real price × CPI index ratio (not applied)
Next coupon i
Feb 15, 2027
0.750 per 100 (real coupon; actual $ scales with the CPI index ratio)
Cash-flow timeline
issue → maturity · each tick is a coupon · ◆ todayTerms fetched
| Type | TIPS Treasury Inflation-Protected Securities: the principal tracks the CPI. |
| Term i | 29-Year 6-Month |
| Coupon i | 1.50% (semiannual) |
| Maturity i | Feb 15, 2053 |
| Issue date | Aug 31, 2023 |
| Par value i | 100.00 |
| Callable | No |
| Amount outstanding i | $11.0B |
| Credit | AAA·Govt |
Computed metrics computed
Clean price (real) i
70.406
Dirty price (real) i
70.654
Accrued interest i
0.249
per 100 par
Yield to maturity (real) i
3.16%
Yield to worst (real) i
3.16%
Current yield i
2.13%
Modified duration i
20.4 yr
Macaulay duration i
20.7 yr
Convexity i
495.93
DV01 i
0.1439
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
53 payments, discounted off today's curve| Date | Cash flow | Discount factor | Present value |
|---|---|---|---|
| Feb 15, 2027 | 0.750 | 0.98560 | 0.739 |
| Aug 15, 2027 | 0.750 | 0.96405 | 0.723 |
| Feb 15, 2028 | 0.750 | 0.94116 | 0.706 |
| Aug 15, 2028 | 0.750 | 0.91775 | 0.688 |
| Feb 15, 2029 | 0.750 | 0.89484 | 0.671 |
| Aug 15, 2029 | 0.750 | 0.87303 | 0.655 |
| Feb 15, 2030 | 0.750 | 0.85155 | 0.639 |
| Aug 15, 2030 | 0.750 | 0.83101 | 0.623 |
| Feb 15, 2031 | 0.750 | 0.81050 | 0.608 |
| Aug 15, 2031 | 0.750 | 0.79070 | 0.593 |
| Feb 15, 2032 | 0.750 | 0.77070 | 0.578 |
| Aug 15, 2032 | 0.750 | 0.75112 | 0.563 |
| Feb 15, 2033 | 0.750 | 0.73165 | 0.549 |
| Aug 15, 2033 | 0.750 | 0.71279 | 0.535 |
| Feb 15, 2034 | 0.750 | 0.69418 | 0.521 |
| Aug 15, 2034 | 0.750 | 0.67631 | 0.507 |
| Feb 15, 2035 | 0.750 | 0.65848 | 0.494 |
| Aug 15, 2035 | 0.750 | 0.64127 | 0.481 |
| Feb 15, 2036 | 0.750 | 0.62410 | 0.468 |
| Aug 15, 2036 | 0.750 | 0.60744 | 0.456 |
| Feb 15, 2037 | 0.750 | 0.59079 | 0.443 |
| Aug 15, 2037 | 0.750 | 0.57466 | 0.431 |
| Feb 15, 2038 | 0.750 | 0.55857 | 0.419 |
| Aug 15, 2038 | 0.750 | 0.54303 | 0.407 |
| Feb 15, 2039 | 0.750 | 0.52754 | 0.396 |
| Aug 15, 2039 | 0.750 | 0.51258 | 0.384 |
| Feb 15, 2040 | 0.750 | 0.49767 | 0.373 |
| Aug 15, 2040 | 0.750 | 0.48321 | 0.362 |
| Feb 15, 2041 | 0.750 | 0.46888 | 0.352 |
| Aug 15, 2041 | 0.750 | 0.45506 | 0.341 |
| Feb 15, 2042 | 0.750 | 0.44128 | 0.331 |
| Aug 15, 2042 | 0.750 | 0.42800 | 0.321 |
| Feb 15, 2043 | 0.750 | 0.41477 | 0.311 |
| Aug 15, 2043 | 0.750 | 0.40202 | 0.302 |
| Feb 15, 2044 | 0.750 | 0.38933 | 0.292 |
| Aug 15, 2044 | 0.750 | 0.37703 | 0.283 |
| Feb 15, 2045 | 0.750 | 0.36485 | 0.274 |
| Aug 15, 2045 | 0.750 | 0.35313 | 0.265 |
| Feb 15, 2046 | 0.750 | 0.34145 | 0.256 |
| Aug 15, 2046 | 0.750 | 0.33022 | 0.248 |
| Feb 15, 2047 | 0.750 | 0.32087 | 0.241 |
| Aug 15, 2047 | 0.750 | 0.31268 | 0.235 |
| Feb 15, 2048 | 0.750 | 0.30459 | 0.228 |
| Aug 15, 2048 | 0.750 | 0.29682 | 0.223 |
| Feb 15, 2049 | 0.750 | 0.28917 | 0.217 |
| Aug 15, 2049 | 0.750 | 0.28185 | 0.211 |
| Feb 15, 2050 | 0.750 | 0.27462 | 0.206 |
| Aug 15, 2050 | 0.750 | 0.26770 | 0.201 |
| Feb 15, 2051 | 0.750 | 0.26086 | 0.196 |
| Aug 15, 2051 | 0.750 | 0.25432 | 0.191 |
| Feb 15, 2052 | 0.750 | 0.24785 | 0.186 |
| Aug 15, 2052 | 0.750 | 0.24162 | 0.181 |
| Feb 15, 2053 | 100.750 | 0.23550 | 23.727 |
| Sum of present values | 70.654 |
Present values sum to the dirty price; subtract 0.249 accrued to get the clean price.
Rate sensitivity i
approximate, from duration & convexity| Parallel rate move | Approx. price change | Approx. indicative price |
|---|---|---|
| -200 bp (-2.0%) | +50.66% | 106.070 |
| -100 bp (-1.0%) | +22.85% | 86.492 |
| +100 bp (+1.0%) | -17.89% | 57.811 |
| +200 bp (+2.0%) | -30.82% | 48.708 |
Illustrative only: a parallel shift of the whole curve, estimated from modified duration (20.4 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 →Par yield of the nearest benchmark tenor, the main input to this bond's price.