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

U.S. Treasury 4.38% Bond due Aug 15, 2043

CUSIP 912810TU2 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.38%
annualized · YTW equals YTM (non-callable)
Current yield i
4.92%
Coupon i
4.38%
Modified duration i
11.4 yr
Convexity i
167.72
Indicative price i
88.972
indicative model price, not a tradable quote
real auctioned at 89.352 · 5.25% high yield (Oct 18, 2023) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
89.697
per 100 par (clean 88.972 + accrued 0.725) · ≈ $8,969.75 per $10,000 face
Next coupon i
Feb 15, 2027
2.188 per 100 · $218.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Oct 2023par 100 · Aug 204334 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i4.38% (semiannual)
Maturity iAug 15, 2043
Issue dateOct 31, 2023
Par value i100.00
CallableNo
Amount outstanding i$30.7B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
88.972
Dirty price i
89.697
Accrued interest i
0.725
per 100 par
Yield to maturity i
5.38%
Yield to worst i
5.38%
Current yield i
4.92%
Modified duration i
11.4 yr
Macaulay duration i
11.7 yr
Convexity i
167.72
DV01 i
0.1019
per 100 par

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

Remaining cash flows

34 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Feb 15, 20272.188 0.985602.156
Aug 15, 20272.188 0.964052.109
Feb 15, 20282.188 0.941162.059
Aug 15, 20282.188 0.917752.008
Feb 15, 20292.188 0.894841.957
Aug 15, 20292.188 0.873031.910
Feb 15, 20302.188 0.851551.863
Aug 15, 20302.188 0.831011.818
Feb 15, 20312.188 0.810501.773
Aug 15, 20312.188 0.790701.730
Feb 15, 20322.188 0.770701.686
Aug 15, 20322.188 0.751121.643
Feb 15, 20332.188 0.731651.600
Aug 15, 20332.188 0.712791.559
Feb 15, 20342.188 0.694181.519
Aug 15, 20342.188 0.676311.479
Feb 15, 20352.188 0.658481.440
Aug 15, 20352.188 0.641271.403
Feb 15, 20362.188 0.624101.365
Aug 15, 20362.188 0.607441.329
Feb 15, 20372.188 0.590791.292
Aug 15, 20372.188 0.574661.257
Feb 15, 20382.188 0.558571.222
Aug 15, 20382.188 0.543031.188
Feb 15, 20392.188 0.527541.154
Aug 15, 20392.188 0.512581.121
Feb 15, 20402.188 0.497671.089
Aug 15, 20402.188 0.483211.057
Feb 15, 20412.188 0.468881.026
Aug 15, 20412.188 0.455060.995
Feb 15, 20422.188 0.441280.965
Aug 15, 20422.188 0.428000.936
Feb 15, 20432.188 0.414770.907
Aug 15, 2043102.188 0.4020241.082
Sum of present values 89.697

Present values sum to the dirty price; subtract 0.725 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +26.07% 112.167
-100 bp (-1.0%) +12.2% 99.824
+100 bp (+1.0%) -10.52% 79.613
+200 bp (+2.0%) -19.36% 71.746

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (11.4 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.