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

U.S. Treasury 4.75% Bond due Nov 15, 2043

CUSIP 912810TW8 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.38%
annualized · YTW equals YTM (non-callable)
Current yield i
5.11%
Coupon i
4.75%
Modified duration i
11.1 yr
Convexity i
165.02
Indicative price i
92.988
indicative model price, not a tradable quote
real auctioned at 104.270 · 4.42% high yield (Jan 17, 2024) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
94.963
per 100 par (clean 92.988 + accrued 1.975) · ≈ $9,496.32 per $10,000 face
Next coupon i
Nov 15, 2026
2.375 per 100 · $237.50 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2024par 100 · Nov 204335 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i4.75% (semiannual)
Maturity iNov 15, 2043
Issue dateJan 31, 2024
Par value i100.00
CallableNo
Amount outstanding i$29.2B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
92.988
Dirty price i
94.963
Accrued interest i
1.975
per 100 par
Yield to maturity i
5.38%
Yield to worst i
5.38%
Current yield i
5.11%
Modified duration i
11.1 yr
Macaulay duration i
11.4 yr
Convexity i
165.02
DV01 i
0.1057
per 100 par

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

Remaining cash flows

35 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20262.375 0.996502.367
May 15, 20272.375 0.975192.316
Nov 15, 20272.375 0.952712.263
May 15, 20282.375 0.929672.208
Nov 15, 20282.375 0.905992.152
May 15, 20292.375 0.884092.100
Nov 15, 20292.375 0.862142.048
May 15, 20302.375 0.841411.998
Nov 15, 20302.375 0.820711.949
May 15, 20312.375 0.800721.902
Nov 15, 20312.375 0.780711.854
May 15, 20322.375 0.760981.807
Nov 15, 20322.375 0.741341.761
May 15, 20332.375 0.722341.716
Nov 15, 20332.375 0.703391.671
May 15, 20342.375 0.685351.628
Nov 15, 20342.375 0.667361.585
May 15, 20352.375 0.649981.544
Nov 15, 20352.375 0.632641.503
May 15, 20362.375 0.615821.463
Nov 15, 20362.375 0.599101.423
May 15, 20372.375 0.582821.384
Nov 15, 20372.375 0.566571.346
May 15, 20382.375 0.550891.308
Nov 15, 20382.375 0.535251.271
May 15, 20392.375 0.520151.235
Nov 15, 20392.375 0.505091.200
May 15, 20402.375 0.490491.165
Nov 15, 20402.375 0.476011.131
May 15, 20412.375 0.462051.097
Nov 15, 20412.375 0.448141.064
May 15, 20422.375 0.434721.032
Nov 15, 20422.375 0.421351.001
May 15, 20432.375 0.408470.970
Nov 15, 2043102.375 0.3956440.504
Sum of present values 94.963

Present values sum to the dirty price; subtract 1.975 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +25.56% 116.755
-100 bp (-1.0%) +11.95% 104.105
+100 bp (+1.0%) -10.3% 83.407
+200 bp (+2.0%) -18.96% 75.359

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (11.1 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.