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Bond Public

U.S. Treasury 4.50% Bond due Feb 15, 2044

CUSIP 912810TZ1 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.40%
annualized · YTW equals YTM (non-callable)
Current yield i
5.00%
Coupon i
4.50%
Modified duration i
11.5 yr
Convexity i
173.31
Indicative price i
89.972
indicative model price, not a tradable quote
real auctioned at 95.959 · 4.82% high yield (Apr 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
90.718
per 100 par (clean 89.972 + accrued 0.746) · ≈ $9,071.80 per $10,000 face
Next coupon i
Feb 15, 2027
2.250 per 100 · $225.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Apr 2024par 100 · Feb 204435 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i4.50% (semiannual)
Maturity iFeb 15, 2044
Issue dateApr 30, 2024
Par value i100.00
CallableNo
Amount outstanding i$29.7B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
89.972
Dirty price i
90.718
Accrued interest i
0.746
per 100 par
Yield to maturity i
5.40%
Yield to worst i
5.40%
Current yield i
5.00%
Modified duration i
11.5 yr
Macaulay duration i
11.8 yr
Convexity i
173.31
DV01 i
0.1043
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
Feb 15, 20272.250 0.985602.218
Aug 15, 20272.250 0.964052.169
Feb 15, 20282.250 0.941162.118
Aug 15, 20282.250 0.917752.065
Feb 15, 20292.250 0.894842.013
Aug 15, 20292.250 0.873031.964
Feb 15, 20302.250 0.851551.916
Aug 15, 20302.250 0.831011.870
Feb 15, 20312.250 0.810501.824
Aug 15, 20312.250 0.790701.779
Feb 15, 20322.250 0.770701.734
Aug 15, 20322.250 0.751121.690
Feb 15, 20332.250 0.731651.646
Aug 15, 20332.250 0.712791.604
Feb 15, 20342.250 0.694181.562
Aug 15, 20342.250 0.676311.522
Feb 15, 20352.250 0.658481.482
Aug 15, 20352.250 0.641271.443
Feb 15, 20362.250 0.624101.404
Aug 15, 20362.250 0.607441.367
Feb 15, 20372.250 0.590791.329
Aug 15, 20372.250 0.574661.293
Feb 15, 20382.250 0.558571.257
Aug 15, 20382.250 0.543031.222
Feb 15, 20392.250 0.527541.187
Aug 15, 20392.250 0.512581.153
Feb 15, 20402.250 0.497671.120
Aug 15, 20402.250 0.483211.087
Feb 15, 20412.250 0.468881.055
Aug 15, 20412.250 0.455061.024
Feb 15, 20422.250 0.441280.993
Aug 15, 20422.250 0.428000.963
Feb 15, 20432.250 0.414770.933
Aug 15, 20432.250 0.402020.905
Feb 15, 2044102.250 0.3893339.809
Sum of present values 90.718

Present values sum to the dirty price; subtract 0.746 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +26.45% 113.773
-100 bp (-1.0%) +12.36% 101.093
+100 bp (+1.0%) -10.63% 80.411
+200 bp (+2.0%) -19.52% 72.409

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (11.5 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.