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

U.S. Treasury 4.62% Bond due May 15, 2044

CUSIP 912810UB2 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.40%
annualized · YTW equals YTM (non-callable)
Current yield i
5.07%
Coupon i
4.62%
Modified duration i
11.4 yr
Convexity i
173.17
Indicative price i
91.226
indicative model price, not a tradable quote
real auctioned at 102.062 · 4.47% high yield (Jul 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
93.149
per 100 par (clean 91.226 + accrued 1.923) · ≈ $9,314.86 per $10,000 face
Next coupon i
Nov 15, 2026
2.312 per 100 · $231.25 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2024par 100 · May 204436 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i4.62% (semiannual)
Maturity iMay 15, 2044
Issue dateJul 31, 2024
Par value i100.00
CallableNo
Amount outstanding i$30.4B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
91.226
Dirty price i
93.149
Accrued interest i
1.923
per 100 par
Yield to maturity i
5.40%
Yield to worst i
5.40%
Current yield i
5.07%
Modified duration i
11.4 yr
Macaulay duration i
11.7 yr
Convexity i
173.17
DV01 i
0.1060
per 100 par

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

Remaining cash flows

36 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20262.312 0.996502.304
May 15, 20272.312 0.975192.255
Nov 15, 20272.312 0.952712.203
May 15, 20282.312 0.929672.150
Nov 15, 20282.312 0.905992.095
May 15, 20292.312 0.884092.044
Nov 15, 20292.312 0.862141.994
May 15, 20302.312 0.841411.946
Nov 15, 20302.312 0.820711.898
May 15, 20312.312 0.800721.852
Nov 15, 20312.312 0.780711.805
May 15, 20322.312 0.760981.760
Nov 15, 20322.312 0.741341.714
May 15, 20332.312 0.722341.670
Nov 15, 20332.312 0.703391.627
May 15, 20342.312 0.685351.585
Nov 15, 20342.312 0.667361.543
May 15, 20352.312 0.649981.503
Nov 15, 20352.312 0.632641.463
May 15, 20362.312 0.615821.424
Nov 15, 20362.312 0.599101.385
May 15, 20372.312 0.582821.348
Nov 15, 20372.312 0.566571.310
May 15, 20382.312 0.550891.274
Nov 15, 20382.312 0.535251.238
May 15, 20392.312 0.520151.203
Nov 15, 20392.312 0.505091.168
May 15, 20402.312 0.490491.134
Nov 15, 20402.312 0.476011.101
May 15, 20412.312 0.462051.068
Nov 15, 20412.312 0.448141.036
May 15, 20422.312 0.434721.005
Nov 15, 20422.312 0.421350.974
May 15, 20432.312 0.408470.945
Nov 15, 20432.312 0.395640.915
May 15, 2044102.312 0.3832239.208
Sum of present values 93.149

Present values sum to the dirty price; subtract 1.923 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +26.23% 115.155
-100 bp (-1.0%) +12.25% 102.400
+100 bp (+1.0%) -10.52% 81.631
+200 bp (+2.0%) -19.3% 73.616

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.