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

U.S. Treasury 4.25% Bond due Aug 15, 2054

CUSIP 912810UC0 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.45%
annualized · YTW equals YTM (non-callable)
Current yield i
5.13%
Coupon i
4.25%
Modified duration i
14.9 yr
Convexity i
323.70
Indicative price i
82.844
indicative model price, not a tradable quote
real auctioned at 97.690 · 4.39% high yield (Oct 10, 2024) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
83.548
per 100 par (clean 82.844 + accrued 0.704) · ≈ $8,354.83 per $10,000 face
Next coupon i
Feb 15, 2027
2.125 per 100 · $212.50 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Oct 2024par 100 · Aug 205456 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i4.25% (semiannual)
Maturity iAug 15, 2054
Issue dateOct 15, 2024
Par value i100.00
CallableNo
Amount outstanding i$52.0B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
82.844
Dirty price i
83.548
Accrued interest i
0.704
per 100 par
Yield to maturity i
5.45%
Yield to worst i
5.45%
Current yield i
5.13%
Modified duration i
14.9 yr
Macaulay duration i
15.3 yr
Convexity i
323.70
DV01 i
0.1243
per 100 par

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

Remaining cash flows

56 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Feb 15, 20272.125 0.985602.094
Aug 15, 20272.125 0.964052.049
Feb 15, 20282.125 0.941162.000
Aug 15, 20282.125 0.917751.950
Feb 15, 20292.125 0.894841.902
Aug 15, 20292.125 0.873031.855
Feb 15, 20302.125 0.851551.810
Aug 15, 20302.125 0.831011.766
Feb 15, 20312.125 0.810501.722
Aug 15, 20312.125 0.790701.680
Feb 15, 20322.125 0.770701.638
Aug 15, 20322.125 0.751121.596
Feb 15, 20332.125 0.731651.555
Aug 15, 20332.125 0.712791.515
Feb 15, 20342.125 0.694181.475
Aug 15, 20342.125 0.676311.437
Feb 15, 20352.125 0.658481.399
Aug 15, 20352.125 0.641271.363
Feb 15, 20362.125 0.624101.326
Aug 15, 20362.125 0.607441.291
Feb 15, 20372.125 0.590791.255
Aug 15, 20372.125 0.574661.221
Feb 15, 20382.125 0.558571.187
Aug 15, 20382.125 0.543031.154
Feb 15, 20392.125 0.527541.121
Aug 15, 20392.125 0.512581.089
Feb 15, 20402.125 0.497671.058
Aug 15, 20402.125 0.483211.027
Feb 15, 20412.125 0.468880.996
Aug 15, 20412.125 0.455060.967
Feb 15, 20422.125 0.441280.938
Aug 15, 20422.125 0.428000.910
Feb 15, 20432.125 0.414770.881
Aug 15, 20432.125 0.402020.854
Feb 15, 20442.125 0.389330.827
Aug 15, 20442.125 0.377030.801
Feb 15, 20452.125 0.364850.775
Aug 15, 20452.125 0.353130.750
Feb 15, 20462.125 0.341450.726
Aug 15, 20462.125 0.330220.702
Feb 15, 20472.125 0.320870.682
Aug 15, 20472.125 0.312680.664
Feb 15, 20482.125 0.304590.647
Aug 15, 20482.125 0.296820.631
Feb 15, 20492.125 0.289170.614
Aug 15, 20492.125 0.281850.599
Feb 15, 20502.125 0.274620.584
Aug 15, 20502.125 0.267700.569
Feb 15, 20512.125 0.260860.554
Aug 15, 20512.125 0.254320.540
Feb 15, 20522.125 0.247850.527
Aug 15, 20522.125 0.241620.513
Feb 15, 20532.125 0.235500.500
Aug 15, 20532.125 0.229650.488
Feb 15, 20542.125 0.223860.476
Aug 15, 2054102.125 0.2183322.297
Sum of present values 83.548

Present values sum to the dirty price; subtract 0.704 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +36.23% 112.855
-100 bp (-1.0%) +16.49% 96.509
+100 bp (+1.0%) -13.26% 71.861
+200 bp (+2.0%) -23.28% 63.559

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (14.9 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 →
4.435.155.88Jan 2026Oct 2026

Par yield of the nearest benchmark tenor, the main input to this bond's price.