Bond Field Guide Anleihen. Klare Perspektive.
Methodik
Bond Public

U.S. Treasury 4.50% Bond due Nov 15, 2054

CUSIP 912810UE6 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.45%
annualized · YTW equals YTM (non-callable)
Current yield i
5.21%
Coupon i
4.50%
Modified duration i
14.6 yr
Convexity i
316.54
Indicative price i
86.407
indicative model price, not a tradable quote
real auctioned at 93.557 · 4.91% high yield (Jan 8, 2025) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
88.278
per 100 par (clean 86.407 + accrued 1.871) · ≈ $8,827.77 per $10,000 face
Next coupon i
Nov 15, 2026
2.250 per 100 · $225.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2025par 100 · Nov 205457 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i4.50% (semiannual)
Maturity iNov 15, 2054
Issue dateJan 15, 2025
Par value i100.00
CallableNo
Amount outstanding i$53.2B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
86.407
Dirty price i
88.278
Accrued interest i
1.871
per 100 par
Yield to maturity i
5.45%
Yield to worst i
5.45%
Current yield i
5.21%
Modified duration i
14.6 yr
Macaulay duration i
15.0 yr
Convexity i
316.54
DV01 i
0.1286
per 100 par

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

Remaining cash flows

57 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20262.250 0.996502.242
May 15, 20272.250 0.975192.194
Nov 15, 20272.250 0.952712.144
May 15, 20282.250 0.929672.092
Nov 15, 20282.250 0.905992.038
May 15, 20292.250 0.884091.989
Nov 15, 20292.250 0.862141.940
May 15, 20302.250 0.841411.893
Nov 15, 20302.250 0.820711.847
May 15, 20312.250 0.800721.802
Nov 15, 20312.250 0.780711.757
May 15, 20322.250 0.760981.712
Nov 15, 20322.250 0.741341.668
May 15, 20332.250 0.722341.625
Nov 15, 20332.250 0.703391.583
May 15, 20342.250 0.685351.542
Nov 15, 20342.250 0.667361.502
May 15, 20352.250 0.649981.462
Nov 15, 20352.250 0.632641.423
May 15, 20362.250 0.615821.386
Nov 15, 20362.250 0.599101.348
May 15, 20372.250 0.582821.311
Nov 15, 20372.250 0.566571.275
May 15, 20382.250 0.550891.240
Nov 15, 20382.250 0.535251.204
May 15, 20392.250 0.520151.170
Nov 15, 20392.250 0.505091.136
May 15, 20402.250 0.490491.104
Nov 15, 20402.250 0.476011.071
May 15, 20412.250 0.462051.040
Nov 15, 20412.250 0.448141.008
May 15, 20422.250 0.434720.978
Nov 15, 20422.250 0.421350.948
May 15, 20432.250 0.408470.919
Nov 15, 20432.250 0.395640.890
May 15, 20442.250 0.383220.862
Nov 15, 20442.250 0.370910.835
May 15, 20452.250 0.359060.808
Nov 15, 20452.250 0.347260.781
May 15, 20462.250 0.335900.756
Nov 15, 20462.250 0.325110.732
May 15, 20472.250 0.316810.713
Nov 15, 20472.250 0.308610.694
May 15, 20482.250 0.300720.677
Nov 15, 20482.250 0.292960.659
May 15, 20492.250 0.285540.642
Nov 15, 20492.250 0.278210.626
May 15, 20502.250 0.271190.610
Nov 15, 20502.250 0.264260.595
May 15, 20512.250 0.257620.580
Nov 15, 20512.250 0.251060.565
May 15, 20522.250 0.244750.551
Nov 15, 20522.250 0.238540.537
May 15, 20532.250 0.232610.523
Nov 15, 20532.250 0.226740.510
May 15, 20542.250 0.221120.498
Nov 15, 2054102.250 0.2155722.042
Sum of present values 88.278

Present values sum to the dirty price; subtract 1.871 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +35.46% 117.043
-100 bp (-1.0%) +16.15% 100.357
+100 bp (+1.0%) -12.98% 75.191
+200 bp (+2.0%) -22.79% 66.711

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (14.6 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.