Bond Field Guide Revenu fixe. Perspective claire.
Méthodologie
Bond Public

U.S. Treasury 4.75% Bond due Feb 15, 2045

CUSIP 912810UJ5 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.43%
annualized · YTW equals YTM (non-callable)
Current yield i
5.16%
Coupon i
4.75%
Modified duration i
11.7 yr
Convexity i
184.12
Indicative price i
92.122
indicative model price, not a tradable quote
real auctioned at 99.226 · 4.81% high yield (Apr 16, 2025) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
92.909
per 100 par (clean 92.122 + accrued 0.787) · ≈ $9,290.94 per $10,000 face
Next coupon i
Feb 15, 2027
2.375 per 100 · $237.50 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Apr 2025par 100 · Feb 204537 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 iFeb 15, 2045
Issue dateApr 30, 2025
Par value i100.00
CallableNo
Amount outstanding i$31.0B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
92.122
Dirty price i
92.909
Accrued interest i
0.787
per 100 par
Yield to maturity i
5.43%
Yield to worst i
5.43%
Current yield i
5.16%
Modified duration i
11.7 yr
Macaulay duration i
12.1 yr
Convexity i
184.12
DV01 i
0.1091
per 100 par

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

Remaining cash flows

37 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Feb 15, 20272.375 0.985602.341
Aug 15, 20272.375 0.964052.290
Feb 15, 20282.375 0.941162.235
Aug 15, 20282.375 0.917752.180
Feb 15, 20292.375 0.894842.125
Aug 15, 20292.375 0.873032.073
Feb 15, 20302.375 0.851552.022
Aug 15, 20302.375 0.831011.974
Feb 15, 20312.375 0.810501.925
Aug 15, 20312.375 0.790701.878
Feb 15, 20322.375 0.770701.830
Aug 15, 20322.375 0.751121.784
Feb 15, 20332.375 0.731651.738
Aug 15, 20332.375 0.712791.693
Feb 15, 20342.375 0.694181.649
Aug 15, 20342.375 0.676311.606
Feb 15, 20352.375 0.658481.564
Aug 15, 20352.375 0.641271.523
Feb 15, 20362.375 0.624101.482
Aug 15, 20362.375 0.607441.443
Feb 15, 20372.375 0.590791.403
Aug 15, 20372.375 0.574661.365
Feb 15, 20382.375 0.558571.327
Aug 15, 20382.375 0.543031.290
Feb 15, 20392.375 0.527541.253
Aug 15, 20392.375 0.512581.217
Feb 15, 20402.375 0.497671.182
Aug 15, 20402.375 0.483211.148
Feb 15, 20412.375 0.468881.114
Aug 15, 20412.375 0.455061.081
Feb 15, 20422.375 0.441281.048
Aug 15, 20422.375 0.428001.017
Feb 15, 20432.375 0.414770.985
Aug 15, 20432.375 0.402020.955
Feb 15, 20442.375 0.389330.925
Aug 15, 20442.375 0.377030.895
Feb 15, 2045102.375 0.3648537.352
Sum of present values 92.909

Present values sum to the dirty price; subtract 0.787 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +27.17% 117.149
-100 bp (-1.0%) +12.66% 103.788
+100 bp (+1.0%) -10.82% 82.153
+200 bp (+2.0%) -19.8% 73.879

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (11.7 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.