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方法论
Bond Public

U.S. Treasury 4.75% Bond due Feb 15, 2056

CUSIP 912810UR7 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.44%
annualized · YTW equals YTM (non-callable)
Current yield i
5.28%
Coupon i
4.75%
Modified duration i
14.9 yr
Convexity i
330.31
Indicative price i
89.914
indicative model price, not a tradable quote
real auctioned at 98.017 · 4.88% high yield (Apr 9, 2026) · reopening · at issuance, not a current price
Settles i
Oct 16, 2026
priced to this date (T+1 basis)
Total to settle i
90.714
per 100 par (clean 89.914 + accrued 0.800) · ≈ $9,071.42 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 2026par 100 · Feb 205659 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i4.75% (semiannual)
Maturity iFeb 15, 2056
Issue dateApr 15, 2026
Par value i100.00
CallableNo
Amount outstanding i$54.1B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
89.914
Dirty price i
90.714
Accrued interest i
0.800
per 100 par
Yield to maturity i
5.44%
Yield to worst i
5.44%
Current yield i
5.28%
Modified duration i
14.9 yr
Macaulay duration i
15.3 yr
Convexity i
330.31
DV01 i
0.1347
per 100 par

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

Remaining cash flows

59 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Feb 15, 20272.375 0.985822.341
Aug 15, 20272.375 0.964362.290
Feb 15, 20282.375 0.941652.236
Aug 15, 20282.375 0.918372.181
Feb 15, 20292.375 0.895572.127
Aug 15, 20292.375 0.873882.075
Feb 15, 20302.375 0.852452.025
Aug 15, 20302.375 0.831921.976
Feb 15, 20312.375 0.811401.927
Aug 15, 20312.375 0.791561.880
Feb 15, 20322.375 0.771581.833
Aug 15, 20322.375 0.752061.786
Feb 15, 20332.375 0.732631.740
Aug 15, 20332.375 0.713821.695
Feb 15, 20342.375 0.695181.651
Aug 15, 20342.375 0.677251.608
Feb 15, 20352.375 0.659341.566
Aug 15, 20352.375 0.642041.525
Feb 15, 20362.375 0.624771.484
Aug 15, 20362.375 0.608011.444
Feb 15, 20372.375 0.591331.404
Aug 15, 20372.375 0.575211.366
Feb 15, 20382.375 0.559131.328
Aug 15, 20382.375 0.543611.291
Feb 15, 20392.375 0.528121.254
Aug 15, 20392.375 0.513181.219
Feb 15, 20402.375 0.498281.183
Aug 15, 20402.375 0.483831.149
Feb 15, 20412.375 0.469501.115
Aug 15, 20412.375 0.455681.082
Feb 15, 20422.375 0.441911.050
Aug 15, 20422.375 0.428631.018
Feb 15, 20432.375 0.415410.987
Aug 15, 20432.375 0.402660.956
Feb 15, 20442.375 0.389970.926
Aug 15, 20442.375 0.377670.897
Feb 15, 20452.375 0.365490.868
Aug 15, 20452.375 0.353760.840
Feb 15, 20462.375 0.342090.812
Aug 15, 20462.375 0.330850.786
Feb 15, 20472.375 0.321440.763
Aug 15, 20472.375 0.313200.744
Feb 15, 20482.375 0.305040.724
Aug 15, 20482.375 0.297200.706
Feb 15, 20492.375 0.289490.688
Aug 15, 20492.375 0.282120.670
Feb 15, 20502.375 0.274820.653
Aug 15, 20502.375 0.267840.636
Feb 15, 20512.375 0.260940.620
Aug 15, 20512.375 0.254330.604
Feb 15, 20522.375 0.247800.589
Aug 15, 20522.375 0.241520.574
Feb 15, 20532.375 0.235340.559
Aug 15, 20532.375 0.229430.545
Feb 15, 20542.375 0.223580.531
Aug 15, 20542.375 0.217980.518
Feb 15, 20552.375 0.212450.505
Aug 15, 20552.375 0.207160.492
Feb 15, 2056102.375 0.2019220.672
Sum of present values 90.714

Present values sum to the dirty price; subtract 0.800 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +36.31% 122.561
-100 bp (-1.0%) +16.5% 104.752
+100 bp (+1.0%) -13.2% 78.045
+200 bp (+2.0%) -23.1% 69.147

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.