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

U.S. Treasury 5.00% Bond due May 15, 2046

CUSIP 912810UV8 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.48%
annualized · YTW equals YTM (non-callable)
Current yield i
5.30%
Coupon i
5.00%
Modified duration i
11.9 yr
Convexity i
195.17
Indicative price i
94.316
indicative model price, not a tradable quote
real auctioned at 97.978 · 5.16% high yield (Jul 22, 2026) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
96.395
per 100 par (clean 94.316 + accrued 2.079) · ≈ $9,639.53 per $10,000 face
Next coupon i
Nov 15, 2026
2.500 per 100 · $250.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2026par 100 · May 204640 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i5.00% (semiannual)
Maturity iMay 15, 2046
Issue dateJul 24, 2026
Par value i100.00
CallableNo
Amount outstanding i$31.4B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
94.316
Dirty price i
96.395
Accrued interest i
2.079
per 100 par
Yield to maturity i
5.48%
Yield to worst i
5.48%
Current yield i
5.30%
Modified duration i
11.9 yr
Macaulay duration i
12.2 yr
Convexity i
195.17
DV01 i
0.1146
per 100 par

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

Remaining cash flows

40 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20262.500 0.996502.491
May 15, 20272.500 0.975192.438
Nov 15, 20272.500 0.952712.382
May 15, 20282.500 0.929672.324
Nov 15, 20282.500 0.905992.265
May 15, 20292.500 0.884092.210
Nov 15, 20292.500 0.862142.155
May 15, 20302.500 0.841412.104
Nov 15, 20302.500 0.820712.052
May 15, 20312.500 0.800722.002
Nov 15, 20312.500 0.780711.952
May 15, 20322.500 0.760981.902
Nov 15, 20322.500 0.741341.853
May 15, 20332.500 0.722341.806
Nov 15, 20332.500 0.703391.758
May 15, 20342.500 0.685351.713
Nov 15, 20342.500 0.667361.668
May 15, 20352.500 0.649981.625
Nov 15, 20352.500 0.632641.582
May 15, 20362.500 0.615821.540
Nov 15, 20362.500 0.599101.498
May 15, 20372.500 0.582821.457
Nov 15, 20372.500 0.566571.416
May 15, 20382.500 0.550891.377
Nov 15, 20382.500 0.535251.338
May 15, 20392.500 0.520151.300
Nov 15, 20392.500 0.505091.263
May 15, 20402.500 0.490491.226
Nov 15, 20402.500 0.476011.190
May 15, 20412.500 0.462051.155
Nov 15, 20412.500 0.448141.120
May 15, 20422.500 0.434721.087
Nov 15, 20422.500 0.421351.053
May 15, 20432.500 0.408471.021
Nov 15, 20432.500 0.395640.989
May 15, 20442.500 0.383220.958
Nov 15, 20442.500 0.370910.927
May 15, 20452.500 0.359060.898
Nov 15, 20452.500 0.347260.868
May 15, 2046102.500 0.3359034.430
Sum of present values 96.395

Present values sum to the dirty price; subtract 2.079 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +27.68% 120.426
-100 bp (-1.0%) +12.87% 106.451
+100 bp (+1.0%) -10.91% 84.023
+200 bp (+2.0%) -19.88% 75.570

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (11.9 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 →
4.345.145.94Jan 2026Oct 2026

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