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Methodology
Bond Public

U.S. Treasury 5.12% Bond due Aug 15, 2046

CUSIP 912810UX4 · 19-Year 11-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.48%
annualized · YTW equals YTM (non-callable)
Current yield i
5.36%
Coupon i
5.12%
Modified duration i
12.1 yr
Convexity i
199.43
Indicative price i
95.677
indicative model price, not a tradable quote
real auctioned at 96.424 · 5.42% high yield (Sep 15, 2026) · reopening · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
96.526
per 100 par (clean 95.677 + accrued 0.850) · ≈ $9,652.63 per $10,000 face
Next coupon i
Feb 15, 2027
2.562 per 100 · $256.25 per $10,000 face

Cash-flow timeline

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

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 11-Month
Coupon i5.12% (semiannual)
Maturity iAug 15, 2046
Issue dateSep 18, 2026
Par value i100.00
CallableNo
Amount outstanding i$18.1B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
95.677
Dirty price i
96.526
Accrued interest i
0.850
per 100 par
Yield to maturity i
5.48%
Yield to worst i
5.48%
Current yield i
5.36%
Modified duration i
12.1 yr
Macaulay duration i
12.4 yr
Convexity i
199.43
DV01 i
0.1165
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
Feb 15, 20272.562 0.985602.526
Aug 15, 20272.562 0.964052.470
Feb 15, 20282.562 0.941162.412
Aug 15, 20282.562 0.917752.352
Feb 15, 20292.562 0.894842.293
Aug 15, 20292.562 0.873032.237
Feb 15, 20302.562 0.851552.182
Aug 15, 20302.562 0.831012.129
Feb 15, 20312.562 0.810502.077
Aug 15, 20312.562 0.790702.026
Feb 15, 20322.562 0.770701.975
Aug 15, 20322.562 0.751121.925
Feb 15, 20332.562 0.731651.875
Aug 15, 20332.562 0.712791.827
Feb 15, 20342.562 0.694181.779
Aug 15, 20342.562 0.676311.733
Feb 15, 20352.562 0.658481.687
Aug 15, 20352.562 0.641271.643
Feb 15, 20362.562 0.624101.599
Aug 15, 20362.562 0.607441.557
Feb 15, 20372.562 0.590791.514
Aug 15, 20372.562 0.574661.473
Feb 15, 20382.562 0.558571.431
Aug 15, 20382.562 0.543031.392
Feb 15, 20392.562 0.527541.352
Aug 15, 20392.562 0.512581.313
Feb 15, 20402.562 0.497671.275
Aug 15, 20402.562 0.483211.238
Feb 15, 20412.562 0.468881.202
Aug 15, 20412.562 0.455061.166
Feb 15, 20422.562 0.441281.131
Aug 15, 20422.562 0.428001.097
Feb 15, 20432.562 0.414771.063
Aug 15, 20432.562 0.402021.030
Feb 15, 20442.562 0.389330.998
Aug 15, 20442.562 0.377030.966
Feb 15, 20452.562 0.364850.935
Aug 15, 20452.562 0.353130.905
Feb 15, 20462.562 0.341450.875
Aug 15, 2046102.562 0.3302233.868
Sum of present values 96.526

Present values sum to the dirty price; subtract 0.850 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +28.12% 122.580
-100 bp (-1.0%) +13.06% 108.174
+100 bp (+1.0%) -11.07% 85.087
+200 bp (+2.0%) -20.14% 76.406

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (12.1 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.