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TIPS Public

U.S. Treasury 1.38% TIPS due Feb 15, 2044

CUSIP 912810RF7 · 29-Year 4-Month · coupon paid semiannually

AAA·Govt
Real yield to maturity i
2.70%
real yield — off the Treasury real-yield curve
Current yield i
1.69%
Coupon i
1.38%
Modified duration i
15.1 yr
Convexity i
256.67
Indicative REAL price i
81.556
real model per 100 real par — not a tradable quote
real auctioned at 112.168 · 0.98% high yield (Oct 23, 2014) · reopening — at issuance, not a current price
These are real (inflation-adjusted) figures off the Treasury real-yield curve. The actual dollar invoice = the real price × this TIPS's CPI index ratio, which is not applied here.
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Real price i
82.179
real dirty price per 100 real par. The $ invoice = real price × CPI index ratio (not applied)
Next coupon i
Aug 15, 2026
0.688 per 100 (real coupon; actual $ scales with the CPI index ratio)

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Oct 2014par 100 · Feb 204436 coupons remaining + principal

Terms fetched

Type TIPS Treasury Inflation-Protected Securities — principal tracks the CPI.
Term i29-Year 4-Month
Coupon i1.38% (semiannual)
Maturity iFeb 15, 2044
Issue dateOct 31, 2014
Par value i100.00
CallableNo
Amount outstanding i$16.0B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price (real) i
81.556
Dirty price (real) i
82.179
Accrued interest i
0.623
per 100 par
Yield to maturity (real) i
2.70%
Yield to worst (real) i
2.70%
Current yield i
1.69%
Modified duration i
15.1 yr
Macaulay duration i
15.3 yr
Convexity i
256.67
DV01 i
0.1238
per 100 par

indicative REAL price/yield — discounted off the Treasury real-yield curve; CPI inflation accrual (index ratio) is not applied.

Remaining cash flows

36 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20260.688 0.998280.686
Feb 15, 20270.688 0.978550.673
Aug 15, 20270.688 0.958910.659
Feb 15, 20280.688 0.938410.645
Aug 15, 20280.688 0.917830.631
Feb 15, 20290.688 0.897860.617
Aug 15, 20290.688 0.878370.604
Feb 15, 20300.688 0.859120.591
Aug 15, 20300.688 0.840420.578
Feb 15, 20310.688 0.821650.565
Aug 15, 20310.688 0.803360.552
Feb 15, 20320.688 0.784340.539
Aug 15, 20320.688 0.765670.526
Feb 15, 20330.688 0.746940.514
Aug 15, 20330.688 0.728720.501
Feb 15, 20340.688 0.710830.489
Aug 15, 20340.688 0.693450.477
Feb 15, 20350.688 0.675990.465
Aug 15, 20350.688 0.659030.453
Feb 15, 20360.688 0.642010.441
Aug 15, 20360.688 0.625380.430
Feb 15, 20370.688 0.608780.419
Aug 15, 20370.688 0.592660.407
Feb 15, 20380.688 0.576490.396
Aug 15, 20380.688 0.560810.386
Feb 15, 20390.688 0.545100.375
Aug 15, 20390.688 0.529860.364
Feb 15, 20400.688 0.514600.354
Aug 15, 20400.688 0.499730.344
Feb 15, 20410.688 0.484920.333
Aug 15, 20410.688 0.470580.324
Feb 15, 20420.688 0.456240.314
Aug 15, 20420.688 0.442350.304
Feb 15, 20430.688 0.428450.295
Aug 15, 20430.688 0.415010.285
Feb 15, 2044100.688 0.4015840.434
Sum of present values 82.179

Present values sum to the dirty price; subtract 0.623 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +35.27% 110.321
-100 bp (-1.0%) +16.35% 94.892
+100 bp (+1.0%) -13.79% 70.313
+200 bp (+2.0%) -25.0% 61.163

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (15.1 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 →
4.444.895.34Jan 2026Jul 2026

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