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Bond Public

U.S. Treasury 3.38% Bond due May 15, 2044

CUSIP 912810RG5 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.85%
annualized · YTW equals YTM (non-callable)
Current yield i
4.09%
Coupon i
3.38%
Modified duration i
12.7 yr
Convexity i
203.70
Indicative price i
82.469
indicative model price — not a tradable quote
real auctioned at 100.106 · 3.37% high yield (Jul 10, 2014) · reopening — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
82.780
per 100 par (clean 82.469 + accrued 0.312) · ≈ $8,278.04 per $10,000 face
Next coupon i
Nov 15, 2026
1.688 per 100 · $168.75 per $10,000 face

Cash-flow timeline

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

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i3.38% (semiannual)
Maturity iMay 15, 2044
Issue dateJul 15, 2014
Par value i100.00
CallableNo
Amount outstanding i$29.0B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
82.469
Dirty price i
82.780
Accrued interest i
0.312
per 100 par
Yield to maturity i
4.85%
Yield to worst i
4.85%
Current yield i
4.09%
Modified duration i
12.7 yr
Macaulay duration i
13.0 yr
Convexity i
203.70
DV01 i
0.1052
per 100 par

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

Remaining cash flows

36 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20261.688 0.984321.661
May 15, 20271.688 0.964841.628
Nov 15, 20271.688 0.944601.594
May 15, 20281.688 0.924091.559
Nov 15, 20281.688 0.904671.527
May 15, 20291.688 0.886261.496
Nov 15, 20291.688 0.867671.464
May 15, 20301.688 0.849621.434
Nov 15, 20301.688 0.831581.403
May 15, 20311.688 0.814121.374
Nov 15, 20311.688 0.795971.343
May 15, 20321.688 0.778051.313
Nov 15, 20321.688 0.760101.283
May 15, 20331.688 0.742621.253
Nov 15, 20331.688 0.725411.224
May 15, 20341.688 0.708781.196
Nov 15, 20341.688 0.692101.168
May 15, 20351.688 0.675911.141
Nov 15, 20351.688 0.659671.113
May 15, 20361.688 0.643831.086
Nov 15, 20361.688 0.627881.060
May 15, 20371.688 0.612361.033
Nov 15, 20371.688 0.596791.007
May 15, 20381.688 0.581690.982
Nov 15, 20381.688 0.566550.956
May 15, 20391.688 0.551870.931
Nov 15, 20391.688 0.537160.906
May 15, 20401.688 0.522820.882
Nov 15, 20401.688 0.508540.858
May 15, 20411.688 0.494710.835
Nov 15, 20411.688 0.480860.811
May 15, 20421.688 0.467440.789
Nov 15, 20421.688 0.454010.766
May 15, 20431.688 0.441010.744
Nov 15, 20431.688 0.428010.722
May 15, 2044101.688 0.4153642.237
Sum of present values 82.780

Present values sum to the dirty price; subtract 0.312 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +29.49% 106.786
-100 bp (-1.0%) +13.73% 93.787
+100 bp (+1.0%) -11.69% 72.830
+200 bp (+2.0%) -21.34% 64.870

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (12.7 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 →
4.454.885.31Jan 2026Jun 2026

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