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Bond Public

U.S. Treasury 3.12% Bond due Aug 15, 2044

CUSIP 912810RH3 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.87%
annualized · YTW equals YTM (non-callable)
Current yield i
3.95%
Coupon i
3.12%
Modified duration i
12.9 yr
Convexity i
210.27
Indicative price i
79.126
indicative model price — not a tradable quote
real auctioned at 100.986 · 3.07% high yield (Oct 9, 2014) · reopening — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
80.188
per 100 par (clean 79.126 + accrued 1.062) · ≈ $8,018.75 per $10,000 face
Next coupon i
Aug 15, 2026
1.562 per 100 · $156.25 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Oct 2014par 100 · Aug 204437 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i3.12% (semiannual)
Maturity iAug 15, 2044
Issue dateOct 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
79.126
Dirty price i
80.188
Accrued interest i
1.062
per 100 par
Yield to maturity i
4.87%
Yield to worst i
4.87%
Current yield i
3.95%
Modified duration i
12.9 yr
Macaulay duration i
13.2 yr
Convexity i
210.27
DV01 i
0.1033
per 100 par

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

Remaining cash flows

37 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20261.562 0.994141.553
Feb 15, 20271.562 0.974421.523
Aug 15, 20271.562 0.954801.492
Feb 15, 20281.562 0.934291.460
Aug 15, 20281.562 0.914171.428
Feb 15, 20291.562 0.895261.399
Aug 15, 20291.562 0.876951.370
Feb 15, 20301.562 0.858461.341
Aug 15, 20301.562 0.840571.313
Feb 15, 20311.562 0.822671.285
Aug 15, 20311.562 0.805091.258
Feb 15, 20321.562 0.786891.230
Aug 15, 20321.562 0.769051.202
Feb 15, 20331.562 0.751191.174
Aug 15, 20331.562 0.733951.147
Feb 15, 20341.562 0.716931.120
Aug 15, 20341.562 0.700411.094
Feb 15, 20351.562 0.683841.068
Aug 15, 20351.562 0.667761.043
Feb 15, 20361.562 0.651641.018
Aug 15, 20361.562 0.635850.994
Feb 15, 20371.562 0.619960.969
Aug 15, 20371.562 0.604550.945
Feb 15, 20381.562 0.589090.920
Aug 15, 20381.562 0.574090.897
Feb 15, 20391.562 0.559060.874
Aug 15, 20391.562 0.544490.851
Feb 15, 20401.562 0.529890.828
Aug 15, 20401.562 0.515660.806
Feb 15, 20411.562 0.501480.784
Aug 15, 20411.562 0.487750.762
Feb 15, 20421.562 0.474010.741
Aug 15, 20421.562 0.460700.720
Feb 15, 20431.562 0.447380.699
Aug 15, 20431.562 0.434480.679
Feb 15, 20441.562 0.421590.659
Aug 15, 2044101.562 0.4090441.543
Sum of present values 80.188

Present values sum to the dirty price; subtract 1.062 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +29.97% 102.840
-100 bp (-1.0%) +13.93% 90.151
+100 bp (+1.0%) -11.83% 69.764
+200 bp (+2.0%) -21.56% 62.066

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (12.9 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 →
4.454.885.31Jan 2026Jun 2026

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