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Bond Public

U.S. Treasury 2.25% Bond due Aug 15, 2046

CUSIP 912810RT7 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.99%
annualized · YTW equals YTM (non-callable)
Current yield i
3.44%
Coupon i
2.25%
Modified duration i
14.6 yr
Convexity i
267.56
Indicative price i
65.404
indicative model price — not a tradable quote
real auctioned at 95.373 · 2.47% high yield (Oct 13, 2016) · reopening — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
66.169
per 100 par (clean 65.404 + accrued 0.765) · ≈ $6,616.90 per $10,000 face
Next coupon i
Aug 15, 2026
1.125 per 100 · $112.50 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Oct 2016par 100 · Aug 204641 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i2.25% (semiannual)
Maturity iAug 15, 2046
Issue dateOct 17, 2016
Par value i100.00
CallableNo
Amount outstanding i$28.5B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
65.404
Dirty price i
66.169
Accrued interest i
0.765
per 100 par
Yield to maturity i
4.99%
Yield to worst i
4.99%
Current yield i
3.44%
Modified duration i
14.6 yr
Macaulay duration i
15.0 yr
Convexity i
267.56
DV01 i
0.0969
per 100 par

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

Remaining cash flows

41 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20261.125 0.994141.118
Feb 15, 20271.125 0.974421.096
Aug 15, 20271.125 0.954801.074
Feb 15, 20281.125 0.934291.051
Aug 15, 20281.125 0.914171.028
Feb 15, 20291.125 0.895261.007
Aug 15, 20291.125 0.876950.987
Feb 15, 20301.125 0.858460.966
Aug 15, 20301.125 0.840570.946
Feb 15, 20311.125 0.822670.926
Aug 15, 20311.125 0.805090.906
Feb 15, 20321.125 0.786890.885
Aug 15, 20321.125 0.769050.865
Feb 15, 20331.125 0.751190.845
Aug 15, 20331.125 0.733950.826
Feb 15, 20341.125 0.716930.807
Aug 15, 20341.125 0.700410.788
Feb 15, 20351.125 0.683840.769
Aug 15, 20351.125 0.667760.751
Feb 15, 20361.125 0.651640.733
Aug 15, 20361.125 0.635850.715
Feb 15, 20371.125 0.619960.697
Aug 15, 20371.125 0.604550.680
Feb 15, 20381.125 0.589090.663
Aug 15, 20381.125 0.574090.646
Feb 15, 20391.125 0.559060.629
Aug 15, 20391.125 0.544490.613
Feb 15, 20401.125 0.529890.596
Aug 15, 20401.125 0.515660.580
Feb 15, 20411.125 0.501480.564
Aug 15, 20411.125 0.487750.549
Feb 15, 20421.125 0.474010.533
Aug 15, 20421.125 0.460700.518
Feb 15, 20431.125 0.447380.503
Aug 15, 20431.125 0.434480.489
Feb 15, 20441.125 0.421590.474
Aug 15, 20441.125 0.409040.460
Feb 15, 20451.125 0.396560.446
Aug 15, 20451.125 0.384500.433
Feb 15, 20461.125 0.372440.419
Aug 15, 2046101.125 0.3618036.587
Sum of present values 66.169

Present values sum to the dirty price; subtract 0.765 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +34.63% 88.056
-100 bp (-1.0%) +15.98% 75.855
+100 bp (+1.0%) -13.3% 56.704
+200 bp (+2.0%) -23.93% 49.753

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (14.6 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.