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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
5.32%
annualized · YTW equals YTM (non-callable)
Current yield i
3.61%
Coupon i
2.25%
Modified duration i
14.4 yr
Convexity i
259.84
Indicative price i
62.411
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
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
63.431
per 100 par (clean 62.411 + accrued 1.019) · ≈ $6,343.07 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
62.411
Dirty price i
63.431
Accrued interest i
1.019
per 100 par
Yield to maturity i
5.32%
Yield to worst i
5.32%
Current yield i
3.61%
Modified duration i
14.4 yr
Macaulay duration i
14.7 yr
Convexity i
259.84
DV01 i
0.0910
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 0.998281.123
Feb 15, 20271.125 0.978551.101
Aug 15, 20271.125 0.958911.079
Feb 15, 20281.125 0.938411.056
Aug 15, 20281.125 0.917831.033
Feb 15, 20291.125 0.897861.010
Aug 15, 20291.125 0.878370.988
Feb 15, 20301.125 0.859120.967
Aug 15, 20301.125 0.840420.945
Feb 15, 20311.125 0.821650.924
Aug 15, 20311.125 0.803360.904
Feb 15, 20321.125 0.784340.882
Aug 15, 20321.125 0.765670.861
Feb 15, 20331.125 0.746940.840
Aug 15, 20331.125 0.728720.820
Feb 15, 20341.125 0.710830.800
Aug 15, 20341.125 0.693450.780
Feb 15, 20351.125 0.675990.760
Aug 15, 20351.125 0.659030.741
Feb 15, 20361.125 0.642010.722
Aug 15, 20361.125 0.625380.704
Feb 15, 20371.125 0.608780.685
Aug 15, 20371.125 0.592660.667
Feb 15, 20381.125 0.576490.649
Aug 15, 20381.125 0.560810.631
Feb 15, 20391.125 0.545100.613
Aug 15, 20391.125 0.529860.596
Feb 15, 20401.125 0.514600.579
Aug 15, 20401.125 0.499730.562
Feb 15, 20411.125 0.484920.546
Aug 15, 20411.125 0.470580.529
Feb 15, 20421.125 0.456240.513
Aug 15, 20421.125 0.442350.498
Feb 15, 20431.125 0.428450.482
Aug 15, 20431.125 0.415010.467
Feb 15, 20441.125 0.401580.452
Aug 15, 20441.125 0.388520.437
Feb 15, 20451.125 0.375540.422
Aug 15, 20451.125 0.362990.408
Feb 15, 20461.125 0.350470.394
Aug 15, 2046101.125 0.3387934.260
Sum of present values 63.431

Present values sum to the dirty price; subtract 1.019 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +33.9% 83.571
-100 bp (-1.0%) +15.65% 72.180
+100 bp (+1.0%) -13.05% 54.264
+200 bp (+2.0%) -23.51% 47.739

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (14.4 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.