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Bond Public

U.S. Treasury 3.12% Bond due May 15, 2048

CUSIP 912810SC3 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.27%
annualized · YTW equals YTM (non-callable)
Current yield i
4.32%
Coupon i
3.12%
Modified duration i
14.3 yr
Convexity i
268.66
Indicative price i
72.362
indicative model price — not a tradable quote
real auctioned at 103.289 · 2.96% high yield (Jul 12, 2018) · reopening — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
72.998
per 100 par (clean 72.362 + accrued 0.637) · ≈ $7,299.84 per $10,000 face
Next coupon i
Nov 15, 2026
1.562 per 100 · $156.25 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2018par 100 · May 204844 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 iMay 15, 2048
Issue dateJul 16, 2018
Par value i100.00
CallableNo
Amount outstanding i$35.1B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
72.362
Dirty price i
72.998
Accrued interest i
0.637
per 100 par
Yield to maturity i
5.27%
Yield to worst i
5.27%
Current yield i
4.32%
Modified duration i
14.3 yr
Macaulay duration i
14.6 yr
Convexity i
268.66
DV01 i
0.1041
per 100 par

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

Remaining cash flows

44 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20261.562 0.988601.545
May 15, 20271.562 0.968931.514
Nov 15, 20271.562 0.948711.482
May 15, 20281.562 0.928231.450
Nov 15, 20281.562 0.907831.418
May 15, 20291.562 0.888241.388
Nov 15, 20291.562 0.868721.357
May 15, 20301.562 0.849901.328
Nov 15, 20301.562 0.831011.298
May 15, 20311.562 0.812661.270
Nov 15, 20311.562 0.793831.240
May 15, 20321.562 0.775081.211
Nov 15, 20321.562 0.756281.182
May 15, 20331.562 0.737931.153
Nov 15, 20331.562 0.719751.125
May 15, 20341.562 0.702261.097
Nov 15, 20341.562 0.684691.070
May 15, 20351.562 0.667621.043
Nov 15, 20351.562 0.650491.016
May 15, 20361.562 0.633760.990
Nov 15, 20361.562 0.617050.964
May 15, 20371.562 0.600820.939
Nov 15, 20371.562 0.584540.913
May 15, 20381.562 0.568750.889
Nov 15, 20381.562 0.552920.864
May 15, 20391.562 0.537580.840
Nov 15, 20391.562 0.522200.816
May 15, 20401.562 0.507220.793
Nov 15, 20401.562 0.492300.769
May 15, 20411.562 0.477840.747
Nov 15, 20411.562 0.463380.724
May 15, 20421.562 0.449380.702
Nov 15, 20421.562 0.435370.680
May 15, 20431.562 0.421810.659
Nov 15, 20431.562 0.408270.638
May 15, 20441.562 0.395090.617
Nov 15, 20441.562 0.382000.597
May 15, 20451.562 0.369340.577
Nov 15, 20451.562 0.356700.557
May 15, 20461.562 0.344490.538
Nov 15, 20461.562 0.334450.523
May 15, 20471.562 0.326090.510
Nov 15, 20471.562 0.317810.497
May 15, 2048101.562 0.3098331.467
Sum of present values 72.998

Present values sum to the dirty price; subtract 0.637 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +33.89% 96.884
-100 bp (-1.0%) +15.6% 83.651
+100 bp (+1.0%) -12.91% 63.016
+200 bp (+2.0%) -23.14% 55.615

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (14.3 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.