BondDesk Every bond, priced off the Treasury curve
Bond Public

U.S. Treasury 3.38% Bond due Nov 15, 2048

CUSIP 912810SE9 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.26%
annualized · YTW equals YTM (non-callable)
Current yield i
4.48%
Coupon i
3.38%
Modified duration i
14.2 yr
Convexity i
270.45
Indicative price i
75.395
indicative model price — not a tradable quote
real auctioned at 106.636 · 3.04% high yield (Jan 10, 2019) · reopening — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
76.083
per 100 par (clean 75.395 + accrued 0.688) · ≈ $7,608.31 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 Jan 2019par 100 · Nov 204845 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 iNov 15, 2048
Issue dateJan 15, 2019
Par value i100.00
CallableNo
Amount outstanding i$38.9B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
75.395
Dirty price i
76.083
Accrued interest i
0.688
per 100 par
Yield to maturity i
5.26%
Yield to worst i
5.26%
Current yield i
4.48%
Modified duration i
14.2 yr
Macaulay duration i
14.6 yr
Convexity i
270.45
DV01 i
0.1081
per 100 par

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

Remaining cash flows

45 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20261.688 0.988601.668
May 15, 20271.688 0.968931.635
Nov 15, 20271.688 0.948711.601
May 15, 20281.688 0.928231.566
Nov 15, 20281.688 0.907831.532
May 15, 20291.688 0.888241.499
Nov 15, 20291.688 0.868721.466
May 15, 20301.688 0.849901.434
Nov 15, 20301.688 0.831011.402
May 15, 20311.688 0.812661.371
Nov 15, 20311.688 0.793831.340
May 15, 20321.688 0.775081.308
Nov 15, 20321.688 0.756281.276
May 15, 20331.688 0.737931.245
Nov 15, 20331.688 0.719751.215
May 15, 20341.688 0.702261.185
Nov 15, 20341.688 0.684691.155
May 15, 20351.688 0.667621.127
Nov 15, 20351.688 0.650491.098
May 15, 20361.688 0.633761.069
Nov 15, 20361.688 0.617051.041
May 15, 20371.688 0.600821.014
Nov 15, 20371.688 0.584540.986
May 15, 20381.688 0.568750.960
Nov 15, 20381.688 0.552920.933
May 15, 20391.688 0.537580.907
Nov 15, 20391.688 0.522200.881
May 15, 20401.688 0.507220.856
Nov 15, 20401.688 0.492300.831
May 15, 20411.688 0.477840.806
Nov 15, 20411.688 0.463380.782
May 15, 20421.688 0.449380.758
Nov 15, 20421.688 0.435370.735
May 15, 20431.688 0.421810.712
Nov 15, 20431.688 0.408270.689
May 15, 20441.688 0.395090.667
Nov 15, 20441.688 0.382000.645
May 15, 20451.688 0.369340.623
Nov 15, 20451.688 0.356700.602
May 15, 20461.688 0.344490.581
Nov 15, 20461.688 0.334450.564
May 15, 20471.688 0.326090.550
Nov 15, 20471.688 0.317810.536
May 15, 20481.688 0.309830.523
Nov 15, 2048101.688 0.3019730.707
Sum of present values 76.083

Present values sum to the dirty price; subtract 0.688 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +33.82% 100.894
-100 bp (-1.0%) +15.56% 87.125
+100 bp (+1.0%) -12.85% 65.704
+200 bp (+2.0%) -23.0% 58.053

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (14.2 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.