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Bond Public

U.S. Treasury 1.38% Bond due Aug 15, 2050

CUSIP 912810SP4 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.33%
annualized · YTW equals YTM (non-callable)
Current yield i
2.94%
Coupon i
1.38%
Modified duration i
17.7 yr
Convexity i
387.70
Indicative price i
46.725
indicative model price — not a tradable quote
real auctioned at 95.183 · 1.58% high yield (Oct 8, 2020) · reopening — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
47.348
per 100 par (clean 46.725 + accrued 0.623) · ≈ $4,734.83 per $10,000 face
Next coupon i
Aug 15, 2026
0.688 per 100 · $68.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Oct 2020par 100 · Aug 205049 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i1.38% (semiannual)
Maturity iAug 15, 2050
Issue dateOct 15, 2020
Par value i100.00
CallableNo
Amount outstanding i$65.4B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
46.725
Dirty price i
47.348
Accrued interest i
0.623
per 100 par
Yield to maturity i
5.33%
Yield to worst i
5.33%
Current yield i
2.94%
Modified duration i
17.7 yr
Macaulay duration i
18.2 yr
Convexity i
387.70
DV01 i
0.0838
per 100 par

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

Remaining cash flows

49 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20260.688 0.998280.686
Feb 15, 20270.688 0.978550.673
Aug 15, 20270.688 0.958910.659
Feb 15, 20280.688 0.938410.645
Aug 15, 20280.688 0.917830.631
Feb 15, 20290.688 0.897860.617
Aug 15, 20290.688 0.878370.604
Feb 15, 20300.688 0.859120.591
Aug 15, 20300.688 0.840420.578
Feb 15, 20310.688 0.821650.565
Aug 15, 20310.688 0.803360.552
Feb 15, 20320.688 0.784340.539
Aug 15, 20320.688 0.765670.526
Feb 15, 20330.688 0.746940.514
Aug 15, 20330.688 0.728720.501
Feb 15, 20340.688 0.710830.489
Aug 15, 20340.688 0.693450.477
Feb 15, 20350.688 0.675990.465
Aug 15, 20350.688 0.659030.453
Feb 15, 20360.688 0.642010.441
Aug 15, 20360.688 0.625380.430
Feb 15, 20370.688 0.608780.419
Aug 15, 20370.688 0.592660.407
Feb 15, 20380.688 0.576490.396
Aug 15, 20380.688 0.560810.386
Feb 15, 20390.688 0.545100.375
Aug 15, 20390.688 0.529860.364
Feb 15, 20400.688 0.514600.354
Aug 15, 20400.688 0.499730.344
Feb 15, 20410.688 0.484920.333
Aug 15, 20410.688 0.470580.324
Feb 15, 20420.688 0.456240.314
Aug 15, 20420.688 0.442350.304
Feb 15, 20430.688 0.428450.295
Aug 15, 20430.688 0.415010.285
Feb 15, 20440.688 0.401580.276
Aug 15, 20440.688 0.388520.267
Feb 15, 20450.688 0.375540.258
Aug 15, 20450.688 0.362990.250
Feb 15, 20460.688 0.350470.241
Aug 15, 20460.688 0.338790.233
Feb 15, 20470.688 0.330180.227
Aug 15, 20470.688 0.321930.221
Feb 15, 20480.688 0.313750.216
Aug 15, 20480.688 0.305880.210
Feb 15, 20490.688 0.298120.205
Aug 15, 20490.688 0.290680.200
Feb 15, 20500.688 0.283310.195
Aug 15, 2050100.688 0.2762527.815
Sum of present values 47.348

Present values sum to the dirty price; subtract 0.623 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +43.14% 66.881
-100 bp (-1.0%) +19.63% 55.897
+100 bp (+1.0%) -15.75% 39.365
+200 bp (+2.0%) -27.63% 33.816

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (17.7 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.