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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
5.00%
annualized · YTW equals YTM (non-callable)
Current yield i
2.78%
Coupon i
1.38%
Modified duration i
18.0 yr
Convexity i
399.08
Indicative price i
49.495
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
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
49.962
per 100 par (clean 49.495 + accrued 0.467) · ≈ $4,996.17 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
49.495
Dirty price i
49.962
Accrued interest i
0.467
per 100 par
Yield to maturity i
5.00%
Yield to worst i
5.00%
Current yield i
2.78%
Modified duration i
18.0 yr
Macaulay duration i
18.5 yr
Convexity i
399.08
DV01 i
0.0902
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 0.994140.683
Feb 15, 20270.688 0.974420.670
Aug 15, 20270.688 0.954800.656
Feb 15, 20280.688 0.934290.642
Aug 15, 20280.688 0.914170.628
Feb 15, 20290.688 0.895260.615
Aug 15, 20290.688 0.876950.603
Feb 15, 20300.688 0.858460.590
Aug 15, 20300.688 0.840570.578
Feb 15, 20310.688 0.822670.566
Aug 15, 20310.688 0.805090.553
Feb 15, 20320.688 0.786890.541
Aug 15, 20320.688 0.769050.529
Feb 15, 20330.688 0.751190.516
Aug 15, 20330.688 0.733950.505
Feb 15, 20340.688 0.716930.493
Aug 15, 20340.688 0.700410.482
Feb 15, 20350.688 0.683840.470
Aug 15, 20350.688 0.667760.459
Feb 15, 20360.688 0.651640.448
Aug 15, 20360.688 0.635850.437
Feb 15, 20370.688 0.619960.426
Aug 15, 20370.688 0.604550.416
Feb 15, 20380.688 0.589090.405
Aug 15, 20380.688 0.574090.395
Feb 15, 20390.688 0.559060.384
Aug 15, 20390.688 0.544490.374
Feb 15, 20400.688 0.529890.364
Aug 15, 20400.688 0.515660.355
Feb 15, 20410.688 0.501480.345
Aug 15, 20410.688 0.487750.335
Feb 15, 20420.688 0.474010.326
Aug 15, 20420.688 0.460700.317
Feb 15, 20430.688 0.447380.308
Aug 15, 20430.688 0.434480.299
Feb 15, 20440.688 0.421590.290
Aug 15, 20440.688 0.409040.281
Feb 15, 20450.688 0.396560.273
Aug 15, 20450.688 0.384500.264
Feb 15, 20460.688 0.372440.256
Aug 15, 20460.688 0.361800.249
Feb 15, 20470.688 0.353130.243
Aug 15, 20470.688 0.344800.237
Feb 15, 20480.688 0.336540.231
Aug 15, 20480.688 0.328570.226
Feb 15, 20490.688 0.320700.220
Aug 15, 20490.688 0.313150.215
Feb 15, 20500.688 0.305660.210
Aug 15, 2050100.688 0.2984730.052
Sum of present values 49.962

Present values sum to the dirty price; subtract 0.467 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +44.08% 71.310
-100 bp (-1.0%) +20.04% 59.415
+100 bp (+1.0%) -16.05% 41.549
+200 bp (+2.0%) -28.11% 35.580

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (18.0 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.