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Bond Public

U.S. Treasury 1.38% Bond due Nov 15, 2040

CUSIP 912810ST6 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.72%
annualized · YTW equals YTM (non-callable)
Current yield i
2.10%
Coupon i
1.38%
Modified duration i
12.4 yr
Convexity i
173.37
Indicative price i
65.344
indicative model price — not a tradable quote
real auctioned at 95.258 · 1.66% high yield (Jan 20, 2021) · reopening — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
65.471
per 100 par (clean 65.344 + accrued 0.127) · ≈ $6,547.06 per $10,000 face
Next coupon i
Nov 15, 2026
0.688 per 100 · $68.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Feb 2021par 100 · Nov 204029 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i1.38% (semiannual)
Maturity iNov 15, 2040
Issue dateFeb 1, 2021
Par value i100.00
CallableNo
Amount outstanding i$58.4B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
65.344
Dirty price i
65.471
Accrued interest i
0.127
per 100 par
Yield to maturity i
4.72%
Yield to worst i
4.72%
Current yield i
2.10%
Modified duration i
12.4 yr
Macaulay duration i
12.7 yr
Convexity i
173.37
DV01 i
0.0812
per 100 par

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

Remaining cash flows

29 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20260.688 0.984320.677
May 15, 20270.688 0.964840.663
Nov 15, 20270.688 0.944600.649
May 15, 20280.688 0.924090.635
Nov 15, 20280.688 0.904670.622
May 15, 20290.688 0.886260.609
Nov 15, 20290.688 0.867670.597
May 15, 20300.688 0.849620.584
Nov 15, 20300.688 0.831580.572
May 15, 20310.688 0.814120.560
Nov 15, 20310.688 0.795970.547
May 15, 20320.688 0.778050.535
Nov 15, 20320.688 0.760100.523
May 15, 20330.688 0.742620.511
Nov 15, 20330.688 0.725410.499
May 15, 20340.688 0.708780.487
Nov 15, 20340.688 0.692100.476
May 15, 20350.688 0.675910.465
Nov 15, 20350.688 0.659670.454
May 15, 20360.688 0.643830.443
Nov 15, 20360.688 0.627880.432
May 15, 20370.688 0.612360.421
Nov 15, 20370.688 0.596790.410
May 15, 20380.688 0.581690.400
Nov 15, 20380.688 0.566550.390
May 15, 20390.688 0.551870.379
Nov 15, 20390.688 0.537160.369
May 15, 20400.688 0.522820.359
Nov 15, 2040100.688 0.5085451.204
Sum of present values 65.471

Present values sum to the dirty price; subtract 0.127 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +28.27% 83.813
-100 bp (-1.0%) +13.27% 74.012
+100 bp (+1.0%) -11.53% 57.808
+200 bp (+2.0%) -21.33% 51.405

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (12.4 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 →
3.834.324.81Jan 2026Jun 2026

Par yield of the nearest benchmark tenor — the main input to this bond's price.