BondDesk Every bond, priced off the Treasury curve
Bond Public

U.S. Treasury 1.88% Bond due Feb 15, 2051

CUSIP 912810SU3 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.98%
annualized · YTW equals YTM (non-callable)
Current yield i
3.34%
Coupon i
1.88%
Modified duration i
17.2 yr
Convexity i
377.87
Indicative price i
56.199
indicative model price — not a tradable quote
real auctioned at 90.454 · 2.32% high yield (Apr 13, 2021) · reopening — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
56.836
per 100 par (clean 56.199 + accrued 0.637) · ≈ $5,683.60 per $10,000 face
Next coupon i
Aug 15, 2026
0.938 per 100 · $93.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Apr 2021par 100 · Feb 205150 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i1.88% (semiannual)
Maturity iFeb 15, 2051
Issue dateApr 15, 2021
Par value i100.00
CallableNo
Amount outstanding i$62.3B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
56.199
Dirty price i
56.836
Accrued interest i
0.637
per 100 par
Yield to maturity i
4.98%
Yield to worst i
4.98%
Current yield i
3.34%
Modified duration i
17.2 yr
Macaulay duration i
17.6 yr
Convexity i
377.87
DV01 i
0.0978
per 100 par

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

Remaining cash flows

50 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20260.938 0.994140.932
Feb 15, 20270.938 0.974420.914
Aug 15, 20270.938 0.954800.895
Feb 15, 20280.938 0.934290.876
Aug 15, 20280.938 0.914170.857
Feb 15, 20290.938 0.895260.839
Aug 15, 20290.938 0.876950.822
Feb 15, 20300.938 0.858460.805
Aug 15, 20300.938 0.840570.788
Feb 15, 20310.938 0.822670.771
Aug 15, 20310.938 0.805090.755
Feb 15, 20320.938 0.786890.738
Aug 15, 20320.938 0.769050.721
Feb 15, 20330.938 0.751190.704
Aug 15, 20330.938 0.733950.688
Feb 15, 20340.938 0.716930.672
Aug 15, 20340.938 0.700410.657
Feb 15, 20350.938 0.683840.641
Aug 15, 20350.938 0.667760.626
Feb 15, 20360.938 0.651640.611
Aug 15, 20360.938 0.635850.596
Feb 15, 20370.938 0.619960.581
Aug 15, 20370.938 0.604550.567
Feb 15, 20380.938 0.589090.552
Aug 15, 20380.938 0.574090.538
Feb 15, 20390.938 0.559060.524
Aug 15, 20390.938 0.544490.510
Feb 15, 20400.938 0.529890.497
Aug 15, 20400.938 0.515660.483
Feb 15, 20410.938 0.501480.470
Aug 15, 20410.938 0.487750.457
Feb 15, 20420.938 0.474010.444
Aug 15, 20420.938 0.460700.432
Feb 15, 20430.938 0.447380.419
Aug 15, 20430.938 0.434480.407
Feb 15, 20440.938 0.421590.395
Aug 15, 20440.938 0.409040.383
Feb 15, 20450.938 0.396560.372
Aug 15, 20450.938 0.384500.360
Feb 15, 20460.938 0.372440.349
Aug 15, 20460.938 0.361800.339
Feb 15, 20470.938 0.353130.331
Aug 15, 20470.938 0.344800.323
Feb 15, 20480.938 0.336540.316
Aug 15, 20480.938 0.328570.308
Feb 15, 20490.938 0.320700.301
Aug 15, 20490.938 0.313150.294
Feb 15, 20500.938 0.305660.287
Aug 15, 20500.938 0.298470.280
Feb 15, 2051100.938 0.2913429.407
Sum of present values 56.836

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%) +41.96% 79.780
-100 bp (-1.0%) +19.09% 66.928
+100 bp (+1.0%) -15.31% 47.594
+200 bp (+2.0%) -26.84% 41.112

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (17.2 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 →
4.454.885.31Jan 2026Jun 2026

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