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Bond Public

U.S. Treasury 1.88% Bond due Feb 15, 2041

CUSIP 912810SW9 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.98%
annualized · YTW equals YTM (non-callable)
Current yield i
2.75%
Coupon i
1.88%
Modified duration i
11.9 yr
Convexity i
164.92
Indicative price i
68.116
indicative model price — not a tradable quote
real auctioned at 95.677 · 2.14% high yield (Apr 21, 2021) · reopening — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
68.966
per 100 par (clean 68.116 + accrued 0.849) · ≈ $6,896.55 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 204130 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i1.88% (semiannual)
Maturity iFeb 15, 2041
Issue dateApr 30, 2021
Par value i100.00
CallableNo
Amount outstanding i$61.2B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
68.116
Dirty price i
68.966
Accrued interest i
0.849
per 100 par
Yield to maturity i
4.98%
Yield to worst i
4.98%
Current yield i
2.75%
Modified duration i
11.9 yr
Macaulay duration i
12.2 yr
Convexity i
164.92
DV01 i
0.0819
per 100 par

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

Remaining cash flows

30 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20260.938 0.998280.936
Feb 15, 20270.938 0.978550.917
Aug 15, 20270.938 0.958910.899
Feb 15, 20280.938 0.938410.880
Aug 15, 20280.938 0.917830.860
Feb 15, 20290.938 0.897860.842
Aug 15, 20290.938 0.878370.823
Feb 15, 20300.938 0.859120.805
Aug 15, 20300.938 0.840420.788
Feb 15, 20310.938 0.821650.770
Aug 15, 20310.938 0.803360.753
Feb 15, 20320.938 0.784340.735
Aug 15, 20320.938 0.765670.718
Feb 15, 20330.938 0.746940.700
Aug 15, 20330.938 0.728720.683
Feb 15, 20340.938 0.710830.666
Aug 15, 20340.938 0.693450.650
Feb 15, 20350.938 0.675990.634
Aug 15, 20350.938 0.659030.618
Feb 15, 20360.938 0.642010.602
Aug 15, 20360.938 0.625380.586
Feb 15, 20370.938 0.608780.571
Aug 15, 20370.938 0.592660.556
Feb 15, 20380.938 0.576490.540
Aug 15, 20380.938 0.560810.526
Feb 15, 20390.938 0.545100.511
Aug 15, 20390.938 0.529860.497
Feb 15, 20400.938 0.514600.482
Aug 15, 20400.938 0.499730.468
Feb 15, 2041100.938 0.4849248.947
Sum of present values 68.966

Present values sum to the dirty price; subtract 0.849 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +27.05% 86.538
-100 bp (-1.0%) +12.7% 76.765
+100 bp (+1.0%) -11.05% 60.590
+200 bp (+2.0%) -20.45% 54.188

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (11.9 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 →
3.824.344.86Jan 2026Jul 2026

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