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Bond Public

U.S. Treasury 2.38% Bond due May 15, 2051

CUSIP 912810SX7 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.96%
annualized · YTW equals YTM (non-callable)
Current yield i
3.76%
Coupon i
2.38%
Modified duration i
16.6 yr
Convexity i
360.02
Indicative price i
63.245
indicative model price — not a tradable quote
real auctioned at 108.392 · 2.00% high yield (Jul 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
63.464
per 100 par (clean 63.245 + accrued 0.219) · ≈ $6,346.44 per $10,000 face
Next coupon i
Nov 15, 2026
1.188 per 100 · $118.75 per $10,000 face

Cash-flow timeline

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

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i2.38% (semiannual)
Maturity iMay 15, 2051
Issue dateJul 15, 2021
Par value i100.00
CallableNo
Amount outstanding i$67.5B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
63.245
Dirty price i
63.464
Accrued interest i
0.219
per 100 par
Yield to maturity i
4.96%
Yield to worst i
4.96%
Current yield i
3.76%
Modified duration i
16.6 yr
Macaulay duration i
17.0 yr
Convexity i
360.02
DV01 i
0.1054
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
Nov 15, 20261.188 0.984321.169
May 15, 20271.188 0.964841.146
Nov 15, 20271.188 0.944601.122
May 15, 20281.188 0.924091.097
Nov 15, 20281.188 0.904671.074
May 15, 20291.188 0.886261.052
Nov 15, 20291.188 0.867671.030
May 15, 20301.188 0.849621.009
Nov 15, 20301.188 0.831580.988
May 15, 20311.188 0.814120.967
Nov 15, 20311.188 0.795970.945
May 15, 20321.188 0.778050.924
Nov 15, 20321.188 0.760100.903
May 15, 20331.188 0.742620.882
Nov 15, 20331.188 0.725410.861
May 15, 20341.188 0.708780.842
Nov 15, 20341.188 0.692100.822
May 15, 20351.188 0.675910.803
Nov 15, 20351.188 0.659670.783
May 15, 20361.188 0.643830.765
Nov 15, 20361.188 0.627880.746
May 15, 20371.188 0.612360.727
Nov 15, 20371.188 0.596790.709
May 15, 20381.188 0.581690.691
Nov 15, 20381.188 0.566550.673
May 15, 20391.188 0.551870.655
Nov 15, 20391.188 0.537160.638
May 15, 20401.188 0.522820.621
Nov 15, 20401.188 0.508540.604
May 15, 20411.188 0.494710.587
Nov 15, 20411.188 0.480860.571
May 15, 20421.188 0.467440.555
Nov 15, 20421.188 0.454010.539
May 15, 20431.188 0.441010.524
Nov 15, 20431.188 0.428010.508
May 15, 20441.188 0.415360.493
Nov 15, 20441.188 0.402780.478
May 15, 20451.188 0.390610.464
Nov 15, 20451.188 0.378440.449
May 15, 20461.188 0.366680.435
Nov 15, 20461.188 0.357440.424
May 15, 20471.188 0.349010.414
Nov 15, 20471.188 0.340640.405
May 15, 20481.188 0.332570.395
Nov 15, 20481.188 0.324610.385
May 15, 20491.188 0.316970.376
Nov 15, 20491.188 0.309380.367
May 15, 20501.188 0.302100.359
Nov 15, 20501.188 0.294880.350
May 15, 2051101.188 0.2879529.137
Sum of present values 63.464

Present values sum to the dirty price; subtract 0.219 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +40.42% 88.806
-100 bp (-1.0%) +18.41% 74.887
+100 bp (+1.0%) -14.81% 53.880
+200 bp (+2.0%) -26.01% 46.792

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (16.6 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.