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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
5.28%
annualized · YTW equals YTM (non-callable)
Current yield i
3.95%
Coupon i
2.38%
Modified duration i
16.2 yr
Convexity i
348.25
Indicative price i
60.062
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
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
60.546
per 100 par (clean 60.062 + accrued 0.484) · ≈ $6,054.58 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
60.062
Dirty price i
60.546
Accrued interest i
0.484
per 100 par
Yield to maturity i
5.28%
Yield to worst i
5.28%
Current yield i
3.95%
Modified duration i
16.2 yr
Macaulay duration i
16.7 yr
Convexity i
348.25
DV01 i
0.0982
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 0.988601.174
May 15, 20271.188 0.968931.151
Nov 15, 20271.188 0.948711.127
May 15, 20281.188 0.928231.102
Nov 15, 20281.188 0.907831.078
May 15, 20291.188 0.888241.055
Nov 15, 20291.188 0.868721.032
May 15, 20301.188 0.849901.009
Nov 15, 20301.188 0.831010.987
May 15, 20311.188 0.812660.965
Nov 15, 20311.188 0.793830.943
May 15, 20321.188 0.775080.920
Nov 15, 20321.188 0.756280.898
May 15, 20331.188 0.737930.876
Nov 15, 20331.188 0.719750.855
May 15, 20341.188 0.702260.834
Nov 15, 20341.188 0.684690.813
May 15, 20351.188 0.667620.793
Nov 15, 20351.188 0.650490.772
May 15, 20361.188 0.633760.753
Nov 15, 20361.188 0.617050.733
May 15, 20371.188 0.600820.713
Nov 15, 20371.188 0.584540.694
May 15, 20381.188 0.568750.675
Nov 15, 20381.188 0.552920.657
May 15, 20391.188 0.537580.638
Nov 15, 20391.188 0.522200.620
May 15, 20401.188 0.507220.602
Nov 15, 20401.188 0.492300.585
May 15, 20411.188 0.477840.567
Nov 15, 20411.188 0.463380.550
May 15, 20421.188 0.449380.534
Nov 15, 20421.188 0.435370.517
May 15, 20431.188 0.421810.501
Nov 15, 20431.188 0.408270.485
May 15, 20441.188 0.395090.469
Nov 15, 20441.188 0.382000.454
May 15, 20451.188 0.369340.439
Nov 15, 20451.188 0.356700.424
May 15, 20461.188 0.344490.409
Nov 15, 20461.188 0.334450.397
May 15, 20471.188 0.326090.387
Nov 15, 20471.188 0.317810.377
May 15, 20481.188 0.309830.368
Nov 15, 20481.188 0.301970.359
May 15, 20491.188 0.294440.350
Nov 15, 20491.188 0.286970.341
May 15, 20501.188 0.279820.332
Nov 15, 20501.188 0.272730.324
May 15, 2051101.188 0.2659326.909
Sum of present values 60.546

Present values sum to the dirty price; subtract 0.484 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +39.42% 83.738
-100 bp (-1.0%) +17.97% 70.854
+100 bp (+1.0%) -14.49% 51.361
+200 bp (+2.0%) -25.49% 44.752

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (16.2 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 →
4.444.895.34Jan 2026Jul 2026

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