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Bond Public

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

CUSIP 912810TB4 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.97%
annualized · YTW equals YTM (non-callable)
Current yield i
3.37%
Coupon i
1.88%
Modified duration i
17.6 yr
Convexity i
397.29
Indicative price i
55.568
indicative model price — not a tradable quote
real auctioned at 95.567 · 2.08% high yield (Jan 13, 2022) · reopening — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
55.741
per 100 par (clean 55.568 + accrued 0.173) · ≈ $5,574.14 per $10,000 face
Next coupon i
Nov 15, 2026
0.938 per 100 · $93.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2022par 100 · Nov 205151 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 iNov 15, 2051
Issue dateJan 18, 2022
Par value i100.00
CallableNo
Amount outstanding i$64.7B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
55.568
Dirty price i
55.741
Accrued interest i
0.173
per 100 par
Yield to maturity i
4.97%
Yield to worst i
4.97%
Current yield i
3.37%
Modified duration i
17.6 yr
Macaulay duration i
18.1 yr
Convexity i
397.29
DV01 i
0.0984
per 100 par

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

Remaining cash flows

51 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20260.938 0.984320.923
May 15, 20270.938 0.964840.905
Nov 15, 20270.938 0.944600.886
May 15, 20280.938 0.924090.866
Nov 15, 20280.938 0.904670.848
May 15, 20290.938 0.886260.831
Nov 15, 20290.938 0.867670.813
May 15, 20300.938 0.849620.797
Nov 15, 20300.938 0.831580.780
May 15, 20310.938 0.814120.763
Nov 15, 20310.938 0.795970.746
May 15, 20320.938 0.778050.729
Nov 15, 20320.938 0.760100.713
May 15, 20330.938 0.742620.696
Nov 15, 20330.938 0.725410.680
May 15, 20340.938 0.708780.664
Nov 15, 20340.938 0.692100.649
May 15, 20350.938 0.675910.634
Nov 15, 20350.938 0.659670.618
May 15, 20360.938 0.643830.604
Nov 15, 20360.938 0.627880.589
May 15, 20370.938 0.612360.574
Nov 15, 20370.938 0.596790.559
May 15, 20380.938 0.581690.545
Nov 15, 20380.938 0.566550.531
May 15, 20390.938 0.551870.517
Nov 15, 20390.938 0.537160.504
May 15, 20400.938 0.522820.490
Nov 15, 20400.938 0.508540.477
May 15, 20410.938 0.494710.464
Nov 15, 20410.938 0.480860.451
May 15, 20420.938 0.467440.438
Nov 15, 20420.938 0.454010.426
May 15, 20430.938 0.441010.413
Nov 15, 20430.938 0.428010.401
May 15, 20440.938 0.415360.389
Nov 15, 20440.938 0.402780.378
May 15, 20450.938 0.390610.366
Nov 15, 20450.938 0.378440.355
May 15, 20460.938 0.366680.344
Nov 15, 20460.938 0.357440.335
May 15, 20470.938 0.349010.327
Nov 15, 20470.938 0.340640.319
May 15, 20480.938 0.332570.312
Nov 15, 20480.938 0.324610.304
May 15, 20490.938 0.316970.297
Nov 15, 20490.938 0.309380.290
May 15, 20500.938 0.302100.283
Nov 15, 20500.938 0.294880.276
May 15, 20510.938 0.287950.270
Nov 15, 2051100.938 0.2810728.371
Sum of present values 55.741

Present values sum to the dirty price; subtract 0.173 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +43.23% 79.593
-100 bp (-1.0%) +19.63% 66.477
+100 bp (+1.0%) -15.66% 46.867
+200 bp (+2.0%) -27.34% 40.374

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (17.6 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 →
4.534.915.29Jan 2026Jun 2026

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