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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
5.30%
annualized · YTW equals YTM (non-callable)
Current yield i
3.57%
Coupon i
1.88%
Modified duration i
17.3 yr
Convexity i
384.77
Indicative price i
52.586
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
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
52.968
per 100 par (clean 52.586 + accrued 0.382) · ≈ $5,296.79 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
52.586
Dirty price i
52.968
Accrued interest i
0.382
per 100 par
Yield to maturity i
5.30%
Yield to worst i
5.30%
Current yield i
3.57%
Modified duration i
17.3 yr
Macaulay duration i
17.7 yr
Convexity i
384.77
DV01 i
0.0914
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 0.988600.927
May 15, 20270.938 0.968930.908
Nov 15, 20270.938 0.948710.889
May 15, 20280.938 0.928230.870
Nov 15, 20280.938 0.907830.851
May 15, 20290.938 0.888240.833
Nov 15, 20290.938 0.868720.814
May 15, 20300.938 0.849900.797
Nov 15, 20300.938 0.831010.779
May 15, 20310.938 0.812660.762
Nov 15, 20310.938 0.793830.744
May 15, 20320.938 0.775080.727
Nov 15, 20320.938 0.756280.709
May 15, 20330.938 0.737930.692
Nov 15, 20330.938 0.719750.675
May 15, 20340.938 0.702260.658
Nov 15, 20340.938 0.684690.642
May 15, 20350.938 0.667620.626
Nov 15, 20350.938 0.650490.610
May 15, 20360.938 0.633760.594
Nov 15, 20360.938 0.617050.578
May 15, 20370.938 0.600820.563
Nov 15, 20370.938 0.584540.548
May 15, 20380.938 0.568750.533
Nov 15, 20380.938 0.552920.518
May 15, 20390.938 0.537580.504
Nov 15, 20390.938 0.522200.490
May 15, 20400.938 0.507220.476
Nov 15, 20400.938 0.492300.462
May 15, 20410.938 0.477840.448
Nov 15, 20410.938 0.463380.434
May 15, 20420.938 0.449380.421
Nov 15, 20420.938 0.435370.408
May 15, 20430.938 0.421810.395
Nov 15, 20430.938 0.408270.383
May 15, 20440.938 0.395090.370
Nov 15, 20440.938 0.382000.358
May 15, 20450.938 0.369340.346
Nov 15, 20450.938 0.356700.334
May 15, 20460.938 0.344490.323
Nov 15, 20460.938 0.334450.314
May 15, 20470.938 0.326090.306
Nov 15, 20470.938 0.317810.298
May 15, 20480.938 0.309830.290
Nov 15, 20480.938 0.301970.283
May 15, 20490.938 0.294440.276
Nov 15, 20490.938 0.286970.269
May 15, 20500.938 0.279820.262
Nov 15, 20500.938 0.272730.256
May 15, 20510.938 0.265930.249
Nov 15, 2051100.938 0.2592026.163
Sum of present values 52.968

Present values sum to the dirty price; subtract 0.382 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +42.2% 74.780
-100 bp (-1.0%) +19.18% 62.671
+100 bp (+1.0%) -15.33% 44.524
+200 bp (+2.0%) -26.81% 38.485

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (17.3 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 →
4.534.925.31Jan 2026Jul 2026

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