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Bond Public

U.S. Treasury 4.00% Bond due Nov 15, 2052

CUSIP 912810TL2 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.23%
annualized · YTW equals YTM (non-callable)
Current yield i
4.85%
Coupon i
4.00%
Modified duration i
14.9 yr
Convexity i
315.57
Indicative price i
82.517
indicative model price — not a tradable quote
real auctioned at 107.557 · 3.58% high yield (Jan 12, 2023) · reopening — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
83.332
per 100 par (clean 82.517 + accrued 0.815) · ≈ $8,333.23 per $10,000 face
Next coupon i
Nov 15, 2026
2.000 per 100 · $200.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jan 2023par 100 · Nov 205253 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i4.00% (semiannual)
Maturity iNov 15, 2052
Issue dateJan 17, 2023
Par value i100.00
CallableNo
Amount outstanding i$46.3B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
82.517
Dirty price i
83.332
Accrued interest i
0.815
per 100 par
Yield to maturity i
5.23%
Yield to worst i
5.23%
Current yield i
4.85%
Modified duration i
14.9 yr
Macaulay duration i
15.3 yr
Convexity i
315.57
DV01 i
0.1241
per 100 par

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

Remaining cash flows

53 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20262.000 0.988601.977
May 15, 20272.000 0.968931.938
Nov 15, 20272.000 0.948711.897
May 15, 20282.000 0.928231.856
Nov 15, 20282.000 0.907831.816
May 15, 20292.000 0.888241.776
Nov 15, 20292.000 0.868721.737
May 15, 20302.000 0.849901.700
Nov 15, 20302.000 0.831011.662
May 15, 20312.000 0.812661.625
Nov 15, 20312.000 0.793831.588
May 15, 20322.000 0.775081.550
Nov 15, 20322.000 0.756281.513
May 15, 20332.000 0.737931.476
Nov 15, 20332.000 0.719751.439
May 15, 20342.000 0.702261.405
Nov 15, 20342.000 0.684691.369
May 15, 20352.000 0.667621.335
Nov 15, 20352.000 0.650491.301
May 15, 20362.000 0.633761.268
Nov 15, 20362.000 0.617051.234
May 15, 20372.000 0.600821.202
Nov 15, 20372.000 0.584541.169
May 15, 20382.000 0.568751.138
Nov 15, 20382.000 0.552921.106
May 15, 20392.000 0.537581.075
Nov 15, 20392.000 0.522201.044
May 15, 20402.000 0.507221.014
Nov 15, 20402.000 0.492300.985
May 15, 20412.000 0.477840.956
Nov 15, 20412.000 0.463380.927
May 15, 20422.000 0.449380.899
Nov 15, 20422.000 0.435370.871
May 15, 20432.000 0.421810.844
Nov 15, 20432.000 0.408270.817
May 15, 20442.000 0.395090.790
Nov 15, 20442.000 0.382000.764
May 15, 20452.000 0.369340.739
Nov 15, 20452.000 0.356700.713
May 15, 20462.000 0.344490.689
Nov 15, 20462.000 0.334450.669
May 15, 20472.000 0.326090.652
Nov 15, 20472.000 0.317810.636
May 15, 20482.000 0.309830.620
Nov 15, 20482.000 0.301970.604
May 15, 20492.000 0.294440.589
Nov 15, 20492.000 0.286970.574
May 15, 20502.000 0.279820.560
Nov 15, 20502.000 0.272730.545
May 15, 20512.000 0.265930.532
Nov 15, 20512.000 0.259200.518
May 15, 20522.000 0.252720.505
Nov 15, 2052102.000 0.2463325.125
Sum of present values 83.332

Present values sum to the dirty price; subtract 0.815 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +36.1% 112.305
-100 bp (-1.0%) +16.47% 96.109
+100 bp (+1.0%) -13.32% 71.529
+200 bp (+2.0%) -23.48% 63.145

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (14.9 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 →
4.534.925.31Jan 2026Jul 2026

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