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Bond Public

U.S. Treasury 3.88% Bond due Feb 15, 2043

CUSIP 912810TQ1 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.05%
annualized · YTW equals YTM (non-callable)
Current yield i
4.46%
Coupon i
3.88%
Modified duration i
11.5 yr
Convexity i
169.78
Indicative price i
86.884
indicative model price — not a tradable quote
real auctioned at 99.375 · 3.92% high yield (Apr 19, 2023) · reopening — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
88.640
per 100 par (clean 86.884 + accrued 1.756) · ≈ $8,863.96 per $10,000 face
Next coupon i
Aug 15, 2026
1.938 per 100 · $193.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued May 2023par 100 · Feb 204334 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i3.88% (semiannual)
Maturity iFeb 15, 2043
Issue dateMay 1, 2023
Par value i100.00
CallableNo
Amount outstanding i$30.4B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
86.884
Dirty price i
88.640
Accrued interest i
1.756
per 100 par
Yield to maturity i
5.05%
Yield to worst i
5.05%
Current yield i
4.46%
Modified duration i
11.5 yr
Macaulay duration i
11.8 yr
Convexity i
169.78
DV01 i
0.1018
per 100 par

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

Remaining cash flows

34 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20261.938 0.998281.934
Feb 15, 20271.938 0.978551.896
Aug 15, 20271.938 0.958911.858
Feb 15, 20281.938 0.938411.818
Aug 15, 20281.938 0.917831.778
Feb 15, 20291.938 0.897861.740
Aug 15, 20291.938 0.878371.702
Feb 15, 20301.938 0.859121.665
Aug 15, 20301.938 0.840421.628
Feb 15, 20311.938 0.821651.592
Aug 15, 20311.938 0.803361.557
Feb 15, 20321.938 0.784341.520
Aug 15, 20321.938 0.765671.483
Feb 15, 20331.938 0.746941.447
Aug 15, 20331.938 0.728721.412
Feb 15, 20341.938 0.710831.377
Aug 15, 20341.938 0.693451.344
Feb 15, 20351.938 0.675991.310
Aug 15, 20351.938 0.659031.277
Feb 15, 20361.938 0.642011.244
Aug 15, 20361.938 0.625381.212
Feb 15, 20371.938 0.608781.180
Aug 15, 20371.938 0.592661.148
Feb 15, 20381.938 0.576491.117
Aug 15, 20381.938 0.560811.087
Feb 15, 20391.938 0.545101.056
Aug 15, 20391.938 0.529861.027
Feb 15, 20401.938 0.514600.997
Aug 15, 20401.938 0.499730.968
Feb 15, 20411.938 0.484920.940
Aug 15, 20411.938 0.470580.912
Feb 15, 20421.938 0.456240.884
Aug 15, 20421.938 0.442350.857
Feb 15, 2043101.938 0.4284543.676
Sum of present values 88.640

Present values sum to the dirty price; subtract 1.756 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +26.36% 109.785
-100 bp (-1.0%) +12.33% 97.597
+100 bp (+1.0%) -10.63% 77.646
+200 bp (+2.0%) -19.57% 69.883

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (11.5 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.