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Bond Public

U.S. Treasury 3.62% Bond due May 15, 2053

CUSIP 912810TR9 · 29-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.24%
annualized · YTW equals YTM (non-callable)
Current yield i
4.71%
Coupon i
3.62%
Modified duration i
15.4 yr
Convexity i
333.78
Indicative price i
76.913
indicative model price — not a tradable quote
real auctioned at 94.999 · 3.91% high yield (Jul 13, 2023) · reopening — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
77.652
per 100 par (clean 76.913 + accrued 0.739) · ≈ $7,765.21 per $10,000 face
Next coupon i
Nov 15, 2026
1.812 per 100 · $181.25 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2023par 100 · May 205354 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i29-Year 10-Month
Coupon i3.62% (semiannual)
Maturity iMay 15, 2053
Issue dateJul 17, 2023
Par value i100.00
CallableNo
Amount outstanding i$44.7B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
76.913
Dirty price i
77.652
Accrued interest i
0.739
per 100 par
Yield to maturity i
5.24%
Yield to worst i
5.24%
Current yield i
4.71%
Modified duration i
15.4 yr
Macaulay duration i
15.8 yr
Convexity i
333.78
DV01 i
0.1192
per 100 par

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

Remaining cash flows

54 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Nov 15, 20261.812 0.988601.792
May 15, 20271.812 0.968931.756
Nov 15, 20271.812 0.948711.720
May 15, 20281.812 0.928231.682
Nov 15, 20281.812 0.907831.645
May 15, 20291.812 0.888241.610
Nov 15, 20291.812 0.868721.575
May 15, 20301.812 0.849901.540
Nov 15, 20301.812 0.831011.506
May 15, 20311.812 0.812661.473
Nov 15, 20311.812 0.793831.439
May 15, 20321.812 0.775081.405
Nov 15, 20321.812 0.756281.371
May 15, 20331.812 0.737931.338
Nov 15, 20331.812 0.719751.305
May 15, 20341.812 0.702261.273
Nov 15, 20341.812 0.684691.241
May 15, 20351.812 0.667621.210
Nov 15, 20351.812 0.650491.179
May 15, 20361.812 0.633761.149
Nov 15, 20361.812 0.617051.118
May 15, 20371.812 0.600821.089
Nov 15, 20371.812 0.584541.059
May 15, 20381.812 0.568751.031
Nov 15, 20381.812 0.552921.002
May 15, 20391.812 0.537580.974
Nov 15, 20391.812 0.522200.946
May 15, 20401.812 0.507220.919
Nov 15, 20401.812 0.492300.892
May 15, 20411.812 0.477840.866
Nov 15, 20411.812 0.463380.840
May 15, 20421.812 0.449380.814
Nov 15, 20421.812 0.435370.789
May 15, 20431.812 0.421810.765
Nov 15, 20431.812 0.408270.740
May 15, 20441.812 0.395090.716
Nov 15, 20441.812 0.382000.692
May 15, 20451.812 0.369340.669
Nov 15, 20451.812 0.356700.647
May 15, 20461.812 0.344490.624
Nov 15, 20461.812 0.334450.606
May 15, 20471.812 0.326090.591
Nov 15, 20471.812 0.317810.576
May 15, 20481.812 0.309830.562
Nov 15, 20481.812 0.301970.547
May 15, 20491.812 0.294440.534
Nov 15, 20491.812 0.286970.520
May 15, 20501.812 0.279820.507
Nov 15, 20501.812 0.272730.494
May 15, 20511.812 0.265930.482
Nov 15, 20511.812 0.259200.470
May 15, 20521.812 0.252720.458
Nov 15, 20521.812 0.246330.446
May 15, 2053101.812 0.2402024.455
Sum of present values 77.652

Present values sum to the dirty price; subtract 0.739 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +37.38% 105.664
-100 bp (-1.0%) +17.02% 90.005
+100 bp (+1.0%) -13.68% 66.389
+200 bp (+2.0%) -24.03% 58.432

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (15.4 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.