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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
4.93%
annualized · YTW equals YTM (non-callable)
Current yield i
4.49%
Coupon i
3.62%
Modified duration i
15.8 yr
Convexity i
346.72
Indicative price i
80.708
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
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
81.043
per 100 par (clean 80.708 + accrued 0.335) · ≈ $8,104.32 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
80.708
Dirty price i
81.043
Accrued interest i
0.335
per 100 par
Yield to maturity i
4.93%
Yield to worst i
4.93%
Current yield i
4.49%
Modified duration i
15.8 yr
Macaulay duration i
16.2 yr
Convexity i
346.72
DV01 i
0.1278
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 0.984321.784
May 15, 20271.812 0.964841.749
Nov 15, 20271.812 0.944601.712
May 15, 20281.812 0.924091.675
Nov 15, 20281.812 0.904671.640
May 15, 20291.812 0.886261.606
Nov 15, 20291.812 0.867671.573
May 15, 20301.812 0.849621.540
Nov 15, 20301.812 0.831581.507
May 15, 20311.812 0.814121.476
Nov 15, 20311.812 0.795971.443
May 15, 20321.812 0.778051.410
Nov 15, 20321.812 0.760101.378
May 15, 20331.812 0.742621.346
Nov 15, 20331.812 0.725411.315
May 15, 20341.812 0.708781.285
Nov 15, 20341.812 0.692101.254
May 15, 20351.812 0.675911.225
Nov 15, 20351.812 0.659671.196
May 15, 20361.812 0.643831.167
Nov 15, 20361.812 0.627881.138
May 15, 20371.812 0.612361.110
Nov 15, 20371.812 0.596791.082
May 15, 20381.812 0.581691.054
Nov 15, 20381.812 0.566551.027
May 15, 20391.812 0.551871.000
Nov 15, 20391.812 0.537160.974
May 15, 20401.812 0.522820.948
Nov 15, 20401.812 0.508540.922
May 15, 20411.812 0.494710.897
Nov 15, 20411.812 0.480860.872
May 15, 20421.812 0.467440.847
Nov 15, 20421.812 0.454010.823
May 15, 20431.812 0.441010.799
Nov 15, 20431.812 0.428010.776
May 15, 20441.812 0.415360.753
Nov 15, 20441.812 0.402780.730
May 15, 20451.812 0.390610.708
Nov 15, 20451.812 0.378440.686
May 15, 20461.812 0.366680.665
Nov 15, 20461.812 0.357440.648
May 15, 20471.812 0.349010.633
Nov 15, 20471.812 0.340640.617
May 15, 20481.812 0.332570.603
Nov 15, 20481.812 0.324610.588
May 15, 20491.812 0.316970.574
Nov 15, 20491.812 0.309380.561
May 15, 20501.812 0.302100.548
Nov 15, 20501.812 0.294880.534
May 15, 20511.812 0.287950.522
Nov 15, 20511.812 0.281070.509
May 15, 20521.812 0.274440.497
Nov 15, 20521.812 0.267890.486
May 15, 2053101.812 0.2616026.634
Sum of present values 81.043

Present values sum to the dirty price; subtract 0.335 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +38.47% 111.754
-100 bp (-1.0%) +17.5% 94.832
+100 bp (+1.0%) -14.03% 69.383
+200 bp (+2.0%) -24.6% 60.856

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (15.8 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.