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Bond Public

U.S. Treasury 4.38% Bond due Aug 15, 2043

CUSIP 912810TU2 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.79%
annualized · YTW equals YTM (non-callable)
Current yield i
4.60%
Coupon i
4.38%
Modified duration i
11.6 yr
Convexity i
176.09
Indicative price i
95.142
indicative model price — not a tradable quote
real auctioned at 89.352 · 5.25% high yield (Oct 18, 2023) · reopening — at issuance, not a current price
Settles i
Jun 18, 2026
priced to this date (T+1 basis)
Total to settle i
96.628
per 100 par (clean 95.142 + accrued 1.487) · ≈ $9,662.84 per $10,000 face
Next coupon i
Aug 15, 2026
2.188 per 100 · $218.75 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Oct 2023par 100 · Aug 204335 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i4.38% (semiannual)
Maturity iAug 15, 2043
Issue dateOct 31, 2023
Par value i100.00
CallableNo
Amount outstanding i$30.7B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
95.142
Dirty price i
96.628
Accrued interest i
1.487
per 100 par
Yield to maturity i
4.79%
Yield to worst i
4.79%
Current yield i
4.60%
Modified duration i
11.6 yr
Macaulay duration i
11.9 yr
Convexity i
176.09
DV01 i
0.1125
per 100 par

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

Remaining cash flows

35 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20262.188 0.994142.175
Feb 15, 20272.188 0.974422.132
Aug 15, 20272.188 0.954802.089
Feb 15, 20282.188 0.934292.044
Aug 15, 20282.188 0.914172.000
Feb 15, 20292.188 0.895261.958
Aug 15, 20292.188 0.876951.918
Feb 15, 20302.188 0.858461.878
Aug 15, 20302.188 0.840571.839
Feb 15, 20312.188 0.822671.800
Aug 15, 20312.188 0.805091.761
Feb 15, 20322.188 0.786891.721
Aug 15, 20322.188 0.769051.682
Feb 15, 20332.188 0.751191.643
Aug 15, 20332.188 0.733951.606
Feb 15, 20342.188 0.716931.568
Aug 15, 20342.188 0.700411.532
Feb 15, 20352.188 0.683841.496
Aug 15, 20352.188 0.667761.461
Feb 15, 20362.188 0.651641.425
Aug 15, 20362.188 0.635851.391
Feb 15, 20372.188 0.619961.356
Aug 15, 20372.188 0.604551.322
Feb 15, 20382.188 0.589091.289
Aug 15, 20382.188 0.574091.256
Feb 15, 20392.188 0.559061.223
Aug 15, 20392.188 0.544491.191
Feb 15, 20402.188 0.529891.159
Aug 15, 20402.188 0.515661.128
Feb 15, 20412.188 0.501481.097
Aug 15, 20412.188 0.487751.067
Feb 15, 20422.188 0.474011.037
Aug 15, 20422.188 0.460701.008
Feb 15, 20432.188 0.447380.979
Aug 15, 2043102.188 0.4344844.399
Sum of present values 96.628

Present values sum to the dirty price; subtract 1.487 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +26.8% 120.637
-100 bp (-1.0%) +12.52% 107.052
+100 bp (+1.0%) -10.76% 84.907
+200 bp (+2.0%) -19.75% 76.348

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (11.6 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 →
4.454.885.31Jan 2026Jun 2026

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