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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
5.07%
annualized · YTW equals YTM (non-callable)
Current yield i
4.75%
Coupon i
4.38%
Modified duration i
11.4 yr
Convexity i
171.09
Indicative price i
92.130
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
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
94.112
per 100 par (clean 92.130 + accrued 1.982) · ≈ $9,411.24 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
92.130
Dirty price i
94.112
Accrued interest i
1.982
per 100 par
Yield to maturity i
5.07%
Yield to worst i
5.07%
Current yield i
4.75%
Modified duration i
11.4 yr
Macaulay duration i
11.7 yr
Convexity i
171.09
DV01 i
0.1074
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 0.998282.184
Feb 15, 20272.188 0.978552.141
Aug 15, 20272.188 0.958912.098
Feb 15, 20282.188 0.938412.053
Aug 15, 20282.188 0.917832.008
Feb 15, 20292.188 0.897861.964
Aug 15, 20292.188 0.878371.921
Feb 15, 20302.188 0.859121.879
Aug 15, 20302.188 0.840421.838
Feb 15, 20312.188 0.821651.797
Aug 15, 20312.188 0.803361.757
Feb 15, 20322.188 0.784341.716
Aug 15, 20322.188 0.765671.675
Feb 15, 20332.188 0.746941.634
Aug 15, 20332.188 0.728721.594
Feb 15, 20342.188 0.710831.555
Aug 15, 20342.188 0.693451.517
Feb 15, 20352.188 0.675991.479
Aug 15, 20352.188 0.659031.442
Feb 15, 20362.188 0.642011.404
Aug 15, 20362.188 0.625381.368
Feb 15, 20372.188 0.608781.332
Aug 15, 20372.188 0.592661.296
Feb 15, 20382.188 0.576491.261
Aug 15, 20382.188 0.560811.227
Feb 15, 20392.188 0.545101.192
Aug 15, 20392.188 0.529861.159
Feb 15, 20402.188 0.514601.126
Aug 15, 20402.188 0.499731.093
Feb 15, 20412.188 0.484921.061
Aug 15, 20412.188 0.470581.029
Feb 15, 20422.188 0.456240.998
Aug 15, 20422.188 0.442350.968
Feb 15, 20432.188 0.428450.937
Aug 15, 2043102.188 0.4150142.409
Sum of present values 94.112

Present values sum to the dirty price; subtract 1.982 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +26.25% 116.315
-100 bp (-1.0%) +12.27% 103.435
+100 bp (+1.0%) -10.56% 82.402
+200 bp (+2.0%) -19.41% 74.250

Illustrative only — a parallel shift of the whole curve, estimated from modified duration (11.4 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 →
4.444.895.34Jan 2026Jul 2026

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