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Bond Public

U.S. Treasury 4.50% Bond due Feb 15, 2044

CUSIP 912810TZ1 · 19-Year 10-Month · coupon paid semiannually

AAA·Govt
Yield to maturity i
5.10%
annualized · YTW equals YTM (non-callable)
Current yield i
4.83%
Coupon i
4.50%
Modified duration i
11.5 yr
Convexity i
176.68
Indicative price i
93.137
indicative model price — not a tradable quote
real auctioned at 95.959 · 4.82% high yield (Apr 17, 2024) · reopening — at issuance, not a current price
Settles i
Jul 29, 2026
priced to this date (T+1 basis)
Total to settle i
95.176
per 100 par (clean 93.137 + accrued 2.039) · ≈ $9,517.56 per $10,000 face
Next coupon i
Aug 15, 2026
2.250 per 100 · $225.00 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Apr 2024par 100 · Feb 204436 coupons remaining + principal

Terms fetched

Type Bond Coupon-paying, 20 or 30 years. Interest every six months.
Term i19-Year 10-Month
Coupon i4.50% (semiannual)
Maturity iFeb 15, 2044
Issue dateApr 30, 2024
Par value i100.00
CallableNo
Amount outstanding i$29.7B
Credit AAA·Govt
Look up on TreasuryDirect

Computed metrics computed

Clean price i
93.137
Dirty price i
95.176
Accrued interest i
2.039
per 100 par
Yield to maturity i
5.10%
Yield to worst i
5.10%
Current yield i
4.83%
Modified duration i
11.5 yr
Macaulay duration i
11.8 yr
Convexity i
176.68
DV01 i
0.1099
per 100 par

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

Remaining cash flows

36 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Aug 15, 20262.250 0.998282.246
Feb 15, 20272.250 0.978552.202
Aug 15, 20272.250 0.958912.158
Feb 15, 20282.250 0.938412.111
Aug 15, 20282.250 0.917832.065
Feb 15, 20292.250 0.897862.020
Aug 15, 20292.250 0.878371.976
Feb 15, 20302.250 0.859121.933
Aug 15, 20302.250 0.840421.891
Feb 15, 20312.250 0.821651.849
Aug 15, 20312.250 0.803361.808
Feb 15, 20322.250 0.784341.765
Aug 15, 20322.250 0.765671.723
Feb 15, 20332.250 0.746941.681
Aug 15, 20332.250 0.728721.640
Feb 15, 20342.250 0.710831.599
Aug 15, 20342.250 0.693451.560
Feb 15, 20352.250 0.675991.521
Aug 15, 20352.250 0.659031.483
Feb 15, 20362.250 0.642011.445
Aug 15, 20362.250 0.625381.407
Feb 15, 20372.250 0.608781.370
Aug 15, 20372.250 0.592661.333
Feb 15, 20382.250 0.576491.297
Aug 15, 20382.250 0.560811.262
Feb 15, 20392.250 0.545101.226
Aug 15, 20392.250 0.529861.192
Feb 15, 20402.250 0.514601.158
Aug 15, 20402.250 0.499731.124
Feb 15, 20412.250 0.484921.091
Aug 15, 20412.250 0.470581.059
Feb 15, 20422.250 0.456241.027
Aug 15, 20422.250 0.442350.995
Feb 15, 20432.250 0.428450.964
Aug 15, 20432.250 0.415010.934
Feb 15, 2044102.250 0.4015841.062
Sum of present values 95.176

Present values sum to the dirty price; subtract 2.039 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +26.63% 117.937
-100 bp (-1.0%) +12.43% 104.714
+100 bp (+1.0%) -10.66% 83.205
+200 bp (+2.0%) -19.56% 74.919

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.